1. How does this plan work?
Choose the monthly income benefit that you would like your family to receive every month.
Choose the tenure of the plan.
Choose any or both the optional riders if you wish to.
Work out the premium payable.
Once the cover period begins, the benefits would be paid in case of eventualities.
2. When does the risk cover start?
The risk cover starts as soon as the policy period begins.
3. How will the benefits be paid under the following scenarios:
In a 15-year (180 months) Family First Plan with face amount of Rs. 4,000 Monthly Family First, if the insured person dies in, say, the 120th month, the beneficiary will receive Rs 4,000 monthly income installment for the month of death and the remaining 60-months period plus a lump sum of Rs.80,000 (20 x 4000) with the first monthly payout.
In a 15-year (180 months) Family First Plan with face amount of Rs.4,000 Monthly Family First payout, if the insured person dies anytime during the last 48 months, the beneficiary will receive minimum guarantee 48 monthly installments plus a lump sum of Rs.80,000 (20 x 4000) with the first monthly payout.
4. What are the tax benefits available under the DHFL Pramerica Family First?
Tax benefits will be applicable as per prevailing tax laws. Tax laws are subject to change. Please consult your tax advisor for details.
5. What if I discontinue paying premiums but want to restart subsequently?
If you have discontinued premium payments for some reason and the policy has lapsed, you can restart it within three years from the premium due date. If three years have passed, the policy will be terminated. If 90 days have passed since premium due date, the policy will be reinstated at the request of the policyholder without medical declaration or examination; if 90 to 180 days have passed, a medical declaration will be needed; and if over 180 days have passed, a medical examination will also be needed. All premiums that would have been payable from the date of default up to the proposed date of reinstatement will need to be paid by you with interest.
6. Are there any exclusions under the policy?
If the policyholder commits suicide within the first year of the policy starting or restarting, no benefit shall be payable to the beneficiary.
7. I am serving in the armed forces, can I buy this plan? What are the exclusions for the same?
Yes. You can buy this plan. There are NO exclusions apart from the one mentioned under clause 6 above.
8. What if I want to cancel my policy because I do not agree on the terms and conditions mentioned in the policy?
You get a period of 15 days from the date of receipt of the policy document to review the terms and conditions of this policy. If you do not agree to the terms and conditions, you have the option to return the policy by stating this reason in a letter within this period. Once we get your letter along with the policy documents, the company will refund the premium paid by you, after deducting the proportionate premium for the period the company has been on risk and the expenses incurred by the company on medical examination and stamp duty charges. In case the acknowledgment receipt is not received, it will be 25 days from the date of dispatch.