FAQs

1. What is DHFL Pramerica Family Income ?

Family Income is an individual non-par decreasing term insurance plan .In case of the death of the insured person during the term of the plan, the plan pays monthly income installment for the remaining term of the insurance policy at the time of death, subject to a minimum of 36 monthly income installments. The key features are:


An economical way to protect your family against financial liabilities


In case of an unfortunate eventuality

  • Regular Monthly Income OR
  • Lump Sum Benefit

 

Additional protection through Accidental Death Benefit Rider and Critical Illness Rider

 

Tax benefits: Enjoy tax benefits on premiums paid and benefits received under this policy (benefits subject to prevailing Income Tax Laws).

 

2. How does this plan work?

  • Choose the monthly income plan benefit that you would like your family to receive every month.
  • Choose the tenure of the monthly income plan.
  • Choose any or both the optional riders if you wish to.
  • Work out the premium payable.
  • After the cover commencement, in case of eventualities, the benefits would be paid.

 

3. What are the eligibility criteria for DHFL Pramerica Family Income?

Product Name DHFL Pramerica Family Income
  Minimum Maximum
Entry Age 18 years 55 years
Policy Term 5 years 30 years
Benefit Expiry Age   65 years
Monthly Family
Income
2,000 No limit
Premium Depends on the monthly income selected subject to the minimum of 1,000 p.a. (for annual,semi-annual & quarterly modes)
1,200 p.a for monthly mode
Premium Payment
Option
Regular Pay
Premium Payment
Modes
Annual/Semi-annual/Quarterly/Monthly

 

4. When does the risk cover starts?

The risk cover starts immediately on the commencement of the insurance policy.

 

5. What is the death benefit payable under this insurance policy?

In case of unfortunate demise of the insured person before the expiry of the policy term, the nominee would receive:

  • Option 1:Monthly income from the date of death till the policy term subject to minimum guaranteed 36 monthly installments
  • Option 2:Discounted value (today’s value) of all future monthly income payable, discounted at the rate of return decided by the company from time to time.

 

6. What is the maturity benefit payable under the policy?

There is no maturity benefit under this plan as this plan is a pure life insurance plan.

 

7. How will the benefits be paid under the following scenarios:

Case 1:

In a 15-year (180 months) Family Income plan, which pays you Rs. 3,000 as monthly family income, if the insured person dies in, say, the 120th month, you will receive Rs 3,000 for the month of death and the remaining 60-month period.

 

Case 2:

In a 15-year (180 months) Family Income plan, which pays you Rs. 3,000 as monthly family income, 'if the insured person dies anytime during the last 36 months'  you will receive a minimum guarantee of 36 monthly installments.

 

8. What are the tax benefits available under the DHFL Pramerica Family Income?

Tax benefits will be applicable as per prevailing tax laws. Tax laws are subject to change. Please consult your tax advisor for details.

 

9. Can I increase or decrease the monthly payout under the base plan?

No. Once the monthly payout is selected at inception, it cannot be altered.

 

10. Are there any riders available?

Yes. There are two riders available with this plan.

  • DHFL Pramerica Traditional Accidental Death Benefit (ADB) Rider – In case of an unfortunate death in an accident, this rider gives your family an additional lump sum amount, apart from the benefit in the base plan.

    Minimum ADB sum assured is Rs. 50,000 and the maximum is given by the formula:
    50% * Monthly Family Income * Term * 12, subject to a maximum of INR 5,000,000.

  • DHFL Pramerica Traditional Critical Illness (CI) Rider – This rider gives an additional monetary support in case the life assured is diagnosed with/undergoes any of the 10 critical illnesses/conditions/surgeries covered under the rider.

    Minimum CI sum assured is Rs. 50,000 and maximum is given by the formula:
    50% * Monthly Family Income * Term * 12, subject to a maximum of INR 2,500,000.

 

11. If I want to surrender the policy, what will be the surrender value?

The plan does not have any surrender value as this is a pure life insurance plan.

 

12. What if I discontinue paying premiums but want to restart subsequently?

If you discontinue paying your premium, you are allowed to reinstate your insurance policy, provided you reinstate it within three years from the premium due date. If you don’t, the insurance policy will be terminated.If you reinstate it within 90 days, it can be done at your request without medical declaration or examination; from 90 to 180 days with medical declaration; and over 180 days with medical examination. All premiums that you were to pay from the date of default up to the proposed date of reinstatement would need to be paid by you with interest.

 

13. Is there any policy loan available under this plan?

No. Policy loan is not available under this insurance plan.

 

14. I am serving in the armed forces, can I buy this family income plan? What are the exclusions for the same?

Yes. You can buy this plan. There are NO exclusions.

 

15. What if I want to cancel my policy since I do not agree on the terms and conditions mentioned in the policy?

You have a period of 15 days from the acknowledgment date of the policy docket to review the terms and conditions. If you do not agree to the terms and conditions, you have the option to return the policy stating this reasons within this period. On receiving your letter along with the policy documents, the company will return the premium paid by you after deducting the expenses incurred 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.