FAQs

1. What kind of plan is DHFL Pramerica Life Future Secure Plan?

DHFL Pramerica Life Future Secure Plan is a non-linked non-participating endowment plan that has been designed keeping your financial needs in mind. The Income Benefit, in case of unfortunate demise of Life Insured, makes sure that your family has a steady stream of income to meet recurring expenses while the lump sum benefit provides financial security to your loved ones in your absence.

 

2. What is the minimum and maximum entry age offered under DHFL Pramerica Life Future Secure plan?

Minimum Entry Age is 90 Days, subject to minimum age at maturity 18 years, as on last birthday

Maximum Entry Age is 55 Years, as on last birthday

 

3. What is the minimum and maximum maturity age in DHFL Pramerica Life Future Secure plan?

Minimum Maturity Age: 18 Years, as on last birthday

Maximum Maturity Age: 67 Years, as on last birthday

 

4. What are the policy terms available in DHFL Pramerica Life Future Secure plan?

Policy terms available under DHFL Pramerica Life Future Secure Plan are 12, 14, 16, 18 and 20 years.
 

5. What are the different Premium Payment Terms offered under DHFL Pramerica Life Future Secure plan?

The different Premium Payment Term offered is stated below:

Premium Payment
Term Options (Years)

Policy Term (Years)

7

12 and 14

8

14 and 16

10

18 and 20

 

6. What is the minimum and maximum Sum Assured?

Minimum:           Rs.1,17,601/-

Maximum:          No Limit, subject to underwriting
 

7. What is the minimum and maximum premium available under DHFL Pramerica Life Future Secure plan?

Minimum Annual Premium:       Rs.24,000/- (excluding taxes)

Maximum Annual Premium:      No Limit, subject to underwriting

 

8. What are the premium paying modes available under DHFL Pramerica Life Future Secure Plan?

All modes (Yearly, half yearly, quarterly and monthly* mode) are available under the plan.

*Monthly mode of premium payment is available only through credit card, direct debit and ECS.
 

9. How do I calculate the half-yearly, quarterly or monthly mode premium if I know the yearly premium payable by me?

There is a modal factor for calculating half-yearly, quarterly and monthly premium amount. You can simply multiply your annual premium with the respective modal factor to arrive at
half-yearly, quarterly and monthly mode of premium amount. The premium modal factors are listed below:
 

Premium Mode

Modal Factor

Yearly

1

Half Yearly

0.52

Quarterly

0.265

Monthly

0.09

 

 

10. How does this plan work?


 

11. What is the Annual Guaranteed Additions under DHFL Pramerica Life Future Secure Plan?

During the Policy Term, a Policy will be eligible for Annual Guaranteed Addition provided the Policy is in force. Annual Guaranteed Addition will be expressed as a percentage of cumulative Annualized Premium paid and is dependent on the Premium band. The following bands are based on Annualized Premium# paid:

Premium Band

Annualized Premium#

Premium Paying Term

Band

From

To

7 Years

8 Years

10 Years

Band 1

24,000

36,000

5.75%

6.25%

6.75%

Band 2

36,001

60,000

6.25%

6.75%

7.25%

Band 3

60,001

120,000

6.75%

7.25%

7.75%

Band 4

120,001

and onwards

7.25%

7.75%

8.25%

#Annualized Premium shall be the Premium payable in a Policy Year chosen by the Policyholder, excluding the underwriting extra Premium and loadings for modal Premium, if any

 

12. What is the Maturity Benefit under DHFL Pramerica Life Future Secure Plan?

On Survival of Life Insured to Maturity date, Base Sum Assured plus Accrued Annual Guaranteed Additions will become payable.

 

The maturity benefit would at least be equal to the total premium paid for all age/PPT/premium combinations. Premium paid for this purpose will be the total premiums paid till date exclusive of any underwriting extras, if any.

 

13. What will be the Death Benefit under DHFL Pramerica Life Future Secure Plan?

In case of unfortunate demise of the Life Insured during the Policy Term while the policy is inforce, the Company will pay lump sum benefit equal to Death Sum Assured and Accrued Annual Guaranteed Additions,

 

Where Death Sum Assured will be highest of

11 times of Annualized Premium# OR

Guaranteed Sum Assured on Maturity OR

105% of all the premiums (excluding underwriting extra Premium, if any) paid till the date of death

OR

Absolute amount assured to be paid on death which is equal to Base Sum Assured

 

Guaranteed Sum Assured on Maturity is equal to Base Sum Assured

#Annualized Premium shall be the Premium payable in a Policy Year chosen by the Policyholder, excluding the underwriting extra Premium and loadings for modal Premium, if any

 

14. What is Income Benefit Option under DHFL Pramerica Life Future Secure Plan?

For an additional premium along with regular premium, customer can augment the death benefit by opting for ‘Income Benefit’ feature. In case customer has opted for Income Benefit option then in case of Death, following additional Benefits will become payable:

2% of Base Sum Assured as monthly income from date of death till completion of Policy Term;

50 times of Monthly Income payable as lump sum on scheduled Maturity.

 

The additional premium payable towards Income Benefit option will not be eligible for Annual Guaranteed Additions.

 

15. Can I avail a loan against DHFL Pramerica Life Future Secure Plan?

Yes, loan is available under the DHFL Pramerica Life Future Secure Plan, subject to the policy acquiring the surrender value. Maximum loan available will be up to 75% of the surrender value. The rate of interest applicable on the loans will be declared by the Company from time to time.

 

16. What happens if I am unable to pay the premium?

For Policies with Premium Payment Term less than 10 Years

 

If the Policyholder discontinues the Premium Payment before paying Premium for at least first two consecutive Policy years in full, the Policy will lapse at the expiry of the grace period. Such lapsed policies can be revived within a period of two years from the date of first unpaid Premium but before Maturity Date by paying all due premiums with interest subject to Company’s underwriting guidelines.

 

If you decide not to pay any further Premiums after paying Premium for at least two consecutive years in full, your Policy will be converted into a Paid-Up Policy after the expiry of the Grace Period with following reduced benefits. Such Paid-Up policies can be revived within a period of two years from the date of first unpaid Premium but before Maturity Date by paying all due premiums with interest subject to Company’s underwriting guidelines. The policyholder also has the option to surrender a reduced paid up policy to receive an immediate benefit.

 

For Policies with Premium Payment Term equal to 10 Years

 

If the Policyholder discontinues the Premium Payment before paying Premium for at least first three consecutive Policy years in full, the Policy will lapse at the expiry of the grace period. Such lapsed policies can be revived within a period of two years from the date of first unpaid Premium but before Maturity Date by paying all due premiums with interest subject to Company’s underwriting guidelines.

 

If you decide not to pay any further Premiums after paying Premium for at least three consecutive years as applicable in full, your Policy will be converted into a Paid-Up Policy after the expiry of the Grace Period with following reduced benefits. Such Paid-Up policies can be revived within a period of two years from the date of first unpaid Premium but before Maturity Date by paying all due premiums with interest subject to Company’s underwriting guidelines. The policyholder also has the option to surrender a reduced paid up policy to receive an immediate benefit.

The benefits payable while the policy is in reduced paid-up state:

 

Death Benefit:

In case of death during the Policy term while the policy is in reduced paid-up status, the following reduced death benefit would be payable.

T (divided by) N (multiplied by) Death Sum Assured Plus

Accrued Annual Guaranteed Additions

 

Maturity Benefit:

On survival to maturity, the following benefit would be payable at the end of Policy Term:

T (divided by) N (multiplied by) Base Sum Assured plus

Accrued Annual Guaranteed Additions

 

Where:

T = Number of premiums paid under the policy

N = Number of premiums payable under the policy

 

17. Can I revive the policy at a later stage?

Revival of a Lapsed or Reduced Paid-Up Policy is available within the policy term up to 2 years from the date of first unpaid premium. 

Payment of all unpaid premium with interest is required to revive the Policy in all cases.

Revival of the policy is subject to underwriting requirements

Once the Policy is revived, all the benefits under the Policy would be revived.

 

18. What happens if incase of surrender, under DHFL Pramerica Life Future Secure Plan?

Surrender Benefit:

On surrender, a surrender value equal to higher of Guaranteed Surrender Value and Special Surrender Value will be payable.

Please refer to Product Brochure for details on Surrender Value.

 

Early Termination Value for policies which have not acquired Surrender Value

For policies with Premium Paying Term of 10 Years, provided Premium for at least two consecutive Policy Years have been paid in full and the policy has no acquired the surrender value, the Company would pay an amount equal to 30% of Premium paid* on subsequent death or on the expiry of revival period or immediately on receiving a written request from the policyholder, whichever is earlier.

*Premium paid for this purpose is premium exclusive of any underwriting extras.

 

19. Can I cancel my policy in Free-look period?

You will have a period of 15 days (30 days in case the Policy is sold through Distance Marketing) from the date of receipt of the Policy bond to review the terms and conditions of the Policy and where you disagree to any of these terms and conditions, you have an option to return the Policy stating the reasons for objection. On receipt of the letter along with the Policy bond, the Company will refund the Premiums paid, subject to the deduction of proportionate risk premium and any expenses incurred by the Company on insurance stamp duty and medical examination.

Distance Marketing entails to the sale of the product through a mode other than personal interaction.

 

20. What if the Life insured commits suicide?

In case of death of death due to suicide within 12 months:

From the date of inception of the policy, the nominee or beneficiary of the policyholder shall be entitled to at least 80% of the premiums paid, provided the policy is in force or

From the date of revival of the policy the nominee or beneficiary of the policyholder shall be entitled to an amount which is higher of 80% of the premiums paid till the date of death or surrender value, if any

 

21. What is the Grace period available under DHFL Pramerica Life Future Secure Plan?

A grace period is a period of 30 days from the date the Policy instalment Premium become due during which time the Policy is considered to be in force without any interruption as per the terms of the Policy. This Grace Period applies to all premium payment modes (Premium Frequency).

 

22. Are there any tax benefits available?

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

 

23. Is there any exclusion in DHFL Pramerica Life Future Secure Plan?

There are no exclusions in the plan except suicide within 12 months from the date of inception and revival.