Pramerica Wealth+ Ace Plan

Key Features

• This is a one-time payment plan.

• Persistency Units are added after the 10th policy year and every 5 years thereafter.

• With the Systematic Transfer Option, the policyholder can choose to invest a part of his investment monthly in a low-risk fund to avail the benefit of rupee cost averaging.

• The premium is invested in Liquid Fund, which is available only under the STP Option, after which the units are allocated to chosen funds from the Liquid Fund.

The following 5 funds are available for investment

• Debt Fund

• Balance Fund

• Growth Fund

• Large Cap Equity Fund

• Liquid Fund

Benefits

• Persistency Units are added @ 1.5% for the premium range 65,000 – 2 lakhs and 2% for premiums 2 lakhs and above the average Fund Value in the last 3 years prior to the additions.

• The insured will get the total Fund Value on Maturity, including the persistency units added.

• The Fund Value on Maturity can be availed in installments over a period of 5 years post Maturity under the Settlement Option.

• On the death of the policyholder, higher of the Sum Assured net of partial withdrawals made in the last 2 years if the age attained was less than 60 years or Fund Value subject to a minimum of 105% of all premiums paid till death is payable.

• If the age attained was more than 60 years, higher of the Sum Assured (-) withdrawals made after age 58 or the Fund Value subject to a minimum of 105% of all premiums paid is payable.

• Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Product Specification:

Details about Premium

Premium in Rupees and Benefit Illustration for a term of 20 years and PPT for 5 years

Policy Details

Grace Period: grace period is not applicable for single premium policies

Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 5 completed years. If surrendered before 5 years, the fund value net of discontinuation charge will be credited to the Discontinued Policy Fund, where it will earn a minimum of 4% p.a. growth. After the completion of 5 years, the fund value in the Discontinued Policy fund as of that date will be paid to the policyholder. If surrendered after 5 completed policy years, the entire Fund value on the date of surrender is paid without any charges

Free Look Period: If you are not pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Inclusions

• Partial withdrawal is allowed every year after 5 completed policy years with a minimum value of Rs.10,000.

• 4 free Switches are allowed every year for switching between funds.

Additional Features or Riders

• DHFL Pramerica Unit Linked Accidental Death Benefit Rider is available under the plan, which can be added at inception or at any time during the policy term

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Exclusions

• The benefit paid in case of suicide within 12 months of policy inception or revival is the fund value as of that date.

• For the rider's benefit, accidental deaths due to any self-inflicted injury, acts of criminal nature, war, aviation, participation in hazardous activities, alcohol abuse, etc., are excluded

Documents Required

Policyholder has to fill up an 'Application form/ proposal form' with an accurate medical history and submit KYC documents.