Pramerica Rakshak Gold Child Plan

What is Pramerica Life Rakshak Gold Child Plan?

The Pramerica Life Rakshak Gold Plan is a non-linked, non-participating endowment plan that offers a guaranteed maturity benefit at the conclusion of the policy term to protect your child’s future financial needs for higher education or marriage even if you are not there. If you die during the policy term, the plan pays an instant pay-out as well as a monthly income benefit due until the end of the policy term to assist your family. Furthermore, the plan offers yearly guaranteed additions that are enhanced every three years to assist you maximise your investment corpus.

Key Features of Pramerica Life Rakshak Gold Child Plan

The following are key features of the  Pramerica Life Rakshak Gold Plan:

  1. Guaranteed Maturity Benefit- The plan gives a guaranteed benefit at plan maturity, allowing you to plan your child’s future costs with confidence.
  2. Monthly Income Benefit- In addition to an instant death benefit pay-out, the plan offers monthly pay-outs equal to 2% of the base sum insured from the date of death until the conclusion of the policy term, subject to a minimum of 36 monthly pay-outs.
  3. Annual Guaranteed Additions- Every insurance year, guaranteed additions of up to INR 80 per INR 1,000 base sum insured are accrued. Every three policy years, the value of these enhancements increases.
  4. Policy Loan- After paying at least the first two years’ premiums, you can get a policy loan for up to 75% of the surrender value at any point throughout the policy term.
  5. Surrender Benefit- If you terminate the plan before maturity, you will receive a surrender benefit equal to the greater of the Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).
  6. Reduced Paid-Up Benefit- If you do not pay the premium after the first two years, the policy is changed to a decreased paid-up policy with reduced benefits.
  7. Policy Revival- A lapsed or reduced paid-up policy can be resurrected within 5 years after the initial unpaid payment.

Benefits of Pramerica Life Rakshak Gold Child Plan

The following are the main advantages of the Pramerica Life Rakshak Gold Plan:

  1. Death Insurance: If the life guaranteed dies during the policy period, an aggregate of the following is paid to the nominee as the death benefit.
  2. Immediate Advantage: As a lump amount, an instant benefit equals to the sum of the base sum insured plus accumulated yearly guaranteed increases is payable.
  3. Monthly Repayment: From the month of death until the conclusion of the policy term, monthly payments equal to 2% of the base sum insured are given. The payment term must be at least 36 months.
  4. Maturity Date Benefit: At the moment of policy maturity, the base sum insured multiplied by the guaranteed maturity multiple will be paid in one lump payment.
  5. The total death benefit awarded must be at least equal to the death sum promised plus any accrued yearly benefits.
  6. certain additions:
    1. The death benefit is the greatest of the following:
    1. eleven times the annualised premium
    1. The promised base amount increased by the guaranteed maturity multiple factor
  7. 105% of all premiums paid up to the date of death
  8. Maturity Advantage: If the life assured survives until the end of the policy term, the maturity benefit is the base sum assured multiplied by the guaranteed maturity multiple and the accrued yearly guaranteed additions.

Inclusions of Pramerica Life Rakshak Gold Child Plan

  1. Guaranteed Maturity Benefit- The plan gives a guaranteed benefit at plan maturity, allowing you to plan your child’s future costs with confidence.
  2. Monthly Income Benefit- In addition to an instant death benefit pay-out, the plan offers monthly pay-outs equal to 2% of the base sum insured from the date of death until the conclusion of the policy term, subject to a minimum of 36 monthly pay-outs.
  3. Annual Guaranteed Additions- Every insurance year, guaranteed additions of up to INR 80 per INR 1,000 base sum insured are accrued. Every three policy years, the value of these enhancements increases.
  4. Policy Loan- After paying at least the first two years’ premiums, you can get a policy loan for up to 75% of the surrender value at any point throughout the policy term.
  5. Surrender Benefit- If you terminate the plan before maturity, you will receive a surrender benefit equal to the greater of the Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).

Exclusions of Pramerica Life Rakshak Gold Child Plan

If the policyholder commits suicide within a year of the policy’s inception or revival, the policy will become void, and the larger value between the acquired Surrender Value and 80 percent of the premiums paid until the policyholder’s death would be reimbursed.

Documents required for Pramerica  Life Rakshak Gold Child Plan:

  1. Proposal Form duly completed
  2. Proposer Photograph
  3. Life Assured (Aadhaar Card, Voter ID Card, Passport etc.)
  4. Age Proof of Proposer
  5. Lifetime Photo Identity proof
  6. Life Assured Address Proof
  7. Life Assured Medical Examination Proof
  8. Life Assured Income Proof
  9. Pan Card of the Life Assured

Eligibility Criteria:

Minimum Entry Age18 years
Maximum Entry Age53 years for 12 years policy term47 years for 18 years policy term
Maximum Age at Maturity65 years
Minimum PremiumRs. 16,227 per annual paymentRs. 8,438 for half-yearly paymentRs. 1,460 for monthly payment

Guaranteed Maturity Benefit

The Guaranteed Maturity Benefit is a lump sum payment made at the conclusion of the insurance period. Your assured maturity benefit will be determined at the policy’s inception and will be determined by age, premium, policy term, premium payment term, and gender.

Monthly Income Benefit

Term insurance with monthly income provides the nominee’s death benefit in monthly instalments rather than a flat payment. When purchasing a term insurance policy, the policyholder must choose between a fixed monthly payment option and an escalating monthly payment option.

Annual Guaranteed Additions

Guaranteed additions are advantages that you will get when your insurance matures. The guaranteed extra pay-out amount will be calculated for you by the insurance provider based on the policy term, premium payment period, age at the time of policy acquisition, and yearly premium amount.

Policy Loan

A policy loan is money borrowed in exchange for future benefits due under a life insurance policy. A policy loan allows you to borrow against the cash value of an insurance. By taking out a policy loan, the policyholder can spend the cash value while maintaining the policy’s insurance protection.

Surrender Benefit

If a policyholder decides to cancel the policy before it matures, the sum paid to the policyholder by the insurance company is known as surrender value.

If the policyholder undertakes a mid-term surrender, he will get a sum equal to the amount assigned to savings and the profits on those savings. A surrender charge, which varies per policy, would be subtracted from this amount. If the policyholder cancels the policy after five years, life insurance providers are not allowed to impose any surrender charges, according to a recent IRDAI guideline. The policyholder will then get solely the fund value of his investment.

Reduced Paid-Up Benefit

If you no longer wish to pay premiums on your whole life insurance policy, you can either surrender it and get the cash value or utilise the accumulated cash value to fund reduced paid-up insurance coverage. Reduced paid-up insurance would keep the death benefit in place without requiring you to pay any future premiums. The death benefit, however, is reduced to the amount of cash value in your initial life insurance policy.

Policy Revival

When an insurance policy expires, the protection it provides stops. This means that your beneficiaries will not be paid if you die unexpectedly. The money paid as a premium is forfeited. If you do not want to sacrifice the advantages provided by the insurance policy, you can consider reviving it within the time frame specified by the insurance provider before your contract matures.

It’s vital to keep in mind that the revival process will differ depending on the policy and company. If you have not paid your premium for six months, LIC will charge you an interest rate of 8% on the premium (depending on the kind and duration of the policy) and your risk cover will be extended for another six months. This implies that even if you have fallen behind on your premium payments for six months, your life insurance is still valid. If you have paid your premiums for at least three years, you are eligible for this benefit. You’ll need to present a personal health statement if you wish to renew the insurance in the seventh or eighth month.

Frequently Asked Questions (FAQ’s)

1.How can I check the current status of my claim?

Ans – You may easily and quickly check the status of your health insurance claim. As a policyholder, you may monitor the progress of your medical insurance claim online or offline, as indicated below.

Online Mode:

  1. To check the status of your health insurance policy online, you must first:
  • Go to the official website of the Health Insurance Company.
  • On their website, click the ‘Register a Claim’ button. Next, select ‘Track Claim Status.’
  • It will take you to a new page where you will enter your Customer ID, Policy Number, Claim Number, and date of birth.
  • Now press the ‘Submit’ button.

Offline Mode:

Health insurance policyholders can check the status of their health insurance claims offline in the following ways:

  1. You can take all of your policy information to the nearest branch office of your health insurance provider.
  2. You may also phone your insurer’s toll-free customer service number and speak with a customer service representative to inquire about the status of your health insurance claim.
  3. You may also inquire about the status of your policy claim by sending an email with your health insurance policy number and other data to the email address supplied by their health insurance provider.

2.How can I check policy status for Pramerica Life child plans?

Ans – If you have any questions, please call the toll-free number 1800-102-7070. You may also leave a message on 1800-102-7986 from 09:30 a.m. to 06:30 p.m., Monday through Saturday, and an executive will call you back.

3.Policy Cancellation process for Pramerica Life Child Plan?

Ans – You will have 15 days (30 days if 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 if you disagree with any of these terms and conditions, you will have the option to return the policy with your reasons for objection. The Company will reimburse the premiums paid upon receipt of the letter and the policy bond, less the proportionate risk premium and any expenses incurred by the Company for insurance stamp duty and medical examination.

Distance marketing refers to the sale of insurance goods by any method of communication other than in person, including but not limited to telemarketing and electronic modes of contact.

4.Which documents do I need to submit to file a claim?

Ans –

  • Insurance claim form, completed and signed by you
  • Card of discharge
  • Doctor’s written consultation with receipts
  • Your hospital bills, which must be stamped and signed by hospital officials
  • X-ray films as well as other test results such as blood tests, urine tests, and so on.
  • Medical bills
  • Other materials pertinent to the treatment’s cause

5.How do I register a claim?

Ans :

at cashless network

The following is the cashless claims process for scheduled treatment:

  • You must send the cashless claim form to your insurer in writing or by email at least five days before the treatment date.
  • After obtaining your cashless claim form, the insurance company will notify the hospital.
  • You will be sent a confirmation letter that is valid for seven days from the day it was sent.
  • Before admittance, submit the confirmation letter and health card. The insurance company will cover your medical bills.

Reimbursement

If the policyholder chooses to go to a non-empanelled hospital, he or she can file a claim for health insurance reimbursement. The cashless claim function cannot be used in this circumstance. As a result, the insured must pay all medical bills and other costs associated with hospitalisation and treatment before claiming compensation.

The following is the refund claim procedure:

  • Check the information on your medical bill.
  • After you have been released, you must submit the necessary documentation to the insurance company/third-party administrator.
  • Your papers will be reviewed by the insurance company/third-party administrator. It may take up to 21 days to evaluate your papers and complete the payment.

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