Pramerica Life - RockSolid Future

About Plan

We all want our tomorrow to be better than our today, whether itis for us or for our spouse, children or senior dependants. But abetter life and a better lifestyle for future can only be achievedif you plan and take action for it today. While the future isunpredictable, escalating inflation and expenses are a certainty.Therefore, you need a life insurance plan that ensures thatyour plans for your future remain RockSolid even in the face ofuncertainty.Presenting Pramerica Life RockSolid Future, An Individual Non Participating Non-Linked Savings Life Insurance Plan. A plandesigned to help you achieve your vision of a RockSolid future,be it fulfilling your dreams, building a fortune or planning yourretirement income.

Benefits

1. Financial security for your family: Get life insurance cover duringthe policy term and secure financial goals for your loved ones.

2. Guaranteed benefits: No ambiguity and no surprises. This planoffers guaranteed benefits provided the policy is in force and alldue premiums are paid in full.
3. Flexibility to choose the payout structure: Based on your needsyou may choose to receive the benefits under the product asLumpsum or as Income.

4. Various Plan Options: Based on your protection and savingneeds you may choose one of the four plan options i.e.Income Builder | Family Income Builder | Fortune Builder |Dream Builder.
5. Enhanced Protection: Get enhanced protection through FamilyIncome Option and Dream Builder Option.
6. Flexibility of Income
- You have the flexibility to choose an Income Period from10 | 15 | 20 | 25 | 30 | 35 years to match your life goals.
- You may choose to receive the income in annual or monthlyfrequency.Pay as you like: Option to pay premium once or pay for5 to 12 years.
7. Tax benefits: Tax benefits may be applicable on premiums paidand on benefits received, as per prevailing income tax laws.Tax laws are subject to change, please consult a tax advisor.

Entry Age Details

Income Builder Option -
1 to 60 years

Family Income Builder Option -
18 to 50 years
Fortune Builder Option -
For 5 PPT: 91 days to 55 yearsFor other than 5 PPT: 91 days to 60 years
Dream Builder Option -
18 to 50 years

Maturity Age Details

Minimum Maturity Age: years. Maximum Maturity Age depends on the Premium Payment Term(PPT)

Policy Term

Income Builder Option -
Min: PPTMax: PPT+5 years

Family Income Builder Option -
Min: PPTMax: PPT+5 years
Fortune Builder Option -
Single Pay: 10 to 20 yearsLimited Pay: PPT + 5 years to 30 years
Dream Builder Option -
Min: PPT+5 YearsMax: 30 years

Premium Payment Term

Income Builder Option -
Min: 5 yearsMax: 12 years

Family Income Builder Option -
Min: 5 yearsMax: 12 years
Fortune Builder Option -
Single Pay: One TimeLimited Pay: 5 to 12 years
Dream Builder Option -
Min: 5 yearsMax: 12 years

Death Benefits

For Income Builder Option: In the unfortunate event of death of the Life Insured during the Policy Term while the policy is in-force on the date of death, the beneficiary shall receive the death benefit which shall be highest of:

- Sum Assured on Death (or)
- 105% of the Total Premiums paid till the date of death for Regular/Limited Pay Policies (or)
- Surrender Value as on date of death Upon the payment of death benefit, the policy shall terminate and no further benefits shall be payable.
For Family Income Builder Option: In the unfortunate event of death of the Life Insured during the Policy Term while the policy isin-force on the date of death, the beneficiary shall receive the death benefit which shall be highest of:
- Sum Assured on Death (or)
- 105% of the Total Premiums paid till the date of death for Regular/Limited Pay PoliciesAdditionally, the Company shall pay Guaranteed Income Benefit from the next month as per the chosen Income Payout Frequencypost date of death till the end of the Income Period chosen at the outset along with Guaranteed Lumpsum Benefit at the end ofIncome Period to the nominee.The policy shall terminate on payment of Guaranteed Lumpsum Benefit and no further benefits shall be payable.For Fortune Builder Option: In the unfortunate event of death of the Life Insured during the Policy Term while the policy is in-forceon the date of death, the beneficiary shall receive the death benefit which shall be highest of:
- Sum Assured on Death (or)
- 105% of the total premiums paid till the date of death for Regular/Limited pay policies(or)
- Surrender Value as on date of death Upon the payment of death benefit, the policy shall terminate and no further benefits shall be payable.For Dream Builder Option: In the unfortunate event of death of the Life Insured during the Policy Term while the policy is in-force onthe date of death, the beneficiary shall receive the death benefit which shall be highest of:
- Sum Assured on Death (or)
- 105% of the total premiums paid till the date of death for Regular and Limited Pay PoliciesAdditionally, the Company shall pay Guaranteed Maturity Benefit along with all Loyalty Boosters at the end of the policy term to thenominee.

Maturity Benefits

On survival of the Life Insured till the end of the policy term, while the policy is in force, you shall receive the following benefits as per chosen plan option. For Income Builder & Family Income Builder Option: Provided all due premiums are paid in full, upon survival of the Life Insured till the end of the Policy Term, You shall receive Guaranteed Income Benefit in arrears from the end of the Policy Term for the chosen income period along with Guaranteed Lumpsum Benefit at the end of income period. a) Guaranteed Income Benefit: Expressed as a percentage of Annualized Premium varying basis Age at Entry, PPT,PT, Income Period, Gender and Premium Band.

For Fortune Builder & Dream Builder Option: Provided all due premiums are paid in full, upon survival till the end of the Policy Term, the policyholder shall receive Sum Assured on Maturity in Lumpsum which is equal to Guaranteed Maturity Benefit along with accrued Loyalty Boosters, (if any).Guaranteed Maturity Benefit is defined as: i) For Other than Single Pay Policies: 75 percentage of Total Annualized Premiums# Payable by policyholder incase of Fortune Builder Option/Dream Builder Option. ii) For Single Pay Policies: A percentage of Single Premium varying basis age at entry, PT, gender and Premium Band. Loyalty Boosters is defined as a percentage of Total Annualized Premiums Payable by policyholder in case of Fortune Builder Option/Dream Builder Option and are applicable only for other than single pay Policies. Loyalty Boosters shall accrue uniformly at the end of every year from the third policy year till the end of the premium payment term, provided the policy is inforce and all due premiums have been paid.

Tax Benefits

Premiums paid under this plan may be eligible for tax exemptions, subject to the applicable tax laws and conditions. Income tax benefits under this plan, if any, shall be applicable as per the prevailing Income Tax Laws and are subject to amendments from time to time. Kindly consult a tax expert.

Free Look Period

You will have a period of 15 days (30 days in case the Policy is sold through Distance Marketing i.e. any means of communication other than in person) from the date of receipt of the Policy Document 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, if any.

Policy Loans

You may take a loan against your Policy once it has acquired a Surrender Value. The maximum loan that can be availed is 75%of the Surrender Value at any time. The rate of interest shall be reset on an annual basis at the beginning of every financial year. The rate of interest applicable on the loan will be declared by the Company on an annual basis at the beginning of every financial year. The loan rate of interest is based on yield on10-years GSEC YTM plus 150 basis points rounded down to25 basis points. The average of the benchmark would be taken from the previous financial year for the period 1st July to31st Dec. The source of information for 10 year GSec rate would be CCIL . The current applicable rate of interest for FY 2023-24 is 8.75% p.a. Compounding monthly. Any outstanding loan amount together with any unpaid interest thereon shall be adjusted against any Policy Benefit which become payable under the Policy.

Surrender Details

It is advisable to pay premiums for the entire premium payment term to enjoy maximum benefits under the policy. If your Policy has acquired a Surrender Value and you choose to discontinue your policy, you will be entitled to receive Surrender Value which will be higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV) of the Policy. Please refer to our website or policy document for details.

Revival Details

You can revive your lapsed/Paid-up policy for its full coverage within five years from the due date of the first unpaid premium but before policy maturity, by paying all outstanding premiums together with the interest, as applicable. The interest for revival of the policy will be charged at market related rates set by the Company from time to time. The rate of interest shall be reset on an annual basis at the beginning of every financial year(April) and would be determined based on the average of 10-year G-Sec YTM plus 75 basis points rounded down to 25 basis points. The average of the benchmark would be taken from the previous financial year for the period 1st July to 31st Dec. The source of information for 10 year GSec rate would be CCIL . The current applicable rate of interest on policy reinstatement is 8.00% p.a. compounding monthly which would be applicable for the FY 2023-24. Revival of the policy is subject to Board approved underwriting policy, i.e. the Life Insured may have to undergo medical tests, financial underwriting etc. If a lapsed policy is not revived within the revival period, the policy will terminate on expiry of the revival period.

Claim & Solvency Ratio

Claim Ratio	Solvency Ratio
99% (2023-24)	3% (March 2024)

Select Another Insurance Company

Frequently Asked Questions About Insurance

Health

Life

Auto

Home

What is health insurance? +

Health insurance is a type of coverage that pays for medical and surgical expenses incurred by the insured. It may also provide coverage for other types of health-related costs, such as prescription drugs, mental health services, and preventive care.

Why do I need health insurance? +

Health insurance helps protect you from high medical costs. It provides access to medical care when you need it, helping to pay for doctor visits, hospital stays, surgeries, prescription medications, and other health-related services.

What is a premium? +

A premium is the amount you pay for your health insurance every month. Depending on your plan, the premium may vary based on factors like age, location, and level of coverage.

What is a deductible? +

A deductible is the amount of money you must pay out-of-pocket before your health insurance starts covering your medical expenses. For example, if you have a deductible of $1,000, you must pay $1,000 out-of-pocket before your insurance starts covering your medical bills.

What are copayments and coinsurance? +

Copayment (copay): A fixed amount you pay for a covered health care service, typically when you get the service. Coinsurance: The percentage of the cost you pay for covered health services after you've paid your deductible. For example, if your coinsurance is 20%, you pay 20% of the bill, and the insurance company pays the remaining 80%.

What is an out-of-pocket maximum? +

The out-of-pocket maximum is the maximum amount you can spend on your health insurance. If you exceed this amount, your insurance company will pay 100% of your medical expenses.

What is the difference between in-network and out-of-network providers? +

In-network providers: Health care providers that have a contract with your health insurance plan to provide services at negotiated rates. Out-of-network providers: Providers that don't have a contract with your insurance plan. Services from these providers may cost more or not be covered at all.

What is a Special Enrollment Period (SEP)? +

The Special Enrollment Period (SEP) is a special time during the year when you can sign up for or make changes to your health insurance plan. If you miss this period, you may have to wait until the next one unless you qualify for a Special Enrollment Period (e.g., due to a life event like marriage or having a baby).

Can I keep my doctor with health insurance? +

If you have a preferred doctor, it’s important to check if they are in-network with your insurance plan. If they are not in-network, you may need to pay more out-of-pocket, or you may have to switch to another doctor who is in-network.

What is a Health Savings Account (HSA)? +

A tax-advantaged account for people with high-deductible health plans (HDHPs). The funds roll over from year to year and can be used for qualifying medical expenses.

What is a Flexible Spending Account (FSA)? +

A tax-advantaged account for people with low-deductible health plans (LDHPs). The funds roll over from year to year and can be used for qualifying medical expenses.

What is a Health Maintenance Organization (HMO)? +

An HMO is a type of health insurance plan that requires you to choose a primary care physician (PCP) and get referrals from them to see specialists. HMOs often have lower premiums and out-of-pocket costs but offer less flexibility in choosing providers.

What is a Preferred Provider Organization (PPO)? +

A PPO is a health insurance plan that offers more flexibility in choosing healthcare providers and doesn’t require referrals to see specialists. You can see any doctor, but you’ll pay less if you use in-network providers.

What is the difference between a Health Savings Account (HSA) and a Flexible Spending Account (FSA)? +

HSA: A tax-advantaged account for people with high-deductible health plans (HDHPs) The funds roll over from year to year and can be used for qualifying medical expenses. FSA: A tax-advantaged account for people with low-deductible health plans (LDHPs) The funds roll over from year to year and can be used for qualifying medical expenses.

What does the term "pre-existing condition" mean? +

A pre-existing condition is a medical condition that you had before you got your health insurance. It could include things like diabetes, high blood pressure, or heart disease.

Can I cancel my health insurance at any time? +

Yes, you can cancel your health insurance plan at any time. However, if you cancel outside the open enrollment period, you may not be able to get another plan until the next enrollment period unless you qualify for a Special Enrollment Period.

Are prescription drugs covered by health insurance? +

Many health insurance plans cover prescription medications, but the coverage may vary. Plans typically have a formulary, or list of covered drugs, and different drugs may have different levels of coverage, depending on whether they are generic, brand-name, or specialty drugs.

What is preventive care? +

Preventive care includes health services that help prevent illnesses, such as vaccinations, screenings, and annual checkups. Under the Affordable Care Act, most preventive services are covered by health insurance plans at no additional cost to the policyholder.

What should I do if my health insurance claim is denied? +

If your claim is denied, you can appeal the decision. Review the denial letter for reasons, contact your insurer for assistance, and file a written request for a hearing. If you win the appeal, you may be able to get a refund or other compensation.

How can I choose the best health insurance plan for me? +

When selecting a plan, consider factors like: Your health care needs (e.g., frequent visits, prescriptions) The plan’s network of doctors and hospitals The cost of premiums, deductibles, copays, and out-of-pocket maximums Coverage for specialized care or treatments Compare the different plans and benefits to find one that meets your needs.

What happens if I don't have health insurance? +

If you don’t have health insurance, you can still access some health care services, such as emergency care, in-network doctors, and in-network hospitals. You may be eligible for Medicaid, which provides some health care services at no cost to you.

What is life insurance? +

Life insurance is a contract between you and an insurance company, where you pay regular premiums in exchange for a lump sum payment (death benefit) to your beneficiaries upon your death.

What are the different types of life insurance? +

Term Life Insurance: Provides coverage for a specific period (e.g., 10, 20, or 30 years). If you pass away during this term, your beneficiaries receive the death benefit. It does not build cash value. Whole Life Insurance: Offers lifetime coverage with a death benefit and also builds cash value over time, which you can borrow against or use. Universal Life Insurance: A flexible policy that allows you to adjust the premiums and death benefit while also building cash value.

How much life insurance coverage do I need? +

The amount of coverage you need depends on factors like your income, debts, family needs, and long-term financial goals. A common rule is to have coverage worth 10 to 15 times your annual income, but this can vary based on your individual situation.

What is the difference between beneficiaries and policyholders? +

The policyholder is the person who owns the life insurance policy and pays the premiums, while the beneficiary is the person or group that receives the death benefit when the policyholder passes away.

Can I change my beneficiaries? +

Yes, you can change your beneficiaries at any time during the life of the policy, as long as the policy is in force and you follow the correct procedure with the insurance company.

What is the contestability period? +

The contestability period is the time during which you have the right to contest the decision of the insurer to pay the death benefit. This period varies depending on the type of life insurance policy and the insurer.

Does life insurance cover accidental death? +

Some life insurance policies include accidental death coverage, while others may require a separate rider for this benefit. Be sure to review your policy to understand what’s covered.

Can I cancel my life insurance policy at any time? +

Yes, you can cancel your life insurance policy at any time, provided you follow the correct procedure with the insurance company.

What is cash value? +

Cash value is the accumulated value of the life insurance policy that can be used to pay for expenses, such as medical bills or funeral expenses.

How do I borrow against cash value? +

You can borrow against the cash value of your life insurance policy, but it will need to be repaid, and any unpaid loan will reduce the death benefit.

What is the difference between whole life and universal life insurance? +

Whole life insurance provides coverage for a specific period (e.g., 10, 20, or 30 years) and builds cash value over time. Universal life insurance offers lifetime coverage with a death benefit and also builds cash value over time.

How are life insurance premiums determined? +

Life insurance premiums are based on factors like age, health, lifestyle (e.g., smoking), coverage amount, and type of policy. Generally, younger, healthier individuals pay lower premiums.

Can I borrow money from my life insurance policy? +

If you have a whole life or universal life policy, it may build cash value over time. You can borrow against this cash value, but it will need to be repaid, and any unpaid loan will reduce the death benefit.

What happens if I stop paying my life insurance premiums? +

If you stop paying premiums, your policy may lapse. For permanent policies like whole or universal life, the cash value may cover the premiums for a time, but eventually, if premiums are not paid, the policy will end.

What is auto insurance? +

Auto insurance is a contract between you and an insurance company that provides financial protection against damage or injury caused by accidents, theft, or other incidents involving your vehicle. It covers both liability and your vehicle's repair costs depending on the type of policy.

What types of auto insurance coverage are available? +

There are several types of auto insurance coverage, including liability, collision, comprehensive, uninsured/underinsured motorist, and additional coverage like roadside assistance and collision damage waiver.

How much auto insurance do I need? +

The amount of coverage you need depends on factors such as the value of your car, your driving habits, your state's legal requirements, and whether you own or lease your vehicle. A good starting point is to meet your state's minimum required coverage, but you may want additional coverage for added protection.

Can I cancel my auto insurance policy at any time? +

Yes, you can cancel your auto insurance policy at any time, provided you follow the correct procedure with the insurance company.

What is the difference between liability and comprehensive coverage? +

Liability coverage covers the damages and injuries caused by accidents, while comprehensive coverage also covers non-accident damages, such as theft or vandalism.

How do I choose the right auto insurance policy? +

When selecting an auto insurance policy, consider factors such as the type of coverage you need, your driving habits, the value of your vehicle, and your state's legal requirements.

What factors affect my auto insurance premium? +

Several factors impact your insurance premium, including: Your driving history (accidents, tickets), The make, model, and age of your car, Your location (accident rates in your area), Your age, gender, and marital status, The level of coverage you choose, Your credit score (in some states).

What is a deductible? +

A deductible is the amount you must pay out of pocket before your insurance policy starts to cover the remaining cost of repairs or claims. For example, if you have a $500 deductible and incur $2,000 in damages, you will pay $500, and your insurer will pay the remaining $1,500.

What is the difference between comprehensive and collision coverage? +

Collision coverage pays for repairs to your vehicle after a collision with another vehicle or object, regardless of who is at fault. Comprehensive coverage covers non-collision incidents, such as theft, vandalism, or damage from natural disasters.

Can I get uninsured/underinsured motorist coverage? +

Yes, uninsured/underinsured motorist coverage is available in some states. This coverage provides financial protection for you if another driver is uninsured or underinsured.

Is auto insurance required by law? +

Yes, in most states, you are required to have a minimum level of liability insurance. Some states also require additional coverage like Personal Injury Protection (PIP) or uninsured motorist coverage. The requirements vary by state, so it’s important to check your local laws.

What happens if I don’t have auto insurance? +

If you drive without insurance, you risk facing legal penalties, fines, and the possibility of your driver's license being suspended. If you're involved in an accident, you could be held responsible for the damages.

Can I add other drivers to my auto insurance policy? +

Yes, you can add other drivers, such as family members or friends, to your policy. However, their driving record and age may affect your premium. It's important to inform your insurer about all the drivers in your household.

What should I do if I get into an accident? +

If you're in an accident, follow these steps: Ensure safety by moving to a safe location if possible. Call the police and file a report. Exchange contact and insurance information with the other driver(s). Take photos of the accident scene, vehicle damage, and injuries. Notify your insurance company about the accident as soon as possible.

What is home insurance? +

Home insurance is a contract between you and an insurance company that provides financial protection against damage or loss caused by natural disasters, theft, or other incidents.

What types of home insurance coverage are available? +

There are several types of home insurance coverage, including flood, fire, burglary, and liability. You may also have coverage for water damage, mold, and other property damage.

How much home insurance do I need? +

The amount of home insurance coverage you need depends on the value of your property, the type of coverage you want, and your insurance provider. You may also need additional coverage for water damage, mold, and other property damage.

Can I cancel my home insurance policy at any time? +

Yes, you can cancel your home insurance policy at any time, provided you follow the correct procedure with the insurance company.

What is the difference between flood and fire coverage? +

Flood coverage covers damage caused by floods, while fire coverage covers damage caused by fires.

How do I choose the right home insurance policy? +

When selecting home insurance, consider factors such as the type of coverage you need, the value of your property, and your insurance provider.

What factors affect my home insurance premium? +

Factors such as the type of coverage you need, the value of your property, and your insurance provider can significantly impact your premium.