Pramerica Life - Wealth Maximiser Plan - Balanced Fund

Life can get demanding at times and we face our fair share of challenges every now and then. We often find ourselves surfing over an unpredictable ocean of circumstances where
the tides are calm at one instance and turbulent at the other.
Financial security becomes a major factor in determining whether our journey through the ocean of life is going to be a smooth or a rough one. Therefore, this critical factor needs to be carefully addressed when it comes to choosing a Life Insurance plan to protect our family and secure their financial future. We need to be financially equipped and significantly insured to fulfill the certain as well as uncertain needs of our family.

Enjoy the benefit of choosing an adequate life cover based on your desired level of protection from multiple options of sum assured basis your age at entry.
Flexibility to choose from Single, Regular or Limited Premium Payment tenures.
Get the benefits of reduced charges on opting higher premium amounts.
Get rewarded on opting for longer term through Persistency Units and Wealth Boosters at specific intervals to augment your fund value.
Option to actively manage your funds depending upon market conditions with Defined Portfolio Strategy.
Avail Systematic Transfer Plan to systematically transfer your money from Liquid Fund to your chosen funds every month.
Option to manage your funds by creating a balance between Equity and Debt through systematic allocation based on your age with Life Stage Portfolio Strategy.
Option of Fund conservation at Maturity to safeguard your fund value from market fluctuations.
Enhance your fund and life cover by adding Top-up premium.

Minimum: 90 Days
Maximum: 65 Years

For Limited/Regular Pay:
Age (Last Birthday)
Policy Term
Minimum
Maximum
0
40
5 Years
30 Years
41
65
5 Years
25 Years
For Single Pay:
Minimum: 5 Years
Maximum: 10 Years

Single Pay, Limited Pay or Regular Pay
For Limited/Regular Pay:
Age (Last Birthday)
Premium Payment Term
Minimum
Maximum
0
40
5 Years
30 Years
41
65
5 Years
25 Years

Minimum Sum Assured:
A multiple of Annualized Premium as defined below:
Premium Paying Term
Age at entry < 45 Years
Age at entry >= 45 Years
Single Pay
1.25 X Single Premium
Limited/Regular Pay
Higher of 10 X Annual
Higher of 7 X Annual
Premium or 0.5 X Policy
Premium or 0.25 X Policy
Term X Annual Premium
Term X Annual Premium

In case of an unfortunate demise of the Life Insured during the Policy Term, the Policy will pay Death Benefit which is higher of
a) Sum Assured including Top-Up Sum Assured, if any or
b) Fund Value, including Top-Up Fund Value, if any, or
c) 105% of total Premium paid including Top-Up Premiums, if any.
Where, Sum Assured is defined as multiple of Annualized Premium / Single Premium as opted at inception of policy
Sum Assured will be reduced to the extent of partial withdrawals made in the last 2 years for age on death below 60 years and for age on death 60 years and above, all partial withdrawals made from the age of 58 years onwards. The partial withdrawal made from the top-up premium shall not be reduced for this purpose.

On survival of the Life Insured till maturity date and subject to Policy being in-force for full risk benefits, the Policy will pay the Fund Value including Top-Up fund value, if any, to the Policyholder.
Death cover chosen will cease on Maturity.

Goods & Service tax:
The Company will deduct charges for goods and service tax applicable on unit-linked products at the rate as notified by the Government of India from time to time.
Premium allocation charges, Policy administration charges, mortality charges and surrender charges are guaranteed.
Tax Benefits:
Tax benefits will be applicable as per prevailing tax laws. Tax laws are subject to change from time to time. Please consult your tax advisor for details.

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 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 the Policy documents, the Company will refund the fund value as on date of cancellation plus unallocated part of Premium plus charges deducted from Policy by cancellation of units, subject to the deduction of proportionate risk Premium and any expenses incurred by the Company on insurance stamp duty and on medical examination.
Distance Marketing entails to the sale of the product through a mode other than personal interaction.

To manage any unexpected need for money or for any exigency, partial withdrawals can be made from your investment account after 5 Policy years.
For purpose of partial withdrawals, lock in period for Top-up premiums will be five years from date of payment.
Partial withdrawal is not allowed until the minor life insured, if applicable attains majority i.e. on or after the attainment of age 18.
The policyholder can make unlimited number of partial withdrawals as long as the total amount of partial withdrawals in a year does not exceed 20% of the Fund Value in a policy Year. The minimum withdrawal amount is Rs.10,000. The partial withdrawals are free of cost.
Partial withdrawals shall be allowed from the fund value built up on from the top-up premiums, if any, as long as such fund value supports the partial withdrawals and subsequently, the partial withdrawals may be allowed from the fund value built up from
the base premium.
If there is a partial withdrawal from the unit account of base premium; then in case of death during two years immediately after partial withdrawal, the sum assured for base risk cover will get reduced by the amount of the partial withdrawal. If death occurs after two years of partial withdrawal, there will be no reduction in sum assured. After attainment of age 60, all the partial withdrawals made within two years before attaining age 60 and any partial withdrawal thereafter shall be reduced from the sum assured.

With STP, you can invest a specific amount in a regular fashion at monthly intervals. This gives you the advantage of rupee cost averaging. You buy more units when markets are down and fewer units when markets are up, thereby reducing the average cost of purchase of units in the funds selected by you.
You have an option to choose STP for 12 months only. The option would be available to policies where premium is paid annually or single pay policies.

The Policy will acquire surrender value from the first Policy year but it becomes payable only after completion of lock-in period which is a period of 5 consecutive Policy years from the date of commencement of the Policy.

The surrender value will be the value of units less discontinuance (or surrender) charges, if applicable.

This will be deducted from the Premium amount at the time of Premium payment before allocating the same to the unit account.
Allocation Charge
Policy Year/Premium Band
Band 1
Band 2
Band 3
1
5.0%
2.0%
2.0%
2 to 5
2.5%
2.0%
2.0%
6 and onwards
2.5%
0.0%
0.0%
Top-up premiums are subject to an allocation charge of 2.0%
For policies sold online, no premium allocation charges would be applicable.

Debt Fund
1.20% p.a.
Liquid Fund (in case of STP only)
1.20% p.a.
Balance Fund, Growth, Large Cap Equity Fund,
Multi Cap Opportunities Fund
1.35% p.a.
Discontinued Policy Fund (DPF)
0.50% p.a.
The FMC will be adjusted in the unit price of each fund and will be levied on a daily basis. FMC is reviewable subject to maximum of 1.35% p.a. for each of the fund and upon prior
approval of the IRDAI

Mortality charge will apply on the sum at risk. It will be deducted monthly by cancellation of units from the unit account.
Monthly mortality charges for Top-up Sum Assured cover would be calculated as Top-up Sum Assured less Top-up Fund Value x mortality charge rate for the given age/gender.
Annual charges per 1000 sum at risk for a healthy male are as follows:
Age at entry
25
30
35
40
Mortality Charge
0.9890
1.0700
1.3200
1.8810

Policy administration charges will be deducted at the beginning of each month by deduction of units from the unit account.
For policies purchased other than online channels
Policy Administration Charge (per month) as a % of annual/single premium
Policy Year/Premium Band
Band 1
Band 2
Band 3
1 to 5
0.21%
0.10%
Nil
6 and onwards
0.25%
0.10%
Nil
For policies sold online, no policy administration charges would be applicable.

Suicide Exclusion:
In case of death due to suicide or attempted suicide, whether sane or insane, within 12 months from the date of inception of the Policy or from the date of revival of the Policy, the nominee(s) or beneficiary of the Policyholder shall be entitled to the fund value available as on the date of death and the charges, if any levied subsequent to the date of death shall also be paid back along with such death benefit.