- About Coverfox
Pramerica Life Flexi e-Term Plan is a customized term insurance plan that is designed to cater to the unique investment requirements of individuals. Policyholders can further enhance the effectiveness of the plan by opting for additional benefits like accidental death benefit, terminal and critical illness options. It also offers the flexibility to increase the life cover to meet the altering financial needs of changing life stages.
Note: All information has been sourced from the official website of Pramerica Life.
Following are some salient features of the Flexi e-Term Plan-
The benefits shall be payable as per the Option chosen by the Policyholder at inception of the Policy.
(a) Option 1: Life Cover
In unfortunate event of death of Life Assured during the Policy Term, while the Policy is in-force, Death Sum Assured will be paid out to the Nominee as per the Benefit payout option chosen at inception. The policy will terminate on payment of this benefit.
However, Death Sum Assured under the policy will be highest of the following:
Base Sum Assured,
The Annualized premium shall be the premium payable in a year chosen by the policyholder, excluding the underwriting extra premiums and loadings for modal premiums.
(b) Option 2: Life Cover +Terminal Illness On occurrence of either death of life assured or diagnosis of Terminal Illness, whichever is earlier, the Death Sum Assured will be paid out to the Nominee as per the Benefit payout option chosen by policyholder at inception, subject to the Policy being in force.
Terminal illness is an accelerated benefit and the policy will continue with the remaining Base Sum Assured, if any, (reduced by the extent of the Terminal Illness benefit paid) and the benefit payment upon diagnosis of Terminal Illness would be restricted to Rs. 1 crore. Terminal Illness benefit will be payable to the Life Insured as lump sum only.
(c) Option 3: Life Cover +Terminal Illness + Accidental
In addition to the benefits payable under option 2 (Life cover plus Terminal Illness), the policy also provides an extra cover in case of accidental death. The additional death benefit equal to Accident Death Benefit would become payable as lump sum in case Life Assured dies due to an Accident.
An accident means sudden, unforeseen and involuntary event caused by external, visible and violent means.
(d) Option 4: Life Cover + Terminal Illness + Critical Illness
Under this option, in addition to the Death Sum Assured under option 2 (Life cover plus Terminal Illness), the policy provides Critical Illness Benefit as chosen by the policyholder at inception, upon diagnosis of any of the 35 critical illnesses. Critical Illness benefit is also an accelerated benefit and the policy will continue with the remaining Base Sum Assured (reduced by the extent of the Critical Illness benefit paid). The Policy will continue for remaining Base Sum Assured. Premium payment towards CI Benefit will cease after payment of Critical Illness Benefit.
Critical Illness benefit is payable as Lump Sum only, on first occurrence of any of the covered 35 critical illnesses.
(e) Option 5: Life Cover + Terminal Illness + Critical Illness + Accidental Death Benefit
In addition to the benefits payable under option 4 (Life cover plus Terminal Illness plus Critical Illness), the policy also provides an extra cover in case of accidental death. Critical Illness and Terminal Illness Benefits are Accelerated Benefits while ADB is an Additional Benefit.
Options 4 and 5 are available, only if the policyholder has opted for regular premium option. Please note that premium payment towards the Base Sum Assured greater than Rs. 1 crore, if any, would be calculated for Option 1 (Life Cover) only.
|18 years||For Regular Pay option - 65 years For 60 Years less age at entry option - 50 years|
|Maturity Age||75 years|
|Policy Term||Premium Payment Term (years)||Minimum||75 years - Entry Age|
|Regular Pay||10 years|
|60 Years less Age at Entry (subject to minimum PPT of 10 years)||PPT + 1|
|Premium Paying Term||Regular Pay - Pay for entire policy term 60 years less age at entry|
|Premium Paying Mode||Annual, Monthly|
|Base Sum Assured||Rs. 25 lakhs||No limit subject to underwriting|
|Base Sum Assured||Rs. 25 lakhs||Rs. 1 crore|
|Rs. 25 lakhs||Rs. 1 crore|
|Rs. 1 lakh||Rs. 50 lakhs|
|Minimum Annual Premium||Rs. 3,000|
|Maximum Annual Premium||As per the Base Sum Assured chosen, subject to underwriting|
The aforesaid benefit will be paid out to the Nominee, depending on the Benefit Payout option chosen at the inception of the policy:
|Benefit Payout Options||In case of death, following benefits payable to Beneficiary|
|Option 1: Lumpsum|
|Option 2: Level Monthly Income||Death Sum Assured will be payable as ‘Lump Sum’ immediately on death. Death Sum Assured will be equal to Base Sum Assured|
|Option 3: Increasing Monthly Income||Under this option, Base Sum Assured would become payable in monthly instalments over a period from 5 to 15 years as chosen by the policyholder. Initial Monthly Income would be calculated as: Increasing Monthly Income Factor x Base Sum Assured. Monthly instalment would increase by 10% per annum at simple interest at the end of each completed year.|
Pramerica Life Flexi e-Term Plan has 5 plan options viz Option 1: Life Cover, Option 2: Life Cover + Terminal Illness, Option 3: Life Cover + Terminal Illness + Accidental Death Benefit, Option 4: Life Cover + Terminal Illness + Critical Illness, Option 5: Life Cover + Terminal Illness + Critical Illness + Accidental Death Benefit
The various covers offered under this plan can be summarized as under:
|Life Cover||Life Boost||Life Smart Step Up||Life Health Hike||Life Total|
|Accidental Death Cover||No||No||Yes||No||Yes|
During Claim Settlement
Following documents are required along with the filled forms:
In case of unnatural death/accidental death:
The exclusion of Pramerica Life Flexi e-Term Plan are:
In case of death due to suicide committed within 12 months from the start of the policy cover, irrespective of whether he/she was sane or insane at the time, the insurer refunds 80% of the premiums paid to the beneficiary.
Pramerica Life Flexi e-Term Plan is one of most popular term plans from the insurer. It is a customized term insurance plan as per your family’s future financial needs. It ensures & safeguard you with a life cover, an accidental death benefit, terminal and critical illness options. At the same time, it provides an option to increase (Enhance/ Add a Booster to) your life cover with changing life stages and protection needs.
How long does PLIL Limited take to settle a claim?
The maximum settlement timeline taken by PLIL Limited to settle a claim depends on the type of claim raised by the policyholder. The settlement process usually takes more time when the policyholder does not submit all the required documents.
Is there a loan facility offered against Pramerica Life e-Flexi Plan?
No, loan facility is not available against Pramerica Life e-Flexi Plan.
How is the claim settlement amount paid against Pramerica Life e–Flexi Plan?
As soon as the decision related to claim settlement is taken by the insurance company, the decision will be communicated in the form of letter to the registered address. This is followed by the insurance company transferring the claim settlement amount electronically through NEFT.