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Pramerica Life Insurance T&Cs

The following terms and conditions govern the Pramerica life insurance policy:

1. Free-look Period: Pramerica offers 15 days of free-look period in case you are not satisfied with your DHFL life insurance policy. The policy can be canceled/returned to the insurance company by stating the valid reasons for cancellation or return of the policy.

2. Grace Period: In case you fail to pay the due premium for your Pramerica life insurance policy, the company offers you a grace period. DHFL Pramerica Life Insurance offers a grace period of 30 days for yearly and half-yearly premium payments and 15 days for monthly premium payments.

3. Suicide Exclusion: In case the life assured commits suicide within 12 months of policy issuance, 80% of the total premiums paid till the date of death will be returned to the life assured’s family member after deducting underwriting charges as applicable.

4. Nomination: Pramerica offers the policyholder to name the nominee in order to collect the policy benefits in his absence. The company also has a procedure to get the nominee changed if the policyholder desires to do so.

5. Assignment Allowed: Pramerica DHFL Life Insurance Company allows the assignment option. In this particular service or option, a policyholder can transfer the entire policy with all the benefits to someone else’s name.

6. Taxation: The Pramerica life insurance company offers the policyholders taxation benefits under sections 80C and 10D of the Income Tax Act. These particular sections are explained in detail below:

  • Section 80C of the Income Tax Act stipulates that any person holding a life insurance policy will be offered income tax deduction on premiums ranging maximum up to Rs. 1,50,000/-.
  • Section 10D is also a section of the Income Tax Act, which dictates that the benefits that are earned under any sort of a life insurance policy are not subjected to the income tax bracket.

7. Renewal: The renewal of the policy will ensure all the benefits are assured during the policy, along with assured benefits at the end of the policy term. Since the term insurance doesn’t have a maturity benefit, it is best to keep the policy in force; otherwise, an untimely unfortunate event may be even more hard-hitting to your family.

8. Inform Changes: Pramerica deems it to be the policyholder’s responsibility to keep the company informed about all the changes that are happening with context to their lives in terms of contact details, job status, or the change in income status.

9. Duplicate Policy Document: If the policyholder at Pramerica loses his/her original policy document, then the duplicate can be obtained by submitting a request to the company for the same in writing.

10. Disclosure of Information: Pramerica Life Insurance Company recommends that the policyholder should disclose all the information truthfully and to the best of their knowledge otherwise the policy may stand to be rejected by the company if evidence of fraud or misdirection is found the policyholder’s end.

11. Grievance Redressal: If the beneficiary, policyholder, or nominee of the Pramerica life insurance policy has any grievances with the staff or any procedure related to the company and their interaction then they can take it up through the grievance redressal procedures given on the official website.

12. Jurisdiction: All the terms and conditions laid down by the Pramerica life insurance company are according to the Indian constitution and under Indian jurisdiction.

13. Exclusive Rights: The company has the sole rights to review, edit, add, or delete the terms and conditions laid down by it anytime the company deems fit.

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1. Premium has been calculated for coverage till 60 years
2. Eligibility depends on income, occupation and educational qualification

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User Reviews

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What users are saying
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  • Great Service

    Thank you, InsuranceDekho, for helping me purchase a life insurance policy smoothly. I am loving my experience of buying the Pramerica Life Insurance Policy. I am impressed with the supportive customer care team. Firstly, I was not sure whether to purchase a life insurance policy online. Now, I will recommend everyone purchase one from InsuranceDekho’s Website.

    R
    Pramerica
    By Ravi Yadav
    On: Feb 15, 2024
  • Easy Process of Claim Settleme...

    The process of claim settlement on the InsuranceDekho website was very easy. I just had to get in touch with the customer service team who explained the complete procedure, followed by which I easily raised a claim against the Pramerica life insurance plan.

    K
    Pramerica
    By Komal Srivastava
    On: Dec 18, 2023
  • Comprehensive Policy Inclusion...

    The Pramerica Life Insurance Policy I selected through InsuranceDekho had comprehensive inclusions. The detailed coverage ensured that my beneficiaries would be well taken care of in various life scenarios.

    S
    Pramerica
    By Suhani Shah
    On: Nov 22, 2023
  • Unbeatable Convenience

    Convenience is key in today's fast-paced world. InsuranceDekho's online platform makes managing my Pramerica Life Insurance Policy and payments a breeze.

    L
    Pramerica
    By Lopa Bhatt
    On: Sep 27, 2023
  • Cash Value Accumulation

    InsuranceDekho's Pramerica Life Insurance Policy also offers cash value accumulation over time, providing valuable savings for my family. Glad to have added this component in addition to life coverage.

    P
    Pramerica
    By Pooja Bhatia
    On: Sep 13, 2023

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