Pramerica Life Wealth Enhancer

On survival of the Life Insured till maturity date Fund Value will be paid to you.

Death cover chosen will cease on Maturity

A Policy issued under this plan will acquire Surrender Value on payment of Single Premium. However no Surrender Value will be payable during the 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. There are no discontinuance charges from 5th year onwards.

Within Defined Portfolio Strategy, you can switch your investments within the available funds, depending on your financial priorities and investment decision. Four switches in a policy year are free of cost and any subsequent switch in the year will be charged a fee of ₹250 per switch. There is no restriction on number of switches during entire policy term. No switching charge will be levied for switching from Liquid Fund to the chosen Funds in case STP is opted for.

The minimum switch amount is ₹5000 unless 100% of the fund is switched.

Switching between the funds will not be allowed in case Policyholder has opted for Life Stage Portfolio strategy

To manage any unexpected need for money or for any exigency, partial withdrawals can be made from your investment account only after completion of 5 Policy Years (Lock-in Period) provided monies are not in Discontinued Policy Fund. The total amount of partial withdrawals in a policy year cannot exceed 20% of fund value as at the beginning of the policy year in which partial withdrawal is made. After making a partial withdrawal, you will have to wait for two years from the date of previous partial withdrawal to avail next partial withdrawal. A total of 5 partial withdrawals are allowed during the entire term of the contract. The minimum withdrawal amount is ₹10,000

For policies where life insured is a minor, Partial withdrawal is not allowed until the minor life insured, if applicable attains majority i.e. on or after the attainment of age 18.

Partial withdrawal will not be allowed in case doing so would lead the contract to terminate.

Within Defined Portfolio Strategy the Company will give you an option to preserve your fund value towards the end of your Policy, when your investments are due to be paid back. You should notify the Company 30 days before the start of the last policy year when the right to exercise this option becomes available.

For example:

Policy Issuance Date: 1st Jan 2019,

Policy Term: 10 Years

Last Policy year Starts from: 1st Jan 2028. 

The Policyholder has an option to inform the Company 30 days before 1st Jan 2028, i.e. any time before 2nd Dec 2027.

All your investments are systematically transferred from funds of your choice to Liquid Fund in the last 12 months of the Policy. Every month 1/N of the units will be transferred from chosen fund/s to Liquid fund.

Where, N= Number of months remaining under the FCO option.

Tax benefits may be applicable as per prevailing tax laws. Tax laws are subject to change. Please consult your tax advisor for details.