Maturity Benefit

On survival of the Life Insured till the end of the Policy Term i.e. the date of maturity, while the policy is in force, shall receive Sum Assured on Maturity as lumpsum benefit which is equal to

• Guaranteed Maturity Benefit, plus
• Accrued Loyalty Boosters

Where Guaranteed Maturity Benefit means the benefit amount as a percentage of Total Annualized Premiums^$ payable during the Policy Term. Loyalty Boosters are defined as 100% of Guaranteed Maturity Benefit, which shall accrue uniformly at the end of every year, starting from 3^rd policy year till the end of the Premium Payment Term, provided all due premiums have been paid and the policy is inforce. Upon Payment of Maturity Benefit policy will terminate.

^$Total Annualized premiums payable is the sum total of Annualized Premium for the entire premium payment term as per the policy contract.

Death Benefit

In the unfortunate event of death of the Life Insured during the Policy Term while the policy is in force as on the date of death, the nominee /beneficiary shall receive higher of:

• Sum Assured on Death* (or)
• 105% of the Total Premiums Paid^## till the date of death

Additionally, the nominee / beneficiary shall continue to receive Guaranteed Income Benefit (Income Payout) as and when due, without any need of paying the future premiums.

At the end of the Policy Term, the nominee shall receive Sum Assured on Maturity which is equal to Guaranteed Maturity Benefit Plus Accrued Loyalty Boosters, upon which the policy shall terminate and no further benefits shall be payable.

*Sum Assured on Death is defined as 7 or 11 times of Annualized Premium as chosen at inception by the policyholder

^##Total Premiums Paid means total of all the premiums received, excluding any extra premium, any rider premium and taxes.

Higher Guaranteed Income Benefit:

Guaranteed Income Benefit as a percentage of Annualized Premium^# shall vary by age, PPT, PT, Income Start Year and Premium Band. The table below indicates the different premium bands and the incremental Guaranteed Income applicable

^#Annualized Premium shall be the premium payable in a year chosen by the Policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any

Additionally, if the Sum Assured on Death is 7 times the Annualized Premium, the Guaranteed Income Benefit shall further be increased by Income Booster. The Income Booster applicable shall be as below

If the Life Insured is female, then the annual Guaranteed Income Benefit (Income Payout) shall be enhanced by 2%.

Premium Offset:

You shall be able to adjust the premium payable in the policy to the extent of survival benefits payable by the company, if any. The frequency and timing of benefit payment must match that of premium payment under this option. If the benefit payout exceeds the premium payable under the policy, the company shall pay such excess to the Policyholder. However, if the benefit payable is not sufficient to offset the premium payable under the policy, then, the Policyholder will be required to pay the balance premium to the company. The benefit will be deemed as paid when used for ‘Premium Offset’.

Option to Accrue Guaranteed Income Benefit:

You have an option to accumulate the Guaranteed Income Benefit (Income Payout), instead of taking the same as a periodic payment during the policy term. You may choose to opt this feature by submitting a request to the company at any time during the policy term. This feature can be opted-in or opted-put at any time during the policy term.

The income Payout shall accrue daily at prevailing interest which shall be equal to higher of (Repo rate less 2.0% AND 0.5 times Repo rate). The Repo rate shall be as published by the RBI and information regarding it shall be published on the Company’s website. This rate will be reviewed every six months (on 1st April and 1st October every year). The current applicable accrual rate till 31st March 2024 is 4.5% compounding annually. The Company may in future change the reference rate from Repo Rate to some other index, subject to prior approval from IRDAI.

At any time, you have an option to withdraw, completely or partially, from the accrued income payout. The balance amount will keep accumulating and shall be payable to you on termination of the policy on death or maturity or surrender.

Auto Cover Continuance:

In case the Premium for at least first two Policy Years have been paid in full and any subsequent Premium installment is not paid, the risk cover for full Death Benefit shall continue for a period of one successive year (Auto Cover Continuation Period) from the due date of first unpaid Premium even though the policy is in paidup status.

If the Life Insured dies during this period, the Company will pay Death Benefit as applicable after deducting the premium due for entire Auto Cover Continuation Period, if any, on the date of death.

This is an in-built feature which will be available by default to all policies.

Express Claim Relief (ECR):

Coping with unfortunate event of death of a loved one is one of life’s most stressful events – not only because of the emotional grieving process, but because of the financial challenges that can come across as well. Keeping this in mind, we at Pramerica Life have introduced a special feature called Express Claim Relief.

In which on occurrence of death while the Policy is in-force, the Company shall pay 100% of Total Premiums Paid till date of death on intimation of death of the Life Insured.

Express Claim Relief is an accelerated cover and the amount paid for this benefit will be deducted from the Death Benefit payable under the Policy. It can be established basis the Death Certificate issued by competent authority and the rights of claimant established basis applicable documents as may be required by the Company from time to time. Post payment of Express Claim Relief remaining Death Benefit shall be payable, with regular Claim Settlement Process

Express Claim Relief does not constitute to full claim settlement. Claim settlement would be done as per original Terms and Conditions of the policy mentioned in the Policy Document.

Auto Debit Booster:

For all premiums paid through Auto Debit mode (ECS, direct debit etc.), an amount as defined below, will be paid on survival of Life Insured till the end of the following period. This booster shall be payable only to the inforce policies where all due premiums have been paid.

• 1% of Total Premiums paid from 2^nd year till 5^th year through auto debit on survival of the Life Insured till the end of the 5^th year
• 1% of Total Premiums paid from 6^th year till the end of the Premium Payment Term, through Auto Debit on survival of the Life Insured till the end of the Premium Payment Term.

“Auto Debit” means an automatic payment method whereby we are allowed to auto debit Premiums directly from bank account or credit/ debit card