Pramerica Life Magnum Assure

On survival till Maturity date subject to the policy being in-force for full risk benefits, the Company will pay Maturity Benefit. The Maturity Benefit will be payable in form of regular monthly payouts during the payout period. Where such monthly payout is calculated as

Monthly Maturity Benefit = (Annualized Premium# × Maturity Benefit Multiple) divided by 12

You may take a loan against your Policy once it has acquired a Surrender Value. The maximum loan that can be availed is 80% of the Surrender Value. The rate of interest shall be reset on an annual basis at the beginning of every financial year. The rate of interest applicable on the loan will be declared by the Company on an annual basis at the beginning of every financial year. The loan rate of interest is based on yield on 10-years GSEC YTM plus 150 basis points rounded down to 25 basis points. The average of the benchmark would be taken from the previous financial year for the period 1st July to 31st Dec. The source of information for 10 year GSec rate would be “CCIL”. The current applicable rate of interest for FY 2024- 25 is 8.75% p.a. Compounding monthly. Any outstanding loan amount together with any unpaid interest thereon shall be adjusted against any Policy Benefit which become payable during the Policy Term. For other than in force and fully paid up policies: In case outstanding loan amount including interest exceeds the surrender value, the policy will get foreclosed after giving intimation and reasonable opportunity to the Policyholder to continue the policy.

It is advisable to pay premiums for the entire l premium payment term to enjoy maximum benefits under the policy.

The Policy will acquire Surrender Value on payment of premium for first complete policy year and will become payable after completion of first policy year. Thereafter, if you decide not to pay further Premiums, you would have the option to either surrender the Policy or let the Policy continue with reduced benefits in accordance with the conditions mentioned in the Premium Discontinuance section above. If you choose to discontinue your policy, you will be entitled to receive Surrender Value which will be higher of Guaranteed Surrender Value (GSV), if applicable or Special Surrender Value (SSV) of the policy. Please refer to our website or policy document for details.

You can revive your lapsed/Paid-up policy for its full coverage within five years from the due date of the first unpaid premium but before policy maturity, by paying all outstanding premiums together with the interest, as applicable. The interest for revival of the policy will be charged at market related rates set by the Company from time to time. The rate of interest shall be reset on an annual basis at the beginning of every financial year (April) and would be determined based on the average of 10-year G-Sec YTM plus 75 basis points rounded down to 25 basis points. The average of the benchmark would be taken from the previous financial year for the period 1st July to 31st Dec. The source of information for 10 year GSec rate would be “CCIL”. The current applicable rate of interest on policy reinstatement is 8.00% p.a. compounding monthly which would be applicable for the FY 2024-25. Revival of the policy is subject to Board approved underwriting policy, i.e. the Life Insured may have to undergo medical tests, financial underwriting etc. Upon revival of the Policy, the Policyholder will become entitled to full benefits for the policy year(s) while the policy was in paid up/lapse stage. If a lapsed policy is not revived within the revival period, the policy will terminate on expiry of the revival period.

If you are unable to pay your premium by the due date, you will be given a grace period of 15 days for monthly mode and 30 days for all other premium payment modes. During the grace period the Policy shall continue to remain in-force along with all benefits under this policy and claim, if any, shall be payable subject to deduction of the unpaid due premium

If death occurs due to suicide or attempted suicide, whether sane or insane, within twelve months from the date of commencement of risk under the policy, the nominee or the beneficiary of the life insured shall be entitled to 80% of the total premiums paid (excluding any rider premium and taxes thereon, if any) till the date of death, provided the policy is in force, or within twelve months from the date of revival of the Policy, then the Company’s obligation under this Policy shall be to pay an amount equal to higher of 80% of total Premiums paid (excluding any rider premium and taxes thereon, if any)till the date of death, or Surrender Value, if any, as on date of death, provided the policy is in force.