Pramerica Life Group ULIP Employee Benefit Plan

Not Applicable since this is a yearly renewable plan and the policy continues indefinitely until expiry of membership of existing scheme members in which case maturity benefit shall be equal to the Policy Unit Fund.

The claim amount requested by the Master Policyholder will be paid from the policy fund by cancelling units equivalent to the claim amount. This amount will be paid to the Master Policyholder to enable them to make the benefit payment to the beneficiary. The maximum amount payable will be limited to the available Fund Value.

Additional units to be added to the policy fund on a yearly basis based on Fund size as shown below

The above implies that if the Fund value under a scheme at the end of year 1 is INR 1Cr then at the end of the year of 2, there shall be additional units allocated to that scheme in form of loyalty additions which shall be equal to 0.1% of INR 1Cr.

i. The Master Policyholder has an option to opt for Extra Allocation at the inception. The Extra Allocation shall be added to the contributions received & can be opted for future contributions at the time of respective contributions being made to the fund. The Extra Allocation shall be recovered annually, starting from the end of the year in which the Extra Allocation is made, over the period of recovery

ii. Master Policyholder will have the option to choose the percent of Extra Allocation, from the options available in the below table. Correspondingly, the recovery percentage and the period of recovery will be as per the below table below.

iii. Extra Allocations & Recovery shall be done in the proportion of the fund values as on the date of the respective contributions being received & as on the date of the respective recovery being made, respectively. In case, the policy is surrendered before the end of period of recovery, the unrecovered amount shall be recovered from the Surrender Value.

The Master policyholder may surrender the complete Master Policy at any time. On surrender of the Policy by the Master Policyholder, Unit Fund after deducting the unrecovered amount (if applicable), as on the date of the surrender shall be payable to the Master Policyholder by cancelling of units at the prevailing NAV, after deducting applicable surrender charges, if any.

The master policyholder has an option to switch investment(s) or a part thereof from one fund to another fund(s) available under this policy. The amount to be switched is at least ₹100,000 (One Lakh) unless 100% (One Hundred Percent) of the Units are being switched to another Fund.

You will have a period of 30 days from the date of receipt of the Policy document to review the terms and conditions of the Policy and where you disagree to any of these terms and conditions, you have an option to return the Policy stating the reasons for objection. On receipt of the letter along the Policy documents, the company will refund the following amount in case of such cancellations:

Amount of refund = Fund Value - Extra Allocation made + Charges deducted from unit account after deducting the proportionate risk charges, if any, for the period of cover – Expenses incurred by the Company on insurance stamp duty and on medical examination

For payment of Mortality Fee, if applicable, grace period of 30 days from due date will be allowed.

The Master Policyholder renews the plan annually upon payment of the mortality premium. If the premium is not received within the 30-day grace period, the policy is automatically renewed through deduction of the applicable mortality charges from the policy fund. Upon successful renewal, the insurer provides a confirmation notice to the policyholder, ensuring uninterrupted coverage as long as the Fund Value is above Rs.10,000

Tax Benefits under the policy will be as per the prevailing Tax laws and are subject to amendments from time to time. For tax related queries, contact your independent tax advisor. The Goods and Services Tax (GST) & applicable cess (es)/levy, if any levied by the government will be charged separately as per the prevailing tax laws as amended from time to time.

Premium Allocation Charge

A flat charge of 2% of contribution received under the Scheme. However, no such charges shall be applicable in respect of policies sold through Direct Channel.

Mortality Charge

Mortality charge shall be deducted for the entire year from the fund value or MPH can provided the amount separately. The company shall be deducting the mortality charge for Re1 per 1000 of Sum Assured. Mortality Charge would be subject to applicable taxes, cesses and levies as imposed by Government from time to time. Mortality charges are guaranteed for entire policy term of one year.

Fund Management Charge

Policy Administration Charge

Not Applicable

Premium Redirection Charge

Not Applicable.

Switching Charge

There is no charge & restriction on the number of switches that can be done.

Surrender Charge

0.05% of the Fund Value subject to a maximum of ₹5, 00,000 is policy is surrendered before 3 policy years. No Surrender charge will be levied after three policy years.

These charges are exclusive of applicable taxes. GST will be over & above the charges