Live a balanced life and retire early with Pramerica Life NextGen Pension Plan

Pramerica Life NextGen Pension Plan is designed to help you build your retirement fund with market-linked returns. This plan helps you achieve your long-term goals with confidence. Whether you are starting early or catching up on your retirement savings, it empowers you to take control of your financial future and makes your retirement years truly rewarding.

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Features of NextGen Pension Plan

 
Life Cover

Enjoy the benefit of life cover and secure your family’s future against the uncertainties of life.

 
Customised Fund Strategy

Choice of two investment strategies and six fund options to suit your varied investment needs.

 
Guaranteed Additions

Receive guaranteed additions of up to 5% of the premium paid in the 1st policy year.

 
Zero Allocation & Admin Charges

Zero Premium Allocation Charge and Zero Policy Administration Charge throughout the policy term.

 
Return of Mortality Charges

Get Return of Mortality Charges (ROMC) on survival at the end of the Policy Term.

 
Market-Linked Growth

Enjoy the flexibility of unlimited switches and premium re-directions between fund options for maximising market movement or minimising the risk at no additional cost.

Benefits of buying a NextGen Pension Plan

Death benefit

In case of the unfortunate demise of the Life Insured during the Policy Term provided all due premiums are paid, the following benefits shall be payable:

 

Death Benefit shall be higher of

  • Sum Assured (including Top-Up Sum Assured, if any) or
  • Fund Value (including Top-Up Fund Value, if any) or
  • Rs. 10,000

Utilization of Death Benefit: The Nominee/claimant will have the following options:

  1. Nominee/claimant will have an option to withdraw the entire proceeds of Death Benefit.
  2. Nominee/claimant can utilize the entire proceeds of Death Benefit or part of it for purchasing annuity at the then prevailing annuity rate.
  3. Nominee/claimant can choose the settlement option where proceeds of the Death Benefit will be received in the form of installments subject to the following conditions:-
  1. The Settlement period cannot be greater than 5 years, from the date of death.
  2. Switches between funds in Defined Portfolio strategy is allowed during the settlement period.
  3. The Fund Management Charges shall be levied during the settlement period.
  4. The Complete withdrawal may be allowed at any time during the settlement period without levying any charge.

In case

Vesting Benefit

Vesting Benefit is the Fund Value (including Top-Up fund value, if any), as on vesting date, on survival of the Life Assured.

Utilization of Vesting Benefit: The policyholder will have the following options:

  1. Policyholder can commute up to 60% of the Fund Value (including top up fund value) and utilize the remaining amount (net of commutation) to purchase immediate annuity or deferred annuity from Pramerica Life at the then prevailing annuity rate or

  2. Policyholder can commute up to 60% of the Fund Value (including top up fund value) and utilize the remaining amount (net of commutation) to purchase immediate annuity or deferred annuity from another insurer at the then prevailing annuity rate only to the extent of 50 % of the entire proceeds net of commutation.

In case the proceeds of the policy either on surrender or vesting, net of commutation, is not sufficient to purchase minimum annuity of Rs 1,000/ month such proceeds of the policy shall be paid to the policyholder as a lump sum

Surrender

The policy will acquire surrender value immediately from the first policy year. However, no surrender value will be payable during the “lock in period”, which is a period of five consecutive Policy Years from the date of commencement of the Policy.

If the Policyholder opts for surrender within the first five Policy Years, the Fund Value, after deducting the applicable discontinuance charges, shall be credited to the Discontinued Pension Fund, the risk cover and rider cover, if any, shall cease. The proceeds from the Discontinued Pension Fund shall be paid$$ at the end of the lock-in period as the Surrender Value. Only fund management charges shall be deducted from this fund during this period.

The income earned on this fund shall be at least the minimum rate as prescribed by the IRDAI from time to time. The current prescribed minimum guaranteed rate of interest applicable is 4% per annum. The excess income earned in the discontinued policy fund over and above the minimum guaranteed interest will also be accounted to the discontinued policy fund.

If the Policyholder opts for surrendering the policy after the completion of the fifth policy year, the Fund Value will be paid$$

$$

1. Policyholder can commute up to 60% of the Fund Value (including top up fund value) and utilize the remaining amount (net of commutation) to purchase immediate annuity or deferred annuity from Pramerica Life at the then prevailing annuity rate or
2. Policyholder can commute up to 60% of the Fund Value (including top up fund value) and utilize the remaining amount (net of commutation) to purchase immediate annuity or deferred annuity from another insurer at the then prevailing annuity rate only to the extent of 50 % of the entire proceeds net of commutation.

Guaranteed Additions

Guaranteed Additions is defined as a percentage of Premium Paid as given in the table below. This is allocated to the fund at the time of Premium Allocation for the first policy year only which results in higher allocation for the Policyholder.

In case of Annual mode, Guaranteed Additions by the way of extra allocation are provided as a percentage of Annual Premium:-

Premium Payment Term ( years) Annual mode
Premium Band 1 (Rs. 30,000 to Rs. 59,999) Premium Band 2 (Rs. 60,000 and above)
5 - 9 0% 3%
10 and above 0% 5%

In case of Monthly mode, Guaranteed Additions by the way of extra allocation are provided as a % of Monthly installment premium paid:-

Premium Payment Term (years) Monthly mode
Premium Band 1 (Rs. 30,000 to Rs. 59,999) Premium Band 2 (Rs. 60,000 and above)
5 - 9 0% 2%
10 and above 0% 4%
Return of Mortality Charges

On Survival of the Life Insured till the end of the Policy Term, an amount equal to the total of all the Mortality Charges deducted during the Policy Term (including mortality charge deducted on Top-up Sum Assured as applicable) will be added to the total Fund Value (Base Fund value plus Top Up Fund value) at the Vesting Date provided the Policy is in force and all due premiums are paid in full as on the Vesting Date.

The Return on Mortality Charges is subject to following:

  1. The amount payable under the Return of Mortality Charge, including any Extra Mortality charged if any, shall exclude any GST and cess with respect to the Mortality Charge that has been deducted.
  2. The amount of Return of Mortality Charge due with respect to Top up Premium will also be added to the regular Premium Fund Value
  3. The amount of Return of Mortality Charge will be added in the Funds in the same proportion as the value of those Funds as on the date of the Return of Mortality Charge. Unit Price as on the date of such addition will be used for the unitization
  4. No Return of Mortality Charge will be available in a Policy that has been terminated, discontinued or converted to a reduced paid-up policy

 

Learn more about the

1

Choose your Instalment Premium, Policy Term, Premium Payment Term, and Payment Mode.

2

Choose your investment strategy and fund allocation.

Parameters

New ULIP Pension Plan

Age## at entry

Min:

18 years

Max:

65 years

Vesting Age#

Min:

40 years

Max:

80 years

Policy Term

Min:

10 years

Max:

55 years

Premium Payment Term

Limited Pay/ Regular Pay - 5 years to 40 years;

 

Premium (Rs.)

Premium Payment Mode

Min

Annual

Rs. 30,000

Monthly

Rs. 2,500

Premium (Rs.)

Max

No limit, subject to Board Approved Underwriting Policy

Sum Assured (Rs.)

105% of Total Premiums Paid

Premium Payment Mode

Annual & Monthly*

Top- up Premium

Annual & Monthly*

Top- up Premium

Minimum Top-up Premium – Rs. 10,000

Maximum Top-up Premium - No limit, subject to Board Approved Underwriting Policy

Top- up Sum Assured

105% of Top-up Premium


# Age as on last birthday

*Monthly mode of Premium payment is available only through credit card, direct debit and ECS

 

Downloads
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Brochure

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CIS - Pramerica Life NextGen Pension Plan

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T&C Pramerica Life NextGen Pension Plan

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Choice of investment strategies

Choose an investment strategy of your choice to make the most of your plan

Under this option, you can choose to invest in any of the funds as available (except Discontinued Pension Fund or Liquid Pension Fund) in proportion to your choice. Within the Defined Portfolio strategy, you also have the option to select the Systematic Transfer Plan (STP) option for which Liquid Pension Fund will be made available to you. You can switch monies amongst these funds using the switch option.

You can choose from Six funds to invest your money in. You can look at the investment objectives of each of our funds to evaluate and match your investment goals to decide the proportion of investment in each of them. If you opt for more than one fund, the minimum investment in any fund should be at least 1% of the Annual Premium. The funds and fund objectives are as follows:

Low Risk
Pension Debt Fund

(SFIN:ULIF00509/02/09PENDEBFUND140)

To generate steady returns at lower risk by investing in a range of debt securities.

Asset Allocation

‌Debt securities (Govt. securities, corporate bond): 60%-100%

‌ ‌

‌‌Money market instruments/cash: 0%-40%

‌ ‌
High Risk
Pension Dynamic Equity Fund

(SFIN:ULIF00809/02/09PENDYEFUND140)

To generate higher returns through capital appreciation in long term from a diversified equity portfolio.

Asset allocation

‌Equity: 0% - 100%

‌ ‌

‌‌Money market instruments/cash: 0%-100%

‌ ‌
Medium Risk
Pramerica Secure Balance Pension Fund

(SFIN:ULIF018181224PSECBALPEN140)

Aims to offer growth and stability by investing in both equities and fixed-income

instruments, seeking moderate returns and controlled risk.

Asset allocation

‌Equity: 65% - 75%

‌ ‌

‌Debt Securities/ Money market instruments/cash: 25%-35%

‌ ‌
High Risk
Pramerica Pinnacle Growth Pension Fund

(SFIN:ULIF019181224PPINGRWPEN140)

Aims to deliver long-term capital growth by investing in equities, balancing returns with risk through diversification

Asset allocation

‌Equity: 75% - 85%

‌ ‌

‌Debt Securities/ Money market instruments/cash: 15% -25%

‌ ‌
High Risk
Pramerica FlexiEdge Pension Fund

(SFIN:ULIF020181224PFLXEDGPEN140)

To invest across large-cap, mid-cap, and small-cap stocks, providing the right mix of growth, value, and stability.

Asset allocation

‌Equity: 85%-100%

‌ ‌

‌Money market instruments/cash: 0% - 15%

‌ ‌
High Risk
Pramerica Nifty Midcap 50 Correlation Pension

(SFIN:ULIF021181224PNIMDCRPEN140)

Tracks the returns of Nifty Midcap 50 Index closely, ensuring exposure to the most promising mid-cap companies to take advantage of India’s rising entrepreneurial and mid-market sector, building wealth over the long haul.

Asset allocation

‌Equity: 90%-100%

‌ ‌

‌Money market instruments/cash: 0% - 10%

‌ ‌

Considering the ever-changing financial needs as per the different life milestones, we offer a life-stage based investment strategy wherein the investments are distributed between Pension Dynamic Equity Fund and Pension Debt Fund with their proportions varying as per the different life stages. At inception the funds will be distributed between two funds, Pension Dynamic Equity Fund & Pension Debt Fund. As and when the next milestone is achieved, the funds will be re-distributed according to the attained age (age bands) as given in the following table:

Created with Highcharts 11.1.0Highcharts.comLarge cap equity fund?? : 50?
  • Pension Dynamic Equity Fund
  • Pension Debt fund
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Why choose Pramerica Life Insurance

‌
99.06% Claim Settlement Ratio

Individual death claims settled and reported in public disclosures for FY 2023-24

‌
137 Branches PAN India

As reported in Annual Report for FY 2023-24

‌
Over 5.2 Million Lives Secured

As on September 2023

Need assistance?

We are happy to help you. Talk to our expert and choose the right plan as per your needs. 

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