Pramerica Life Smart Invest 1 UP
Get guaranteed additions up to 10% of premium paid in the 1st policy year
Zero Premium Allocation and Administration Charges
throughout the Policy Term-
Waiver
of future premium along with monthly income for your loved ones
-
Return
of Mortality Charges (ROMC) on survival of the Life Insured till end of the Policy Term
A Unit Linked Non-Participating Individual Savings Life Insurance Plan UIN: 140L084V01
Get dual benefit of market returns along with life cover with Pramerica Life Smart Invest 1 UP
UIN: 140L084V01
Pramerica Life Smart Invest 1 UP, is designed to help you achieve your unique financial goals. With two tailored plan options - Dream Builder and Wealth Builder - this new-age solution empowers you to save for your specific needs while making your money work smarter. Combining market expertise with an understanding of your aspirations, it provides the flexibility to address unexpected financial challenges, ensuring your journey to growth is both secure and rewarding.
Features of a Smart Invest 1 UP
Life Cover
Enjoy the benefit of life cover and secure your family's future against the uncertainties of life
2 Plan Options
Fulfil your life goals by choosing from two plan options for different life stage needs 1. Wealth Builder 2. Dream Builder
Customised Fund Strategy
Choice of two investment strategies and six fund options to suit your varied investment needs
Zero Allocation & Admin Charges
Zero Premium Allocation Charge and Zero Policy Administration Charge throughout the Policy Term
Extra Fund Allocation
Guaranteed Additions of up to 10% of the Premium Paid in the 1st Policy year, with an additional mark-up for Female lives
Return of Mortality Charges
Return of Mortality Charges (ROMC) on survival of the Life Insured till the end of the Policy Term
Policy Continuation
Continuation of Policy on the death of Life Insured and regular income to Beneficiary under Dream Builder option
Market Linked Growth
Enjoy the flexibility of unlimited switches and premium re-directions between fund options for maximizing market movement or minimizing the risk at no additional cost
Learn more about the plan
Eligibility
Age## at entry
Min:
0 years (901 days)
Max:
60 years
Maturity Age##
Min:
18 years
Max:
75 years
Policy Term
10 to 40 years
Premium Payment Term
5 years or 10 years
Premium (Rs.)
Premium Payment Mode
Minimum
Annual
Rs. 36,000
Semi-Annual
Rs. 18,000
Quarterly
Rs. 9,000
Monthly
Rs. 3,000
Premium (Rs.)
Maximum
No limit, subject to Board Approved Underwriting Policy
Sum Assured (Rs.)
For Age < 50 years:
7 times or 10 times of Annualized Premium$
For Age>=50 years:
5 times or 10 times of Annualized Premium$
Premium Payment Frequency
Annual, Semi-Annual, Quarterly & Monthly*
Top- up Premium
Minimum Top up Premium – Rs. 5,000
Top- Up Sum Assured^
For Age < 50 years:
1.25 times of Top-Up Premium
For Age>=50 years:
1.1 times of Top-Up Premium
$’Annualized Premium’ means the premium amount payable in a year excluding the taxes, rider premiums and Underwriting extra premium on riders, if any.
## Age as on last birthday
*Monthly mode of Premium payment is available only through credit card, direct debit and ECS
^age attained at the time of top-up
1In case the Life Insured is a minor at the date of commencement,
a. Policy vests in the Life Insured on attainment of his/her majority i.e. 18 years.
b. The proposer can either be a parent or grandparent or legal guardian of the Life Insured, or any other relation subject to insurable interest between the proposer and Life Insured. The ownership of such policies will vest automatically in name of Life Insured once he/she attains majority. The right of Appointee will extinguish on the attainment of majority of Life Insured.
Age## at entry
Min:
18 years
Max:
50 years
Maturity Age##
Min:
28 years
Max:
65 years
Policy Term
10 to 40 years
Premium Payment Term
5 years or 10 years
Premium (Rs.)
Premium Payment Mode
Minimum
Annual
Rs. 36,000
Semi-Annual
Rs. 18,000
Quarterly
Rs. 9,000
Monthly
Rs. 3,000
Premium (Rs.)
Maximum
No limit, subject to Board Approved Underwriting Policy
Sum Assured (Rs.)
For Age < 50 years:
7 times or 10 times of Annualized Premium$
For Age>=50 years:
5 times or 10 times of Annualized Premium$
Premium Payment Frequency
Annual, Semi-Annual, Quarterly & Monthly*
Top- up Premium
Minimum Top up Premium – Rs. 5,000
Top- Up Sum Assured^
For Age < 50 years:
1.25 times of Top-Up Premium
For Age>=50 years:
1.1 times of Top-Up Premium
$’Annualized Premium’ means the premium amount payable in a year excluding the taxes, rider premiums and Underwriting extra premium on riders, if any.
## Age as on last birthday
*Monthly mode of Premium payment is available only through credit card, direct debit and ECS
^age attained at the time of top-up
1In case the Life Insured is a minor at the date of commencement,
a. Policy vests in the Life Insured on attainment of his/her majority i.e. 18 years.
b. The proposer can either be a parent or grandparent or legal guardian of the Life Insured, or any other relation subject to insurable interest between the proposer and Life Insured. The ownership of such policies will vest automatically in name of Life Insured once he/she attains majority. The right of Appointee will extinguish on the attainment of majority of Life Insured.
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Benefits of buying a Smart Invest 1 UP
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:
For Wealth Builder:
Death Benefit shall be higher of
1. Sum Assured** (including Top-Up Sum Assured, if any) or
2. Fund Value (including Top-Up Fund Value, if any) or
3. 105% of Total Premiums Paid (including Top-Up premiums, if any).
For Dream Builder:
Death Benefit shall be
Immediate Lump Sum on Death of Life Insured: A lump sum benefit equal to the higher of Sum Assured** including Top-Up Sum Assured, if any, or 105% of the Total Premiums Paid including Top-Up premiums, if any, shall be paid immediately to the nominee or the beneficiary as the case may be
Monthly Income: Monthly Income equal to (Annualized Premium) divided by 12, shall be paid after the death of the Life Insured to the nominee starting from the first monthly anniversary immediately after the date of death of Life Insured till the end of the policy term
Waiver of future premiums: All future premiums will be paid into the policy by the company as and when they are due till the end of the Premium Payment Term and the policy will continue.
Fund Value on Maturity date: Fund Value, including Top-Up Fund Value, if any, shall be paid to the Nominee or the beneficiary as the case may be at Maturity date.
**Sum Assured will be reduced to the extent of partial withdrawals made in the last two years immediately preceding the date of death. The partial withdrawal made from the Top-Up premium shall not be reduced for this purpose.
On survival of the Life Insured till the maturity date, if all due premiums have been paid, the Fund Value including Top-Up fund value, if any, shall be payable and the policy shall terminate.
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 Policy Fund, the risk cover and rider cover, if any, shall cease. The proceeds from the discontinued policy 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.
The Return on Mortality Charges is subject to the following:
1. The amount payable under the Return of Mortality Charge 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 to 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, death benefits triggered Policy or converted to a reduced paid-up policy
5. Any Mortality Charge deducted during the Settlement Period shall not be refunded
6. No Income and WOP charges shall be returned on Maturity.
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 first policy year which results in higher allocation for the Policyholder. Further, for Female Life an additional 10% of credited Guaranteed Additions is allocated to the fund value.
Premium Bands are basis Annualized Premium.
Guaranteed Additions will be applicable for the first policy year premium only and will be recovered in case the Policy is cancelled under free-look.
Choice of investment strategies
At inception, the Policyholder can choose one of the below investment strategies.
Within the Defined Portfolio Strategy, the Policyholder can choose to invest with or without the Systematic Transfer Plan Option. Once opted in, the investment strategy will continue throughout the policy term. You cannot switch from one investment strategy to another during the policy term.
Under this option, you can choose to invest in any of the funds as available (except discontinued policy fund or Liquid 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 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 paid. The funds and fund objectives are as follows:
Need assistance?
We are happy to help you. Talk to our expert and choose the right plan as per your needs.
Unshakeable life insurance products tailored for your needs
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- Monthly Income payable as recuperation benefit to meet your needs.
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- Flexibility to choose from two plan options
- Flexible Premium Payment Modes
- Comprehensive death benefit in Enhanced Life Option
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