Pramerica Life Wealth + ACE

In the event of death, the Policy pays higher of, Sum Assured* less partial withdrawals (if applicable) or Fund Value (including the value of persistency units) or 105% of Premiums paid till date of death.

*Sum Assured will be reduced to the extent of partial withdrawals made in the last 2 years immediately preceding the date of death. The policy will terminate on payment of death benefit.

A policy issued under this plan will acquire surrender value from first policy year. However, no surrender value will be payable during the “lock in period”, which is a period of five consecutive years from the date of commencement of the policy. 

You can switch your investments within funds, depending on your financial priorities and investment decision. In a policy year, four switches are available at no cost. Thereafter, each subsequent switch will be charged at ₹ 250. The minimum fund switch cost is ₹ 5,000 unless 100% of the fund is switched.

To manage any unexpected need for money or for any exigency, partial withdrawals can be made from your investment account only after 5 Policy Years (Lock-in Period). Such withdrawals can be made 5 times during the entire term of the Policy. For policies where life insured is a minor, partial withdrawal is not allowed until the minor life insured attains majority i.e. on or after the attainment of age 18. The minimum withdrawal amount is ₹ 10,000.

The total amount of partial withdrawals in a policy year cannot exceed 20% of the single premium. After making a partial withdrawal, the policyholder has to wait for two years to avail next partial withdrawal.

The partial withdrawals shall not be allowed which would result in termination of a contract.

The partial withdrawals with respect to the fund values from the base premiums shall only be counted for the purpose of adjusting the sum assured to be payable on death.