Pramerica Life Insurance FAQs

There are many benefits of purchasing a Pramerica Life Insurance Policy at a very young age. The premium is very low at a young age. You can opt for the maximum term of the policy, which would eventually increase your life cover along with the endowment benefits.

When we compare the savings account to the life insurance, the life insurance has features like life cover, tax benefits, usage as guarantor for loans. These benefits show that life insurance is much better than a savings account.

The assignment feature in the Pramerica Life Insurance allows you to transfer all the transferable assets in the Pramerica policy to another person or institution, and it can be effectively used for repayment of loans.

Yes, the nomination of the Pramerica Life Insurance can be changed till the policy matures.

Any person can be named as a nominee by the policyholder of a Pramerica Life Insurance. However, in practice, the nominee is generally a close relative and preferable someone next of kin.

Following is the list of documents required for Pramerica Life Insurance accidental death claims:

• All documents required for natural death claims
• FIR Report
• Post-Mortem Report
• Police Inquest Report / Panchnama
• Final Report of the Police Investigation

Pramerica Life Insurance honours a claim within 30 days of the last document submitted. If there is a requirement of any more time, then the new timeline is conveyed to you.

Pramerica Life Insurance can reject any claim if they suspect fraud or any non-disclosure of important information. The claim can also be rejected; all the correct documents are not provided.

Pramerica Life Insurance offers an entirely separate Prahari Initiative to the armed forces where the sales representatives are the Ex-Servicemen. The initiative has policies which cover the needs of the army personnel.

Pramerica offers life insurance plans in categories of protection plans, ULIP, saving plans, child progress plans, health plans, and also group insurance plans to cater to its customer base.

Pramerica Life Insurance offers 3 distinct term plans, and they are under the protection plans section on the official website of the company.

Pramerica Life Insurance offers an option of online payment of premium. Apart from that, there is Auto-Debit, Money Order, Bank Guarantee, Neft, Cheque Pick-up, submission through Cash, Cheque, or DD at branch offices or SBI and Axis Bank branches.

No, multiple nominees are not possible, but if the nominee is minor, then an appointee is assigned to the policy who collects the amount and keeps it safe till the nominee becomes a major (adult by law).

The only major difference is that the group term care is a plan which covers you for 2 years in a single premium, and the group term plan provides coverage for one year.

Parmerica Life Insurance offers a wide range of life insurance products such as term insurance, savings, health, child progress, ULIP and group plan. The plans are designed to cater to the requirements of every individual. The insurance company is customer-centric and has a high claim settlement ratio.

Pramerica Life Insurance has two-term plans which are the TruShield Term Plan and the U-Protect Term Plan. The special feature is offered in TruShield Term Plan where at maturity the premium is returned if the policyholder is alive at the time of maturity.

The options available for the Pramerica Life Insurance Policy are Monthly, Quarterly, Half-Yearly, and Yearly. Whatever you choose is up to you.

The premium amount after a Pramerica life insurance policy has lapsed, increases. To revive the policy, the policyholder has to pay all the outstanding premiums which are unpaid along with a predefined interest rate.

Your date of birth, gender, policy term, and sum assured are the primary details that are required in the Pramerica Life Insurance premium calculator. The secondary details include smoking habits, occupation type, annual salary, and educational background.

The information required to be entered is the same. There can be small changes made in the selection of the plan type and the term of policy, which may depend upon the plan selected by you.