Pramerica Life Flexi Income Plan

Rising Bharat Ke Liye Early Income

  • taxBenefitOption to Accrue Guaranteed Income & earn interest @4.5%**

  • flexiblepayoutExpress Claim Relief^

  • flexiblepayoutPolicy Continuation Benefit in case of an unfortunate event#



A Non-Linked Non-Participating Individual Savings Life Insurance Plan UIN: 140N090V02

Achieve life’s milestones with
Pramerica Life Flexi Income Plan


Securing your loved ones and reaching life's milestones requires a well-planned financial strategy with assured income payouts unaffected by market fluctuations. Introducing Pramerica Life Flexi Income Plan – A Non-Linked Non-Participating Individual Savings Life Insurance Plan. It provides robust solution to help you achieve your goals with certainty, and at the same time allows you to accumulate funds in a flexible wallet for access at a future date of your choice

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Why choose this plan

Provides Two Plan Options

Early Income & Early Income with Policy Continuation Benefit (PCB). The Early Income with Policy Continuation Benefit will provide enhanced protection to the Policyholder

Guaranteed benefits

This plan offers guaranteed regular income during the Policy Term & lumpsum benefit at maturity provided the policy is in force and all due premiums are paid in full.

Financial security for your family

Get life insurance cover during the entire Policy Term to secure your loved ones

Pay as you like

Wide choice of Premium Payment Term to choose from – 6 | 8 | 10 | 12 years

Flexibility of Income

>> Get Guaranteed Income Benefit (income payout) in annual, semi-annual or monthly frequency.

>> Flexibility to choose your Income Start Year at inception

Other benefits

Auto Cover Continuance, Express Claim Relief (Quick and hassle-free claim process), Option to Accrue Guaranteed Income Benefit and Premium Offset.

Learn more about the plan

1

Choose the Plan Option.

2

Choose the Premium you wish to pay and for how long you wish to pay.

3

Choose the Sum Assured on Death*, Policy Term, Income Start Year and Income Payout frequency.

4

Guaranteed Income Benefit & Guaranteed Maturity Benefit shall be determined basis, your age and gender.


*Sum Assured on Death is defined as 7 or 11 times of Annualized Premium as chosen at inception by the policyholder.

 

Eligibility Criteria

Maturity age

Minimum

25 years

Maximum

80 years

Premium paying term

6,8,10 and 12 years

Policy term

25, 30, 35 and 40 years

Income start year

1,2,3,4 and 5

Age at entry

PPT

6

8,10,12

Min Age

911 days

911 days

Max Age

45 years

55 years

Instalment Premium

Mode

Minimum

Annual

Rs. 30,000

Semi-Annual

Rs. 15,300

Quarterly

Rs. 2,580

Instalment Premium

Maximum

No limit, as per Board Approved Underwriting Policy

Sum Assured on Death

7 or 11 times of Annualized Premium# as chosen at inception by the policyholder

Sum Assured on Death

Minimum Sum Assured on Death- Rs. 2,10,000

Maximum Sum Assured on Death - as per Board Approved Underwriting Policy

#Annualized premium shall be the premium amount payable in a year excluding taxes, rider premiums, underwriting extra premiums and loadings for modal premiums.

All reference to age are based on age as on the last birthday. Substandard lives may also be covered subject to Board Approved Underwriting Policy and with any extra Premium, if applicable. Taxes as applicable will be charged over and above the quoted Premium.

1In case the Life Insured is a minor at the date of commencement

  • a) Policy vests in the name of 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.

Maturity age

Minimum

25 years

Maximum

80 years

Premium paying term

6,8,10 and 12 years

Policy term

25, 30, 35 and 40 years

Income start year

1,2,3,4 and 5

Age at entry

PPT

6

8,10,12

Min Age

911 days

911 days

Max Age

40 years

45 years

Instalment Premium

Mode

Minimum

Annual

Rs. 30,000

Semi-Annual

Rs. 15,300

Quarterly

Rs. 2,580

Instalment Premium

Maximum

No limit, as per Board Approved Underwriting Policy

Sum Assured on Death

7 or 11 times of Annualized Premium# as chosen at inception by the policyholder

Sum Assured on Death

Minimum Sum Assured on Death- Rs. 2,10,000

Maximum Sum Assured on Death - as per Board Approved Underwriting Policy

 

#Annualized premium shall be the premium amount payable in a year excluding taxes, rider premiums, underwriting extra premiums and loadings for modal premiums.

All reference to age are based on age as on the last birthday. Substandard lives may also be covered subject to Board Approved Underwriting Policy and with any extra Premium, if applicable. Taxes as applicable will be charged over and above the quoted Premium.

1In case the Life Insured is a minor at the date of commencement

  • a) Policy vests in the name of 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.

 

 

Downloads

Brochure

Pramerica Life Flexi Income Plan Rates-Guaranteed Income Benefit

Pramerica Life Flexi Income Plan Rates-Guaranteed Maturity Benefit

Pramerica Life Flexi Income Plan T&C

Benefits of buying Pramerica Life Flexi Income Plan

This product provides two Plan Options and helps you customise it according to your individual needs. The benefits depend upon the chosen Plan Option and the Coverage Type.

Survival Benefit

Guaranteed Income Benefit (Income Payout), expressed as a percentage of Annualized Premium#, shall be payable in arrears on survival of the Life Insured from the Income Start Year until the end of the Policy Term as per the chosen income payout frequency provided all due premiums have been paid in full and the Policy is inforce.

#Annualized premium shall be the premium amount payable in a year excluding taxes, rider premiums, underwriting extra premiums and loadings for modal premiums.

Maturity Benefit

On survival of the Life Insured till the end of the Policy Term i.e. the date of maturity, while the policy is in force, you shall receive Sum Assured on Maturity as lumpsum which is equal to

  • Guaranteed Maturity Benefit, plus
  • Accrued Loyalty Boosters

Where Guaranteed Maturity Benefit means the benefit amount as a percentage of Total Annualized Premiums$ payable by the Policyholder during the Policy Term. Loyalty Boosters are defined as 100% of Guaranteed Maturity Benefit, which shall accrue uniformly at the end of every year, starting from 3rd policy year till the end of the Premium Payment Term, provided all due premiums have been paid and the policy is inforce.

Upon Payment of Maturity Benefit policy will terminate

$Total Annualized premiums payable is the sum total of Annualized Premium for the entire premium payment term as per the policy contract.

Death Benefit

In the unfortunate event of death of the Life Insured during the Policy Term while the policy is in-force and all due premiums have been paid as on the date of death, the beneficiary shall receive higher of:

  • Sum Assured on Death* (or)
  • 105% of the Total Premiums Paid## till the date of death (or)
  • Surrender Value as on date of death

Upon the payment of death benefit, the policy shall terminate and no further benefits shall be payable.


*Sum Assured on Death is defined as 7 or 11 times of Annualized Premium as chosen at inception by the policyholder

##Total Premiums Paid means total of all the premiums received, excluding any extra premium, any rider premium and taxes.

Higher Guaranteed Income Benefit:

Guaranteed Income Benefit as a percentage of Annualized Premium shall vary by age, PPT, PT, Income Start Year and Premium Band. The table below indicates the different premium bands and the incremental Guaranteed Income applicable

Premium Band Band 1 Band 2 Band 3 Band 4 Band 5
Annualized Premium Less than Rs. 75,000 Rs. 75,000- Rs. 1,49,999 Rs. 1,50,000- Rs. 2,99,999 Rs. 3,00,000- Rs. 4,99,999 Rs. 5,00,000 & above
Incremental Income 0% 1% 1.5% 2.5% 3%

Additionally, if the Sum Assured on Death is 7 times the Annualized Premium, the Guaranteed Income Benefit shall further be increased by Income Booster. The Income Booster applicable shall be as below

Age at Entry (in years) PPT: 6 years PPT: 8 years PPT: 10 years PPT: 12 years
Up to 35 1.25% 1.00% 0.75% 0.75%
36 to 40 2.00% 1.50% 1.00% 1.00%
41 to 45 3.00% 2.50% 1.50% 1.50%
46 & above NA 3.00% 1.75% 1.75%

If the Life Insured is female, then the annual Guaranteed Income Benefit (Income Payout) shall be enhanced by 2%.


Premium Offset:

You shall be able to adjust the premium payable in the policy to the extent of survival benefits payable by the company, if any. The frequency and timing of benefit payment must match that of premium payment under this option. If the benefit payout exceeds the premium payable under the policy, the company shall pay such excess to the Policyholder. However, if the benefit payable is not sufficient to offset the premium payable under the policy, then, the Policyholder will be required to pay the balance premium to the company. The benefit will be deemed as paid when used for ‘Premium Offset’.

Option to Accrue Guaranteed Income Benefit:

You have an option to accumulate the Guaranteed Income Benefit (Income Payout), instead of taking the same as a periodic payment during the policy term. You may choose to opt this feature by submitting a request to the company at any time during the policy term. This feature can be opted-in or opted-put at any time during the policy term.

The income Payout shall accrue daily at prevailing interest which shall be equal to higher of (Repo rate less 2.0% AND 0.5 times Repo rate). The Repo rate shall be as published by the RBI and information regarding it shall be published on the Company’s website. This rate will be reviewed every six months (on 1st April and 1st October every year). The current applicable accrual rate till 31st March 2025 is 4.5% compounding annually. The Company may in future change the reference rate from Repo Rate to some other index, subject to prior approval from IRDAI.

At any time, you have an option to withdraw, completely or partially, from the accrued income payout. The balance amount will keep accumulating and shall be payable to you on termination of the policy on death or maturity or surrender.

Auto Cover Continuance:

In case the Premium for at least first two Policy Years have been paid in full and any subsequent Premium installment is not paid, the risk cover for full Death Benefit shall continue for a period of one successive year (Auto Cover Continuation Period) from the due date of first unpaid Premium even though the policy is in paidup status.

If the Life Insured dies during this period, the Company will pay Death Benefit as applicable after deducting the premium due for entire Auto Cover Continuation Period, if any, on the date of death.

This is an in-built feature which will be available by default to all policies.

Express Claim Relief (ECR):

Coping with unfortunate event of death of a loved one is one of life’s most stressful events – not only because of the emotional grieving process, but because of the financial challenges that can come across as well. Keeping this in mind, we at Pramerica Life have introduced a special feature called Express Claim Relief.

In which on occurrence of death while the Policy is in-force, the Company shall pay 100% of Total Premiums Paid till date of death on intimation of death of the Life Insured.

Express Claim Relief is an accelerated cover and the amount paid for this benefit will be deducted from the Death Benefit payable under the Policy. It can be established basis the Death Certificate issued by competent authority and the rights of claimant established basis applicable documents as may be required by the Company from time to time. Post payment of Express Claim Relief remaining Death Benefit shall be payable, with regular Claim Settlement Process

Express Claim Relief does not constitute to full claim settlement. Claim settlement would be done as per original Terms and Conditions of the policy mentioned in the Policy Document.

Auto Debit Booster:

For all premiums paid through Auto Debit mode (ECS, direct debit etc.), an amount as defined below, will be paid on survival of Life Insured till the end of the following period. This booster shall be payable only to the inforce policies where all due premiums have been paid.

  • 1% of Total Premiums paid from 2nd year till 5th year through auto debit on survival of the Life Insured till the end of the 5th year
  • 1% of Total Premiums paid from 6th year till the end of the Premium Payment Term, through Auto Debit on survival of the Life Insured till the end of the Premium Payment Term.

“Auto Debit” means an automatic payment method whereby we are allowed to auto debit Premiums directly from bank account or credit/ debit card

 

Survival Benefit

Guaranteed Income Benefit (Income Payout), expressed as a percentage of Annualized Premium#, shall be payable in arrears on survival of the Life Insured from the Income Start Year until the end of the Policy Term as per the chosen income payout frequency provided all due premiums have been paid in full and the Policy is inforce.

#Annualized premium shall be the premium amount payable in a year excluding taxes, rider premiums, underwriting extra premiums and loadings for modal premiums.

Maturity Benefit

On survival of the Life Insured till the end of the Policy Term i.e. the date of maturity, while the policy is in force, shall receive Sum Assured on Maturity as lumpsum benefit which is equal to

  • Guaranteed Maturity Benefit, plus
  • Accrued Loyalty Boosters

Where Guaranteed Maturity Benefit means the benefit amount as a percentage of Total Annualized Premiums$ payable during the Policy Term. Loyalty Boosters are defined as 100% of Guaranteed Maturity Benefit, which shall accrue uniformly at the end of every year, starting from 3rd policy year till the end of the Premium Payment Term, provided all due premiums have been paid and the policy is inforce. Upon Payment of Maturity Benefit policy will terminate.

$Total Annualized premiums payable is the sum total of Annualized Premium for the entire premium payment term as per the policy contract.

Death Benefit

In the unfortunate event of death of the Life Insured during the Policy Term while the policy is in force as on the date of death, the nominee /beneficiary shall receive higher of:

  • Sum Assured on Death* (or)
  • 105% of the Total Premiums Paid## till the date of death

Additionally, the nominee / beneficiary shall continue to receive Guaranteed Income Benefit (Income Payout) as and when due, without any need of paying the future premiums.

At the end of the Policy Term, the nominee shall receive Sum Assured on Maturity which is equal to Guaranteed Maturity Benefit Plus Accrued Loyalty Boosters, upon which the policy shall terminate and no further benefits shall be payable.

*Sum Assured on Death is defined as 7 or 11 times of Annualized Premium as chosen at inception by the policyholder

##Total Premiums Paid means total of all the premiums received, excluding any extra premium, any rider premium and taxes.

Higher Guaranteed Income Benefit:

Guaranteed Income Benefit as a percentage of Annualized Premium shall vary by age, PPT, PT, Income Start Year and Premium Band. The table below indicates the different premium bands and the incremental Guaranteed Income applicable

Premium Band Band 1 Band 2 Band 3 Band 4 Band 5
Annualized Premium Less than Rs. 75,000 Rs. 75,000- Rs. 1,49,999 Rs. 1,50,000- Rs. 2,99,999 Rs. 3,00,000- Rs. 4,99,999 Rs. 5,00,000 & above
Incremental Income 0% 1% 1.5% 2.5% 3%

Additionally, if the Sum Assured on Death is 7 times the Annualized Premium, the Guaranteed Income Benefit shall further be increased by Income Booster. The Income Booster applicable shall be as below

Age at Entry (in years) PPT: 6 years PPT: 8 years PPT: 10 years PPT: 12 years
Up to 35 1.25% 1.00% 0.75% 0.75%
36 to 40 2.00% 1.50% 1.00% 1.00%
41 to 45 3.00% 2.50% 1.50% 1.50%
46 & above NA 3.00% 1.75% 1.75%

If the Life Insured is female, then the annual Guaranteed Income Benefit (Income Payout) shall be enhanced by 2%.


Premium Offset:

You shall be able to adjust the premium payable in the policy to the extent of survival benefits payable by the company, if any. The frequency and timing of benefit payment must match that of premium payment under this option. If the benefit payout exceeds the premium payable under the policy, the company shall pay such excess to the Policyholder. However, if the benefit payable is not sufficient to offset the premium payable under the policy, then, the Policyholder will be required to pay the balance premium to the company. The benefit will be deemed as paid when used for ‘Premium Offset’.

Option to Accrue Guaranteed Income Benefit:

You have an option to accumulate the Guaranteed Income Benefit (Income Payout), instead of taking the same as a periodic payment during the policy term. You may choose to opt this feature by submitting a request to the company at any time during the policy term. This feature can be opted-in or opted-put at any time during the policy term.

The income Payout shall accrue daily at prevailing interest which shall be equal to higher of (Repo rate less 2.0% AND 0.5 times Repo rate). The Repo rate shall be as published by the RBI and information regarding it shall be published on the Company’s website. This rate will be reviewed every six months (on 1st April and 1st October every year). The current applicable accrual rate till 31st March 2025 is 4.5% compounding annually. The Company may in future change the reference rate from Repo Rate to some other index, subject to prior approval from IRDAI.

At any time, you have an option to withdraw, completely or partially, from the accrued income payout. The balance amount will keep accumulating and shall be payable to you on termination of the policy on death or maturity or surrender.

Auto Cover Continuance:

In case the Premium for at least first two Policy Years have been paid in full and any subsequent Premium installment is not paid, the risk cover for full Death Benefit shall continue for a period of one successive year (Auto Cover Continuation Period) from the due date of first unpaid Premium even though the policy is in paidup status.

If the Life Insured dies during this period, the Company will pay Death Benefit as applicable after deducting the premium due for entire Auto Cover Continuation Period, if any, on the date of death.

This is an in-built feature which will be available by default to all policies.

Express Claim Relief (ECR):

Coping with unfortunate event of death of a loved one is one of life’s most stressful events – not only because of the emotional grieving process, but because of the financial challenges that can come across as well. Keeping this in mind, we at Pramerica Life have introduced a special feature called Express Claim Relief.

In which on occurrence of death while the Policy is in-force, the Company shall pay 100% of Total Premiums Paid till date of death on intimation of death of the Life Insured.

Express Claim Relief is an accelerated cover and the amount paid for this benefit will be deducted from the Death Benefit payable under the Policy. It can be established basis the Death Certificate issued by competent authority and the rights of claimant established basis applicable documents as may be required by the Company from time to time. Post payment of Express Claim Relief remaining Death Benefit shall be payable, with regular Claim Settlement Process

Express Claim Relief does not constitute to full claim settlement. Claim settlement would be done as per original Terms and Conditions of the policy mentioned in the Policy Document.

Auto Debit Booster:

For all premiums paid through Auto Debit mode (ECS, direct debit etc.), an amount as defined below, will be paid on survival of Life Insured till the end of the following period. This booster shall be payable only to the inforce policies where all due premiums have been paid.

  • 1% of Total Premiums paid from 2nd year till 5th year through auto debit on survival of the Life Insured till the end of the 5th year
  • 1% of Total Premiums paid from 6th year till the end of the Premium Payment Term, through Auto Debit on survival of the Life Insured till the end of the Premium Payment Term.

“Auto Debit” means an automatic payment method whereby we are allowed to auto debit Premiums directly from bank account or credit/ debit card

 

 

 

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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