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DLF Pramerica Family Income

Objective

This term insurance plan pays policy benefits to the nominee as annual installments over a 20-year period, instead of a lump sum payment.


What does it do?

In case of the policyholder’s death, the plan will pay an annual sum over next 20 years to the family.
On survival, entire premium paid is returned to the policyholder on maturity.


Pros

The policy provides for maturity benefit on survival and surrender benefits if one wants to surrender the policy mid term.
The annual payout can be used as a replacement of income, and it’s better than receiving a lump sum payment.


Cons

There are no rider options available with the plan.
Policy is available for a fixed tenure of 10, 15 or 20 years.


Suited for

This policy is suitable for those not happy with the idea of paying premium for a pure term plan, paying only death benefit.


Our View

The return of premium option is a marketing gimmick and does not add value, as you end up paying higher premium as compared to a plain risk cover offered by the same insurer.
The annual payout of claim benefits is useful for the policyholder's nominees.

Eligibility
Entry Age (years) 
Minimum18
Maximum55
Maximum Maturity Age (years)65
Policy Term (years) 
Minimum5
Maximum30
Sum Assured (Rs) 
MinimumMonthly income benefit of 2000
MinimumNo Limit
Minimum Premium (Rs) 
Yearly1000
Half-Yearly500
Quarterly250
Monthly100
Premium Payment FrequencyYearly, Half Yearly, Quarterly and Monthly(ECS)
Premium Payment TermRegular, equal to policy tenure
Policy CoverCover remains fixed for the tenure of the policy
Other Features 
Free Look CancellationIn case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered
Grace PeriodYou are allowed to pay premiums within 30 days (15 days in case of monthly) from the due date. If a due premium is not received within the grace period, your policy will lapse and the life insurance cover, including the rider cover, if any, will be terminated
Lapsed Policy ReinstatementYou can reinstate your lapsed policy any time (within 3 years from the due date of the first unpaid premium) by paying all the due premiums and undergoing underwriting requirements, if any
Tax BenefitsSection 80C and Section 10 (10D) of the Income Tax Act, 1961 would apply. . Premiums paid for Critical Illness Rider may qualify for deduction under Section 80D of the Income Tax Act, 1961
ExclusionsIn case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable
Surrender ValueThere is no surrender benefit in this plan
Customer Service 
AddressDLF Pramerica Life Insurance Company Limited, 4th Floor, Building 9B, Cyber City, DLF City Phase-III, Gurgaon - 122002
Mail To[email protected]
Call On1800-102-7070
SMS5607070
Available Rider(s)DLF Pramerica Traditional Accidental Death Benefit Rider: covers death due to an accident.
DLF Pramerica Traditional Critical illness Rider: The 10 critical illnesses are Aorta Surgery, Blindness, Cancer, Coronary Artery Bypass Surgery, Heart Attack, Heart Valve Surgery, Kidney Failure, Major Organ Transplant, Paralysis And Stroke. There is a survival period of 30 years to claim the benefit.
Rider Conditions 
Entry Age (years) 
Minimum18
Maximum55
Maximum Maturity Age (years)65
Rider Term (years) 
Minimum5
Maximum30
Sum Assured (Rs) 
Minimum50000
Maximum50 lakh for ADDB Rider ; 25 lakh for Critical Illness rider
Rider Premium (Rs)Rider premiums vary for each policyholder. For instance, if a 30-year old male opts for the ADB rider for Rs 5 lakh sum assured over a 10 year tenure; the annual ADB rider premium works to Rs 425
Annual Premium for Male
Policy Term (in Years)Age (in Years)
25303540455055
531403180346041005240732010420
10376039204540586081801220018240
1547005100624084801232018900NA
205680636081001142017020NANA
25652075801002014480NANANA
307480902012200NANANANA
Figures indicate premiums to receive Rs 20,000 monthly benefit for an age over different policy tenures exclusive of service tax
Annual Premium for Female
Policy Term (in Years)Age (in Years)
25303540455055
53100314033003800468063609080
10370038204240524070401040015540
1546004900564074201052015920NA
20548059807240986014400NANA
2562607040882012400NANANA
307100826010680NANANANA
Figures indicate premiums to receive Rs 20,000 monthly benefit for an age over different policy tenures exclusive of service tax

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