Podcast
Questions and Answers
What is the total amount Sukhdev will receive if he survives till the end of the policy term?
What is the total amount Sukhdev will receive if he survives till the end of the policy term?
How much monthly income will Sukhdev receive during the first three years of his policy?
How much monthly income will Sukhdev receive during the first three years of his policy?
What is the annual premium that Deepak pays for his policy?
What is the annual premium that Deepak pays for his policy?
What is the policy term for Deepak's insurance policy?
What is the policy term for Deepak's insurance policy?
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If Sukhdev receives annual guaranteed additions, how much is the annual premium that Deepak pays?
If Sukhdev receives annual guaranteed additions, how much is the annual premium that Deepak pays?
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What is the primary feature of the Pramerica Life Rakshak Smart plan?
What is the primary feature of the Pramerica Life Rakshak Smart plan?
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At what age can a person enter the Pramerica Life Rakshak Smart plan under the Enhanced Life Option?
At what age can a person enter the Pramerica Life Rakshak Smart plan under the Enhanced Life Option?
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What aspect of the plan is intended to provide policyholders certainty?
What aspect of the plan is intended to provide policyholders certainty?
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What type of benefits may be applicable with the payment of premiums in this plan?
What type of benefits may be applicable with the payment of premiums in this plan?
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Which of the following does the Pramerica Life Rakshak Smart plan explicitly cover?
Which of the following does the Pramerica Life Rakshak Smart plan explicitly cover?
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What is the Sum Assured on Death for Life Option if Deepak dies after the 25th year?
What is the Sum Assured on Death for Life Option if Deepak dies after the 25th year?
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What is the Guaranteed Income provided per annum?
What is the Guaranteed Income provided per annum?
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What is the total maturity benefit after 25 years?
What is the total maturity benefit after 25 years?
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If Deepak dies in the 12th year, what percentage of total premiums paid will he receive?
If Deepak dies in the 12th year, what percentage of total premiums paid will he receive?
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During which year does the X% payout reach 140.0%?
During which year does the X% payout reach 140.0%?
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What is the guaranteed income savings booster by the end of the policy term?
What is the guaranteed income savings booster by the end of the policy term?
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What option represents the total benefits at the end of the 24th year?
What option represents the total benefits at the end of the 24th year?
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What represents the guaranteed income savings booster added to the base sum assured after finishing the policy term?
What represents the guaranteed income savings booster added to the base sum assured after finishing the policy term?
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What is the outstanding duration for policies opting for a lump sum benefit at maturity?
What is the outstanding duration for policies opting for a lump sum benefit at maturity?
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What does Section 41 of the Insurance Act 1938 prohibit?
What does Section 41 of the Insurance Act 1938 prohibit?
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How should fraud and mis-statement be addressed according to the Insurance Act 1938?
How should fraud and mis-statement be addressed according to the Insurance Act 1938?
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What is the primary focus of Pramerica Life Insurance Limited?
What is the primary focus of Pramerica Life Insurance Limited?
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When did Pramerica Life Insurance Limited commence operations in India?
When did Pramerica Life Insurance Limited commence operations in India?
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Which entities are involved in the joint venture of Pramerica Life Insurance Limited?
Which entities are involved in the joint venture of Pramerica Life Insurance Limited?
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What does the brochure for Pramerica Life Insurance products provide?
What does the brochure for Pramerica Life Insurance products provide?
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Which website can be referred to for the sample policy contract of Pramerica Life Insurance products?
Which website can be referred to for the sample policy contract of Pramerica Life Insurance products?
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What is the current name of the entity formed after the merger of PCHFL and DHFL?
What is the current name of the entity formed after the merger of PCHFL and DHFL?
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As of September 2021, how much in assets under management does Prudential Financial Inc. have?
As of September 2021, how much in assets under management does Prudential Financial Inc. have?
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Which sectors does PCHFL cater to in its wholesale lending?
Which sectors does PCHFL cater to in its wholesale lending?
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How many branches does PCHFL operate in over 24 states?
How many branches does PCHFL operate in over 24 states?
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Which of the following is NOT a product offered by PCHFL?
Which of the following is NOT a product offered by PCHFL?
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What markets does PCHFL primarily serve in its retail lending?
What markets does PCHFL primarily serve in its retail lending?
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Which company is listed as a strategic partner of Piramal Group?
Which company is listed as a strategic partner of Piramal Group?
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What is PFI known for in the United States?
What is PFI known for in the United States?
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What happens to the policy if premiums are discontinued before acquiring a Surrender Value?
What happens to the policy if premiums are discontinued before acquiring a Surrender Value?
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What is required for a policy to acquire a Surrender Value?
What is required for a policy to acquire a Surrender Value?
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What happens if a policyholder chooses to continue the policy on a Reduced Paid-up basis?
What happens if a policyholder chooses to continue the policy on a Reduced Paid-up basis?
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Which value will you receive if you discontinue a policy that has acquired a Surrender Value?
Which value will you receive if you discontinue a policy that has acquired a Surrender Value?
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What is the effect of not paying premiums after a policy has acquired a Surrender Value?
What is the effect of not paying premiums after a policy has acquired a Surrender Value?
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What determines the Lump sum factor and SBM for premium discontinuance?
What determines the Lump sum factor and SBM for premium discontinuance?
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What should be done to enjoy maximum benefits under a policy?
What should be done to enjoy maximum benefits under a policy?
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What is the consequence of a policy lapsing due to non-payment of premiums?
What is the consequence of a policy lapsing due to non-payment of premiums?
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Study Notes
Pramerica Life Rakshak Smart
- A non-linked, non-participating individual life insurance savings plan
- Covers war and war-like situations
- Offers guaranteed benefits
- Tax benefits may apply
Key Benefits
- Choice of two plan options: Life Option, Enhanced Life Option
- Life Option: Supplements savings, fulfilling financial responsibilities
- Enhanced Life Option: Comprehensive protection, meeting needs of loved ones
- Policy term flexibility (10, 12, 15, or 20 years)
- Premium payment flexibility (annual, semi-annual, monthly)
- Eligibility criteria based on age at entry and maturity age for both plan options
- Minimum base sum assured: ₹1,50,000
- Policies sourced through point-of-sale persons are limited to Life Option only
- No medical underwriting for policies sourced through point-of-sale persons
- Policy term and premium payment term can't be changed after policy commencement
- Waiting period for POSP policies is 90 days
- Death benefit differs based on plan type and policy term
- Death benefit includes sum assured on death and accrued annual guaranteed additions
Eligibility Criteria
- Age at entry varies based on plan type
- Maturity age varies based on plan type
- Policy term varies
- Premium payment term varies
- Premium payment mode (annual, semi-annual, monthly)
Boundary Conditions
- Only Life option is sourced via sales representatives
- No medical underwriting for policies sourced by sales representatives
Other Key Features
- Flexible premium payment modes (annual, semi-annual, monthly)
- 15-day free look period (30 days if sold via distance marketing) to review policy terms and conditions
- Policy can be surrendered if surrendered value is achieved
- Loan facility available (up to 75% of surrender value)
- Policies can be revived within 5 years after policy lapse
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Description
Explore the features and benefits of the Pramerica Life Rakshak Smart insurance plan, a comprehensive savings option that covers war situations. Learn about the flexible plan options, eligibility criteria, and tax benefits that can help secure your financial future.
