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DPLI unveils two new child protection cum savings plans

India Infoline News Service | Mumbai |

They also allow for wealth creation through accrual of Bonuses and Guaranteed Additions respectively.

DLF Pramerica Life Insurance Co. Ltd. (DPLI) has launched two new Child Protection-cum-Savings Plans - ‘DLF Pramerica Future Idols Gold+’, a participating child protection cum savings plan and ‘DLF Pramerica Rakshak+’,  a non-participating child benefit protection sum savings plan - to help parents safeguard their child’s financial future in case of any eventuality. Both the plans provide a comprehensive cover to address a child’s immediate, recurring and future long term financial needs. They also allow for wealth creation through accrual of Bonuses and Guaranteed Additions respectively.


Key Product Features: Future Idols Gold+


Death Benefit: On the unfortunate demise of the life insured during the policy term, Death Sum Assured along with the Accrued bonuses will be payable, subject to the policy being in force. A Monthly Benefit will be payable from the date of death till the policy maturity date, subject to minimum 36 monthly payouts. A final Death Benefit is payable at the scheduled maturity of the policy


Bonuses: This policy has a compounded reversionary bonus declared annually. . In addition, Interim and Final Bonuses may also be declared. The Bonuses are not guaranteed and depend upon the performance of the relevant participating fund.


Maturity Benefit: After completion of the policy term, the policyholder will receive a Maturity Benefit equal to 125% of the base sum assured chosen at inception, plus accrued revisionary bonus and the final bonus, if any.


In both Future Idols Gold+ and Rakshak+, a lump sum death benefit is provided immediately on the insured parent’s unfortunate demise. Recurring benefits in the form of regular monthly payouts (minimum of 36 months) will help take care of on-going education and other expenses and the lump sum maturity benefit payable on completion of the policy term will enable the child to meet his/ her long term financial goals including his/ her higher studies, marriage, etc.


Talking about the new products, Mr Pavan Dhamija, MD & CEO of DPLI said, “As parents, we have many dreams for our children. We want them to excel in life and be able to fulfill their short term and long term financial goals, even in our absence. Our new products Future Idols Gold+ and Rakshak+ provide comprehensive protection coverage to our children to help meet their financial needs through their lifetime so that they can lead their lives the way they want to, whether or not we are around to look after them.”


Key Product Features: Rakshak+


Enhanced Death Benefit: On the unfortunate demise of the life insured during the policy term, Death Sum Assured along with the Accrued Annual Guaranteed Additions will be payable, subject to the policy being in force. A Monthly Benefit will be payable from the date of death till the policy maturity date, subject to minimum 36 monthly payouts. A final Death Benefit is payable at the scheduled maturity of the policy.


Increasing Annual Guaranteed Additions: For every completed policy year, Annual Guaranteed Additions will accrue to the policy which will increase after every 3 Policy Years.


Maturity Benefit: On maturity, provided the policy is in force for full policy benefits, the Company will pay the policyholder an amount equal to the Base Sum Assured multiplied by the Guaranteed Maturity Multiple (GMM) (ranging from 150% to 200% as per policy tenure), PLUS Accrued Annual Guaranteed Additions.


Future Idols Gold+ offers Bonus Additions during the policy term which helps to create a corpus payable at scheduled maturity. The policyholder would be eligible to participate in the profits (or surplus) arising from the portfolio of these policies. The Company will carry out an annual valuation (as per the current IRDA regulations) at the end of each financial year and may declare the following bonuses:

  • Compound Reversionary Bonus
  • Interim Bonuses
  • Final Bonus

In Rakshak+, Annual Guaranteed Additions will accrue to the policy for every completed policy year. This amount will increase after every 3 policy years. On maturity, an amount equal to the Base Sum Assured multiplied by the Guaranteed Maturity Multiple (GMM), PLUS Accrued  Annual Guaranteed Additions will be payable to the policyholder.

 

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