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Pramerica Life Group Term Care

Summary Info

Insurance Company	Pramerica Life Insurance Company Ltd
Plan Name	Pramerica Life Group Term Care
Plan Nature	TRADITIONAL
Plan Category	Term Plan
UIN No.	140N054V01
About Plan	This is a Non-Linked Non-Participating Single Premium Group Term Life Insurance Plan. This is a comprehensive protection plan that provides financial protection against the risk of death to the members of the group covered under the policy. It is designed to cater to variety of groups like Micro Finance Institutions (MFIs), various types of Financial Institutions, NBFCs, Banks, Co-operatives or any such similar organizations with prior approval from IRDAI.

Basic Details

Minimum Entry Age	18 Years
Maximum Entry Age	63 Years
Maximum Maturity Age	65 Years
Policy Term	2 Years
Premium Paying Term	Single
Minimum Sum Assured	Rs. 5,000/- (per member)
Maximum Sum Assured	Rs. 2,00,000/- (for member)
Minimum Group Size	50 members for schemes

Key Benefits

Benefits

Particulars	Description
Maturity Benefits	There is no maturity benefit.
Death Benefits	On unfortunate demise of the Insured Member during the Policy Term, the Sum Assured, as per the option chosen, shall be payable to the beneficiary.
Surrender Benefit	a) Surrender of Membership by Insured member: The membership can be surrendered upon full prepayment of the loan linked sum assured criteria. The risk cover of the member shall be terminated and applicable surrender value will be payable on surrender of membership. The surrender value will be equal to 85% of Single Premium paid (excluding taxes, if any) * (Unexpired coverage term in completed months/Total coverage term) * (Coverage in-force/Initial Coverage Amount) Where, Coverage In-force means the benefit amount as per the Benefit Schedule as on the monthly plan anniversary immediately before the date of surrender of the policy. b) Surrender of Master Policy by Master Policyholder: Master Policyholder can surrender the Master Policy anytime, In case of surrender of Master Policy, the existing members will have an option to either continue the risk cover as per the Benefit Schedule or terminate the risk cover and take the applicable surrender value. The surrender value will be equal to X% of Single Premium paid (excluding taxes, if any) * (Unexpired coverage term in completed months/Total coverage term) * (Coverage In-force/Initial Coverage Amount. i)Where X% is equal to 85%: in case of up to 25% of the lives surrendered on cumulative basis as on date of surrender; andii) X% is equal to 75% in case of beyond 25% of the lives surrendered on cumulative basis as on date of surrender under a group scheme.

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