Pramerica Life Future Idols Gold Plan
Pramerica Life Future Idols Gold Plan is a Traditional Child Plan where the parent is the Life Insured but the plan is for the benefit of the child. This plan does not cover the life of a child but it is meant for the security of the child’s future even if anything like death or total and permanent disability happens to the parent.
In this plan if the Life Insured, i.e. the parent dies or meets with total and permanent disability within the policy tenure, no further premiums need to be paid and the child would receive 50% of the Sum Assured for immediate expenses + 1.5% of the Sum Assured as Monthly Payouts every month till the end of policy tenure to pay for expenses like school fees, etc. + the entire Sum Assured is again paid on maturity. However, if the Life Insured lives throughout the policy term, then also the Sum Assured is paid on maturity.
Key Features
There are 2 additional riders available in this policy.
- Accidental Death Benefit rider
- Critical Illness Benefit rider
Benefits
In case of death of the parent, i.e. the Life Insured, the child would receive:
- 50% of the Sum Assured for immediate expenses along with additions +
- 1.5% of the Sum Assured as Monthly Payouts every month till the end of policy tenure to pay for expenses like school fees, etc. +
- The entire Sum Assured is again paid on maturity.
The entire Sum Assured is paid as Maturity Benefit.
Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | Rs 50,000 | Rs 2,00,00,000 |
| Policy Term (in Years) | 10 years | 25 years |
| Premium Payment Term (in years) | Same as Policy Term | |
| Entry Age of Policyholder | 18 years | 60 years |
| Age at Maturity | 28 years | 70 years |
| Single Premium (in Rs.) | NA | NA |
| Payment modes | Yearly, Half-Yearly, Quarterly and Monthly | |
FAQs
You stop paying the premiumIf the policy holder stops paying the premium, the insurance cover will cease and the policy will lapse. However it can be revived within 3 years from the first unpaid premium.
You want to surrender the policyThe policy can be surrendered any time after 2 policy years
Guaranteed Surrender Value = 30% of all premiums paid till date – 1st years’ premiums
You want a loan against your policyLoan can be availed after 3 policy years, upto 90% of Surrender Value.
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