Flexible payout options between Lumpsum or Income benefits, catering to individual financial preferences
FinTech BizNews Service
Mumbai, November 22, 2023: Pramerica Life Insurance, one of the leading life insurers in India, has announced the introduction of its latest offering, Pramerica Life RockSolid Future (UIN:140N089V01). The newly launched plan is an Individual Non-Participating Non-Linked Savings Life Insurance Plan, that gives the option to receive guaranteed regular income or lumpsum on maturity along with tax benefits2.
On the occasion of the launch, Pankaj Gupta, MD & CEO of Pramerica Life Insurance, said, "We all aspire for a better tomorrow, not just for ourselves but for our loved ones too. However, realizing a better life or lifestyle in the future, necessitates a proactive financial planning today. As a step in that direction, I am excited to unveil the Pramerica Life RockSolid Future, a forward-looking savings life insurance plan with many customer centric flexible features. The product offering not only provides protection during life’s uncertainties but also assists individuals in attaining their financial life goals.
The product offers four distinct propositions to choose from:
Income Builder Option:
Ideal for retirement planning or creating a secondary income source. Provides regular income upon completion of policy term and a Lumpsum amount along with the last income installment.
Family Income Builder Option:
This option provides enhanced protection over Income Builder Option. Offers an immediate lumpsum death benefit and waives future premiums in case of unfortunate demise of the life assured. The family receives income benefit from the next month, along with a Lump sum amount with the last Income Installment.
Fortune Builder Option:
Provides the entire policy proceeds as a lumpsum at the end of the term and enables policyholders to pursue the life they've always dreamed of.
Dream Builder Option:
This option provides enhanced protection over Fortune Builder Option. In case of unfortunate demise of the life assured, it offers an immediate lumpsum death benefit and waives-off future premiums. At the time of maturity ensures that the promised maturity amount is paid to the beneficiaries.
The uniqueness of this plan lies in the bouquet of features it offers like guaranteed benefits1, Choice of four plan options as per need, option to receive benefits as Lumpsum or as Income, enhanced protection through the family Income Builder Option & Dream Builder Option, and Tax benefits2 as per prevailing income tax laws.
