Pramerica Life Unveils Flexi Income Plan, Enhancing Financial Security for Indians

Gurugram, India

Pramerica Life Insurance, one of the fastest growing life insurers in India, today announced the launch of its latest offering, the Pramerica Life Flexi Income Plan. This is a Non-Linked Non-Participating Individual Life Insurance Savings Plan designed to help policyholders achieve their financial goals with certainty and flexibility.

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Flexi Income Plan​

The introduction of the Pramerica Life Flexi Income Plan is a significant step under Pramerica 2.0, the current phase of the company’s evolution. In this new phase of growth, Pramerica Life Insurance remains dedicated to creating value for its customers by continually innovating and enhancing its product offerings. The Pramerica Life Flexi Income Plan is designed to empower policyholders in achieving critical financial milestones, such as securing the future of loved ones and ensuring a comfortable retirement. This plan enables policyholders to accumulate funds in a wallet, providing the flexibility to access them at a chosen future date. This helps them achieve their milestones and remain resilient against market volatilities.

Key Features and Benefits:

1. Tailored Plan Options:

Early Income: Ideal for those seeking regular income throughout the policy term and a lump sum at maturity.

Early Income with Policy Continuation Benefit (PCB): Offers enhanced protection with continued benefits even after the policyholder’s demise.

2. Guaranteed Income: Assured regular income payouts during the policy term and a lump sum benefit at maturity, ensuring financial security without market risks.

3. Comprehensive Family Protection: Life insurance coverage throughout the policy term, safeguarding the financial future of loved ones.

4. Income Start Year Flexibility: Option to decide when policyholders want their income payouts to begin right at the inception of the policy.

5. Tax Advantages: Potential tax benefits on both premiums paid and benefits received, as per prevailing Income Tax laws (subject to change; please consult a tax advisor).

6. Additional benefits: Auto Cover Continuance, Express Claim Relief and Accrual and Offset Options.

Karthik Chakrapani, Chief Business Officer of Pramerica Life Insurance said, “At Pramerica Life Insurance, we recognize the aspirations of a rising India, where individuals are increasingly aware of their financial goals and needs. The Pramerica Life Flexi Income Plan is crafted to cater to this evolving landscape, offering a unique blend of guaranteed income, comprehensive protection and flexible plan options. It goes beyond just innovation; it’s about putting the customer first. We know stability is key in financial planning and this plan reflects our dedication to creating products that safeguards their future while offering growth potential.”

*This option can be chosen by the policyholder anytime during the policy term. Interest shall be equal to higher of (Repo rate less 2.0% and 0.5 times Repo rate). The rate will be reviewed every six months (1st April & 1st October every year). The rate shall compound annually. At any time, the policyholder has an option to withdraw, completely or partially, from the accrued income payout. The balance amount will keep accumulating and shall be payable on termination of the policy on death or maturity or surrender. **Depending upon the income payout frequency chosen by the Policyholder. Available for in-force and valid claims.

With the Pramerica Life Flexi Income Plan, policyholders can customize their financial planning to align with their unique needs and goals. The combination of guaranteed income, flexible premium terms and additional benefits such as express claim relief and auto cover continuance makes this plan a comprehensive solution for those seeking financial stability.

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