DLF Pramerica Ezee Wealth+ is a unit linked plan which offers you life insurance without the hassle of lengthy paperwork.
Advantages
- No Medicals – no more hassles, lengthy paper work or medical examination. Just answer four easy health related questions for insurance coverage.
- Four funds offering different levels of growth depending on your risk appetite
- Fund conservation at maturity: To safeguard your fund value before maturity, we will switch your investments at regular intervals to Debt Fund beginning 3 years from maturity date. This is an optional feature.
- No Allocation charges from 2nd year onwards
- Enhance protection through optional Accidental Death Benefit Rider
BENEFITS
Death Benefit:
In the first policy year: In case of an unfortunate event of death, higher of 50% of the sum assured or fund value will be paid.
Death after 1st policy year: In case of event of death after the policy has completed year 1, higher of Sum assured or fund value will be paid.
The death benefit is subject to a minimum of 105% of total premiums paid.
Maturity Benefit
On maturity of the policy at the end of the policy term, the policy will pay the fund value. Death cover and the rider risk cover chosen will cease on maturity.
Surrender Benefit
The policyholder will be paid surrender value only after completion of 5 policy years. However, the policy will acquire surrender value from the first policy year. The surrender value will be the fund value less discontinuance charges.
RIDERS
You can make the proposition more comprehensive by adding Accidental Death Benefit rider to your base plan.
DLF Pramerica Unit Linked Accidental Death Benefit (ADB) Rider
On death due to an ill-fated accident, the beneficiary gets an additional sum assured as chosen under this rider. It is available in addition to the basic death benefit under the base plan.
FEATURES
Fund Options
In our endeavor to help your investments benefit from the growing markets, as per your risk appetite, we offer you four fund options, namely Debt Fund, Balance Fund, Growth Fund and Large Cap Equity Fund.
Partial Withdrawal
We understand your need for liquidity, so we offer you the facility of partial withdrawal. Partial withdrawal shall only be allowed after five years from the date of commencement of the policy.
Other Features
Other features such as switches, settlement option, addition and deletion of rider, option to reduce premium payment term and premium re-direction option are also available.
Policy Limits
| Minimum | Maximum | |
| Entry Age | 18 years | 50 years |
| Policy Term | 15 years and 20 years | |
| Premium Payment Term |
Regular and only Annual | |
| Maturity Age | - | 70 years |
| Annual Premium | Rs25,000 | Rs50,000 |
| Sum Assured | 20 times annual premium | |
Plan working1. How does this plan work?
- Fill the simple application form, submit photograph, proofs of age, identity and residence.
- One should be between 18 – 50 years of age;
- Terms available: 15 and 20 years (subject to maximum maturity age of 70 years).
- Select the fund(s) where premiums need to be invested as per your risk appetite
- Answer four health related questions
- Absolutely NO time consuming medical tests.
- Make your premium payment
- Minimum annual premium is Rs.25,000 and maximum annual premium is Rs.50,000
- Get protection
- Within 5 minutes, the same time taken to sip a cup of tea, you can complete the documentation formalities with our Sales Representative and set yourself on the way to getting protection. Upon validation of your documents and proofs, we will send the policy to you.
- Your premium amount, net of allocation charges, is invested in the units of the unit linked funds that you select.
- In case of the unfortunate demise of the insured, during the policy term, the policy will pay sum assured or the value of regular premium units whichever is higher, to the beneficiary.
- On maturity, you will receive the value of your fund.
2. What are the charges applicable under the product?
The following charges would be applicable: Premium allocation charge, policy administration charge, fund management charge, mortality charge, partial withdrawal charge, switching charge, miscellaneous fee, surrender charge and service tax.
3. What if I discontinue paying premiums?
Regular Premiums are payable for the entire policy term. In case you do not pay premium by due date, you will have a grace period of 30 days from the due date to pay premium. In case the premium is not paid by the end of the grace period, the Company will send a notice to you within a period of 15 days from the end of the grace period asking you to exercise any of the following two options within a period of 30 days from the receipt of the notice:
a) Revival of the policy, or
b) Complete surrender from the policy without any risk cover.
In case you opt for option a:
In case you opt for option a and revive the policy within the period of 30 days after paying all the due premiums and charges (if any) the company shall revive the policy with all the benefits, with or without the rider benefits if any as mentioned in the policy document; upon being satisfied as to the continued insurability of the life insured on the basis of the information shared by the policyholder.
The risk cover under the policy will continue till the end of revival notice period or till complete withdraw from the policy whichever is earlier. If fund value reduces to zero during the revival notice period the policy will lapse without value and all benefit will cease. Such policy can be also revived before the end of the revival period.
During this period, the policy will be in force for all the risk benefits and all the charges would continue to be deducted. If you opt for option b or a period of 30 days from the receipt of the notice expires, the risk cover will cease.
The revival of the policy shall not take effect until the company has specifically approved your request for revival and the same has been communicated to you in writing. The revival of the policy shall be subject to the underwriting requirements of the Company, as applicable from time to time
In case you opt for option b,then:
Provisions applicable during first five policy years (lock in period)
In case you opt for option b for complete withdrawal from the policy without any risk cover or do not exercises any of the options by the end of the 30 days of the receipt of the notice, whichever is earlier, the fund value after deducting the appropriate discontinuance charges (surrender charges) would be transferred to “Discontinued Policy Fund” (DPF). This fund shall be invested as per the investment regulations for controlled fund issued by the IRDA. The value of this fund would be paid to you at the end of 5 year “lock in period” with a minimum interest of 3.5% p.a.
The policy cannot be revived once the fund value, after deduction of discontinuance charges has been transferred to DPF.
Provisions applicable after first five policy years
In case you opt for option b for complete withdrawal from the policy without any risk cover or do not exercises any of the options by the end of the 30 days of the receipt of the notice, whichever is earlier, the fund value as at the date of receipt of the withdrawal letter or the expiry of the 30 days period, whichever is earlier, shall be paid by means of cheque or demand draft, to be delivered to you, at your last known address or by any other electronic mode of payment.
After completion of five policy year, in case fund value is not sufficient to meet monthly charges, even if all premium due have been paid, the policy will terminate without any value.
4. Is there any policy loan available under this plan?
No. Policy loan is not available under this plan.
5. Is there any exclusion under this policy?
Yes. The exclusions are as under:
No death benefit will be paid if death has occurred directly or indirectly as a result of suicide, within one year from the date of acceptance of risk. However, in such an event, we will refund the fund value of the policy and terminate the policy.
Please refer to rider brochure for exclusions on rider benefit.
6. I am serving in the armed forces, can I buy this plan? What are the exclusions for the same?
Yes. You can buy this plan without the Accidental Death Benefit rider. There are NO other exclusions apart from the exclusion mentioned in clause 5 above.
7. What if I want to cancel my policy as I do not agree on the terms and conditions mentioned in the policy?
You have a period of 15 days from the date of receipt of the Policy document to review the terms and conditions of this Policy and where you disagree to any of the terms and conditions, you have an option to return the Policy stating the reasons for objection. On receipt of your letter along with the policy document, the Company will refund the fund value as on the date of cancellation plus unallocated part of premium plus charges deducted from the policy by cancellation of units subject to the deduction of proportionate risk premium and any expenses incurred by the Company on insurance stamp duty and on medical examination.
8. What are the tax benefits available?
As per the current tax laws:
a. Premiums qualify for deduction under Section 80C of the Income Tax Act, 1961.
b. Maturity and withdrawal benefits are tax-free under Section 10 (10D) provided the premium in any year during the term of the policy does not exceed 20% of the sum assured. Death benefit is tax-free under Section 10 (10D) of the Income Tax Act, 1961.
c. The above tax qualifications are subject to income tax laws prevailing from time to time. For any further clarification please consult your tax advisor.
PlaPl
- Fill the simple application form, submit photograph, proofs of age, identity and residence.
- One should be between 18 – 50 years of age;
- Terms available: 15 and 20 years (subject to maximum maturity age of 70 years).
- Select the fund(s) where premiums need to be invested as per your risk appetite
- Answer four health related questions
- Absolutely NO time consuming medical tests.
- Make your premium payment
- Minimum annual premium is Rs.25,000 and maximum annual premium is Rs.50,000
- Get protection
- Within 5 minutes, the same time taken to sip a cup of tea, you can complete the documentation formalities with our Sales Representative and set yourself on the way to getting protection. Upon validation of your documents and proofs, we will send the policy to you.
- Your premium amount, net of allocation charges, is invested in the units of the unit linked funds that you select.
- In case of the unfortunate demise of the insured, during the policy term, the policy will pay sum assured or the value of regular premium units whichever is higher, to the beneficiary.
- On maturity, you will receive the value of your fund.
Charges
The following charges would be applicable: Premium allocation charge, policy administration charge, fund management charge, mortality charge, partial withdrawal charge, switching charge, miscellaneous fee, surrender charge and service tax.
In case you discontinue premium payments
Regular Premiums are payable for the entire policy term. In case you do not pay premium by due date, you will have a grace period of 30 days from the due date to pay premium. In case the premium is not paid by the end of the grace period, the Company will send a notice to you within a period of 15 days from the end of the grace period asking you to exercise any of the following two options within a period of 30 days from the receipt of the notice:
a) Revival of the policy, or
b) Complete surrender from the policy without any risk cover.
In case you opt for option a:
In case you opt for option a and revive the policy within the period of 30 days after paying all the due premiums and charges (if any) the company shall revive the policy with all the benefits, with or without the rider benefits if any as mentioned in the policy document; upon being satisfied as to the continued insurability of the life insured on the basis of the information shared by the policyholder.
The risk cover under the policy will continue till the end of revival notice period or till complete withdraw from the policy whichever is earlier. If fund value reduces to zero during the revival notice period the policy will lapse without value and all benefit will cease. Such policy can be also revived before the end of the revival period.
During this period, the policy will be in force for all the risk benefits and all the charges would continue to be deducted. If you opt for option b or a period of 30 days from the receipt of the notice expires, the risk cover will cease.
The revival of the policy shall not take effect until the company has specifically approved your request for revival and the same has been communicated to you in writing. The revival of the policy shall be subject to the underwriting requirements of the Company, as applicable from time to time
In case you opt for option b, then:
Provisions applicable during first five policy years (lock in period)
In case you opt for option b for complete withdrawal from the policy without any risk cover or do not exercises any of the options by the end of the 30 days of the receipt of the notice, whichever is earlier, the fund value after deducting the appropriate discontinuance charges (surrender charges) would be transferred to “Discontinued Policy Fund” (DPF). This fund shall be invested as per the investment regulations for controlled fund issued by the IRDA. The value of this fund would be paid to you at the end of 5 year “lock in period” with a minimum interest of 3.5% p.a.
The policy cannot be revived once the fund value, after deduction of discontinuance charges has been transferred to DPF.
Provisions applicable after first five policy years
In case you opt for option b for complete withdrawal from the policy without any risk cover or do not exercises any of the options by the end of the 30 days of the receipt of the notice, whichever is earlier, the fund value as at the date of receipt of the withdrawal letter or the expiry of the 30 days period, whichever is earlier, shall be paid by means of cheque or demand draft, to be delivered to you, at your last known address or by any other electronic mode of payment.
After completion of five policy year, in case fund value is not sufficient to meet monthly charges, even if all premium due have been paid, the policy will terminate without any value.
Policy Exclusions
No death benefit will be paid if death has occurred directly or indirectly as a result of suicide, within one year from the date of acceptance of risk. However, in such an event, we will refund the fund value of the policy and terminate the policy.
Cancellation of the policy if you do not agree on the terms and conditions mentioned in the policy
You have a period of 15 days from the date of receipt of the Policy document to review the terms and conditions of this Policy and where you disagree to any of the terms and conditions, you have an option to return the Policy stating the reasons for objection. On receipt of your letter along with the policy document, the Company will refund the fund value as on the date of cancellation plus unallocated part of premium plus charges deducted from the policy by cancellation of units subject to the deduction of proportionate risk premium and any expenses incurred by the Company on insurance stamp duty and on medical examination.
Tax Benefits
As per the current tax laws:
a. Premiums qualify for deduction under Section 80C of the Income Tax Act, 1961.
b. Maturity and withdrawal benefits are tax-free under Section 10 (10D) provided the premium in any year during the term of the policy does not exceed 20% of the sum assured. Death benefit is tax-free under Section 10 (10D) of the Income Tax Act, 1961.
c. The above tax qualifications are subject to income tax laws prevailing from time to time. For any further clarification please consult your tax advisor.
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