Pramerica Life Insurance introduced its new unit-linked insurance plan (ULIP), the 'Pramerica Life Super Investment Plan', on September 11, 2023. The latest offering from the company is for the new generation, catering to their lifestyle and financial requirements. According to the press release, the plan is flexible and 'meticulously designed to align with the dynamic lifestyle and financial ambitions of today's generation'.
Managing director and CEO of Pramerica Life Insurance, Pankaj Gupta, said, "Modern India is aspirational and is looking for new age life insurance products that support changing lifestyles and aspirations. Pramerica Life Super Investment Plan is designed to cater to modern financial aspirations while providing a safety net to customers and their families through life insurance coverage. This is one of the most flexible ULIPs in India and comes with 6 high potential investment funds, including Pramerica Nifty Midcap 50 Correlation Fund."
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The following are the features this new Ulip has on offer, which it claims to be different from the traditional insurance plans.
Choice Of Two Investment Strategies: The plan offers two investment strategies for investing money. These two strategies are the Defined Portfolio Strategy and Life Stage Portfolio Strategy.
In the Defined portfolio strategy, a policyholder can invest money in the six funds available in any proportion and take it with or without the systematic transfer plan (STP) option. Once chosen, a change in investment strategy will not be allowed during the policy term.
In the Life stage portfolio strategy, the investment would be distributed between different funds based on age, life stages, etc. Initially, the funds will be distributed between the Large Cap Advantage Fund and Debt Fund.
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Six Funds For Investment: This Ulip has six funds for policyholders to select from for their investments, including Pramerica Nifty Midcap 50 Correlation Fund, Flexi cap opportunities fund, etc.
Zero Premium Allocation Charges: The plan offers zero premium allocation charges. The absence of this charge would mean the availability of more amount for investment and faster growth.
Persistency Additions And Persistency Booster: The feature of persistency addition and booster would mean an increase in fund value. The benefits will be available during the policy term at specific intervals.
Unlimited Switching Facility: One could switch and redirect the premiums from one to the other fund option without any limit on the number of switches. According to the press release, this facility makes the policy viable for those who want to take advantage of the market movements and change plans as per their risk preference. This switching bears no additional cost.
Waiver Of Premium: Under the policy, one will get the return of mortality charges and waiver of premium charges on 'survival of the life insured till the end of the policy term'.
There are three investment options under the Ulip. The minimum entry age is 90 days, and the maximum is 65 years. The cover applies until a minimum of 18 years and a maximum of 99 years. Premium payment facility could be monthly, quarterly, semi-annually, or annually.
