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What Are The Benefits and Common Exclusions under Unit Linked Insurance Plans offered by Pramerica Life insurance?

Updated On Jul 21, 2021

Financial stability becomes a significant determinant of the quality of life. As a result, when it comes to selecting a Life insurance plan to safeguard and ensure our family's financial future, this essential issue must be carefully considered. To meet our family's definite as well as unknown requirements, we must be financially prepared and well insured. Pramerica Life Wealth Maximiser is a non-participating unit-linked life insurance plan with a variety of benefits to select from.

  • Death Benefit

If the Life Insured dies during the Policy Term, the Policy will pay a Death Benefit equal to the higher of the Sum Assured*, including any Top-Up Sum Assured, if any, or the Fund Value, including any Top-Up Fund Value, if any, or 105 percent of the total Premium paid, including any Top-Up premiums, if any.

The Sum Assured will be decreased by the amount of partial withdrawals made in the two years leading up to the death date. For this purpose, the partial withdrawal from the top-up premium will not be decreased.

  • Maturity Benefit

The Policy will pay the Fund Value, including any Top-Up fund value, to the Policyholder if the Life Insured survives until the maturity date and the Policy remains in-force for full risk benefits.The death cover you choose will end when you reach Maturity.

  • Surrender Benefit

The Policy will have surrender value from the first Policy year, but it will not be due until the "lock-in period" is completed, which is a period of 5 consecutive Policy years from the date of the Policy's inception.

The surrender value will be the value of the units less any applicable discontinuance (or surrender) costs.

  • Wealth Boosters

Starting in the tenth policy year, Wealth Boosters would be awarded as additional units at the conclusion of every fifth policy year. As a proportion of the average fund value, including top-up, Wealth Booster At the conclusion of the 10th, 15th, 20th, 25th, and 30th policy anniversaries, if they fall within the policyholder's unit account, the Fund Value of the preceding 36 monthiversaries would be awarded to the policyholder's unit account.

  • Switching Option

You can switch your investments within the available funds in the Defined Portfolio Strategy, depending on your financial goals and investment decision. During the whole policy period, there are no switching fees or limits on the number of switches. 

  • Suicide Exclusion

The nominee(s) or beneficiary of the Policyholder shall be entitled to the fund value available as of the date of intimation of death and the charges other than FMC and Guarantee Charges, if any levied, within 12 months from the date of commencement of the Policy or from the date of revival of the Policy, as applicable, if the Policyholder died due to suicide or attempted suicide, whether sane or insane, within 12 months from the date of commencement of the Policy or from the date of revival of the policy.


Because of the range of advantages available, ULIPs given by Pramerica Life Insurance serve as a multifunctional plan. As the preceding article indicates, these programmes are popular among investors and work in tandem with the market to provide overall positive results.

Also read 

Difference Between Money Back Plans and ULIPs

Difference Between ULIP and Term Insurance Plan

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.        

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