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Pramerica Life Insurance Life T&Cs
The following terms and conditions govern the Pramerica life insurance policy:
1. Free-look Period: Pramerica offers 15 days of free-look period in case you are not satisfied with your DHFL life insurance policy. The policy can be canceled/returned to the insurance company by stating the valid reasons for cancellation or return of the policy.
2. Grace Period: In case you fail to pay the due premium for your Pramerica life insurance policy, the company offers you a grace period. DHFL Pramerica Life Insurance offers a grace period of 30 days for yearly and half-yearly premium payments and 15 days for monthly premium payments.
3. Suicide Exclusion: In case the life assured commits suicide within 12 months of policy issuance, 80% of the total premiums paid till the date of death will be returned to the life assured’s family member after deducting underwriting charges as applicable.
4. Nomination: Pramerica offers the policyholder to name the nominee in order to collect the policy benefits in his absence. The company also has a procedure to get the nominee changed if the policyholder desires to do so.
5. Assignment Allowed: Pramerica DHFL Life Insurance Company allows the assignment option. In this particular service or option, a policyholder can transfer the entire policy with all the benefits to someone else’s name.
6. Taxation: The Pramerica life insurance company offers the policyholders taxation benefits under sections 80C and 10D of the Income Tax Act. These particular sections are explained in detail below:
- Section 80C of the Income Tax Act stipulates that any person holding a life insurance policy will be offered income tax deduction on premiums ranging maximum up to Rs. 1,50,000/-.
- Section 10D is also a section of the Income Tax Act, which dictates that the benefits that are earned under any sort of a life insurance policy are not subjected to the income tax bracket.
7. Renewal: The renewal of the policy will ensure all the benefits are assured during the policy, along with assured benefits at the end of the policy term. Since the term insurance doesn’t have a maturity benefit, it is best to keep the policy in force; otherwise, an untimely unfortunate event may be even more hard-hitting to your family.
8. Inform Changes: Pramerica deems it to be the policyholder’s responsibility to keep the company informed about all the changes that are happening with context to their lives in terms of contact details, job status, or the change in income status.
9. Duplicate Policy Document: If the policyholder at Pramerica loses his/her original policy document, then the duplicate can be obtained by submitting a request to the company for the same in writing.
10. Disclosure of Information: Pramerica Life Insurance Company recommends that the policyholder should disclose all the information truthfully and to the best of their knowledge otherwise the policy may stand to be rejected by the company if evidence of fraud or misdirection is found the policyholder’s end.
11. Grievance Redressal: If the beneficiary, policyholder, or nominee of the Pramerica life insurance policy has any grievances with the staff or any procedure related to the company and their interaction then they can take it up through the grievance redressal procedures given on the official website.
12. Jurisdiction: All the terms and conditions laid down by the Pramerica life insurance company are according to the Indian constitution and under Indian jurisdiction.
13. Exclusive Rights: The company has the sole rights to review, edit, add, or delete the terms and conditions laid down by it anytime the company deems fit.
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Claim Process at Pramerica Life Insurance
Claim IntimationIn the event of the death of the life assured, the insurance company should be intimated as early as possible.
Submission of DocumentsFor easy claim settlement, claim form, original policy document, death certificate and others documents should be submitted on time.
Claim EvaluationAfter successful submission of documents, the insurance company will thoroughly evaluate the claim filed.
Claim SettlementIf claim request is approved, claim is settled within 30 days. In case of additional investigation, claim process may take 120 days.