DLF Pramerica Family Income

Name: DLF Pramerica Family Income

Type of policy: Term Policy

For buying policy: No

Term insurance is a fantastic product that every single family needs to have, for its earning member(s). It is a pure life insurance policy that gives your family a cover in case of an eventuality to the bread winner. A single term policy of adequate cover will suffice for entire insurance needs.

We typically recommend an insurance cover of 4-8 times your annual income and for as long a term as is available for your age. Find out the ideal cover for you using this calculator.

DLF Pramerica Family Income Plan is a pure term insurance plan with only death benefit and no maturity benefit if the life insured dies. However, the death benefit is not paid out in lump sum. It is paid out over monthly installments till the end of the policy tenure to tend to the monthly income requirements of the family in case the bread earner dies. There are 2 riders available in this policy, viz. DLF Pramerica Traditional Accidental Death Benefit rider, and DLF Pramerica Traditional Critical Illness rider. But we recommend a standalone critical illness cover as that gives wider range of cover in terms of number of illnesses, renewability and comes at lower premium. Personal accident cover is really an additional expense to be avoided as it covers your life which is already covered by the term policy.

Product features:

Parameter

Value

Minimum age at entry

18 years

Maximum age at entry

55 years

Minimum Term

5 years

Maximum policy term

30 years or 65 years of age whichever is earlier

Minimum monthly Family Income

Rs 2000

Maximum monthly family income

No Limit

 

Illustration:

Below table shows indicative premiums for a male.

Your age

Term

Indicative Annual Premium

(For income of Rs 20000 monthly )

25 years

25 years

Rs. 6520

30 years

25 years

Rs. 7580

40 years

20 years

Rs. 11420

50 years

10 years

Rs. 12200

*Exclusive of service tax and educational cess.

Returns: If the insured survives term, no benefits are paid. Insurance should be viewed as an expense rather than investment.  Both function best when handled separately.

Better Alternative:

Online Pure Term Policies.

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