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Pramerica Life Launches Poorna Rakshak With Five Benefit Options

Pramerica Life Launches Poorna Rakshak With Five Benefit Options
Pramerica Life Insurance Launches ‘Poorna Rakshak’, Offering Five Ways to Plan for Life’s Different Financial Needs · theprint.in

Pramerica Life Insurance has introduced a new life insurance plan called Poorna Rakshak.

It is designed to help people save money while also providing life protection.

Customers can choose one of five ways to receive benefits.

Some options are meant for children’s future expenses, such as education.

Another option begins paying income early in the policy.

One option gives some money back soon after the first premium is processed.

Other options provide payments every five years or during later policy years.

The guaranteed benefits depend on the selected option and the policy staying active.

Key facts

Product
Pramerica Life Poorna Rakshak
Product type
Non-linked, non-participating individual savings life insurance plan
Benefit choices
Five variants: Smart Scholars, Early Income, Income Booster, Smart Money Back and Smart Saver
Life protection
Life cover continues throughout the policy term, subject to applicable terms and conditions
Income Booster cashback
25% or 35% of annualised premium within 10 days of realisation of the first premium after issuance
Smart Money Back
Guaranteed income is paid at five-year intervals, with each successive payout doubling the previous payout
Tax treatment
Tax benefits are available as applicable under prevailing tax laws

Quotes

Karthik Chakrapani

Chief Business Officer of Pramerica Life Insurance

“Financial planning becomes more meaningful when it reflects how people actually live – their responsibilities, aspirations and the milestones they are preparing for. With Poorna Rakshak, we wanted to give customers the ability to choose a structure that fits their priorities, while retaining the certainty of guaranteed benefits and the security of life protection. It also strengthens our guaranteed product portfolio, an area that has been an important part of our product philosophy over theهاars”
theprint.in
“One thing we consistently see in customer and distributor conversations is that savings needs are becoming increasingly specific. Customers are asking not only about returns or maturity benefits, but also about when benefits begin, how frequently they are received and whether the structure fits a particular goal. Poorna Rakshak has been built to respond to these more nuanced conversations through five clearly differentiated payout options. Ultimately, it is about making savings solutions more”
theprint.in

Sources

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