Pramerica Life Rakshak Smart

Non-Linked Non-Participating Individual Saving Life Insurance plan


You want to continuously power your dreams that you have nurtured for your loved ones, and are looking at ways for providing them with a secure future. Helping you live your dreams and prepare for times of uncertainty is at the heart of what we do. We say, ‘long live dreams!’ with a lot of responsibility and therefore, we help you beat uncertainties & unpredictability of life with confidence and clarity. This can be achieved with a reliable Life Insurance plan that not just provides you a life cover but also offers assured benefits.

Presenting Pramerica Life Rakshak Smart, a life insurance plan with guaranteed benefits. So, go ahead in the direction of your dreams and prepare strong for any surprise that life throws at you.

Reasons to buy this plan

  • Guaranteed benefits throughout the policy term.
  • Flexibility to choose from two plan options as per need.
  • Comprehensive death benefit to cater to Immediate, Regular and Future needs.
  • Tax benefits as per prevailing income tax laws.

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Key Features

Know about this plan

Plan Benefit

Death Benefit

The Death Benefit in this plan secures your family’s well-being and future. It would variate basis the plan option you choose

The Death Benefit in this plan secures your family’s well-being and future. It would variate basis the plan option you choose:

I. Life Option: In the unfortunate event of death of the Life Insured during the Policy Term while the policy is in-force on the date of death, the beneficiary shall receive

  • Sum Assured on Death and,
  • Accrued Annual Guaranteed Additions till the date of death, if any.

The Sum Assured on Death for Life Option is highest of:

  • 11 times Annualised Premium# (or)
  • Base Sum Assured (or)
  • 105% of the total premiums paid till the date of death (or)
  • X% of Total Premiums Paid* till the date of death, where X% is defined as per the table given below:

Year 1 2 3 4 5 6 7 8 9 10
X% 105.0% 107.5% 110.0% 112.5% 115.0% 117.5% 120.0% 122.5% 125.0% 127.5%

Year 11 12 13 14 15 16 17 18 19 20
X% 130.0% 132.5% 135.0% 137.5% 140.0% 142.5% 145.0% 147.5% 150.0% 152.5%

Year in the table above refers to the year in which death occurs.


II. Enhanced Life Option: In the unfortunate event of the death of the Life Insured during the Policy Term while the policy is in-force on the date of death, the beneficiary shall receive

  • Immediate Benefit: A lump sum amount equal to Base Sum Assured
  • Immediate Benefit: Accrued Annual Guaranteed Additions, if any till the date of death
  • Monthly Payout: 2% of the Base Sum Assured, starting from the month of death for rest of the policy term subject to a minimum of 36 monthly payouts even if these fall outside Policy Term
  • Benefit at Maturity Date: A lump sum amount equivalent to the Base Sum Assured multiplied by Guaranteed Maturity Multiple (GMM) factor.

The Guaranteed Maturity Multiple for different policy terms shall be as below:


Policy Term 10 12 15 20
GMM Factor 150% 150% 200% 250%

The total benefits payable on death as mentioned above will be at least equal to Sum Assured on Death plus Accrued Annual Guaranteed Additions, if any

The Sum Assured on Death shall be highest of:

  • 11 times the Annualized Premium#
  • 105% of the total premiums paid* till the date of death
  • Sum of (a), (c) and (d) as defined above in case of Enhanced Life Option

# Annualized Premium shall be the Premium payable in a Policy Year, excluding any, rider premiums, premium towards underwriting extra, loadings for modal premium and taxes, if any

* Total premiums paid means total of all the premiums received, excluding any underwriting extra, any rider premium and taxes.

The Policy covers death under all situations (including death during declared or undeclared war, civil commotion, invasion, terrorism, hostilities) except death due to suicide as specified in the Suicide Exclusion.

Maturity Benefit

On Survival of the Life Insured till the end of the policy term and provided all due premiums have been paid, you shall receive the Maturity Benefit as sum of

On Survival of the Life Insured till the end of the policy term and provided all due premiums have been paid, you shall receive the Maturity Benefit as sum of

  • Guaranteed Income Benefit, in arrears as per the frequency chosen (annual or monthly), during the payout period of 5 years from the maturity date and
  • Savings Booster payable at the end of the Payout Period.

Where Savings Booster is equal to accrued AGAs, as at the end of policy term, multiplied with a Savings Booster Multiple (SBM). For a policyholder continuing till end of the payout period SBM shall be 136%.

Refer to the below details on the Payout Period, Guaranteed Income and Savings Booster applicable for different policy terms


Policy Term 10 12 15 20
Pay-out Period 11th year to 15th year in arrears 13th year to 17th year in arrears 16th year to 20th year in arrears 21st to 25th year in arrears
Guaranteed Income Benefit is payable as per the chosen frequency during the payout period of 5 years Annual Payout is equal to GMM factor divided by 5 and multiplied by the Base Sum Assured i.e. 30% of Base Sum Assured Monthly Payout is equal to Annual Payouts divided by 12 multiplied by a factor of 98% Annual Payout is equal to GMM factor divided by 5 and multiplied by the Base Sum Assured i.e. 30% of Base Sum Assured Monthly Payout is equal to Annual Payouts divided by 12 multiplied by a factor of 98% Annual Payout is equal to GMM factor divided by 5 and multiplied by the Base Sum Assured i.e. 40% of Base Sum Assured Monthly Payout is equal to Annual Payouts divided by 12 multiplied by a factor of 98% Annual Payout is equal to GMM factor divided by 5 and multiplied by the Base Sum Assured i.e. 50% of Base Sum Assured Monthly Payout is equal to Annual Payouts divided by 12 multiplied by a factor of 98%
Savings Booster at the end of payout period 136% of the Accrued Annual Guaranteed Additions 136% of the Accrued Annual Guaranteed Additions 136% of the Accrued Annual Guaranteed Additions 136% of the Accrued Annual Guaranteed Additions

The beneficiary shall continue to receive the outstanding guaranteed income benefits & savings booster even after the death of the life insured during the payout period, as per the scheduled dates.

Option to receive benefits in Lump sum

  • Beneficiary shall have an option to receive maturity benefit i.e. guaranteed income along with savings booster as a lump sum amount by making a written request anytime during the policy term to the Company at least 6 months before Maturity Date. The maturity lump sum amount will be equal to accrued AGAs at the end of policy term plus GMM factor (multiplied by) base sum assured (multiplied by) applicable lump sum factor.
  • During the maturity payout period also the beneficiary shall have an option to take remaining maturity benefit as lump sum amount. The lump sum amount will be equal to accrued AGAs as at the end of the policy term multiplied by applicable SBM plus [GMM factor (multiplied by) base sum assured (minus) guaranteed income(s) already paid], (multiplied by) applicable lump sum factor.
  • Once exercised, this option cannot be reversed. The claim payment obligation of the company will end on the payment of lump sum and no further benefits will be paid. Applicable Lump sum factor and SBM are determined basis outstanding duration (in completed months) of the 5 year payout period, and are provided under Term and Conditions.

Annual Guaranteed Additions

Provided the Policy is in-force for full risk benefits, Annual Guaranteed Additions (AGA) shall accrue to the Policy at the end of each completed Policy Year during the last 10 years of the Policy Term.

Provided the Policy is in-force for full risk benefits, Annual Guaranteed Additions (AGA) shall accrue to the Policy at the end of each completed Policy Year during the last 10 years of the Policy Term. The rates of addition are given below for each option of Policy Term. The AGAs per 1,000 of Base Sum Assured are as follows:


Year Policy Term 10 years
1st & 2nd 5
3rd & 4th 7.5
5th & 6th 15
7th & 8th 25
9th & 10th 25

Year Policy Term 12 years
3rd & 4th 10
5th & 6th 20
7th & 8th 30
9th & 10th 40
11th & 12th 50

Year Policy Term 15 years
6th & 7th 40
8th & 9th 50
10th & 11th 60
12th & 13th 70
14th & 15th 80

Year Policy Term 20 years
11th & 12th 80
13th & 14th 90
15th & 16th 100
17th & 18th 110
19th & 20th 120

Eligibility Criteria

Age at entry

Life Option: 91 days to 60 years


Enhanced Life Option: 18 years to 50 years

Maturity Age

Life Option: 18 years to 80 years


Enhanced Life Option: 28 to 70 years

Policy Term & Premium Payment Term

Policy Term (years) 10 12 15 20
Premium Payment Term (years) 5 7 10 12

Base Sum Assured

Minimum: Rs.1,50,000


Maximum: No Limit, subject to Board Approved Underwriting Policy

Annual Premium

Minimum:

For Life Option: Rs. 19,445

For Enhanced Life Option: Rs. 20,567


Maximum: No Limit, subject to Board Approved Underwriting Policy

Premium Payment Mode

  1. Annual
  2. Semi-Annual
  3. Monthly

All reference to age are based on age as on the last birthday. Substandard lives may also be covered subject to Board Approved Underwriting Policy and with any extra Premium, if applicable. Taxes as applicable will be charged over and above the quoted Premium.

Boundary conditions for policies sourced through point of sales person:


Only “Life Option”, can be sourced through point of sales person. There will be no medical underwriting for policies sourced through POS Person.


Age at entry

Minimum: 91 days


Maximum as per table given below:

Policy Term (yrs) 10 12 15 20
Max entry age (yrs) 55 53 50 45

Maturity Age

18 years to 65 years

Policy Term & Premium Payment Term

Policy Term (years) 10 12 15 20
Premium Payment Term (years) 5 7 10 12

Base Sum Assured

Minimum: Rs.1,50,000


Maximum: The maximum Base Sum Assured will be subject to Sum assured on Death of Rs.25 Lakh as per the prevailing POS guidelines, as amended from time to time

Annual Premium

Minimum: Rs.19,445


Maximum: Corresponding to maximum Sum assured on Death of 25 lacs

Premium Payment Mode

  1. Annual
  2. Semi-Annual
  3. Monthly

Sum Assured Bands


Band Band 1 Band 2 Band 3 Band 4
Base Sum Assured Rs.1,50,000 to Rs.2,49,999 Rs.2,50,000 to Rs.3,99,999 Rs.4,00,000 to 7,49,999 Rs.7,50,000 & above

Downloads

Brochure

T&C Rakshak Smart – Life option (POS)

T&C Rakshak Smart – Life option

T&C Rakshak Smart – Enhanced Life option

Rakshak Smart – Enhanced Life Option Rates

Rakshak Smart – Premium Rates Life Option Rates

Rakshak Smart – Lumpsum Factors Rates

Customer Information Sheet Rakshak Smart – Life Option

Customer Information Sheet Rakshak Smart – Enhanced Life Option

Customer Information Sheet Rakshak Smart – Life Option(POS)

Death Benefit

The Death Benefit in this plan secures your family’s well-being and future. It would variate basis the plan option you choose

The Death Benefit in this plan secures your family’s well-being and future. It would variate basis the plan option you choose:

I. Life Option: In the unfortunate event of death of the Life Insured during the Policy Term while the policy is in-force on the date of death, the beneficiary shall receive

  • Sum Assured on Death and,
  • Accrued Annual Guaranteed Additions till the date of death, if any.

The Sum Assured on Death for Life Option is highest of:

  • 11 times Annualised Premium# (or)
  • Base Sum Assured (or)
  • 105% of the total premiums paid till the date of death (or)
  • X% of Total Premiums Paid* till the date of death, where X% is defined as per the table given below:

Year 1 2 3 4 5 6 7 8 9 10
X% 105.0% 107.5% 110.0% 112.5% 115.0% 117.5% 120.0% 122.5% 125.0% 127.5%

Year 11 12 13 14 15 16 17 18 19 20
X% 130.0% 132.5% 135.0% 137.5% 140.0% 142.5% 145.0% 147.5% 150.0% 152.5%

Year in the table above refers to the year in which death occurs.


II. Enhanced Life Option: In the unfortunate event of the death of the Life Insured during the Policy Term while the policy is in-force on the date of death, the beneficiary shall receive

  • Immediate Benefit: A lump sum amount equal to Base Sum Assured
  • Immediate Benefit: Accrued Annual Guaranteed Additions, if any till the date of death
  • Monthly Payout: 2% of the Base Sum Assured, starting from the month of death for rest of the policy term subject to a minimum of 36 monthly payouts even if these fall outside Policy Term
  • Benefit at Maturity Date: A lump sum amount equivalent to the Base Sum Assured multiplied by Guaranteed Maturity Multiple (GMM) factor.

The Guaranteed Maturity Multiple for different policy terms shall be as below:


Policy Term 10 12 15 20
GMM Factor 150% 150% 200% 250%

The total benefits payable on death as mentioned above will be at least equal to Sum Assured on Death plus Accrued Annual Guaranteed Additions, if any

The Sum Assured on Death shall be highest of:

  • 11 times the Annualized Premium#
  • 105% of the total premiums paid* till the date of death
  • Sum of (a), (c) and (d) as defined above in case of Enhanced Life Option

# Annualized Premium shall be the Premium payable in a Policy Year, excluding any, rider premiums, premium towards underwriting extra, loadings for modal premium and taxes, if any

* Total premiums paid means total of all the premiums received, excluding any underwriting extra, any rider premium and taxes.

The Policy covers death under all situations (including death during declared or undeclared war, civil commotion, invasion, terrorism, hostilities) except death due to suicide as specified in the Suicide Exclusion.

Maturity Benefit

On Survival of the Life Insured till the end of the policy term and provided all due premiums have been paid, you shall receive the Maturity Benefit as sum of

On Survival of the Life Insured till the end of the policy term and provided all due premiums have been paid, you shall receive the Maturity Benefit as sum of

  • Guaranteed Income Benefit, in arrears as per the frequency chosen (annual or monthly), during the payout period of 5 years from the maturity date and
  • Savings Booster payable at the end of the Payout Period.

Where Savings Booster is equal to accrued AGAs, as at the end of policy term, multiplied with a Savings Booster Multiple (SBM). For a policyholder continuing till end of the payout period SBM shall be 136%.

Refer to the below details on the Payout Period, Guaranteed Income and Savings Booster applicable for different policy terms


Policy Term 10 12 15 20
Pay-out Period 11th year to 15th year in arrears 13th year to 17th year in arrears 16th year to 20th year in arrears 21st to 25th year in arrears
Guaranteed Income Benefit is payable as per the chosen frequency during the payout period of 5 years Annual Payout is equal to GMM factor divided by 5 and multiplied by the Base Sum Assured i.e. 30% of Base Sum Assured Monthly Payout is equal to Annual Payouts divided by 12 multiplied by a factor of 98% Annual Payout is equal to GMM factor divided by 5 and multiplied by the Base Sum Assured i.e. 30% of Base Sum Assured Monthly Payout is equal to Annual Payouts divided by 12 multiplied by a factor of 98% Annual Payout is equal to GMM factor divided by 5 and multiplied by the Base Sum Assured i.e. 40% of Base Sum Assured Monthly Payout is equal to Annual Payouts divided by 12 multiplied by a factor of 98% Annual Payout is equal to GMM factor divided by 5 and multiplied by the Base Sum Assured i.e. 50% of Base Sum Assured Monthly Payout is equal to Annual Payouts divided by 12 multiplied by a factor of 98%
Savings Booster at the end of payout period 136% of the Accrued Annual Guaranteed Additions 136% of the Accrued Annual Guaranteed Additions 136% of the Accrued Annual Guaranteed Additions 136% of the Accrued Annual Guaranteed Additions

The beneficiary shall continue to receive the outstanding guaranteed income benefits & savings booster even after the death of the life insured during the payout period, as per the scheduled dates.

Option to receive benefits in Lump sum

  • Beneficiary shall have an option to receive maturity benefit i.e. guaranteed income along with savings booster as a lump sum amount by making a written request anytime during the policy term to the Company at least 6 months before Maturity Date. The maturity lump sum amount will be equal to accrued AGAs at the end of policy term plus GMM factor (multiplied by) base sum assured (multiplied by) applicable lump sum factor.
  • During the maturity payout period also the beneficiary shall have an option to take remaining maturity benefit as lump sum amount. The lump sum amount will be equal to accrued AGAs as at the end of the policy term multiplied by applicable SBM plus [GMM factor (multiplied by) base sum assured (minus) guaranteed income(s) already paid], (multiplied by) applicable lump sum factor.
  • Once exercised, this option cannot be reversed. The claim payment obligation of the company will end on the payment of lump sum and no further benefits will be paid. Applicable Lump sum factor and SBM are determined basis outstanding duration (in completed months) of the 5 year payout period, and are provided under Term and Conditions.

Annual Guaranteed Additions

Provided the Policy is in-force for full risk benefits, Annual Guaranteed Additions (AGA) shall accrue to the Policy at the end of each completed Policy Year during the last 10 years of the Policy Term.

Provided the Policy is in-force for full risk benefits, Annual Guaranteed Additions (AGA) shall accrue to the Policy at the end of each completed Policy Year during the last 10 years of the Policy Term. The rates of addition are given below for each option of Policy Term. The AGAs per 1,000 of Base Sum Assured are as follows:


Year Policy Term 10 years
1st & 2nd 5
3rd & 4th 7.5
5th & 6th 15
7th & 8th 25
9th & 10th 25

Year Policy Term 12 years
3rd & 4th 10
5th & 6th 20
7th & 8th 30
9th & 10th 40
11th & 12th 50

Year Policy Term 15 years
6th & 7th 40
8th & 9th 50
10th & 11th 60
12th & 13th 70
14th & 15th 80

Year Policy Term 20 years
11th & 12th 80
13th & 14th 90
15th & 16th 100
17th & 18th 110
19th & 20th 120

Age at entry

Life Option: 91 days to 60 years


Enhanced Life Option: 18 years to 50 years

Maturity Age

Life Option: 18 years to 80 years


Enhanced Life Option: 28 to 70 years

Policy Term & Premium Payment Term

Policy Term (years) 10 12 15 20
Premium Payment Term (years) 5 7 10 12

Base Sum Assured

Minimum: Rs.1,50,000


Maximum: No Limit, subject to Board Approved Underwriting Policy

Annual Premium

Minimum:

For Life Option: Rs. 19,445

For Enhanced Life Option: Rs. 20,567


Maximum: No Limit, subject to Board Approved Underwriting Policy

Premium Payment Mode

  1. Annual
  2. Semi-Annual
  3. Monthly

All reference to age are based on age as on the last birthday. Substandard lives may also be covered subject to Board Approved Underwriting Policy and with any extra Premium, if applicable. Taxes as applicable will be charged over and above the quoted Premium.

Boundary conditions for policies sourced through point of sales person:


Only “Life Option”, can be sourced through point of sales person. There will be no medical underwriting for policies sourced through POS Person.


Age at entry

Minimum: 91 days


Maximum as per table given below:

Policy Term (yrs) 10 12 15 20
Max entry age (yrs) 55 53 50 45

Maturity Age

18 years to 65 years

Policy Term & Premium Payment Term

Policy Term (years) 10 12 15 20
Premium Payment Term (years) 5 7 10 12

Base Sum Assured

Minimum: Rs.1,50,000


Maximum: The maximum Base Sum Assured will be subject to Sum assured on Death of Rs.25 Lakh as per the prevailing POS guidelines, as amended from time to time

Annual Premium

Minimum: Rs.19,445


Maximum: Corresponding to maximum Sum assured on Death of 25 lacs

Premium Payment Mode

  1. Annual
  2. Semi-Annual
  3. Monthly

Sum Assured Bands


Band Band 1 Band 2 Band 3 Band 4
Base Sum Assured Rs.1,50,000 to Rs.2,49,999 Rs.2,50,000 to Rs.3,99,999 Rs.4,00,000 to 7,49,999 Rs.7,50,000 & above

Brochure

T&C Rakshak Smart – Life option (POS)

T&C Rakshak Smart – Life option

T&C Rakshak Smart – Enhanced Life option

Rakshak Smart – Enhanced Life Option Rates

Rakshak Smart – Premium Rates Life Option Rates

Rakshak Smart – Lumpsum Factors Rates

Customer Information Sheet Rakshak Smart – Life Option

Customer Information Sheet Rakshak Smart – Enhanced Life Option

Customer Information Sheet Rakshak Smart – Life Option(POS)