Term Insurance 232 views December 30, 2021

Pramerica Life TruShield Plan is a term life insurance policy that protects your family financially in case you’re not around. Some of the key features of this plan are –

  • Additional Shield Cover
  • Death Benefit
  • Return of Premium

Read this page below and learn more about the benefits of the Pramerica Life TruShield Plan.

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Pramerica Life TruShield Plan Benefits

You and your nominee will get the following benefits under this life insurance plan.

Death Benefit

On your unfortunate demise, the insurance company will pay the Death Sum Assured in a lump sum to your nominee.

For Limited Pay & Regular Pay Options

The nominee will get the highest of

  • 10 times the Annualized Premium
  • Maturity Sum Assured
  • Absolute amount assured to be payable on death = Base Sum Assured

For Single Pay Option

The company will pay the highest of –

  • 125% of Single Premium
  • Maturity Sum Assured
  • Absolute amount assured to be payable on death = Base Sum Assured

Note – Death Sum Assured should be equal to 105% x total paid premiums (as on the date of death).

Maturity Benefit

On survival till the maturity date, the company will pay an amount equal to Maturity Sum Assured. This sum assured would equal the total payable premium excluding any underwriting extras and taxes (if any).

For Single Pay – It is Single Premium excluding any underwriting extras and taxes (if any)

Additional Shield Cover – You’ll get benefits under this after the premium payment term. The Additional Shield Cover may vary for each policy year and is calculated by multiplying the annualized or single premium (as applicable).

Policy Term (In Years)          Year of Death
10 15 20 10 10 12 15 15 20
Premium Payment Term (In Years)
10 1212 10
Additional Shield Cover as a Multiple of Single/Annualized Premium
10/10 15/15 20/201
9/10 14/1519/202
8/10 13/15 18/203
7/10 12/15 17/20 4
6/10 11/1516/205
5/10 10/1515/2056
4/109/15 14/20 47
3/10 8/15 13/20 378
2/10 7/15 12/20269
1/10 6/15 11/201510
5/15 10/2041011
4/159/203912
3/158/20212813
2/157/20111714
1/156/20010615
5/20516
4/20417
3/20318
2/20219
1/20120

Note – The Additional Shield Cover will not be provided in case of Reduced Paid-Up policies.

Free Look Cancellation Option Under Pramerica Life TruShield Plan

You will have a free look period of 15 days or 30 days (in case of distance marketing purchase) from the date of receipt of the policy to read the terms and conditions. And if you disagree, return the policy stating the reasons for the objection. After that, the insurer will refund the paid premiums after deducting the proportionate risk premium for the period on risk cover and any expenses incurred by the company on stamp duty and medical examination.

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