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Business News/ Money / Personal Finance/  Pramerica Life Insurance launches new age ULIP designed for the new generation’s financial ambitions. Details here
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Pramerica Life Insurance launches new age ULIP designed for the new generation’s financial ambitions. Details here

The insurance sector is becoming competitive these days with life insurance companies launching ULIPs designed to suit the new generation’s financial needs.

Pramerica Life Insurance launches new age ULIP, which is one of its kind.Premium
Pramerica Life Insurance launches new age ULIP, which is one of its kind.

Pramerica Life Insurance Company has announced the introduction of its latest offering, “Pramerica Life Super Investment Plan (UIN: 140L088V01)". The newly launched plan is one of the most flexible Unit Linked Insurance Plans (ULIPs) in India, meticulously designed to align with the dynamic lifestyle and financial ambitions of today’s generation.

On the occasion of the launch Pankaj Gupta, MD & CEO, Pramerica Life Insurance, said, “Modern India is aspirational and is looking out for new age life insurance products that support changing lifestyles and aspirations. Pramerica Life Super Investment Plan is designed to cater to modern financial aspirations while providing a safety net to customers and their families through life insurance coverage. This is one of the most flexible ULIPs in India and also comes with 6 high potential investment funds including Pramerica Nifty Midcap 50 Correlation Fund."

Unlike traditional insurance plans, the uniqueness of this plan lies in the bouquet of features it offers.

• To suit varied needs the plan comes with an option to choose from two investment strategies and six high-potential funds including the Industry-first Pramerica Nifty Midcap 50 Correlation Fund.

• It offers zero premium allocation charge in all years which allows policyholders to grow their wealth faster.

• To further enhance the fund value, the plan offers Persistency Additions and Persistency Booster at specific intervals during the policy term.

• With the flexibility of unlimited switches and premium re-directions between fund options, this plan helps to take advantage of market movement or change the risk preference at no additional cost.

• It also offers Return of Mortality and Waiver of Premium Charges on survival of the life insured till the end of the policy term.

Many investors buy ULIPs considering how this unique category of life insurance policies with investment opportunities. In a ULIP, the policyholder allocates a specific sum of money, which is subsequently invested across various asset classes, including equity, debt, and money market instruments.

The advantages of opting for ULIPs encompass:

Life insurance: ULIPs encompass life insurance coverage, ensuring that in the event of the policyholder's demise, the nominated beneficiary will receive a death benefit. This benefit can be used to cover funeral expenses, settle debts, and fulfill other financial obligations.

Investment opportunities: ULIPs also serve as investment vehicles. Policyholders have the flexibility to select their preferred asset classes based on their risk tolerance and investment objectives.

Tax benefits: ULIPs extend tax benefits according to Section 80C and Section 10(10D) of the Income Tax Act. This allows policyholders to claim deductions of up to Rs. 1.5 lakh annually for premiums paid towards their ULIP.

Flexibility: These plans offer a high degree of flexibility. Policyholders can alter their investment choices, premium amounts, and policy terms as needed.

Liquidity: These are investments with liquidity. After a designated time frame, subject to specific terms and conditions, policyholders can make partial withdrawals from their policy.

Nonetheless, it's crucial to acknowledge that ULIPs do carry inherent risks, including market fluctuations and investment risk. Therefore, policyholders should thoroughly evaluate their investment objectives and risk tolerance before deciding to invest in a ULIP.

 

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Published: 13 Sep 2023, 10:39 AM IST
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