Pramerica Life Unveils Flexi Income Plan, Enhancing Financial Security for Indians

The plan offers an option to accrue guaranteed Income & earn incremental interest*

Early Income option from as soon as next month of the policy inception**

Pramerica Life Insurance, one of the fastest growing life insurers in India, today announced the launch of its latest offering, the Pramerica Life Flexi Income Plan. This is a Non-Linked Non-Participating Individual Life Insurance Savings Plan designed to help policyholders achieve their financial goals with certainty and flexibility.

Flexi Income Plan​

The introduction of the Pramerica Life Flexi Income Plan is a significant step under Pramerica 2.0, the current phase of the company’s evolution. In this new phase of growth, Pramerica Life Insurance remains dedicated to creating value for its customers by continually innovating and enhancing its product offerings. The Pramerica Life Flexi Income Plan is designed to empower policyholders in achieving critical financial milestones, such as securing the future of loved ones and ensuring a comfortable retirement. This plan enables policyholders to accumulate funds in a wallet, providing the flexibility to access them at a chosen future date. This helps them achieve their milestones and remain resilient against market volatilities.

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Key Features and Benefits:

1. Tailored Plan Options:

Early Income: Ideal for those seeking regular income throughout the policy term and a lump sum at maturity.

Early Income with Policy Continuation Benefit (PCB): Offers enhanced protection with continued benefits even after the policyholder’s demise.

2. Guaranteed Income: Assured regular income payouts during the policy term and a lump sum benefit at maturity, ensuring financial security without market risks.

3. Comprehensive Family Protection: Life insurance coverage throughout the policy term, safeguarding the financial future of loved ones.

4. Income Start Year Flexibility: Option to decide when policyholders want their income payouts to begin right at the inception of the policy.

5. Tax Advantages: Potential tax benefits on both premiums paid and benefits received, as per prevailing Income Tax laws (subject to change; please consult a tax advisor).

6. Additional benefits: Auto Cover Continuance, Express Claim Relief and Accrual and Offset Options.

Karthik Chakrapani, Chief Business Officer of Pramerica Life Insurance said, “At Pramerica Life Insurance, we recognize the aspirations of a rising India, where individuals are increasingly aware of their financial goals and needs. The Pramerica Life Flexi Income Plan is crafted to cater to this evolving landscape, offering a unique blend of guaranteed income, comprehensive protection and flexible plan options. It goes beyond just innovation; its about putting the customer first. We know stability is key in financial planning and this plan reflects our dedication to creating products that safeguards their future while offering growth potential.”

*This option can be chosen by the policyholder anytime during the policy term. Interest shall be equal to higher of (Repo rate less 2.0% and 0.5 times Repo rate). The rate will be reviewed every six months (1st April & 1st October every year). The rate shall compound annually. At any time, the policyholder has an option to withdraw, completely or partially, from the accrued income payout. The balance amount will keep accumulating and shall be payable on termination of the policy on death or maturity or surrender. **Depending upon the income payout frequency chosen by the Policyholder. Available for in-force and valid claims.

With the Pramerica Life Flexi Income Plan, policyholders can customize their financial planning to align with their unique needs and goals. The combination of guaranteed income, flexible premium terms and additional benefits such as express claim relief and auto cover continuance makes this plan a comprehensive solution for those seeking financial stability.

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About Pramerica Life Insurance Limited

Pramerica Life Insurance Limited is a joint venture between DIL, a wholly owned subsidiary of Piramal Capital and Housing Finance Limited and Prudential International Insurance Holdings, Ltd. (PIIH), a fully owned subsidiary of Prudential Financial, Inc. (PFI). Pramerica Life Insurance Limited represents the coming together of two renowned financial services organizations with a legacy of business excellence spread over decades. Pramerica Life Insurance Limited, started operations in India on September 01, 2008 and has a pan India presence through multiple distribution channels which have been customized to address the specific insurance needs of diverse customer segments. The Company is committed to providing protection and quality financial advice to its customers. Pramerica is the brand name used in India and select countries by PFI.

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About Piramal Capital & Housing Finance Limited

Piramal Capital & Housing Finance Limited (referred as Piramal Finance), a wholly owned subsidiary of Piramal Enterprises Limited (flagship company of the Piramal Group), is a housing finance company engaged in retail and wholesale lending. In retail lending, Piramal Finance is one of the leading players that addresses the diverse financing needs of the under-served and unserved people of ‘Bharat’ market. It has over 1 million customers and a network of branches across 318 cities/towns in 27 states. It offers multiple products, including home loans, loan against property, used car loans, small business loans to Indian budget conscious customers at the periphery of metros and in Tier I, II and III cities. In wholesale lending, it caters to both real estate as well as non-real estate sector and offers multiple products including construction finance, structured debt and senior secured debt.

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About Prudential Financial, Inc.

Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.4 trillion in assets under management as of December 31, 2022, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better by creating financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudentials iconic Rock symbol has stood for strength, stability, expertise, and innovation for nearly 150 years.

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