Private life insurer DLF Pramerica recently added a high-value term insurance plan to its portfolio. Named 'U-Protect', this pure term insurance plan has features similar to such offerings from other insurers. 



The minimum cover offered under the policy is Rs 25 lakh, while there is no upper limit as such – it is subject to underwriting. Like similar plans from other life insurance companies, the product offers lower premium rates to female policyholders. 
 
For instance, a 35-year-old non-smoker male opting for a sum assured of Rs 50 lakh and a 20-year tenure will have to pay an annual premium of Rs 7,750, but, all parameters remaining the same, a female insurance-seeker will be charged only Rs 6,200. 
 
Moreover, those who do not smoke stand to benefit from a further discount in premiums. However, this is applicable only if the cover opted for is at least Rs 50 lakh. 
 
Being a term plan, it promises no maturity benefits if the life assured survives the term. The sum assured is paid out to the dependants of the policyholder in the event of the latter's death. 
 
While such plans have been typically targeted at individuals in the high-income category who maintain a certain standard of lifestyle, the company feels that with a minimum annual premium of Rs 4,000, the product is affordable for customers across multiple income groups. 
 
Rider benefits that can be availed of are 'Accidental Death Benefit' (ADB) or 'Critical Illness' (CI), which covers 10 illnesses or conditions – aorta surgery, blindness, cancer, coronary artery bypass surgery, heart attack, heart valve surgery, kidney failure, major organ transplant, paralysis and stroke. For those opting for the CI rider, a lump sum is paid upon the diagnosis of any of these ailments, subject to a survival period of 30 days. 
 
The policy term ranges from 10 years to 30 years, with the maximum age at maturity being 65 years. Those over 55 years of age are not eligible to buy the policy. 
 
UPSIDE 
The product rewards policyholders for maintaining a healthy lifestyle. If you stay away from smoking, you can obtain a high-value cover at an economical cost. 
 
DOWNSIDE 
Since it is primarily aimed at those maintaining a certain quality of lifestyle, underwriting norms are likely to be stringent, which would make it tough to obtain a cover for some. 
Source: Economic Times
Term insurance from DLF Pramerica Life’s | U-Protect
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https://www.investmentkit.com/articles/wp-content/uploads/2011/11/dlf_pramerica_logo-e1367988373589.jpghttps://www.investmentkit.com/articles/wp-content/uploads/2011/11/dlf_pramerica_logo-150x92.jpgAdminInsuranceaccidental death benefit,aorta,coronary artery bypass,coronary artery bypass surgery,critical illness,dependants,heart valve surgery,income category,income groups,insurance plan,kidney failure,lakh,life insurance companies,life insurer,maximum age,organ transplant,policyholder,pramerica,rs 50,term insurancePrivate life insurer DLF Pramerica recently added a high-value term insurance plan to its portfolio. Named 'U-Protect', this pure term insurance plan has features similar to such offerings from other insurers. The minimum cover offered under the policy is Rs 25 lakh, while there is no upper limit as such...Tutorials to Educate Investors