Pramerica Life Insurance Review

Life insurance for individuals residing in India

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Pramerica

Pramerica

Our Take 

Pramerica Life Insurance is an India-based life insurance company, offering term and universal life insurance policies to residents of India. It offers flexible term policies for all ages, as well as multiple types of child life insurance, allowing parents to cover their dependents, and grow cash value over time. Pramerica Life Insurance is a great option for Indian residents to find quality term life policies.

  • Pros and Cons
  • Key Takeaways
  • Specifications
Pros and Cons
Pros
  • Wide array of policies

  • Term life premium calculator available

  • Some policies build cash value savings

  • Most policies offer ability to increase coverage

Cons
  • Most policy quotes require talking to an agent directly

  • Many third-party rating sites show billing and customer service complaints

Key Takeaways
  • Pramerica Life Insurance is a large life insurance company offering plans to Indian residents.
  • There are several term and universal life policies available along with several rider options.
  • Pramerica Life Insurance also offers pension plans, endowment plans, and annuities.
  • Pramerica Life Insurance is a subsidiary of Dewan Housing Finance Corporation Ltd. (DHFL), a large financial holding company in India.
Specifications
  • Year Founded 2008
  • Kinds of Plans Term, Universal
  • Number of Plans 8
  • Payment Options Single-Premium, Monthly, Quarterly, Semi-Annual, Annual
  • Official Website www.pramericalife.in

Introduction

Pramerica Life Insurance offers term and universal life insurance to residents of India. We researched Pramerica Life Insurance’s financial stability, policy plan options, riders, website tools, and customer service reviews to help you compare the life insurance policy options of Pramerica Life Insurance with the competition. 

Pramerica Life Insurance is only available to residents of India.

Company Overview

Pramerica Life Insurance is the fourth-largest life insurance company in India, headquartered in New Delhi. Pramerica Life Insurance is a subsidiary of DHFL Services, a large financial holding company that owns several life and health insurance companies. Pramerica Life Insurance has several hundred offices across India, and over ₹1,087,987 crore in policies in force.

Pramerica Life Insurance offers term and universal life insurance policies, as well as a few policy riders available for additional coverage options. Some policy quotes are available online, but many of the policy estimates require you to talk directly to an agent for an exact quote.

Pramerica Life Insurance is licensed in India, but actual availability varies by product and location. 

Pramerica Life Insurance also offers annuities, pension plans, and supplemental health insurance products.

Available Plans

Pramerica Life Insurance offers eight types of life insurance including several term and universal plans. Some plans can be applied for online, but most require speaking with a Pramerica Life Insurance agent directly.

Pramerica Life Saral Jeevan Bima

The Pramerica Life Saral Jeevan Bima Plan is a term life insurance policy offering. Policies are available in coverage amounts of ₹5,000 to ₹25,000,000, with term lengths up to 40 years. Policyholders must be aged 18 to age 65, and policies cannot cover beyond 70 years old.

Premiums can be on a monthly, semi-annual, or annual basis, on a limited basis (five or 10 years), or as a single premium payment. Death benefit payouts are either a lump sum or monthly payment to selected beneficiaries.

Pramerica Life U-Protect

The Pramerica Life U-Protect Plan is a high-coverage term life insurance policy with minimum coverage of ₹25,000,000 and no maximum coverage amount (subject to underwriting). Policyholders must be aged 18 to age 55, and policies cannot cover beyond 65 years old. Term lengths are available from 10 to 30 years. Premiums can be on a monthly, semi-annual, or annual basis.

Pramerica Life TruShield

The Pramerica Life TruShield Plan offers term life insurance coverage from seven to 20 years (up to 65 years of age) with single pay, limited pay, or recurring premium payment options. Policies are available in coverage amounts of ₹5,000 to ₹50,000,000, and both level- and reducing-benefit options are available. 

This policy also offers a Return of Premium option should the insured outlive the policy term. This pays back all premiums paid over the life of the policy.

Pramerica Life Insurance Online Savings Plan (ULIP)

The Pramerica Life Insurance Online Savings Plan is a combination of universal life insurance and term life insurance, referred to as a Unit-Linked Insurance Plan (ULIP). It offers flexible insurance premiums and the ability to invest the cash value of the plan into investment funds. There are several payouts methods available, including monthly income and lump sum. Plans also offer the ability to increase premiums and coverage over time.

There are four ULIP plan options:

  • Pramerica Life Wealth Enhancer. This is a single-premium policy that functions similar to a term life plan and offers up to 20 years of protection. Upon policy maturity, the insured will receive the cash value of the policy back. Coverage is available until 75 years of age.
  • Pramerica Life Wealth Maximiser. This policy offers term coverage from 10 to 30 years in length, up to age 75. Premiums are available via single pay, limited pay, or regular payments. The cash value of the policy can be invested in a range of investment funds.
  • Pramerica Life Wealth+ Ace. This is another single-premium policy that offers up to 25 years of protection. The cash value of the policy can be invested in a range of investment funds. Upon policy maturity, the insured will receive the cash value of the policy back. Coverage is available until 75 years of age.
  • Pramerica Life Smart Wealth+. This policy offers term coverage from five to 20 years in length, up to age 75. Premiums are available via limited pay or regular payments. The cash value of the policy can be invested, and the cash value will be returned upon policy maturity if the insured outlives the policy.

Quotes are not available online for universal life insurance policies, but estimated premiums can be calculated using the Pramerica online premium calculator.

Pramerica Life Rakshak Gold

The Pramerica Life Rakshak Gold is a children’s term life insurance policy that offers life insurance coverage for children, but with a lump sum payout when they turn 18. Coverage is available from zero to 18 years of age, with coverage of ₹75,000 to ₹50,000,000 available. This policy also offers an annual bonus that can be added to the cash value of the policy or used to reduce premiums. This policy also comes with a maturity benefit, paying out a lump sum to your child at age 18.

Available Riders

A rider is an optional policy enhancement that offers additional coverage options on the insurance policies. Riders may be billed as a small percentage of the policy premium, or as a flat annual fee. Fees vary by policy, product, and options selected.

Pramerica Life Insurance offers two riders for its life insurance policies. 

Terminal Illness Rider

This rider pays a portion of the policy face value upon a qualifying terminal illness diagnosis.

Accidental Death Coverage

Under this benefit, the insured's family receives the policy coverage amount, along with the base cover, if the death occurs due to an accident.

Customer Service: Many Ways to Connect

Pramerica Life Insurance offers support over the phone, via email, or in person at one of its local offices. Customer service can be reached by calling 1-800-102-7070 or sending an email to contactus@pramericalife.in.

Pramerica Life Insurance customer service business hours are Monday-Saturday 9:30 a.m. to 6:30 p.m. India Standard Time.

Customer Satisfaction: Not Available

Pramerica Life Insurance is not formally rated by accredited agencies such as the NAIC and J.D. Power. According to a few third-party review websites, some customers have cited issues with Pramerica Life Insurance customer service, including claims and policy issues.

Financial Strength: Strong

Pramerica Life Insurance is a strong financial company jointly owned by DHFL and Prudential International Insurance Holdings, Ltd. (PIIH). Though no formal financial ratings exist from accredited agencies, like AM Best, joint-owner has over 111 billion rupees in managed assets with a solvency margin of 460%. In addition, the other joint-owner, Prudential, is one of the largest insurance companies in the U.S., with over $1 trillion in managed assets.

Cancellation Policy: 15 Days

Pramerica Life Insurance offers a 15-day free-look period on most policies, with 30 days available on some policies that were applied for remotely. This grace period allows customers to cancel the policy within that period for a refund of premiums paid. 

Refunds are subject to a deduction for prorated coverage, as well as medical exam costs.

After the free look period, cancellation terms vary between life insurance policies. You will need to reach out to a Pramerica Life Insurance agent for specifics on each policy.

Price of Pramerica Life Insurance: Varies

Pramerica Life Insurance premiums vary by policy, length, age, and health status. While policy estimates are available online, exact quotes are only available by contacting a Pramerica Life Insurance agent directly. Premiums can be paid monthly, quarterly, semiannually, or annually, as well as in a single lump-sum payment.

How Pramerica Life Insurance Compares to Other Life Insurance

Pramerica Life Insurance offers term and ULIP policy options for residents of India. Policies offer a wide range of coverage amounts, as well as customization to tailor policies to each individual. Though only offered in India, here’s how Pramerica Life Insurance compares to a large national insurance company in the U.S.

Pramerica Life Insurance vs. Ameritas Life Insurance

Both Pramerica Life Insurance and Ameritas offer term and universal life policies. Both offer policies that build cash value that can be borrowed against. While Ameritas allows clients to customize policies via riders, Pramerica has built-in policy options available for each policy.

Here are a few more differences between Pramerica Life Insurance and Ameritas Life Insurance:

  • Ameritas offers term life insurance with a cash value option.
  • Pramerica Life Insurance offers a child’s term policy with a lump sum payout when they turn 18.
  • Ameritas offers multi-policy discounts for existing customers.
  • Pramerica Life Insurance offers a term life plan with no maximum coverage, while Ameritas offers up to $50,000,000 in coverage on its term policy.

While Pramerica Life Insurance offers a wide range of customization to its ULIP policies, Ameritas offers affordable term life policies with discounts for existing customers.

Read our full Ameritas Life Insurance review.

  Pramerica Life Insurance Ameritas Life Insurance 
Market Share N/A N/A 
Number of Plans  8
Online Quotes Available?  Yes Yes (term life only) 
Service Method  Online, phone, in-person Email, phone, in-person
AM Best Rating  N/A  A (Excellent) 
Complaints Index  N/A  0.51 (very good) 
Final Verdict

Pramerica Life Insurance is a large insurer in India, backed by DHFL and Prudential Financial, offering flexible life insurance policies for all ages. With multiple term and ULIP life plans, as well as a child’s term policy, Pramerica Life Insurance may be a good option for residents of India who want to cover themselves and their children.

Those looking for high-coverage term policies can apply for the U-Protect policy, which has no coverage maximums and is only limited by the results of underwriting. Pramerica also offers a range of savings and investment vehicles for Indian residents. Overall, Pramerica is a fast-growing life insurance company with a lot to offer and is worth a look.

Methodology

All of our reviews of life insurance companies are based on extensive research and analysis of each company’s offerings, customer service, financial stability, cost, and more. For each company, we compared the life insurance products offered, as well as available features, and reported customer experiences. Visit our life insurance review methodology for the full breakdown of what we evaluated for over two dozen companies.