Pramerica Life Insurance, one of India's fastest-growing life insurance providers, has joined hands with Policybazaar to accelerate its focus on Unit-Linked Insurance Plans (ULIPs). Building on ULIPs as a critical driver of its product strategy, the company introduced two new solutions: Pramerica Life NextGen Pension Plan and Pramerica Life Smart Invest 1UP. Leveraging Policybazaar’s digital expertise and extensive customer insights, these products are designed to empower individuals with retirement planning & wealth-building options, ensuring financial security in today’s dynamic economic environment.
Policybazaar is renowned for simplifying insurance solutions and providing seamless digital experiences to customers.
These ULIPs offer a suite of best-in-class benefits, including:
· Upfront Guaranteed Additions in the policy
· Zero premium allocation charges
· Zero policy administration charges
· Return of mortality charges (ROMC) upon policy survival
· Unlimited fund switches at zero charges
Pramerica Life NextGen Pension Plan:
A Secure Path to Retirement
Pramerica Life Smart Invest 1UP:
A Comprehensive Wealth-Building Tool
1. Up to 5% Guaranteed Additions in the first policy year
2. Flexibility in premium redirection to optimise returns
3. Tax benefits as per prevailing tax laws
1. Up to 10% Guaranteed Additions in the first policy year, with additional benefits for female lives
2. Two plan options- Focused on accumulating wealth, income continuity and financial security for beneficiaries.
3. Tax benefits as per prevailing tax laws
Pramerica Life NextGen Pension Plan gives access to Pramerica Life’s flagship Nifty Midcap 50 Correlated Pension Fund, which offers an impressive 30.7% 1-Year return. The fund is available through an NFL from 18th December 2024 to 1st January 2025 at an NAV of ₹10.
Mr. Pankaj Gupta, MD & CEO, Pramerica Life Insurance said, “Our collaboration with Policybazaar is a significant step in making innovative financial solutions accessible to a larger audience. These new ULIP offerings reflect our commitment to delivering customer-centric products with industry-first features that cater to evolving financial needs, helping individuals secure their future while creating wealth. The Pramerica Life NextGen Pension Plan, in particular, is designed to help individuals build a reliable retirement corpus, ensuring financial independence and peace of mind in their post-retirement years.”
Mr. Sarbvir Singh, CEO, Policybazaar stated “Retirement planning is more important than ever as India faces shifting demographics and evolving financial needs. At Policybazaar, our mission is to empower customers with tailored financial solutions that secure their future. Partnering with Pramerica Life Insurance to introduce these ULIP pension plans reflects our commitment to offering comprehensive products that help individuals achieve long-term financial stability and a worry-free retirement.”
The new offerings will empower customers to choose insurance products that will help accelerate their financial goals.
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.