DHFL Pramerica Family Income – Overview
DHFL Pramerica Family Income is a non-participating, decreasing term plan that helps take care of the financial needs of the family in the absence of the life insured (primary bread earner) in the form of monthly payouts. The plan allows one to decide the monthly financial support that one would like to provide to the loved ones when one is not around. This amount is then paid to the family on a monthly basis from the date of death of the life insured until the end of the policy term, subject to a minimum guaranteed 36 monthly instalments. The plan also permits the beneficiary to receive the benefit amount as a lump sum at the time of claim instead of regular monthly instalments if the family has pressing needs …show more content…
There are 2 options/ways of payment of the Death Benefit:

Regular Monthly Income: In this case, the nominee (family) receives a monthly income from the date of death until the end of the policy term. He/she will receive at least 36 guaranteed monthly instalments. The monthly income once decided at policy inception cannot be changed later.

Lump Sum Benefit: If the immediate needs of the nominee (family) outweigh the need for regular monthly instalments, the beneficiary can choose to receive a lump sum amount at the time of filing the claim. The same will be paid as the discounted value of all future monthly payments.
• Maturity Benefit: Since this is a non-participating, decreasing term plan, no benefit is paid if the life insured survives till the end of the policy term
• Tax Benefits: Premiums paid and benefits received qualify for tax deduction under Section 80C and Section 10 (10D) respectively of the Income Tax Act, 1961

Product Specifications

Minimum Maximum
Entry Age (Last Birthday) 18 years 55