Pramerica Life Insurance Review

Pros Explained

• Partners with Prudential in the U.S.: In 2013, Pramerica partnered with Prudential for U.S. life insurance coverage. 
• Extended family protections: Pramerica focuses on families, designing its policies to add protection even after you are gone.
• Community support: Pramerica rewards youth leaders in its communities through the Pramerica Spirit of Community Awards in India and the Prudential Spirit of Community Awards in the U.S.

Cons Explained

• No insurance through Prameria: Pramerica does not sell insurance in the U.S., selling life insurance in India instead.
• Only term insurance is available: Only term life insurance is available from Pramerica with none of the typical whole, universal, and variable life insurance plans.

Available Plans

Pramerica Life Insurance offers one type of life insurance: term life insurance.

Term Life Insurance

Term life insurance is a type of temporary life insurance coverage. Unlike whole life insurance, a term life policy has a specific end date. When the policy terminates, there is a death benefit paid after all applicable fees. If the policyholder dies before the policy expires, the death benefit is paid to the policy’s beneficiary. 

Pramerica offers five-term insurance plans.

Pramerica Life Saral Jeevan Bima

The Pramerica Life Saral Jeevan Bima is a non-linked and non-participating pure-risk life insurance policy for individuals. There is the option to choose a term of 5 to 40 years. There is also the option for single or regular premiums, or you can choose a limited premium of five or ten years. This policy is designed for ages 18 to 65, with a maximum maturity age of 70. The assured sum ranges from ₹5,00,000 to ₹25,00,000, distributed in multiples of 50,000.

Pramerica Life TruShield 

Pramerica Life TruShield is a non-linked, non-participating term life insurance policy with included return of premium. You can choose between a level cover or reducing cover for your death benefit with a base sum beginning at ₹5,00,000.

Policies are available for policyholders 18 years and older, with a maturity age of 65. The maximum issue age depends on the policy you choose.

• 7-Year Term: 50 years
• 10-Year Term: 55 years
• 12-Year Term: 50 years
• 15-Year Term: 50 years
• 20-Year Term: 45 years

Pramerica Life U-Protect

Pramerica Life U-Protect is a non-linked, non-participating term life insurance policy designed to protect families. 

It is available with an issue age of 18 to 55 years, with a maximum age of 65 years when the policy expires. Policies range from 10 years to 30 years, with a policy value that begins with a minimum of ₹25,00,000 and has no maximum, depending on eligibility requirements.

Pramerica Life Rakshak Gold 

Pramerica Life Rakshak Gold is a non-linked, non-participating endowment life insurance plan for families. It features a benefit increase based on how many years you have had the policy, with increases every three years. Policy terms are strategically short, so you can access your funds sooner. The base amount of your policy is ₹75,000 with a maximum of ₹5 Crores.

Pramerica Life Secure Savings Plan

Pramerica Life Secure Savings Plan combines life insurance protection with an additional savings feature. When the policy ends, there is a lump sum savings booster added to the final income installment.

This policy carries a term of 13 years. There is the option of a premium payment term of 8, 10, and 12 years with an annual premium of ₹25,000 p.a. or ₹30,000 p.a. for other payment methods. The eligible age of issue is between 5 and 60 years with a maturity age of 18 to 73 years. The assured base sum is 11 times the annual premium, with policies available over ₹1,00,000 and above for qualified applicants.

Several annuity plans are also available.

U.S. Life Insurance 

For U.S. customers, Prudential offers a total of 11 plans between four types of life insurance: term, universal life, index, and variable life insurance.

To help you decide which type of life insurance you need, there is a helpful online quiz that will find the right coverage for you based on just five questions that take about three minutes. 

Available Riders

Life insurance is far from a one-size-fits-all process, which is why riders are so important. A life insurance rider is a type of additional coverage that provides greater coverage to an existing policy. It allows you the ability to customize your coverage with specific forms of coverage or benefits. Adding life insurance riders to an existing policy allows you to better mold your coverage to your exact needs.

To find out what life insurance riders are available, contact your Pramerica life insurance agent for more details.

Customer Service

Pramerica is unavailable for customer support for U.S. customers, as it is based in India. 

For customers in India, there are many ways to receive support. You can fill out an online form so a financial professional contacts you, or you can contact support directly Monday through Saturday between the hours of 9:30 a.m. and 6:30 p.m.

Complaint Index

The National Association of Insurance Commissioners (NAIC) tracks consumer complaints and assigns insurance companies an average score, using 1.00 as the industry average for comparison.

However, as an international provider, Pramerica is not listed under the NAIC.

Third-Party Ratings

Pramerica is not rated by J.D. Power for customer satisfaction or AM Best for financial strength.

Cancellation Policy

Pramerica offers a free look period. You have 15 days from the date of purchase to review your policy and cancel without penalty. 

If you want to cancel your policy after the free look period, Pramerica offers straightforward instructions for policy cancellation. However, before you cancel your policy, consider what fees may apply. Terminating early could leave you susceptible to fees and penalties. There are surrender charges that may apply if you cancel your policy before the end of its term. If you still want to cancel, you can contact your agent or Pramerica customer support. 

Price

The cost of Pramerica life insurance is different for everyone. Policies are calculated using a specific set of rate factors, which includes things like your age, medical history, and gender, although most providers base rates on sex at birth rather than gender identity. 

To receive personalized pricing, Pramerica offers easy online quotes in seconds. 

Competition

New York Life is one of the best life insurance companies in the U.S. It is also one of the bigger life insurance companies with an 8.30% market share. New York Life also has double the number of plans that Pramerica offers, but most importantly, Pramerica is not available for sale in the U.S., making New York Life the better option.

Final Verdict

Pramerica offers several life insurance plans, but it only offers services in India. Instead, Pramerica’s partner Prudential is our overall best pick for life insurance for 2022, so it is a great option when you are looking for Pramerica life insurance.

Learn More

Frequently Asked Questions

Who owns Pramerica life insurance?

Pramerica Life Insurance is jointly owned by Prudential Financial Inc and Piramal Capital and Housing Finance Limited. The company's current CEO is Pankaj Gupta.

Where in the world is Pramerica available?

Pramerica sells life insurance exclusively in India. The company is headquartered in Gurugram.

What are other Indian life insurance companies besides Pramerica?

The Insurance Regulatory and Development Authority of India includes a list of countrywide life insurers on its website. This includes companies such as the Life Insurance Corporation of India, HDFC Life Insurance Co. Ltd, Max Life Insurance Co. Ltd., and many others.

Is Pramerica as good as other Indian life insurance companies?

Based on Investopedia's analysis, Pramerica is not a top-rate life insurance company. Many other companies in India are considered a better option than Pramerica including Max Life Insurance Co. Ltd, HDFC Life Insurance Co. Ltd, and the Life Insurance Corporation of India.

Methodology

At Investopedia, our exclusive Life Insurance Review Methodology analyzes several key factors that you need to know when determining what life insurance to buy. Using the latest rates and data available, we consider several factors, such as available coverage, riders, underwriting, service area, financial strength, and customer satisfaction. We compare these providers against today’s leading insurance carriers, offering you the in-depth analysis you need to make the best financial decisions for you and your family.