NewsVoir
Gurugram (Haryana) [India], September 29: Pramerica Life Insurance today announced the launch of Pramerica Life Poorna Rakshak, a non-linked, non-participating individual savings life insurance plan that combines life protection with guaranteed benefits and a choice of income structures. With five distinct variants, the product enables customers to choose how and when they receive their benefits based on their financial goals, income requirements and future milestones.
Poorna Rakshak has been developed around the understanding that customers have different financial and protection needs at different stages of life. A young parent may prioritise planning for a child's education and future milestones, while another customer may be looking for an additional source of income in the near term. Designed as an all-encompassing solution, Poorna Rakshak is built to address the varied needs of a wide range of customer cohorts, with the flexibility to align with their individual life stages, financial goals and aspirations. Customers can choose the option that best suits their unique circumstances, making the product relevant across different phases of life and for diverse financial priorities.
Poorna Rakshak addresses these varying priorities through five benefit structures, each designed around a different customer need:
- Smart Scholars is designed around a child's future milestones, with income beginning at age 16-18 and continuing through key milestone years of 20–25, along with a guaranteed lumpsum benefit at the end.
- Early Income is designed for customers seeking regular income from the early years of the policy, with income beginning from the 2nd, 3rd or 4th policy year.
- Income Booster combines an upfront liquidity benefit with regular future income, offering cashback of 25% or 35% of Annualised Premium within 10 days of realisation of the first premium post issuance.
- Smart Money Back provides guaranteed income at five-year intervals, with each successive payout doubling the previous payout.
- Smart Saver provides structured income from the 6th year through the 10th year, along with a maturity benefit
Across all five variants, Poorna Rakshak offers life cover throughout the policy term along with guaranteed benefits under the selected variant, subject to the policy remaining in force and applicable terms and conditions. The choice of benefit structures enables customers to align the timing of their payouts more closely with anticipated financial requirements and milestones. Tax benefits are also available as applicable under prevailing tax laws.
Pankaj Gupta, MD & CEO, Pramerica Life Insurance, said, “Financial planning becomes more meaningful when it reflects how people actually live - their responsibilities, aspirations and the milestones they are preparing for. With Poorna Rakshak, we wanted to give customers the ability to choose a structure that fits their priorities, while retaining the certainty of guaranteed benefits and the security of life protection. It also strengthens our guaranteed product portfolio, an area that has been an important part of our product philosophy over the years.”
Karthik Chakrapani, Chief Business Officer, Pramerica Life Insurance, said, “One thing we consistently see in customer and distributor conversations is that savings needs are becoming increasingly specific. Customers are asking not only about returns or maturity benefits, but also about when benefits begin, how frequently they are received and whether the structure fits a particular goal. Poorna Rakshak has been built to respond to these more nuanced conversations through five clearly differentiated payout options. Ultimately, it is about making savings solutions more relevant to the way customers plan their lives.”
With Poorna Rakshak, Pramerica Life further strengthens its guaranteed savings portfolio by bringing together choice, predictability and life protection, while enabling customers to select a benefit structure aligned with their individual financial requirements and life-stage milestones.
About Pramerica Life Insurance Limited
Pramerica Life Insurance Limited is a joint venture between DIL, a wholly owned subsidiary of Piramal Finance Limited (erstwhile Piramal Capital and Housing Finance Limited) and Prudential International Insurance Holdings, Ltd. (PIIH), a fully owned subsidiary of Prudential Financial, Inc. (PFI). It 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 1, 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. For more details, please visit www.pramericalife.in
About Piramal Finance Limited
Piramal Finance Limited is a retail-led upper-layer NBFC with a pan-India presence, having served over 5 million customers across 26 states. The company manages Assets under Management (AUM) of over Rs. 1,00,000 Cr and operates a distinctive phygital model - combining high-touch engagement across 13,000+ pin codes with high-tech capabilities including machine learning models, agentic AI tools and real-time dashboards. In retail lending, Piramal Finance offers home loans, loans against property, used car loans, personal loans, digital loans and small business loans, with a strong focus on metro-adjacent, semi-urban and rural markets. In wholesale lending, the company provides asset-backed, data-driven solutions across real estate and select non-real estate sectors, with a focus on mid-segment residential projects and capital solutions for mid-market corporates. With its digital-first approach and AI-enabled platforms, Piramal Finance is committed to expanding access to affordable credit and driving inclusive growth across India. For more information visit: piramalfinance.com
About Prudential Financial, Inc.
Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately USD 1.4 trillion in assets under management as of December 31, 2022, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better by creating financial opportunities for more people by expanding access to investing, insurance, and retirement security. Prudential's iconic Rock symbol has stood for strength, stability, expertise, and innovation for nearly 150 years. For more information, please visit news.prudential.com
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