Designed to address different financial priorities across life stages, Poorna Rakshak offers options for customers planning for a child's education, seeking regular income in the early years of a policy or building savings around specific future requirements. The insurer said the plan aims to provide a flexible savings solution that aligns with individual circumstances, responsibilities and aspirations.
The product offers five benefit structures, each designed to address a specific set of customer needs.
The Smart Scholars option focuses on a child's future milestones. It provides income beginning when the child reaches the age of 16–18, continuing through key milestone years from 20 to 25, along with a guaranteed lump-sum benefit at the end.
The Early Income variant caters to customers seeking regular income from the initial years of the policy. Depending on the selected option, income begins in the second, third or fourth policy year.
Income Booster combines an upfront liquidity benefit with regular future income. It offers cashback equivalent to 25% or 35% of the annualised premium within 10 days of realisation of the first premium after policy issuance.
Smart Money Back provides guaranteed income at five-year intervals, with each successive payout doubling the previous payout. Smart Saver, meanwhile, provides structured income from the sixth year through the tenth year, along with a maturity benefit.
Across all five variants, Poorna Rakshak provides life cover throughout the policy term, alongside guaranteed benefits under the selected option. These benefits are subject to the policy remaining in force and the applicable terms and conditions. The different payout structures are intended to help customers align benefit timings with anticipated financial requirements and important life milestones. Tax benefits are also available, as applicable under prevailing tax laws.
Pankaj Gupta, Managing Director and Chief Executive Officer of Pramerica Life Insurance, said the product was developed to reflect customers' responsibilities, aspirations and financial milestones while offering a choice of benefit structures.
“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,” Gupta said.
Karthik Chakrapani, Chief Business Officer of Pramerica Life Insurance, said customer and distributor discussions increasingly reflected specific expectations about savings products, including the timing and frequency of payouts and their suitability for particular financial goals.
“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,” Chakrapani said.
With the launch of Poorna Rakshak, Pramerica Life Insurance is expanding its guaranteed savings portfolio by combining multiple payout choices with predictable benefits and life protection. The five variants give customers the option to select a structure based on their financial requirements and life-stage milestones, subject to the terms of the policy.
Pramerica Life Insurance Limited is a joint venture between DIL, a wholly owned subsidiary of Piramal Finance Limited, formerly Piramal Capital and Housing Finance Limited, and Prudential International Insurance Holdings, Ltd. (PIIH), a wholly owned subsidiary of Prudential Financial, Inc. (PFI). The venture brings together two financial services organisations with decades of business experience.
Pramerica Life Insurance Limited began operations in India on September 1, 2008. It has a pan-India presence through multiple distribution channels customised to address the insurance needs of different 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. Further information is available at www.pramericalife.in.
Piramal Finance Limited is a retail-led upper-layer non-banking financial company (NBFC) with a pan-India presence. It has served more than 5 million customers across 26 states and manages assets under management (AUM) of over Rs. 1,00,000 crore. Its operating model combines high-touch engagement across more than 13,000 pin codes with technology capabilities that include 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, focusing on metro-adjacent, semi-urban and rural markets. Its wholesale lending business 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. Through its digital-first approach and AI-enabled platforms, the company aims to expand access to affordable credit and support inclusive growth across India. More information is available at piramalfinance.com.
Prudential Financial, Inc. (NYSE: PRU) is a global financial services company and active global investment manager with approximately USD 1.4 trillion in assets under management as of December 31, 2022. It operates in the United States, Asia, Europe and Latin America. Its employees work to expand access to investing, insurance and retirement security, with the stated aim of creating financial opportunities for more people. Prudential's Rock symbol has represented strength, stability, expertise and innovation for nearly 150 years. Further information is available at news.prudential.com.
About The Author
Comment List