Pramerica Life Partners with Policybazaar to Strengthen it’s ULIP Portfolio, Launching NextGen Pension Plan and Smart Invest 1UP

The new products offer Industry-Leading Features including guaranteed additions in the 1^st policy year.

Gurugram, 18 December 2024: 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 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 18^th December 2024 to 1^st 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. For more details, please visit: www.pramericalife.in

About Piramal Capital & Housing Finance Limited:

Piramal Capital & Housing Finance Limited (referred as Piramal Finance), a wholly owned subsidiary of Piramal Enterprises Limited (flagship company of the Piramal Group), is a housing finance company engaged in retail and wholesale lending. In retail lending, Piramal Finance is one of the leading players that addresses the diverse financing needs of the under-served and unserved people of ‘Bharat’ market. It has over 1 million customers and a network of branches across 318 cities/towns in 27 states. It offers multiple products, including home loans, loan against property, used car loans, small business loans to Indian budget conscious customers at the periphery of metros and in Tier I, II and III cities. In wholesale lending, it caters to both real estate as well as non-real estate sector and offers multiple products including construction finance, structured debt and senior secured debt. 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 $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 opportunity 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

About Policybazaar (www.policybazaar.com)

Policybazaar.com is one of India's leading online insurance platforms. It is the flagship platform of PB Fintech, which owns the fintech brand, Paisabazaar.com, and the lending & insurance marketplace in the UAE region, Policybazaar.ae. The Policybazaar.com group has backing from a host of investors including the likes of PE funds and other family offices. Policybazaar.com started with the purpose to educate people on insurance products and with its offerings has addressed the large and highly underpenetrated online insurance markets.