DLF Pramerica Life launches `Income Rakshak' plan

MUMBAI: Private insurer DLF Pramerica Life Insurance (DPLI) today launched a new plan that helps supplement a family's monthly income and also provides protection.

"Our new product, Income Rakshak, helps supplement a family's monthly income and allows customers to protect the lifestyle of their families even when their income shows a decline, that is in the retirement phase.

"This can help them meet their expenses and fulfil their responsibilities and wishes without dipping into savings," DPLI Managing Director and CEO Pavan Dhamija said in a release here.

It is also a protection plan that helps to ensure that the customer's family has an additional income stream to meet the monthly expenses if the insured is no longer around to take care of them, he added.

"Income Rakshak focuses on helping customers meet their ongoing monthly responsibilities and expenses by providing them some additional income," Dhamija elaborated.

At maturity of the policy, the chosen monthly income amount will be payable every month for a duration of 5 years (for policy term of 10 years), 7 years (for a policy term of 14 years) and 10 years (for a policy term of 20 years).

Income Rakshak allows customers to choose the amount of monthly income as per the need, subject to a minimum of Rs 1,000 for policy terms of 10, 14 or 20 years.

DPLI, a joint venture between leading real estate firm DLF and Prudential International Insurance Holdings, started operations in India on September 2008. Currently, DPLI has a network of 42 branch offices and 62 units and has a 15 products in its portfolio.