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Shriram Life Insurance is a first-class private life insurer that offers cost-efficient insurance plans with extensive coverage. Whether you are looking for a child plan or a term plan or a women plan or ULIP plan or pension plan, you can rely on the company to provide you with assured protection.
The Shriram Life Assured Advantage Plan is an insurance cum investment plan that allows you to pay premiums only a single time. You can put your money in this plan to get excellent returns. What’s more, when you go for high premiums, you can receive good rebates.
This plan is a single premium plan which is non-linked in nature. You can enjoy a dual benefit with this plan. This includes a guaranteed benefit after the policy matures and a life cover. It is appropriate for anybody who wants to get optimum returns along with protection for self and family. Let us take a look at the eligibility table to understand who can take this plan:
|Minimum entry age||8 years|
|Maximum entry age||40 years (Option 1) or 60 years (Option 2)|
|Minimum maturity age||18 years|
|Maximum maturity age||50 years(Option 1) or 70 years (Option 2)|
Sum assured refers to the guaranteed amount that is paid by the insurance company to the nominee after the policyholder dies. The Shriram Life Assured Advantage Plan gives out a decent sum assured amount according to the entry age of the policyholder. The premiums are in multiples of Rs.1,000. Let us take a look at the details regarding the sum assured and the premium range for this plan:
|Minimum sum assured||For Option 1, Rs.5,00,000 For Option 2, Rs.62,500|
|Maximum sum assured||No information provided|
|Minimum single premium||Rs.50,000|
|Maximum single premium||There is no limit. It depends on the underwriting conditions according to underwriting policy approved by the Board.|
|Premium paying term||Single|
|Policy period||10 years|
When you select Option 1, your life cover will be 10 times the single premium. When you select Option 2, your life cover will be 1.25 times the single premium.
Premiums vary based on age, location, plan term and other factors.
The Shriram Life Assured Advantage Plan comes with a dual benefit comprising life cover and guaranteed benefit upon maturity. Let us take a look at the table to understand what the plan covers:
|Type of benefit||Features of the benefit|
|Death benefit||When the policyholder dies, the nominees or beneficiaries will be provided with sum assured on death. This can be 125% of the single premium for someone who is below 45 years and 110% of single premium for someone who is 45 years old and above, sum assured according to the benefit option selected, or sum assured to be given on maturity, whichever is higher. Here, your sum assured will be the minimum guaranteed sum assured to be provided when the policy matures. [Maturity benefit factor X Single premium]|
|Maturity benefit||If the policyholder lives until the policy period is completed, the company will pay the sum assured on maturity.|
Some insurance plans are provided to policyholders along with exclusions. Exclusions refer to aspects that are not covered by a particular insurance plan. This plan comes with a suicide exclusion where if the policyholder commits suicide in 12 months after obtaining the policy, then the nominee will get 95% of the premium that has been paid or surrender value, whichever is higher. When you are applying for this plan, you can ask your insurance agent if there are any exclusions that come with this plan.
The Shriram Life Assured Advantage Plan provides a host of merits to the policyholder and his or her nominee. Let us discuss the other important features that are given with this plan:
|Paid up value||When you pay a single premium, this policy is converted to a fully paid up policy.|
|Cover for minor individuals||If the policy assures a minor’s life, the cover commences right after the first policy anniversary.|
|Surrender value||When you surrender your policy, you will get a guaranteed surrender value. This value is a certain percentage of the single premium that you will be paying.|
|Special surrender value||Under this plan, you can enjoy a special surrender value which is non-guaranteed in nature. This exclusive value is a particular percentage of the sum assured on maturity.|
|Free look period||During the free look period, you can check out the plan thoroughly and then decide if you want it or not. The company gives a free look period of 15 days. If you are not interested in the policy, you can return it within these 15 days. You will need to provide suitable reasons while returning it.|
|Policy loans||You can avail policy loans under this plan. The loan is usually 80% of the surrender value. You may also go for lower loan amounts depending on your requirements and preferences.|
|Nomination||You can nominate another person according to Section 39 of The Insurance Act, 1938 to receive your insurance benefits on your behalf when you are not around.|
When you pay your premiums for this plan, you can enjoy tax deductions or tax benefits as per the rules governed by the Income Tax Act, 1961. You will get benefits specifically under 80C or 80CCC and 80D or 80DDD.
These are some of the other benefits of the Shriram Life Assured Advantage Plan:
Shriram Life Insurance is focussed towards making everybody financially independent and secure. The company offers quick solutions to claims made by policyholders. The grievance redressal facility of the company is top-class and well-organised. It is a profitable private life insurance provider that is noted for its remarkable services to the public. Some of the awards received by the company include The Bizz Americas 2016 Award, CEO of the Year 2015 Award, Best Life Insurance Company, and lots more! When you take the Assured Advantage Plan from Shriram Life Insurance, you can be assured that you will get attentive services with great life cover as well as rewarding returns.
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