• Shriram Life Assured Income Plus Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    Shriram Life Assured Income Plus Plan is a non-linked, non-participating endowment assurance plan which requires customers to make premium payments for a limited number of five years, where they can receive benefits after maturity, in equated annual instalments. Policyholders who are up to the age of 50 years are entitled to a life cover that is 10x of annualized premium whereas policyholders who are 51 years and above are entitled to life cover that is 7x of the annualized premium. The maximum policy term stretches to 10 years and premiums can be paid yearly, half-yearly, quarterly and monthly. Also, policyholders are entitled to tax benefits according to the provisions of the Income Tax Act.

    Eligibility - Who is the Shriram Life Assured Income Plus Plan for?

    Following is the eligibility criteria for the Shriram Life Assured Income Plus Plan.

    Minimum age at entry 8 years last birthday
    Maximum age at entry 60 years last birthday
    Maximum age at maturity 70 years last birthday
    Policy Term 10 years

    Sum Assured & Premium Range - What you get & what it costs?

    Sum Assured

    The minimum sum assured under this plan is set at Rs.1,50,000 for policyholders up to the age of 50 years last birthday and Rs.3,00,000 for policyholders who are 51 years or above in age. The maximum sum assured provided under the plan is set at Rs.5 crores and is subject to the Board approved underwriting policy.

    Premium Range

    The minimum annual premium payable towards this policy is Rs.20,000 while the maximum premium payable towards the policy is Rs.65.10 lakhs, subject to the Board’s underwriting policy.

    Payment Mode

    Policyholders can pay premiums on a yearly, half-yearly, quarterly and monthly basis. The monthly mode of payment will be allowed under ECS (electronic clearing service).

    Premium Payment Term

    The premium payment term under this policy is fixed for 5 years.

    Plan Coverage - What the Shriram Life Assured Income Plus Plan Covers?

    Death Benefit Death Benefit Within PPT If the life assured policyholder passes away during the premium paying term, assuming the policy is still active, their nominee(s) or legal heir(s) will be entitled to receive the Death Sum Assured in lump sum. Following the pay out, the policy will be terminated. Death Benefit after PPT If the life assured policyholder passes away after the premium payment term (5 years) but before the expiry of the policy term (10 years), assuming that the policy in active, their nominee(s) or legal heir(s) will be entitled to receive the Death Sum Assured in lump sum. Following the pay out, the policy will be terminated. In case the life assured policyholder passes away after the end of the policy term but before the start of the instalment payments, then the nominee or beneficiary named in the policy will only be entitled to receive the instalment pay out. There will not be any lump sum payment.
    • Death sum assured here is the sum assured amount which is paid on the death of the life assured. This amount will be the highest of 10x of Annualized Premium (policyholders aged up to 50 years)/7x of Annualized Premium (policyholders between 51 to 60 years) OR Sum Assured OR Maturity Sum Assured OR 105% of total premiums paid till death.
    • Sum Assured here is the total amount which the insurer has assured to pay in lump sum in the event of the life assured’s death. It is chosen at the time of policy inception.
    • Maturity Sum Assured is the amount of guaranteed sum assured that is paid on policy maturity and will be equivalent to the discounted value of instalments payable.
    • Annualised Premium is the premium that is payable in a year and is chosen by the ?policy holder. ?
    Maturity Benefit If the life assured policyholder survives the policy term (10 years) and has paid all due premiums, they will be entitled to receive the sum assured in 5 equal annual instalments. This means that 20% of total sum assured shall be paid to the life assured after the end of each year once the policy matures.

    Exclusions - What the Shriram Life Assured Income Plus Plan doesn’t cover?


    If the life assured policyholder commits suicide, whether sane or insane, within one year from the policy commencement date, their nominee is entitled to receive 80% of total premium paid till life assured’s death. If the life assured has committed suicide within a year from the date of policy revival/reinstatement, they will receive the greater of 80% of premium paid until death OR surrender value of the policy.

    Minor Lives

    In case the life assured individual is a minor (age below 18 last birthday), the risk cover for them will commence from the first policy anniversary. If the minor life assured passes away during the first policy year, all premiums paid (excl. modal premium loadings) will be refunded.

    Other Key Features – Free Look Period, Surrender Values, Grace Period Etc.

    Free Look Period Policyholders will be allowed a free look period of 15 days (30 days if policy has been received via Distance Marketing channels) for reviewing the terms and coverage of the policy. In case the policyholder wishes to return/cancel the policy, they must return the policy document along with stating the reason for return. They will be eligible to receive a refund of the premiums they have paid, after the deduction of proportionate risk premium, stamp charges, medical examination charges etc.
    High Sum Assured Rebates Policyholders are entitled to attractive rebates if they have chosen a high sum assured amount.
    Nomination Nomination facility is allowed in this policy under Section 39 of Insurance Act, 1938.
    Assignment Assignment of the policy may be done under Section 39 of the Insurance Act, 1938.
    Grace Period For yearly, half-yearly and quarterly modes of premium payment, a grace period of 15 days is provided for outstanding premium payment. For monthly mode of premium payment, a grace period of 15 days is provided.
    Revival of Policy A lapsed or paid-up policy can be reinstated or revived within a period of 2 years, starting from the date of the first outstanding premium.
    Loans Under this policy, policyholders can avail loans up to 85% of the policy’s surrender value. The interest is charged at the rate of 9.5% per annum and outstanding loan amount along with interest must be repaid before the policy benefit is payable.
    Alterations Only payment mode alteration is allowed under the policy.
    Surrender Value The policy will acquire a Surrender Value only if premiums have been paid for 2 full terms.

    Tax Benefits – How you can save with the Shriram Life Assured Income Plus Plan?

    Policyholders are entitled to attractive tax benefits under the rules of the Income Tax Act.

    Other Benefits – How you can save with the Shriram Life Assured Income Plus Plan?

    Online Premium Payment – Choose from multiple channels to pay your Shriram Life insurance premiums online securely and conveniently. You can choose from net banking, payment via credit card or debit card.

    • Online Policy Renewal – Now, renew your policy and make renewal payment online as well from the Shriram Life website.
    • NRI Zone – NRI customers of Shriram Life can now find all policy related information like eligibility, documents required, policies available, etc., on the special NRI Zone created on the insurer’s website.
    • Grievance Redressal –To ensure that all queries and complaints of customers are settled at the earliest, Shriram Life has formed a Grievance Redressal unit. Customers can reach out to this unit through phone, email or by writing to the physical office address.
    • Proposal Tracker – Track and view the progress of your insurance application with the help of the Proposal Tracker feature present on the Shriram Life website itself. To track your application, you only need to provide your proposal number.
    • Branch Locator – Locate your nearest Shriram Life branch office without having to do lengthy search work. The online Branch Locator on the website will make it easy to locate the nearest branch.
    • Dedicated Customer Care - In addition to the grievance redressal unit, Shriram Life realizes the importance of providing efficient support to all their customers. For this, the insurer has set up a dedicated customer support unit which not only provides support to customers but also helps in the resolution of all their queries and issues.
    • Download Centre – To make the job of applying for an insurance policy easier and less tiring, Shriram Life has a dedicated section called Download Centre on their website where customers can access and download the different forms which are required to be submitted during the application process. One can download forms for various services like fund switching, Alteration Request, Declaration of Good Health, Automatic Surrender Discharge, Policy Surrender Application, etc.

    Why you should buy the Assured Income Plus Plan from Shriram Life?

    Shriram Life Insurance is a wholly owned division of the larger Shriram Group. The insurance company, which commenced operations in the year 2006, has risen far above its competition and is one of the most trusted and reliable brands in the insurance segment. Operating with the motto of making affordable life insurance solutions available to everyone, the company has expanded its product suite and now offers a wide range of policies under several categories like pension plans, child plans, savings plans, term plans, women plans, endowment plans, protection plans and also online plans.

    *Premiums Vary Based On Age, Location, Plan Term and Other Factors

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