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