The Shriram Life Growth Plus is a unit-linked, non-participating life insurance plan that offers policyholders life coverage as well as a chance to build their wealth through market-linked returns. Policyholders can choose to invest in a range of funds to maximise their returns, thus increasing their returns at policy maturity. Additionally, the policy cover can be extended to cover the main holder’s spouse, child or grandchild, making it ideal for those who are looking for family coverage without needing multiple policies.
Policyholders can choose their policy term based on their requirement as well as their premium paying term. The policy also offers flexibility with regard to the class of funds invested.
The Shriram Life Growth Plus is an ideal plan for individuals who are looking for life coverage as well as returns from their life insurance policy. The policy’s eligibility criteria are as follows:
|Minimum entry age||30 days|
|Maximum entry age||60 years|
|Maturity age||70 years|
|Policy term||10, 15-20 years|
|Premium paying term||Limited pay- 6 years Regular pay- same as the policy term selected Single pay- single|
The sum assured is the amount that the insurer is liable to pay to the policyholder, excluding benefits and add-ons. The minimum sum assured amount under this policy would depend on the premium paying type as well as the age of the policyholder at policy inception. The minimum sum assured is as follows:
|Policy type||Age of policyholder||Minimum sum assured|
|Single premium||Less than 45 years||1.25 times the single premium|
|Single premium||45 years and above||1.10 times the single premium|
|Regular and limited premium||Less than 45 years||10 times annualised premium|
|Regular and limited premium||45 years and above||7 times annualised premium|
The maximum sum assured under the policy would depend on the type of premium selected as well as the age of the policyholder at the time of policy inception. In the case of single premiums, the maximum sum assured is as follows:
|Age band||Maximum sum assured|
|Up to 30 years||10 times annualised premium|
|31-40 years||5 times annualised premium|
|41-50 years||2 times annualised premium|
|51-60 years||1.25 times annualised premium|
In the case of regular or limited premiums, the maximum sum assured payable is 10 times the annualised premium.
The Shriram Life Growth Plus plan coverage is as follows:
The following are the benefits associated with the plan:
|Death benefit||On the policyholder’s death, the policyholder can choose one of the two options provided below, based on which the nominees will receive benefits:
|Maturity benefit||On the policy reaching maturity and the policyholder’s survival till policy term, the fund value (the total of the base premium and top-up premium) would be payable.|
|Loyalty additions||The policy provides for loyalty additions, which are credited to the base premium on payment of all due premiums. The loyalty additions are additional units added to the base premium fund following the 6th policy year and range between 0.10% to 1% based on the policy year and the sum assured amount.|
Policyholders who are looking to enhance their coverage under the Shriram Life Growth Plus plan can do so by opting to add riders to their existing plan. The riders can be chosen based on requirement and at an additional charge. The riders available with this plan are as follows:
The exclusions under the Shriram Life Growth Plus plan are as mentioned below:
In the event of the policyholder committing suicide within 12 months of the policy coming into force or from the date of policy revival, no death benefit will be paid. The nominee will instead receive the fund value available on the date of death.
The Shriram Life Growth Plus plan offers policyholders 7 funds from which they can build their investment portfolio. The funds can be chosen individually or in combination in a fixed percentage.
|Fund name||Objective||Asset allocation||Risk|
|Preserver||Income provided through fixed income securities||Debt- 80% to 100% Money market- 0% to 20%||Low|
|Guard Fund||Income provided through fixed income as well as equity||Debt- 60% to 80% Equity- 0% to 20% Money market- 0% to 20%||Low|
|Maximus||Combination of equity and income securities||Equity- 0% to70% Debt- 30% to 100% Money market- 0% to 20%||High|
|Accelerator||Equity-based||Equity- 90% to 100% Money market- 0% to 10%||Very high|
|Dynamic Asset Allocation||Equity as well as fixed income securities||Equity- 10% to 100% Debt- 0% to 90% Money market- 0% to 40%||Very high|
|Tyaseer||Pure equity||Equity- 90% to 100% Money market- 0% to 10%||Very high|
|Multi-cap Aggressive Fund||Capital stock investments||Equity- 60% to 100& Money market- 0% to 40%||Very high|
The following are the list of charges under the Shriram Life Growth Plus plan:
Other features and benefits associated with the Shriram Life Growth Plus plan are mentioned in the table below:
|Free look period||If the policyholder is dissatisfied with any of the provisions of the policy, he/she may return it along with a reason behind the return within the free look period to avoid any cancellation charges or fees. The free look period is 15 days from the date of receipt of the policy document and 30 days in case of distance marketing policies.|
|Top-up premium||Policyholders can choose to increase their premium amount at a later date to increase the wealth created. The top-up premium can be added only if existing premiums have been paid. The top-up premium is to be a minimum of Rs.10,000 and can be paid at specific intervals as mentioned in the policy document. The top-up premium amounts are locked in for 5 years and are not permitted in the last 5 years of a policy term. Top-up premiums cannot exceed the total of the regular premium amount being paid at any time.|
|Switching||The policy allows for the moving of units among funds during the policy term. All switches done are free of charge.|
|Premium re-direction||The policyholder can choose to redirect future premiums to any fund, which could differ from the ones chosen at the start of the policy.|
|Partial withdrawal||The policy allows for the partial withdrawal of funds after the 5th policy year as long as the policy is still in force. The minimum amount for withdrawal is Rs.10,000 and a policyholder is allowed one free withdrawal during the policy term. Partial withdrawals are not permitted for polices taken out in minors’ names.|
|Surrender value||If the policy is surrendered after the end of the lock-in period (which is 5 years), the fund value at the time of surrender would be payable to the policyholder and the policy would be terminated.|
|Settlement||The policyholder can choose to receive the maturity benefit as a lump sum or in instalments. Instalments can be paid either monthly, quarterly, half-yearly or yearly for a period of 5 years following maturity.|
|Nomination and assignment||Nominations and assignments are permitted under this policy subject to prevailing laws governing the same.|
|Discontinuation of single premium policy||The policyholder can choose to withdraw from the policy completely in the case of single premium policies without any risk cover. If the policyholder withdraws from the policy during the 5 year lock-in period, the funds will be transferred to a discontinued policy fund and the amount will be payable at the end of the lock-in period.|
|Discontinuance of regular/limited premium policy||If the policy is discontinued during the lock-in period, the policyholder can choose (in writing) to revive the policy within two years or choose to withdraw from the policy without any risk cover. If the policyholder chooses to withdraw completely or chooses to revive the policy within 2 years, the fund value would be transferred to a discontinued policy fund and paid at the end of the lock-in period/made available at the time of revival.|
|Policy revival||The policyholder can choose to revive the policy within a period of 2 years from the date of discontinuance. All pending premiums and charges will be collected interest-free to activate the policy.|
|Grace period||If the policyholder is unable to pay a scheduled premium within the deadline, a grace period of 15 days for monthly premiums and 30 days for yearly premiums would be provided. No charge or penalty would be levied on payments made within the grace period.|
The Shriram Life Growth Plus Plan offers policyholders tax benefits through investing in the policy as well as a chance to build their wealth through investing in mutual funds. In addition to these benefits, policyholders can also receive tax benefits by virtue of owning a life insurance policy. The tax benefits offered to policyholders are as listed below:
It is to be noted that tax exemptions are subject to change. It is advisable to consult with a tax advisor for information on current exemptions.
The Shriram Life Growth Plus Plan provides life cover along with associated benefits and features. In addition to the perks offered by the policy, Shriram Life offers policyholders a number of other features.
Shriram Life policyholders can go through the company’s product range online, with the policy brochure and all relevant information available on the company’s website. Policyholders can also compare and choose a policy best suited to their needs by consulting with a company representative through their online chat feature.
Individuals can calculate the premium payable for particular policies by using the online premium calculator. Additional tools such as the human life calculator are also available.
Policyholders can also pay premiums online, saving them the hassle of visiting a branch office or waiting for cheques to clear. Policyholders looking to pay online can do so through NEFT, standing instructions as well as through debit/credit cards.
Shriram Life Insurance is a life insurance joint venture between the Shriram Group and the South Africa-based company Sanlam. Established in the year 2005, the private insurance company has sought to reach out to sectors that have been overlooked by the insurance sector by providing them with insurance options.
The company provides a range of insurance products that cover everything from ULIP plans to retirement and savings plans, providing every individual with an insurance solution that caters to his or her individual needs.
In addition to a quick claims processing facility as well as round the clock assistance and support, the company has a large presence across the country.
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