Shriram New Shri Life Plan

The Shriram New Shri Life Plan offers the double benefit of savings and protection for policyholders. It is a non-linked non-participating endowment plan, which guarantees the financial wellbeing of a person insured’s family in case he/she meets an untimely death. Besides offering the sum assured upon maturity, the Shri Life Plan also provides a reversionary bonus as part of the payout. Nominees also have the option to choose between different payout options depending on their needs and requirements.

Eligibility - Who is the Shriram New Shri Life Plan for?

People looking to avail the Shriram New Shri Life Plan are expected to meet the eligibility criteria set by the company. Here’s what it looks like:

Criteria	Eligibility
Age at entry	Minimum: 30 days Maximum: 65 years (as of last birthday)
Maturity age (in years)	Minimum: 18 years Maximum: 75 years
Riders	Available

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

Mentioned below are the Sum Assured and the premium range for the Shriram New Shri Life Plan.

Sum Assured:

Sum Assured

Minimum - Rs.50,000 Maximum - The limit on Maximum Sum Assured depends on the underwriting process and is subject to board approval. Sum Assured on death of person assured will be- 105% of total premiums paid, or Sum Assured on death along with a reversionary bonus and terminal bonus (if applicable)

Premium Range:

Premium Payment Tenure	Policy Tenure	10	15	20	25
	Premium Payment Tenure	7/10	5/7/10/15	5/7/10/20	5/710/15/25
Mode of Premium Payment	Monthly/Quarterly/Half-yearly/Yearly

Plan Coverage - What the Shriram New Shri Life Plan covers?

The Shri Life plan comes with a number of benefits. You will find them all mentioned below:

Benefit	Details
Death Benefit	If the person assured dies during the policy tenure and has paid all the premiums. The payout will be the total of the sum assured on death, including any applicable reversionary and terminal benefits as mentioned in the policy. The lowest death benefit payable will be 105% of the total premiums paid at the time of death.
Maturity Benefit	Upon maturity of the policy, the total benefit payable will include the sum assured along with any applicable reversionary and terminal benefits as mentioned in the policy. Note that the benefits payable will be either of the two: 10 times the annual premiums paid in case the policyholder is less than 45 years of age at the time of maturity. 7 times the annual premiums paid if the policyholder is more than 45 years of age at the time of maturity.
Reversionary Bonuses	The policy account will receive reversionary bonuses from time to time depending on the company’s business standing. The amount payable will often vary from one year to the other and will depend on the prevailing economic conditions. Note that reversionary bonuses come as additional benefit and is in no way guaranteed.
Terminal Bonus	A policyholder is eligible for terminal bonus upon his/her death or upon maturity of the policy. The amount payable will depend on the performance of the funds and also the asset shares of the policies involved.
Premium Rebates	This policy also offers rebates on premiums paid. Structure for the rebates is as follows: Sum Assured between Rs.5 lakhs to Rs.9.99 lakhs - 4% of the basic premium. Sum Assured greater than Rs.10 lakhs - 5% of the basic premium.

Riders/Add-on Plans - Additional Coverage under the Shriram New Shri Life Plan:

The Shriram New Shri Plus plan comes with a few riders which can help policyholders to enhance the coverage of their base policy. Here are some of the riders available under this plan:

Shriram Accident Benefit Rider	The Shri Life policyholders can avail this rider to add to their base plan. This policy offers a sum assured in case the person assured dies due to any incidents directly linked to an accident.
Shriram Critical Illness Cover Rider	Policyholders can add the Critical Illness Cover Rider to their base plan provided that they pay the required premiums. Note that approval of the policyholder’s application is subject to meeting the individual requirements of this rider.
Shriram Extra Insurance Cover Rider	With this rider, a policyholder can choose to increase the total amount payable upon their death or upon maturity of the policy.
Shriram Family Income Benefit Rider	This plan can again be purchased along with the base policy. It offers the person insured's family members with additional financial resources.

Exclusions - What the Shriram New Shri Life Plan does not cover?

If the person insured commits suicide, whether sane or insane, within a year of purchasing the policy, 80% of the premiums paid will be paid to the nominees. The amount payable will however exclude any rider premiums and taxes.

On the other hand, if the person insured commits suicide, within one year of reinstating the policy, an amount greater than 80% of the premiums paid will be paid to the nominees.

Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

Besides the ones mentioned above, there are several other key features of Shriram New Shri Life Plan. They are as follows:

Feature	Details
Free Look Period	If a policyholder is not satisfied with the terms and conditions of the policy, he/she can choose to return it within the free look period. This period varies between 15 to 30 days depending on where it was sourced from. For instance if the policy was bought through the traditional means, a free look period of 15 days is applicable. On the other hand, if the policy was bought through distance marketing means i.e., through emails, telephones, and the like, a free look period of 30 days is offered. However, the company holds the right to deduct any risk premiums for the period of time coverage was offered. Only after deducting any such costs will the premium paid be returned.
Grace Period	This policy offers a grace period of 30 days for all premium payment terms. Also, the life cover will be active if the person insured dies within the grace period. In such a case, any due premiums will be deducted and the sum assured will be paid.
Lapse	If the policy premiums are not paid within the grace period, the policy will lapse and no benefits will be paid.
Policy Loan	This policy offers loan facility, wherein a policyholder can avail loans of up to 90% of the surrender value of the policy. The remaining amount will accrue interest based on the preceding interest rate set by the IRDA.
Alteration	A policyholder can choose to alter the policy terms with regards to premium amount and coverage period as long as their request is in compliance with the terms and conditions of the policy. In such a case, only the minimum sum assured on death will be paid.
Settlement	A policyholder or their nominees have the option to choose a settlement option depending on their financial situation. They can either choose to receive the payment on a lump sum basis and over a period of five years. If the latter option is chosen, the money will accrue interest based on the mandate published by the IRDA.
Nomination	This policy offers the nomination facility. For instance, if the nominee/nominees is/are below the legal age, the policyholder can opt a person to keep the policy proceedings till they reach the legal age.
Advance Premiums	A policyholder can choose to pay the policy premiums in advance, provided the payment is made for the same financial year. In such a case, he/she may receive a discount on the premiums as per IRDA guidelines.

 

Tax Benefits - How you can save with the Shriram New Shri Life Plan?

The Shriram New Shri Life Plan offers tax benefits based on the following provisions of the Income Tax Act:

• Section 80C for premiums paid
• Section 10 (10D) for the amount received as a death/maturity benefit.

Note: The actual deductions applicable, will depend on the prevailing laws and structures.

Other Benefits - How you can save with the Shriram New Shri Life Plan?

Shriram Life is one of the leading insurance providers in the country with a distinct plan to suit the needs and requirements of all demographic. Besides this, the company has a number of plans which can be bought and serviced digitally without ever needing to step out to a physical office and meeting an agent. The firm also has a customer care number which is dedicated to solve the queries of its customers. Another advantage of buying this plan is that it allows people to pay premiums online through credit/debit cards as well.

Why you should buy the New Shri Life Plan from Shriram Life?

At the moment of writing this page, Shriram Life Insurance has a presence in more than 500 dedicated offices across the country. Apart from this, the company is one of the few which has an above average claim settlement ratio. Also, the company boasts of a customer base that reaches beyond 1 crore and has revenues crossing Rs.1,000 crores.