The New Shri Raksha insurance plan by Shriram Life is a unique policy that provides double insurance cover during the policy tenure. This non-linked participating insurance policy ensures that provisions are made for the entire life insurance cover post policy tenure. Additionally, upon plan maturity, Sum Assured is given. In order to enhance the life cover and savings of the policyholder, reversionary bonuses are also provided.
This plan also comes with the option of riders which when procured, can ensure additional protection for policyholders. Shri Raksha Plan also boasts of convenient policy tenures and easy procurement process.
In order to avail the Shriram New Shri Raksha Plan, individuals will have to meet the eligibility criteria given below:
|Age at entry (in years)||18 to 55 (as of last birthday)|
|Maximum age at maturity (in years)||75|
Sum Assured depends on the premium being paid and the policy tenure.
Premium that needs to be paid is as described in the table below:
|Premium Payment Tenure||Policy Tenure||10||15||20||25|
|Premium Payment Tenure||10||10/15||10/20||10/15/25|
|Mode of Premium Payment||Annually/Semi-annually/Quarterly/Monthly|
Customers will have to note that all premiums vary based on plan term, age, location and other factors.
Given below are the benefits of the Shriram New Shri Raksha Plan:
|Maturity Benefit||In case of policyholder’s survival until the end of the policy tenure, Sum Assured along with Terminal Bonus and Accrued Reversionary Bonuses, if any, will be provided.|
|Reversionary Bonuses||These rates will change from year to year and will depend on the ongoing market conditions.|
|Terminal Bonus||A terminal bonus may be paid after death of individual or on policy maturity as long as all premiums have been paid as due.|
|Sum Assured Rebates||All policies with a Sum Assured of Rs.5 lakhs or more will be offered a rebate as mentioned below:
The Shriram New Shri Raksha Plan comes with the option of riders which when procured, can provide additional coverage. This plan offers for riders.
|Shriram Accident Benefit Rider||
|Shriram Critical Illness Cover Rider||
|Shriram Extra Insurance Cover Rider||
|Shriram Family Income Benefit Rider||
In case the policyholder commits suicide, whether sane or insane within a period of a year from policy inception or policy revival, 80% of all premiums that have been paid excluding taxes and rider premium will be paid to the nominee. If not, Surrender Value will be paid to the beneficiary or nominee.
|Free Look Period||In case customers are not satisfied with the policy, they have the option to return the policy along with stated reasons, within a period of 15 days from the date on policy receipt. In case the plan has been sold via distance marketing channels, such as telephone conversation or online, 30 days is the Free Look Period available.|
|Grace Period||A grace period of 30 days is available for policyholders to pay the premium for all premium payment modes. The life cover will continue during the grace period. In case premium has not been paid even after the grace period, the policy will lapse.|
|Advance Premiums||Shriram Life allows policyholders to pay their premiums in advance, if they wish to. All premiums within the ongoing financial year can be paid in advance at an IRDA approved discount.|
|Assignment||Assignment under the policy can be made based on Section 38 of the Insurance Act of 1938.|
|Nomination||Nomination under the policy can be made based on Section 39 of the Insurance Act of 1938.|
|Loan||Under this policy, loan of a maximum of 90% of surrender value will be available for policyholders. Interest will be accrued on the outstanding loan balance at a Company declared rate from time to time. This is also based on ongoing market conditions. If the loan balance that is outstanding reaches surrender value, the policy will terminate.|
|Special Surrender Value||This value may be higher than guaranteed surrender value and would be paid based on the fund experience. This value is not guaranteed and the policy will terminate after the surrender value has been paid.|
The Shriram New Shri Raksha Plan comes with tax benefits. However these benefits are subject to variation from time to time, based on tax laws. Individuals are therefore advised to consult their tax advisor for the same.
One of the foremost insurance providers in the country, Shriram Life offers a plethora of plans to suit every need. In addition to the sheer number of plans available, this company also boasts of other advantages. Keeping up the digital age, a number of Shriram Life’s products can be viewed, procured and even renewed online by paying the premium through Netbanking or Credit/Debit card.
In case of other queries, individuals can also contact the Shriram Life Customer Care number. Additionally, individuals can also utilise the premium calculator on the Shriram Life website and find out information regarding the premiums that they would have to pay for their plan.
With over 528 branches, more than 1 crore customers and over Rs.1,020 crores in revenue, Shriram Life is a go-to option for all insurance related products. This company made profits within the first three years itself and is currently one of the most profitable companies in the market. Shriram Life is a partnership between Shriram Group and Sanlam which is one of the largest insurance companies in South Africa. Shriram Life also has one of the highest claim-settlement ratios in the company. Superior customer care service along with cutting edge technology makes this company one of the most sought after insurance providers in the company.
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