Shriram Life New Shri Raksha Plan

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.

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

In order to avail the Shriram New Shri Raksha Plan, individuals will have to meet the eligibility criteria given below:

Criteria	Eligibility
Age at entry (in years)	18 to 55 (as of last birthday)
Maximum age at maturity (in years)	75
Riders	Available

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

Sum Assured:

Sum Assured depends on the premium being paid and the policy tenure.

Sum Assured

Minimum - Rs.1,50,000 Maximum - Sum Assured limit is based on underwriting considerations based on Board approved underwriting policy Sum Assured on death of policyholder will be- 10X annual premium if age of policyholder is below 45 years and 7X annual premium if age is 45 years and above Twice the basic Sum Assured

Premium:

Premium that needs to be paid is as described in the table below:

Policy Tenure	Regular Pay - Fixed Tenures of 10/15/20/25 years Limited Pay - Fixed Tenures of 15/20/25 years
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.

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

Given below are the benefits of the Shriram New Shri Raksha Plan:

Death Benefit	In case of untimely death of policyholder during policy tenure, Sum Assured on death along with Accrued Reversionary Bonus and Terminal Bonus, if applicable, are paid to the nominee, provided all due premiums have been paid. Death benefit will be a minimum of 105% of all premiums that have been paid until the date of death. This does not include rider premiums and taxes. This policy will not accrue further bonuses post death.
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.
Extended Benefit	In case the policyholder survives until the end of the policy tenure, the insurance cover will go on until the policyholder attains the age of 100. If the policyholder dies during this period or survives until the age of 100, one basic Sum Assured will be provided. This benefit will be paid after the tenure of the policy.
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: Rs.5 lakhs to Rs.9.99 lakhs - 3% of basic premium Rs.10 lakhs and over - 4% of basic premium

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

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	This rider can be availed in addition to the base plan. In case of death of policyholder due to an accident or if the policyholder becomes completely and permanently disabled because of an accident within the rider tenure, a rider Sum Assured will be paid. In case Life Assured becomes completely disabled because of an accident, further premiums under the base policy will be waived from the date of the accident until the end of the rider term. Tax benefits are also available.
Shriram Critical Illness Cover Rider	By procuring this rider, individuals can avail cover against six major critical illnesses. These are - Heart Attack Cancer Stroke Major Organ Transplant Coronary Artery Bypass Surgery Kidney Failure Tax benefits are also available under this rider.
Shriram Extra Insurance Cover Rider	By availing this rider, Life Assured can increase his/her life cover. This is based on underwriting considerations. Lump Sum benefit is provided to the nominee in case of policyholder’s untimely demise. Tax benefits are available based on existing laws.
Shriram Family Income Benefit Rider	This rider can be purchased along with the base plan and provides additional protection to the policyholder’s family. In case of death or permanent and complete disability due to an accident within the rider tenure, 1% of the Sum Assured will be paid immediately every month. This will be paid from the end of the month of the accident for a period of 10 years or until the end of the rider term, whichever is higher. Tax benefits are available under this rider.

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

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.

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

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.

 

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

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.

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

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.

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

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.