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Shriram Life Insurance Savings Plans

Shriram Life Insurance is the best solution to combat increasing inflation and growing family expenses. Along with savings it provides life cover during the policy term, guaranteed returns, and tax benefits. The company offers a wide range of savings plans to meet the differential needs of customers. The primary types of savings accounts include endowment plans, ULIPS, money-back plans, and child plans.

Traditional endowment plans: These are savings plans which comes with bonuses and are considered to be one of the best investment options in terms of safety. The plans help you build a corpus with maturity benefits. It also offers additional riders to help you meet your emergency requirements.

Unit Linked Insurance Plans (ULIPs): ULIPs offer you the combined benefits of market linked return and life cover. It is one of the easiest ways to get market linked returns and at the same time avail tax benefits. You should always choose a ULIP plan considering its risk profile.

Money-back Plans: Money back plans are the most effective ways to get large sums during regular intervals. These are useful for those who would like to save for certain life goals such as buying assets.

Child Plans: You should consider buying child plans if you wish to offer financial protection to your children. These plans help you with your child’s important needs such as higher education and marriage.

Benefits of Shriram Life Insurance Savings Plans:

Under the Shriram Life Insurance Savings Plans, you get following benefits:

  • Assured Benefits: The plans offered by Shriram Life insurance provide you assured returns at the end of policy tenure. However, in case of unfortunate event of death of the policyholder, the benefits will be paid to the nominee.
  • Additional Bonuses: These savings plans offer you additional bonuses along with an assured corpus upon reaching policy maturity or in the unfortunate event of demise of the life assured. The 2 types of bonuses offered are Reversionary Bonus and Terminal Bonus. If you plan to build a big corpus, it is ideal to purchase endowment plans with a longer policy term of 15 to 20 years as the maturity amount is directly related to the years of accumulation.
  • Surrender Benefit: Policy attains Surrender Value after 2 full years' premiums are paid. Surrender benefit will be paid if the policy is surrendered after completion of 2 policy years. Surrender benefit is lower than total premiums paid in the initial years.

List of Popular Savings Plans offered by Shriram Life Insurance:

Shriram Life Insurance offers the various types of savings plans to suit the differential needs of its customers:

Shriram Life Genius Assured Benefit Plan:

It’s a traditional savings cum insurance plan which offers guaranteed benefits. Maturity benefits are offered on payment of premiums for 10 years. So, if you are looking for a complete protection, the Shriram Life Genius Assured Benefit Plan might just be the best suited option.

Benefits and Features of Shriram Life Genius Assured Benefit Plan:

  • Sum assured is offered as a lump sum
  • Provides education support benefits in phases
  • Comes with Family Support Benefit
  • Auto cover which is available only once during the policy term
  • Get enhanced protection through riders.
  • Avail tax exemptions on premiums paid and maturity proceeds under Income Tax Act, 1961.
Policy Term 10 to 18 years
PPT 10 years
Age at entry 18 to 45 years
Sum Assured Min: Rs.2 lakhs Max: No limit
Minimum Premium Rs.21,732 annually Rs.1,865 monthly
Premium Payment Mode Annual or Monthly

Shriram New Shri Life Plan:

It’s a non-linked participating plan which offers you systematic savings and a reliable protection. It provides life insurance coverage throughout the policy term. Here are some of the benefits of Shriram New Shri Life Plan.

Benefits and Features of Shriram New Shri Life Plan:

  • Life cover for full policy term and reversionary bonuses added to your life cover year after year.
  • Limited and regular premium payment options are available.
  • Get attractive rebates on Sum Assured.
  • You can choose to pay premiums in advance and enjoy discounts.
  • You can choose to get the benefits in installments with interest.
  • Get enhanced protection through riders.
  • Get tax deductions on premiums paid and maturity proceeds under Income Tax Act, 1961.
  • Upon reaching policy maturity date, the Maturity benefit payable equals Sum Assured plus accumulated reversionary bonus plus terminal bonus, provided all premiums are paid.
  • Sum Assured on Death is higher of Basic Sum Assured or 10 times the annual premium of the entry age is below 45 years and 7 times the annual premium if the age is 45 years and above.
  • Death Benefit payable to nominee equals Sum Assured on Death plus accumulated reversionary bonus and terminal bonus. Death Benefit will be minimum 105% of all premiums paid excluding extra premiums, rider premiums, and taxes.
  • You can opt for Family Income Benefit Rider, Accident Benefit Rider, Extra Insurance Cover, and Critical Illness Cover to get enhanced protection.
Policy Term 10 years 15 years 20 years 25 years
PPT 7, 10 years 5, 7, 10, 15 years 5, 7, 10, 20 years 5, 7, 10, 15, 25 years
Sum Assured Min: Rs.50,000 Max: No limit
Age at Entry 30 days to 65 years
Mode of Payment Yearly, half yearly, quarterly, and monthly

Shriram New Shri Raksha Plan:

It’s is a non-linked, participating savings-cum-life insurance plan. The policy offers the double benefit of savings and life cover at a low cost.

Benefits and Features of Shriram New Shri Raksha Plan:

  • It offers two times the basic sum assured on death of the policyholder
  • Additional basic sum assured on death after the term period of the policy
  • Reversionary bonuses to enhance the range of financial protection
  • The policy offers an extended life cover till the age of 100 years if the policyholder survives till the end of the policy term
  • It offers reversionary bonuses and terminal bonuses
  • The plan provides loan facility
  • It also allows for alteration of sum assured and change of premium payment modes
  • It offers additional protection through riders. Here are some of the riders offered under the plan:
Policy Term 10 years 15 years 20 years 25 years
PPT 10 years 10, 15 years 10, 20 years 10, 15, 25 years
Age at entry 18 years to 55 years
Maximum maturity age 75 years
Policy term 10,15,20,25 years
Sum Assured Minimum Rs.1.5 lakh
Premium payment mode Yearly, half yearly, quarterly, monthly

Shriram New Shri Vivah Plan:

Shriram New Shri Vivah is a child life insurance policy that offers life cover to the insured along with additional financial aid for their children’s future expenses. Listed below are the features and benefits of Shriram New Shri Vivah Plan:

Benefits and Features of Shriram New Shri Vivah Plan:

  • It is a non-linked and non-participating term life insurance policy.
  • The policy offers life cover at affordable rates.
  • The policy comes for a fixed term of 10, 15, and 20 years.
  • The premium payment term is same as the policy term for this policy.
  • Minimum annualised premium is Rs.5,000.
  • The premium can be paid annually, bi-annually, quarterly or monthly.
  • The policy offers death benefit in case of unfortunate death of the insured. The sum assured is the highest of the following:
    • 10 times the annualised premium (if insured is less than 45 years) and 7 times the annualised premium (if insured is above the age of 45 years).
    • Basic sum assured.
    • 105% of the premiums paid.
    • Maturity sum assured.
  • The policy also offers maturity benefit upon maturity of the policy. The insured will get a maturity sum that is equal to all the premiums paid till the end of the policy.
  • The policy comes with three types of add-on riders that offer additional cover:
    • Shriram Accident benefit rider- In case the insured gets into an accident and becomes totally or permanently disabled, the company pays sum assured. The company will waive off further premiums till the end of the policy term in case the insured is permanently and totally disabled due to the accident.
    • Shriram Critical Illness Cover rider- The rider offers financial aid to cover medical expenses incurred from a critical illness treatment. The rider offers cover for six major critical illnesses.
    • Shriram Family Income Benefit- This rider offers the policyholder a chance to enhance their life cover for an additional premium payment.
Policy Term 10 years 15 years 20 years
PPT 10 years 7, 10, 15 years 7, 10, 20 years
Age at entry 18 years to 50 years
Maximum maturity age 70 years
Sum Assured Minimum: Rs.1 lakh Maximum: No limit
Mode Yearly, half-yearly, quarterly, and monthly

Shriram New Shri Vidya:

The New Shri Vidya plan comes with life cover and survival benefits in accordance with your child’s educational needs.

Benefits and Features of New Shri Vidya:

  • Sum Assured on Death is higher of Basic Sum Assured, additional death benefit or 10 times the annual premium if the age is below 45 years and 7 times the annual premium if the age is 45 years and above. Additional death benefit can be received as a lump sum amount or 25% of Basic Sum Assured paid at the end of every 4th policy year and Family Income Benefit (monthly income benefit of 1% of Basic Sum Assured will be paid till the end of policy term, subject to a minimum of 36 monthly payments).
  • Death Benefit equals Sum Assured on Death, accumulated reversionary bonuses plus terminal bonus. Death Benefit will be minimum 105% of all premiums paid excluding extra premiums, rider premiums, and taxes.
  • Survival Benefit equals 25% of Basic Sum Assured at the end of every 4th policy year.
  • Maturity Benefit equals accumulated reversionary bonuses and terminal bonus.
  • You can opt for Accident Benefit Rider, Extra Insurance Cover, and Critical Illness Cover to get enhanced protection.
  • Under this plan, you can get Sum Assured plus monthly income payable to the family upon demise of the life assured.
Policy Term 10 years 15 years 20 years 25 years
PPT 10 years 7, 10, 15 years 7, 10, 20 years 7, 10, 15, 25 years
Sum Assured Min: Rs.1 lakh Max: No limit, subject to underwriting
Mode of premium payment Yearly, half-yearly, quarterly, and monthly
Policy term Regular pay: Fixed terms of 10,15,20, and 25 years Limited pay: Fixed terms of 15, 20, and 25 years
Age at entry Min: 18 years Max: 50 years
Maximum age at maturity 70 years

Why do you need Shriram Life Insurance Savings Plans?

Shriram Life Insurance savings plans offer life insurance protection and secure you financially. The benefits of Shriram Life Insurance Savings Plans are mentioned below:

  • Premiums paid towards the policies get tax benefits under Section 80CCC of the Income Tax Act.
  • The commutation amount is also eligible for tax rebates under Section 10(10A) of the Income Tax Act. In addition, it is possible to alter the premium payment frequency of the policy, as long as the existing and requested premium frequencies are in alignment.
  • These are low-risk plans with guaranteed returns at the end of policy term.
  • Offers financial security to you and your family in the form of life cover, death benefit, and maturity benefit.
  • The investment returns are not based on market performance. Therefore, you get slow and steady returns.
  • From Accidental Death Benefit Rider to Critical Illness Benefit Rider, you can choose from a range of riders to get enhanced protection.

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