In this fast-paced world where the cost of living is high and risk, in general, is no less, it is very important for an individual to have a comprehensive insurance cover with an investment option. Most of the people buy life insurance policies to keep their loved ones financially secure in case of any eventuality. But for many, a basic insurance plan does not provide adequate coverage. For those who would love to leave a huge amount for their loved ones in case of unfortunate death of the insured person, Secure Investment Plan offered by Shriram Life Insurance is the ideal choice.
Unlike many other life insurance policies, Shriram Life Secure Investment Plan does not demand regular premiums in regular intervals from the policyholders. This plan requires only one premium. Policyholders who opt for this plan will get insurance coverage and investment return. As mentioned earlier, if you want to increase the lump sum benefit your loved ones will get when you are no longer there, this is the perfect plan for you.
To buy Shriram Life Secure Investment Plan, you will have to meet the below eligibility criteria:
|Plan Type||Non-linked, Non-participating Life Insurance Plan|
|Minimum Entry Age||30 years|
|Maximum Entry Age||60 years|
|Maximum Maturity Age||65 years|
|Policy Term||5 and 10 years|
While purchasing the Shriram Life Secure Investment Plan, policyholders will be given an option to choose the policy term. The sum assured under this plan depends on the term of the policy chosen by the policyholder during the inception of the policy.
|Sum Assured||The minimum sum assured for 5-year policy term is Rs.49,600. The minimum sum assured for 10-year policy period is Rs.77,000.|
|Premium Payment Term||Single|
|Minimum Single Premium||The minimum single premium for 5-year policy period is Rs.40,000. The minimum single premium for 10-year policy period is Rs.50,000.|
|Maximum Single Premium||No limit. Subjected to approval from the board|
Please note that all premiums will be in multiples of Rs.1,000 and are exclusive of other charges like service tax and education cess.
Shriram Life Secure Investment Plan offers many benefits to its policyholders. Some of the benefits of the Plan are as follows:
|Death Benefit||In the event of the death of the insured person, the death benefit will be payable under the Shriram Life Secure Investment Plan. The sum assured on death will be higher than 125% of the single premium, if the policyholder is below 45 years or higher than 110% of the single premium, if the policyholder is above 45 years plus the guaranteed maturity benefit.|
|Maturity Benefit||Under this plan, if the policyholder survives till the end of the policy term, he/she is eligible to receive the guaranteed maturity benefit. The sum payable will be the guaranteed maturity benefit factor multiplied by the single premium amount. The maturity benefit factors for 5-year policy term are as follows:
|Guaranteed Surrender Value||Under this plan, the policyholder will have an option to surrender the policy at any time during the term of the plan. The guaranteed surrender value will be paid as a percentage of the single premium paid by the policyholder less extra premiums paid and taxes. Refer to the table below for the exact percentage of surrender value that will be paid based on the year you return the policy:
|Loan Facility||Under this plan, the policyholder can avail a loan. Loans up to 90% of the guaranteed surrender value of available under the policy can be availed. Interest will be charged on the total loan balance at the interest rate that is declared by the IRDAI. Please note that if the policyholder has availed a loan under this plan, the insurer will recover the total loan amount before paying any benefits.|
Policyholders can attach an add-on to their base policy if they are looking for extra protection. Please note that when issuing the Shriram Life Secure Investment Plan, riders will not be available. However, the insurance company may allow riders under this plan in the future, subject to approval by a regulator.
Following are some of the other key features of the Shriram Life Secure Investment Plan:
|Nomination||Nomination facility is available as per Section 39 of the Insurance Act, 1938.|
|Assignment||Assignment facility is available as per Section 38 of the Insurance Act, 1938.|
|Free Look Period||The Shriram Life Secure Investment Plan has a free look period of 15 days within which the policyholder can cancel the policy and get the premiums paid refunded. For policies purchased through distance marketing, the free look period is 30 days from the receipt of the policy document.|
|Loan Facility||Loan facility is available under this plan.|
Please note that there is one exclusion under the Shriram Life Secure Investment Plan, which is the suicide exclusion.
Suicide exclusion: If the life insured commits suicide within one year from the date of issue of the insurance policy, the nominee will be eligible to receive 80% of the premiums paid excluding service tax, provided the policy is active. If the insured commits suicide within one year from the date of revival of the policy, higher of 80% of premium paid, excluding service tax till the date of death or the surrender value as available on the date of death will be payable.
Policyholders who have purchased the Shriram Life Secure Investment Plan will enjoy tax benefits under Section 80C of the Income Tax Act, 1961.
Shriram Life Insurance is a brand that is well-known in India. They are one of the leading life insurance providers who constantly introduce innovative insurance products for various sectors of the society. All the insurance plans offered by Shriram Life Insurance are fairly priced and comes with great benefits and features. They also have pan India presence in more than 500 offices across the country. Their tailor-made insurance plans are quite famous among people who wish to insure their life or plan for their future. Apart from investments plans, Shriram Life Insurance also offers other types of plans like pension plans, endowment plans, insurance plans specially designed for women and children, unit-linked plan, and group insurance plans.
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