Shriram Ujjwal Life SP Plan
- Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
- Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
- Do more with plans that offer pure protection, retirement planning and investment options
The Shriram Ujjwal Life SP plan is a single premium unit linked plan that aims to take care of your financial requirement when you need it the most. You can avail complete transparency with the Shriram Ujjwal Life SP plan and know how much return you will be able to get from the investments. The liquidity in case of the Shriram Ujjwal Life SP is in the form of surrender benefits and withdrawals. The investment strategy is also great with six different funds to invest in. You can invest more money as Top-up premiums with the Shriram Ujjwal Life SP plan.
Eligibility – Who is the Shriram Ujjwal Life SP for?
In order to buy the Shriram Ujjwal Life SP plan, a customer has to fulfil certain eligibility criteria with respect to his/her age and the amount of insurance he/she seeks. These conditions are as shown below:
| Parameters | Criteria for eligibility |
| Minimum age at entry | 7 years |
| Maximum age at entry | 65 years |
| Maximum age at maturity | 75 years |
| Term of the policy | Fixed for 10 years |
Sum Assured and Premium Range – What you get and what it costs?
Sum Assured – It is the sum that is given to the loved ones or nominee of the insured person in the event of the individual’s unfortunate demise, permanent disability or critical illness. In case of the Shriram Ujjwal Life SP plan, the minimum sum assured is 125% of single premium if the entry age is less than 45 years. However, if the entry age is 45 years or more, then the minimum sum assured is 110%. The maximum sum assured is subject to the underwriting considerations as per the Board approved policy.
| Minimum sum assured if entry age is less than 45 years | 125% of single premium |
| Minimum sum assured if entry age is 45 years or more | 110% of single premium |
| Maximum sum assured | Subject to the underwriting considerations as per the Board approved policy |
Premiums – Premium is the amount that you pay at one go or at regular intervals to keep your policy running. The minimum premium of the Shriram Ujjwal Life SP plan is Rs.35,000. However, there is no maximum limit for payment of premiums. There is only one premium payment mode available with the Shriram Ujjwal Life SP plan – Single.
| Maximum premium | No limit |
| Minimum premium | Rs.35,000 |
| Mode of premium payment | Single |
Plan Coverage – What the Shriram Ujjwal Life SP plan covers?
| Maturity Benefit | If the assured individual survives till the end of the term of the policy, the unit fund along with the top up fund values will be paid out upon maturity. |
| Death Benefit | In case the assured individual encounters death, the sum assured along with the top up fund values will be paid out. In case the policy has been discontinued, the nominee or the beneficiary will receive the discontinued policy value subject to minimum interest guaranteed as approved by IRDAI. |
| Surrender Benefit | The policy can be surrendered at any given point by the policyholder. However, it must be done after 5 years from the commencement date of the policy. The unit fund value is payable without charging any penalties. |
Riders/Add-on plans - Additional coverage under the Shriram Ujjwal Life SP plan:
There are no riders or add-on plans available with the Shriram Ujjwal Life SP plan.
Exclusions – What the Shriram Ujjwal Life SP plan does not cover?
Suicide Exclusion - In case the life assured commits suicide, whether insane or sane, within a period of one year from the from the date of commencement of the policy or date of revival of the policy, the fund value as on the date of demise will paid out to the beneficiary or nominee.
Other Key Features of Shriram Ujjwal Life SP Plan:
| Alterations | The alterations that are allowed are the reduction of the sum assured and addition of riders during the term of the policy. Rs.200 will be charged as alteration fee. The reduction of the sum assured can be up to 125% of single premium if the entry age is less than 45 years. In case the entry age is 45 years or more, reduction of sum assured can be 110%. There cannot be any alteration of the contractual premium. |
| Top-up premium | This is an additional premium that is paid by the holder of the policy along with the contractual premium mentioned in the contract. |
| Switching | Switching of units can take place from one fund to another if the policyholder wants to do it. The funds can be switched twice in one year without incurring any charge. Rs.100 is applicable on any additional switching that is carried out in one year. |
| Partial withdrawal | The holder of the policy can choose to withdraw partial units after a period of five years from the commencement date of the policy. Unit withdrawn should be a minimum of Rs.10,000. A charge of Rs.100 will be applicable for each partial withdrawal. |
| Settlement | Upon surviving till the end of the term of the policy, the holder of the policy can choose to withdraw the wholly or partially instead of just the maturity value. As there is no cover offered after policy term ends, the death benefit is the only unit fund value as on the death date of the insured. |
Tax Benefits - How you can save with the Shriram Ujjwal Life SP Plan?
Tax benefits as applicable under the prevalent tax laws can be availed with the Shriram Ujjwal Life SP plan.
Why you should buy the Shriram Ujjwal Life SP plan from Shriram Life?
Shriram Life Insurance is one of the top insurance providers in the country. The solutions offered by this organisation come with a lot of flexibility and innovation. They are tailored to meet the insurance needs of its customers. You can avail complete transparency with the Shriram Ujjwal Life SP plan and know how much return you will be able to get from the investments. Thse liquidity in case of the Shriram Ujjwal Life SP is in the form of surrender benefits and withdrawals. The investment strategy is also great with six different funds to invest in.
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