Shriram Life Insurance ULIP Plans
- 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
Shriram Life Insurance Company is one of the leading life insurance companies in India. Incorporated in 2005, the company offers a broad range of financial products such as child plans, women plans, pension plans, term plans, saving plans, ULIP plans, group plans, and more. The company has received many awards for excellence in customer centric services. The Unit Linked Insurance Plan (ULIP) from Shriram Life Insurance Company provide dual benefits of securing a life insurance cover along with an option to increase long-term savings.
Under a ULIP, a part of the contribution/premium is used for the life insurance cover and another part is used for making investments in stocks/bonds. The policyholder has the option to choose the level of risk he/she is willing to take in order to earn a certain amount of return. ULIPs are designed to gain market linked returns on investment and also to provide insurance coverage to the policyholder. A ULIP from Shriram Life Insurance Company offers various types of benefits, few of the benefits are listed below:
Benefits of Shriram Life ULIP Plans:
- Dual benefits - ULIP provides financial protection to the policyholder's family through an insurance cover. The investment made in market linked returns allows the policyholder to earn better returns. The advantage of insurance cover and return on investment makes ULIPs one of the popular insurance-cum-investment plans.
- Flexibility - The plans allows the policyholder to choose from various investment options in the money market, equity, and debt. Based on the type the plan, the policyholder can also switch the investment channel based on his/her requirements. Moreover, the plans will allow flexibility in terms of premium payments.
- Additional Investment - The policyholder can choose to make top-up (investment of additional amount) during the policy term. The top-up will provide added benefit to the policyholder.
- Life Insurance Cover - If the life insured encounters unfortunate death, the nominee/family of the policyholder is entitled to a certain sum of benefits including death benefits. Based on the plan, the policyholder will be provided with an insurance coverage term as agreed at the inception of the policy.
- Loan - Few of the ULIPs allow the policyholder to withdraw a partial amount from the policy. If the policyholder requires money to meet uncertain expenses due to an emergency situation, he/she can choose to withdraw a partial amount.
- Tax Benefits-ULIPs provide tax benefits as per the current tax rules and regulations. Under the sections 80C and 10 (10 D), the policyholders are eligible to save on tax based on certain limits, however, the maturity benefits are exempted from tax.
- Fast and efficient claim process -The ULIP's claim process offered by Shriram Life Insurance Company enables the customers to take advantage of a fast and efficient claim process. The team of trained and qualified claim handlers helps in ensuring a smooth claim process.
ULIPs offered by Shriram Life Insurance Company:
Shriram Life Insurance Company offers six types of Unit Linked Life Insurance Plans. Each of ULIP helps the policyholder in achieving their financial goals through flexible premium payment options, policy terms, types of benefits, etc. A customer can consider buying a ULIP for retirement, wealth creation, children’s education, health solutions and various other financial goals. The following list has details of each ULIPs provided by Shriram Life Insurance Company:
- Shriram Life Growth Plus Plan
- Shriram Life Ujjwal Life Plan
- Shriram Life Ujjwal Life (SP) Plan
- Shriram Life Fortune Builder Plan
- Shriram Life Wealth Plus Plan
Shriram Life Growth Plus Plan:
The Shriram Life Growth Plus Plan is a savings oriented unit linked insurance plan that offers an insurance cover along with market linked returns. The plan offers flexibility when it comes to choosing the premium payment amount, investment options, policy term, etc. Moreover, the plan offers Loyalty additions along with a host of other benefits. The policyholder can also choose to riders along with this plan for accident benefits, disability income, and critical illness cover.
In order to buy the Shriram Life Growth Plus Plan, the following eligibility factors are taken into considerations:
| Parameters | Eligibility |
| Minimum age at entry | 30 days to 60 years of age |
| Maximum exit age | 70 years |
| Policy term | 10, 15, or 20 years |
| Premium payment term | Options of Limited - 6 years, Regular- same as policy term, and Single payment term |
| Minimum premium amount | Limited -Rs.60,000 yearly or Rs.6,000 monthly Regular - Rs.30,000 yearly or Rs.3,500 monthly Single -Rs.50,000 for policy term of 10 years and Rs.1,00,000 for policy term of 15 years and above |
The Sum Assured under the Shriram Life Growth Plus Policy is listed below:
Single Premium - If the policyholder’s entry age is less than 45 years and he/she has chosen the single premium option, the minimum Sum Assured amount will be 1.25 times the premium amount. A minimum Sum Assured of 1.10 times the premium amount is applicable for a policy where the age at entry is 45 years and above.
Regular and Limited Premium - If the entry age is 45 years or below, he/she is eligible for a minimum sum assured amount of 10 times annualized premium. For policies where the age of entry is 45 years or above, a minimum sum assured of 7 times annualized premium is applicable.
Shriram Life Growth Plus is an easy and affordable policy that can help a customer provide financial protection to their family. With the flexibility of choosing policy term, premium amount, etc. the plan offers higher returns through loyalty addition and market linked units. Moreover, the policy also provides tax benefits based on the latest tax rules and regulations. Customers are advised to consult with qualified tax advisors before making buying the plan.
Shriram Ujjwal life Plan:
Shriram Ujjwal Life is a regular premium unit linked plan that can help a policyholder reach various types of financial goals. The plan allows the policyholder to earn more through a regular saving scheme, additionally, the premium linked unit plan offers an option to top-up the policy with an additional amount. The policy has a fixed term of 10 years and the premium needs to be paid on a yearly basis. With a minimum premium payment option of Rs.30,000 annually, the policyholder is entitled to a minimum sum assured of 10 times of annualized premium for entry age 45 years and below, and 7 times of annualized premium for a policy where the entry age is 45 years or above. In case of the unfortunate death of the policyholder, the nominee/family is entitled to a lump sum amount along with other benefits. The Under this plan, the policyholder's family is protected from financial eventualities.
The Shriram Ujjwal Life Plan is available with the following eligibility criteria:
| Parameters | Eligibility |
| Minimum age at entry | 7 years |
| Maximum exit age | 65 years |
| Maximum age at maturity | 75 years |
| Policy term | 10 years (fixed) |
| Premium payment term | Same as the policy term |
| Minimum premium amount | Rs.30,000 |
| Mode of Premium Payment | Yearly |
| Minimum Sum Assured | 10 times of annualized premium for policyholder's entry age 45 years or below. 7 times of annualized premium for entry age 45 years and above. |
There is no riders available under the Shriram Ujjwal Life Plan. If the policyholder survives till the end of the policy term, he/she will be eligible for the maturity benefits along with any top-up fund value. However, if the policyholder encounters death within the policy term, his/her nominee or family will be entitled to death benefits mentioned under this plan. On death, the sum assured amount along with the fund value and the top-up contribution by the policyholder, if any, will be payable to the nominee/family. Once the benefits are paid, the policy will be terminated and no further benefits will be payable. The death benefit will be at least 105% of all the contribution made including the top-up premiums paid. If it is a discontinued policy and the policyholder dies, the discontinued fund value will be paid to the nominee or beneficiary, subject to a minimum guaranteed interest.
Shriram Ujjwal life is an ideal policy for someone who wishes to save regularly to achieve any types of financial goals. The premiums can be made through a wide variety of payment channels. The policyholder can choose to invest additional amount (top-up) during the policy term which returns more benefits to the policyholder.
Shriram Ujjwal Life (SP) Plan:
Shriram Ujjwal Life (SP) is a single premium, unit linked insurance plan that provides dual benefits to the policyholder through market linked returns and an insurance protection. Throughout the policy term, the family of the policyholder is protected financially through a sum assured amount. If the policyholder dies during the policy term, the nominee/beneficiary is entitled to a lump sum amount along with other benefits. The plans come with single premium mode and provide the policyholder an option to choose from six different types of investment funds. With effective fund investment strategy, the policyholder can also choose to pay additional premiums (as top-ups) to increase the returns from savings. The plan doesn't provide any add-on/rider plans, however, the fixed policy term of 10 years allows single premium payment mode on a yearly basis. Additionally, the plan provides the flexibility of liquidating partial amount from the policy as surrender benefits.
Shriram Ujjwal Life (SP) can be purchased from Shriram Life Insurance Company under the following eligibility criteria:
| Parameters | Eligibility |
| Minimum age at entry | 7 years |
| Maximum exit age | 65 years |
| Maximum age at maturity | 75 years |
| Policy term | 10 years (fixed) |
| Premium payment term | Same as the policy term |
| Minimum premium amount | Rs.35,000 |
| Mode of Premium Payment | Yearly |
| Minimum Sum Assured |
|
| Premium Payment Mode | Single |
There are no add-on/rider option available under the Shriram Ujjwal Life (SP) Plan. During the policy term, if the policyholder encounters death, the nominee/beneficiary is protected financially through a life insurance cover that provides death benefits. The death benefit offices a sum assured amount along with the value of the units, and top-up fund value will be paid, if any. If the policyholder survives till the end of the policy, he/she will be entitled to maturity benefits. The maturity benefits include fund value and top-up fund value that can help the policyholder achieve his/her financial goals. The plan provides complete transparency of the premium being invested in different channels so the policyholder can have a clear view about the investment return.
The dual benefit of market linked returns and insurance protection makes this plan suitable for any customer who is looking to save more while protecting their family against financial uncertainties. Additionally, the policyholder can choose to withdraw a partial amount from the policy to meet expenses incurred in emergency situations. The plan offers six different fun investment option that enables the policyholder to gain maximum out of this policy. The policyholder can also choose to allocate a certain amount of money towards the policy funds as a top-up. The surplus top-up has the potential to bring an additional return to the policyholder as the maturity benefits of as the death benefits to the nominee/beneficiary on the policyholder's death.
Shriram Fortune Builder Insurance Plan:
Shriram Fortune Builder Insurance Plan is a single premium unit linked insurance plan that enables the policyholder to diversify their investment across a wide range of asset classes. The plan can be purchased with a single premium for 10,15 or 20 years of policy term. Though there are no add-ons/riders available for this plan, the benefits range from death benefit, maturity benefit, tax benefit, top-up, etc. that makes it popular. The unit linked insurance plan allows the policyholder to earn more through six different types of investment asset classes. Additionally, the policyholder can choose to invest his/her surplus income as a top-up premium. To arrange a top-up premium payment, the policyholder will be required to pay a small fee, however, the top-ups can provide additional benefits that are included in the death benefits or the maturity benefits.
This plan is suitable for a customer who doesn't have a regular or steady income but he/she has a lump sum amount to take care of their investment and insurance cover requirements. The investment premiums paid for the market linked units can be monitored to assume the investment returns.
The following eligibility criteria are considered for purchase of Shriram Fortune Builder Insurance Plan:
| Parameters | Eligibility |
| Minimum age at entry | Up to 65 years of age |
| Maximum exit age | 75 years |
| Policy term | 10, 15 or 20 years (fixed) |
| Premium payment term | Same as the policy term |
| Minimum premium amount | Rs.25,000 and no limit for maximum premium amount |
| Mode of Premium Payment | Single |
| Minimum Sum Assured |
|
In the event of policyholder's death, the nominee/beneficiary can claim for death benefits which include the higher of sum assured or unit values along with top-ups, if any. If the policyholder survives till the end of the policy term, he/she will be eligible for the maturity benefits which includes the sum assured along with the unit returns on investments, and top-ups, if any.
The policyholder is provided with a flexible option to switch the unit fund to different investment asset in order to suit the risk appetite. The customers who want to invest in a plan that offers market linked units along with an insurance cover, the Shriram Fortune Builder Insurance Plan is a suitable option. The Shriram Fortune Builder Insurance Plan offers tax benefits to the policyholder through tax deductions and tax exemption as per the tax rules and regulations. The tax laws are subject to change from time to time, customers are advised to go through the policy document's terms and conditions and also to consult a qualified tax advisor before buying the plan.
Shriram Life Wealth Plus:
Shriram Life Wealth Plus is a unit linked insurance plan that helps the policyholder through investment growth and insurance cover. The individuals who want to maximize their investment through a unit linked insurance plan with a short premium paying term should consider this plan for various other benefits as well. The plan offers auto-transfer options along with an option to switch the fund allocations to different investment asset class. Additionally, the policyholder can choose to pay a top-up premium based on their surplus income, the top-up premium helps in earning extra maturity or death benefits. During the policy term, if the policyholder requires money for expenses due to an emergency situation, he/she can take advantage of the flexible liquidity option that includes partial withdrawal or surrender.
The investment made for market linked returns are protected from market risks with flexible returns and settlement option. The policy doesn't provide an option for any add-on/rider plan. The contribution/investment made under this plan are eligible for tax benefits based on the current tax rules and regulations that subject to amendments.
Shriram Life Insurance Company offers the Shriram Life Wealth Plus Plan to eligible customers based on the following criteria:
| Parameters | Eligibility |
| Minimum age at entry | 7 years |
| Maximum age at entry | 65 years |
| Maximum age at maturity | 75 years |
| Policy term | 10-25 years |
| Premium payment term |
|
| Minimum premium amount | Based on the policy term and type of premium payment term |
| Mode of Premium Payment | Monthly, Quarterly, Half-yearly, or Yearly |
With flexible options for short payment term for premiums, auto transfer, fund switch, and top-up premium payment, Shriram Life Wealth Plus is unit linked insurance plan that is affordable and enables the policyholder to boost their savings with a life insurance protection. On survival of the policyholder till the end of policy term, he/she will be eligible for the value of the market linked units along with top-up funds, if any. During the policy, if the policyholder encounters death, the nominee/beneficiary will be entitled to the death benefits. The death benefit will be at least 105% of all the premiums paid including any top-up premiums paid by the policyholder. The death benefits include the basic sum assured, the value of market linked units, top-ups, if any.
Things to consider for buying a Unit Linked Insurance Plan:
ULIPs offer a great amount of flexibility when it comes to policy term, premium payment option, payment term, top-up premiums, investment options, etc. Moreover, ULIPs offer transparency, insurance cover, liquidity options along with tax benefits. The customers who are interested in buying a ULIP are also required to consider various risk factors associated with ULIPs. The amount of contribution a customer decides to make depends on various factors such as the investment goals, policy term, age, etc. The customer will need to compare various ULIPs to determine whether a ULIP is suitable for him/her.
The dual protection offered by ULIPs is a perfect solution for individuals who are looking for an investment cover that provides market linked unit returns. Some of the ULIPs enable the customer to choose from single, regular, or limited premium options in order to meet their income criteria. They can also choose the policy term, premium amount, etc. based on various eligibility factors. The plans offer various types of benefits such as maturity benefit, death benefit that are eligible for tax deductions and tax exemption based on the tax rules.
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