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  • Shriram Life Secure Plus Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    Keeping the financial security and the welfare of families in mind in case of an eventuality, Shriram Life Insurance has launched the Shriram Life Secure Plus Plan. The Shriram Life Secure Plus Plan guarantees a lump sum payout to the nominee in case of untimely death of the policyholder and comes with maturity benefits as well.

    Eligibility - Who is the Shriram Life Secure Plus Plan for?

    To be eligible for the Shriram Life Secure Plus Plan, customers need to meet certain criteria with regard to the entry and maturity age.

    Parameters Details
    Entry Age Minimum: 18 years Maximum: 50 years
    Maturity Age 70 years (Maximum)
    Policy Terms 10 years, 15 years, 20 years

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

    Sum Assured: Depending on the policy term chosen and the premium chosen by the policyholder, the minimum sum assured is Rs.5 lakh and maximum sum assured is Rs.20 lakh at the point of maturity of the term.

    Premium: The minimum premium for a year is Rs.5,000 and policyholders can choose to pay the premium annually, half-yearly, quarterly or monthly.

    Parameters Details
    Policy Term 10 years, 15 years or 20 years
    Premium mode Annual, half-yearly, quarterly, monthly
    Premium cost Minimum: Rs.5,000 Maximum: No limit

    Plan Coverage - What the Shriram Life Secure Plus Plan covers?

    The Shriram Life Secure Plus Plan comes with the benefit of death benefits and maturity benefits.

    Death benefits In case of untimely death of the policyholder, the nominee is liable to higher of the sum assured at that point, maturity benefits if death occurs after the lock-in period, 105% of the premiums paid and 10 times the annualised premium if the the age of the policyholder was less that 45 years or seven times the annualised premium if the policyholder was more than 45 years.
    Maturity Benefits At the point of maturation of the policy term, the policyholder is guaranteed a return of the premiums paid, as well as the premiums paid for additional riders, or extra premiums paid (if any).

    Riders / Add-On Plans - Additional coverage under the Shriram Life Secure Plus Plan:

    The Shriram Life Secure Plus Plan comes with the benefit of additional riders to enhance the financial security of the policyholder’s family. The additional riders (optional) are listed below.

    This additional rider guarantees a lump sum payout if the policyholder meets with an accident resulting in total and permanent disability.

    With this additional rider, the family is guaranteed a secure and fixed income after the maturation of the policy term.

    The Shriram Critical Illness Cover offers a lump sum payout if the policyholder or any of the nominees of the policyholder are diagnosed with a critical illness.

    Exclusions - What the Shriram Life Secure Plus Plan doesn’t cover?

    If the policyholder commits suicide within 12 months following the commencement of the policy, the nominee will be granted a higher of 80% of the premiums paid or the sum assured (whichever is higher). In the case of suicide, no policy benefits are applicable.

    Other Key Features – Free-look Period, Surrender Values, Grace Period etc.

    The Shriram Life Secure Plus Plan has a few key features which policyholder will have to look into when purchasing the policy. They are listed below:

    Grace period Policyholder are granted a grace period of 30 days after the premium due date to pay the premium. All benefits including death benefits are applicable during this period should an eventuality occur.
    Nominations Policyholders can make nominations as per Section 39 of the Insurance Act, 1938. In case of untimely death of the policyholder, the sum assured will be passed on to the nominee. If the nominee is a minor at the point of death of the policyholder, the policyholder should appoint a person to receive the sum assured on behalf of the nominee.
    Assignment Policyholder can transfer the policy as per Section 38 of the Insurance Act, 1938.
    Policy lapse If the policyholder fails to pay the premium by the expiry date of the grace period within the first three years of the policy, the policy will lapse and no benefits will be applicable from that point on. If the policy lapses after three years of holding the policy, the policy will continue till the maturation of the term or till the death of the policyholder - whichever comes first.
    Revival The policyholder can revive the policy within 2 years of the the first unpaid premium. The policyholder will be required to pay all unpaid premiums and the interest accrued over the policy lapse.
    Surrender If the policyholder surrenders the policy after three complete years of holding the policy, he/she is granted the complete surrender value. If the policyholder surrenders the policy before three years of holding the policy, no surrender value will be paid. The policy cannot be revived once surrendered.
    Free-look period Policyholders are granted a free-look period of 15 days from the commencement of the policy. If the policyholder disagrees with the terms and conditions of the policy, he/she can return the policy within the free-look period.

    Tax Benefits – How you can save with the Shriram Life Secure Plus Plan?

    Policyholder enrolled with the Shriram Life Secure Plus Plan are liable to tax benefits under the Income Tax Act of 1961. They can avail benefits under:

    • Section 80C of the Income Tax Act, 1961, for contributions (premium) made towards the scheme.
    • Section 10 (10D) of the Income Tax Act, 1961, for proceeds from the riders and the death maturity benefits.

    Other Benefits – How you can save with the Shriram Life Secure Plus Plan?

    Policyholders can visit the Shriram Life Insurance website where they can login and get in touch with the customer support for requests, grievances, etc. In addition, policyholder can even pay their premiums online with ease, check the status of their policies, and so on - making the whole process a lot more convenient. For policyholder who wish to pay their premiums online, they can do so via the listed payment channels.

    Credit Cards Visa, MasterCard, American Express, Diners Club cards, and Maestro can be used for making payments
    Debit Cards Visa, Maestro, RuPay cards MasterCard, and can be used for making payments
    Bill Junction By registering at Bill Junction, customers can authorise premium payments online
    Netbanking Customers can even facilitate the net banking service through their online banking account to pay for the premiums, make top-ups, etc.
    e-Wallets Customers can also make payments towards the premiums via e-Wallets like Idea Money, ITZCash, iCashCard, Airtel Money, PayCash, Jio Money, Oxigen.

    Apart from the above listed services related to premium payments and so on, customers can even facilitate the use of the online chat service where an executive will guide one through certain processes, address a grievance or take requests. In addition, customers can also use the SMS call-back service if they’re not able to get through to the customer service or if the line is busy.

    Why you should buy the Shriram Fortune Builder Insurance Plan from Shriram Life Secure Plus Plan?

    Headquartered in Chennai, Tamil Nadu, Shriram Life Insurance was formed following a joint venture between Shriram Group and South African financial services company, Sanlam. Having an employee base of more than 45,000, Shriram Life Insurance has over 500 offices spread across the country. This insurance group offers insurance products specific to individuals, groups, children, senior citizens and so on.

    This Insurance Company has not partnered with BankBazaarInsurance.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.