Shriram Life Secure Plus Plan

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.

• Shriram Accident Benefit Rider

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

• Shriram Family Income Benefit Rider

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

• Shriram Critical Illness Cover

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.