Shriram Life Insurance Plans
Shriram Life Insurance was incorporated in 2005 and it commenced business in 2006. Since the first year of operations, the company made profits in the first three consecutive years- becoming the only private life insurer to have achieved the distinction. Compared to industry peers after 7 years of operation, Shriram Life insurance was the most profitable life insurance company in the country. The company’s performance stands out in efficient use of capital and low cost of operations. Life insurance arm of Shriram Group has carried forward the group philosophy of financial inclusion by penetrating the unexplored segments. Shriram Life has significantly focused on Inclusive growth by taking life insurance to the section where it is needed the most -The ‘AAM AADMI’ (Common Man). Sanlam, the second largest insurer in South Africa and Shriram’s Insurance partner, is working closely with the group to take the Insurance Businesses to the next level in the coming years.
Shriram Life Immediate Annuity Plus
Shriram Life Immediate Annuity Plus is a non- linked and non-participating single premium immediate annuity assurance for individuals.The plan aims to provide a lifetime income stream post retirement. In exchange to the single purchase price paid, the plan provides with a stream of regular income in the form of an annuity for the whole life.
Who should buy this plan?
Shriram Life Immediate Annuity Plus Plan is an affordable, easy-to-obtain financial security net for you and your loved ones. It pays a lump sum payment in case of unfortunate death helping your family to reduce their debts.
Plan Annuity options:
- Annuity for life
- Annuity for life with return of 100% purchase price on death
- Annuity for life increasing @ 3% p.a. simple rate
- Annuity for life increasing @ 3% p.a. compound rate
- Annuity certain for 5/10/15/20 years and thereafter for life
- Joint life last survivor annuity with 50% annuity to last survivor on the death of the annuitant
- Joint life last survivor annuity with 100% annuity to last survivor on the death of the annuitant
- Joint life last survivor annuity with 100% annuity to last survivor on the death of the annuitant with 100% purchase price on death of the last survivor
Minimum Age At Entry : 0 years age last birthday, 18 years age last birthday for joint life options. Maximum Age At Entry: 85 years age last birthday. No maximum age limit for the nominees of the Company’s deferred pension policy holders.
Maximum exit age : No maximum exit age. Policy will terminate upon death of annuitant.
Policy Term : Whole Life
Premium (Purchase price) paying term : Single
Annuity mode : Yearly, Half yearly, Quarterly or Monthly
Minimum Purchase price: Rs.3,00,000. There is no minimum purchase price condition for policyholders/ nominees of the company’s deferred pension products to offer the annuity benefits under this product.
Maximum Purchase price : No limit, Subject to board approved underwritng policy
Minimum Annuity per annum
Option Annuity p.a 1 Rs.20340 2 Rs.20106 3 Rs.14415 4 Rs.12407 5 Annuity certain for 5 years- Rs.20328 10 years- Rs.20313 15 years -Rs.20292 20 years- Rs.20274 and for life thereafter 6 Rs.20208 7 Rs.20109 8 Rs.20085
Shriram Life Genius Assured Benefit Plan
Shriram Life Genius Assured Benefit Plan is a traditional plan where all the benefits are guaranteed. This plan offers a unique blend of life insurance and maturity benefit by paying premium for 10 years. This plan is ideal for you if you are looking for complete protection of your family and providing financial support to your child’s dream.
Why buy this plan?
Shriram Life Genius Assured Benefit Plan is a simple and affordable plan especially designed to help you meet your goals by paying premium for 10 years. If you are looking for complete protection of your loved ones and systematic receipt of money than this is the right plan for you.
Maturity benefit that suits your child’s higher education dream
*Sum Assured as a lump sum (+)
*Education Support Benefit in installments
Comprehensive life insurance cover
*Sum Assured (+)
*Additional Benefit: Family Support Benefit (+), Education Support Benefit
Flexibility in receiving Education Support Benefit on maturity
*Flat payout, or
Auto Cover(available only once during premium paying term) Enhanced protection with Riders
Tax Benefits as per prevailing Tax rules
Age at entry : 18 to 45 years
Maximum Maturity age : 63 years
Policy term: 10 to 18 years
Premium paying term :10 years
Sum Assured range: Minimum Rs 2,00,000, No maximum limit
Premium range: Minimum Annual Premium is Rs 21,732 , No maximum limit
Minimum Monthly Premium is Rs 1,865 , No maximum limit
Premium payment mode : Annual or Monthly
After the payment of at least two full years’ premium if you are unable to pay the premium within the grace period, you will be eligible for an Auto Cover of one year. If death occurs during this auto cover period, the death benefit will be payable as paid for an in force policy after deducting the unpaid premiums falling before the next policy anniversary.
Who should buy this plan?
Shriram New Shri Life Plan (UIN-128N047V01)is a non linked participating endowment plan. Besides being a systematic savings option, the plan acts as a reliable protection tool to your family in case of any adverse mishap to you. Shriram New Shri Life Plan is ideal because of the potential upside of reversionary bonuses which may be added to your life cover year by year and also the maturity benefit.
Shriram New Shri Life Plan
New Shri Life Plan is a combination of a systematic Savings option and a reliable savings tool. The plan provides Life Insurance cover through out the term of the policy . It provides potential upside of bonuses which may be added to your life cover year by year and also to the Maturity benefit.
Plan Key Features:
Life cover and reversionary bonuses.
Limited and regular premium pay options.
Attractive sum assured rebates.
Facility to pay premiums in advance at discount.
Settlement option to receive benefits in installments with addition of interest.
Additional protection through riders.
Tax benefits as per tax laws.
- In case of survival of the life assured up to the end of the policy term and all the due premiums have been paid, the sum assured plus accrued reversionary bonuses plus terminal bonus (if any) will be paid. Sum Assured on death shall be higher of, 10 times the annual premium if age is less than 45 years and 7 times the annual premium if age is 45 years and above. Basic sum assured.
In case of death of the life assured during the policy term,provided all the due premiums have been paid, till the date of death .
- Sum assured on death plus
- Accrued reversionary bonus, if any plus
- Terminal bonus, If any will be paid to the nominee or beneficiary.
- However, the Death benefit will be at least 105% of all the premiums paid excluding any extra, rider premium and taxes.
Age at entry : 30 days to 65 years last birthday
Minimum maturity age : 18 years
Maximum maturity age : 75 years
Premium Paying term
Policy Term 10 15 20 25 Premium Paying Term 7,10 5,7,10,15 5,7,10,20 5,7,10,15,25
Sum Assured: Minimum Rs. 50,000/-.
Maximum sum assured limit is subject to underwriting considerations as per Board approved underwriting policy.
Mode of the Premium Payment: Yearly, Half Yearly, Quarterly, Monthly.
Shriram Life Cash Back Term Plan
Shriram Life Cash Back Term Plan (UIN-128N045V01) is an affordable, easy-to-obtain financial security net for you and your loved ones. It pays a lump sum payment in case of unfortunate death helping your family to reduce their debts and protecting their financial security. At the same time the premiums paid towards this policy will be returned on maturity.
Who should buy this plan?
Cash Back term plan is an affordable and easy-to-obtain protection plan. The plan provides a lump-sum amount in case of death of the life insured during the term of the policy and all the premiums paid towards this policy are returned back on Maturity.
Insurance cover at affordable rates
Return of `Premiums at Maturity
Pay advance premiums and avail discounts
Additional Protection through riders
Age at entry: 12 years to 50 years last birthday
Maximum maturity age: 70 years
Policy Term: Fixed terms 10/15/20/25 years
Sum Assured: Minimum: Rs.2,00,000 /- Maximum: Rs.20,00,000 /-, and subject to underwriting considerations as per Board approved underwriting Policy.
Minimum annualised Premium: Rs. 3,000/- Annualised Premium is the sum of all instalment premiums payable during the policy year.
Mode of the Premium Payment: Yearly, Half Yearly, Quarterly, Monthly
Premium Paying term
|Premium Paying Term||7,10||5,7,10,15||5,7,10,20||5,7,10,15,25|
Sum assured on Death shall be higher of:
10 times annual premium if age is less than 45 years and 7 times annual premium if age is 45 years and above and Basic sum assured
In case of death of the life assured during the policy term, provided all the due premiums have been paid, till the date of death, sum assured on death will be paid. However the Death benefit will be at least 105% of all premiums paid excluding any extra, rider premium and taxes.
In case of survival of the life assured till the end of the policy term, all the premiums paid excluding any extras, rider premiums and taxes will be returned.
Shriram Life Growth Plus
Shriram Life Growth Plus is a savings oriented unit linked insurance plan which offers both life cover and savings through market linked returns. The plan offers multiple choices in respect of premium payment, fund classes and flexibility of investment. The policy can also be taken on other lives, where other lives can be spouse, child and grandchild.
Who should buy this plan?
Shriram Life Growth Plus is an affordable, easy-to-obtain financial security net for you and your loved ones. It pays a lump sum payment in case of unfortunate death helping your family to reduce their debts.
Plan Key Features:
- Two death benefit options
- Loyalty additions
Entry age : 30 days to 60 years age last birthday
Maximum Exit Age : 70 Years age last birthday
Policy Terms allowed : 10, 15 to 20 years
Premium Paying Term : Limited- 6 years, Regular- same as policy term, Single – Single
Premium payment frequency : Regular/Limited: Yearly and Monthly (on ECS mode only.)
Rs.50,000 for term 10 years and Rs. 1,00,000 for term 15 years and above
Yearly : Rs.30,000
Monthly : Rs 3500
Maximum Premium : No limit subject to Board approved underwriting policy. Premium will be in multiples of thousand.
Minimum Sum Assured : For Single Premium Policies :
1.25 times single premium if age at entry is less than 45 years and 1.10 times single premium if the age at entry is 45 years and above For Regular and Limited Premium Policies:
10 times annualised premium if age at entry is less than 45 years and 7 times the annualized premium if the age at entry is 45 years and above
Single : Rs.55,000
Regular : Rs. 2,10,000
Limited : Rs. 4,20,000
Maximum Sum Assured
Regular / Limited Premium: 10 times the Annualised Premium.
Single premium : 1.25 to 10 times single premium depending on age at entry as per table below
Age Band Maximum Sum assured (No.of times) Up to 30 years 10 31 to 40 years 5 41 to 50 years 2 51 to 60 years 1.25
In case of death of Life Assured during the policy term
Sum Assured Plus top-up sum assured (if any), plus fund value where fund value is total of base premium fund value and top up premium fund value, will be paid to the nominee or beneficiary and the policy will be terminated.
- Sum assured (less partial Withdrawals#)
- Base Premium fund value plus
- Top-up sum Assured
- Top-up Premium fund value
will be paid to the nominee or beneficiary and the policy will be terminated Under both the options the minimum death benefit shall be at least 105% of the total premiums paid.
survival of the Life Assured up to the end of the policy term, the fund value will be payable where fund value is total of base premium fund value and Top up premium fund value, if any.
Base premium fund value is fund value built up from base premiums chosen by the policyholder at the time of inception Top-up premium fund value is fund value built up from top-up premiums Fund value is the sum of base premium fund value and top-up premium fund value.