Shriram Life Assured Income Plan

The Shriram Life Assured Income Plan is a traditional life insurance plan that offers the dual benefits of life coverage and assured income. With this investment plan, you can secure financial stability for your family while ensuring a steady stream of guaranteed payouts after a defined period.

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What is the Shriram Life Assured Income Plan?

Shriram Life Assured Income Plan is a life insurance product offered by Shriram Life Insurance that combines aspects of life insurance and savings. This investment option is categorized as a non-linked, non-participating plan, where the returns are not linked to the market performance, and there are no bonus payouts.

This investment plan is designed for those seeking a balance between protection and regular income, which makes it an ideal choice for long-term financial planning.

People also read: Shriram Life Child Plans

Features of Shriram Life Assured Income Plan

  • Affordable Premiums and Enhanced Benefits: Shriram Life Assured Income Plan features low premium payments and enhanced benefits for those who opt for higher premiums, along with life insurance coverage.

  • Financial Security for Your Family: This plan provides a financial safety net for you and your family in challenging times.

  • Regular Income for Ongoing Expenses: It offers a regular income option to help with ongoing monthly expenses.

  • Additional Protection with Affordable Riders: Additional riders are available at a low cost to give you and your family extra protection.

  • Flexible Policy Terms: The plan's flexible policy terms allow you to tailor it to your financial goals.

  • Multiple Payment Options: You can choose from different policy durations—8, 10, 12, or 15 years—with premium payment options that suit your budget, including monthly, quarterly, half-yearly, or annual payments.

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Eligibility Criteria of Shriram Life Assured Income Plan

Eligibility Criteria Details
Entry Age 30 days – 55 years
Maturity Age 70 years
Policy Term (PT) 8/ 10/ 12/ 15 years
Premium Payment Term (PPT) Same as PT
Benefit Payout Term Equal to PT
Premium Payment Mode Annually/ Semi-Annually/ Quarterly/ Monthly
Minimum Premium Amount Rs. 15,000 (annually)
Minimum Sum Assured Rs. 1,20,000

Benefits of Shriram Life Assured Income Plan

The Shriram Life Assured Income Plan offers a combination of benefits, including:

  1. Death Benefit

    • If the insured person dies during the policy term, the plan pays a Death Sum Assured, which is the greater of:

      • 8 times the annual premium for an 8-year term

      • 10 times the annual premium for a term of 10 years or more (if under 45 years old)

      • 7 times the annual premium for a term of 10 years or more (if 45 years old or over)

      • 105% of the total premiums paid by the time of death

  2. Flexible Maturity Benefit

    • When your policy matures, and all premiums are paid, you can receive the payout either as a lump sum or as annual income, depending on your preference.

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  3. Higher Income with Higher Terms and Premiums

    • The Shriram Life Assured Income Plan offers more assured income if you choose longer policy terms and higher premium amounts.

  4. Additional Protection with Riders

    • You can add extra coverage to your policy with rider add-ons, such as accident benefits, critical illness coverage, family income benefits, and extra life insurance.

    • It offers protection against accidents and health risks even after the policy term ends.

  5. Policy Loans

    • You can borrow up to 85% of the surrender value. Outstanding loans and accrued interest are deducted from policy proceeds before other benefits are paid. 

    • If the loans and accrued interest exceed the surrender value, the policy terminates without value.

  6. Tax Benefits

    • Save on Taxes: Deduct premiums up to Rs. 1.5 lakh annually under Section 80C.

    • Tax-Free Maturity: Maturity benefits and bonuses may be tax-free under Section 10(10D) if premiums are less than Rs. 2.5 lakhs.

People also read: Child Investment Plans

Rider Options under Shriram Life Assured Income Plan

Shriram Life Assured Income Plan offers a few rider options to enhance your base policy coverage. These riders provide additional benefits for a nominal extra cost. The available rider options are mentioned below:

  1. Accident Benefit Rider

    • In case of death or total and permanent disability due to an accident during the rider term, you get 100% of the rider sum assured.

    • If you become totally and permanently disabled from an accident, all future policy premiums are waived.

  2. Family Income Benefit Rider

    • If you die or become totally and permanently disabled due to an accident during the rider term, 1% of the rider sum assured is paid monthly for 10 years or until the end of the rider term, whichever is longer.

  3. Shriram Extra Insurance Cover Rider

    • If you die during the rider term, the sum assured under this rider is paid to your nominated beneficiaries.

  4. Shriram Life Critical Illness Plus Rider

    • If you are diagnosed with one of the 24 specified critical illnesses and survive 30 days from the diagnosis, you receive 100% of the rider sum assured.

    • This rider may also offer increases in the sum assured over time through a loyalty bonus.

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Policy Details of Shriram Life Assured Income Plan

The key policy details of this investment plan offered by Shriram Life Insurance Company are as follows:

  1. Grace Period:

    • A 30-day grace period applies for yearly, half-yearly, and quarterly premium payments; 15 days for monthly.

    • If the insured dies during the grace period but before the premium is paid, the death benefit is still paid after deducting the unpaid premium.

    • If the premium is not paid by the end of the grace period, the policy will lapse unless it has acquired a paid-up value.

  2. Lapse Conditions:

    • If at least two years of full premiums have not been paid and the premium is not paid by the end of the grace period, the policy lapses and no benefits are available.

  3. Paid-Up Value:

    • If the policy has acquired a paid-up value (after two years of full premiums), it won't lapse but continues with reduced benefits.

    • Paid-Up Sum Assured is calculated as (Total Premiums Paid / Total Premiums Payable) × Sum Assured.

    • A policy in paid-up status pays out upon death or after the policy term ends, with survival benefits paid in five equal annual instalments.

    • A paid-up policy can be surrendered at any time during its term.

  4. Revival of Policies:

    • A lapsed or paid-up policy can be revived within five years of the first unpaid premium by paying all outstanding premiums with 9% annual interest.

  5. Surrender Value:

    • A policy acquires a surrender value if at least two full years of premiums have been paid.

    • On surrender, you receive the higher Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV).

  6. Free Look Period:

    • You have 15 days to review your policy. If dissatisfied, you can return it and get a refund, minus the risk premium for the coverage period, medical exam fees (if any), and stamp duty charges.

People also read: Government Schemes for Girl Child

How Does the Shriram Life Assured Income Plan Work?

Step 1- Choose Your Policy Term: Select a duration for your policy. You can choose between 8, 10, 12, or 15 years. This is the period during which you'll be paying premiums.

Step 2- Select Your Premium Payment Schedule: Decide the premium payment frequency of your premiums as per your budget. You can pay monthly, quarterly, every six months, or once a year.

Step 3- Maturity Benefit: If you complete the policy term and make all premium payments, you will start receiving annual income payouts.

Step 4- Death Benefit: If you die during the policy term, the beneficiary receives a lump sum payment, provided that all premiums have been paid.

Step 5- Optional Rider Benefits: You can add extra coverage to your policy for an additional cost. These benefits could include critical illness coverage or accidental death benefits.

Step 6- Income Payout Options: After maturity, you can choose how to receive your income. Options include a lump sum, regular monthly payouts, or a combination of both.

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Suicide Exclusion Criteria of Shriram Life Assured Income Plan

The Shriram Life Assured Income Plan has a suicide exclusion clause, which means the full death benefit is not paid to the beneficiary if the insured person dies by suicide within a certain period. Here is a breakdown of the exclusion criteria:

  • Exclusion Period: The exclusion applies for the first year from the policy commencement date.

  • Benefit payout: There are two scenarios:

    • If suicide occurs within this period, the beneficiary receives 80% of the total premiums paid.

    • Additionally, an exclusion clause is applicable upon policy revival. If suicide happens within one year from the date of revival, the beneficiary receives the higher amount between 80% of the paid premiums and the surrender value (if any).


  • What is a Shriram Assured Income Plan?

    The Shriram Life Assured Income Plan is a non-linked, non-participating life insurance plan that provides guaranteed income after the policy term ends, along with life cover during the term.
  • What are the benefits of this plan?

    This plan offers assured income payouts, death benefits, flexible policy terms (8, 10, 12, or 15 years), and optional rider benefits for additional coverage.
  • How are the premiums paid?

    You can choose to pay premiums monthly, quarterly, half-yearly, or annually.
  • Is there a minimum premium amount?

    Yes, the minimum annual premium is ₹15,000.
  • What happens if the policyholder dies during the term?

    The nominee will receive the death benefit amount, which is the sum assured.
  • What happens at the end of the policy term?

    If the policyholder survives the term, they will receive assured income payouts starting from the next year for a chosen payout period equal to the policy term.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
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#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.

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Shriram Life Child Plans Reviews & Ratings

4 / 5 (Based on 23 Reviews)
(Showing Newest 10 reviews)
Nainital, July 26, 2016
Shriram Policy
My child insurance plan is very good which i bought from shriram life insurance. The claiming is easy and service is fast served by the executives and staff members of the company. Good future planing for my angel.
Mangalpur, July 12, 2016
Child Plan
I buy child insurance policy in low premiums and policy coverage is maximum. Good future security for my child including his health and education and many more. Service is nice given by the staff members. Online service is nice it provide online renewals.
Akhandnagar, June 30, 2016
The child insurance plan i buy for my child. The service you provided is fantastic and the future paybacks are really very good. My child's future is secure with this policy. Policy coverage is high and it covers many scenario. Service is good with quick response.
Mumbai, May 11, 2016
superb plan
I found awesome shriram life child plan. The claim is high and the policy coverage is 93%. Service you provided is fast and very quick. Daily updates are mail and texted to me. The policy is good for future investment and it saves taxes also. The policy updates are mailed to me daily.
Roorkee, May 11, 2016
Need To Improve
Shriram life child plan which is an average one. The service is fast and the policy coverage is approx. 77%. The claims are okay but the claiming process is bit lengthy. Executives and staff members are doing great work with good response. Okay policy and good for tax saving. Good for middle class person. Please improve the policy services and online facilities.
Howrah, May 11, 2016
Working Good
I have child policy for my child which is very good and the insurer is shriram life insurance. The policy has many benefits like good investments for future and it save taxes also. Policy coverage is 89% and the claims are around 36 L after policy ends. Fair Terms and Conditions. I'm satisfied with it.
Pilani, May 11, 2016
Interest Is High
The best child plan i bought from shriram life insurance and the policy is awesome. The policy coverage is 92% and the claims are 39 L after policy get mature. The investment is low and the returns are high. Good future plan with tax protection. Service you provided is very quick and on time. Fantastic future investment with great interest.
Mohali, May 11, 2016
Satisfactory Policy
I have shriram life child plan. Policy coverage is good 88% but the premium is low. Service provided is bit slow and claims are good and Rs.31 L is the amount i get after policy get end. The updates regarding policy is send to me regularly. I just wanted to say that satisfactory policy plan.
Udaipur, May 11, 2016
Very Good
I purchase child policy plan by shriram life insurance. Policy coverage is 81% and the claims are high. Premium is low and the services are fast and with great response from executives and staff members of the company. Good future investment and it saves taxes. The executives and staff members behave well with there customers.
Saharanpur, May 11, 2016
Purchase shriram life pension plan and the benefits are many. Policy coverage is good 86% and the payback amount is 35 L when policy ends. Claims are easily get due to great services facilitate by executives of the company. Nice future investment and it saves taxes also. The policy terms and conditions are very reliable, it make me very happy.
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