Shriram Life Assured Savings Plan

Eligibility Criteria for the Shriram Life Assured Savings Plan

Features of Shriram Life Assured Savings Plan

Here are the key features of the Shriram Life Assured Savings Plan:

1. Life Cover Without Medicals

   The policy even covers life insurance without a medical examination, making it easy to join.

2. Guaranteed Returns

   Life cover, as well as returns, is guaranteed initially, providing certain results.

3. Higher Maturity Benefits

   Depending on the option chosen, policyholders may receive up to 160% of the sums paid as total premiums.

4. Accidental Death Benefit Alternative

   In the event of accidental death, option 2 offers double cover.

5. Adjustments to the Policy Flexibly

   Policyholders are allowed to make changes in the policy term and the premium payment term in the tenure.

These features make it one of the best investment plans within Shriram Life Investment Plans.

Benefits of the Shriram Life Assured Savings Plan

A detailed look at the benefits highlights how the plan supports both protection and savings. Here are the benefits of the Shriram Life Assured Savings Plan:

• Death Benefit: The amount that is offered in the death benefit is based on the option. Here is the structure.

  Scenario	Option 1	Option 2
  Death Due To Accident	Death Sum Assured	2X Death Sum Assured
  Death Due To Other Causes	Death Sum Assured	Death Sum Assured

  The assured amount of death becomes the greater of:

  • 10 times a year premium (to the age of 45) or 7 times (above 45).
  • 105% of total premiums paid
  • Surrender value
• Maturity Benefit: On survival till the end of the policy term, the policyholder receives a Guaranteed Maturity Sum Assured as a lump sum.
• Female Life Incentive: Women policyholders are provided with a little more maturity benefits as a result of various other factors.

Riders under the Shriram Life Assured Savings Plan

Riders help enhance protection based on individual needs. Here are the available riders:

1. Accident Benefit Rider

   Provides accidental death or disability coverage with a premium waiver.

2. Family Income Benefit Rider

   Pays a fixed monthly income over a set time in case of accidental death or disability.

3. Extra Insurance Cover Rider

   Makes an extra payment guaranteed on death.

4. Critical Illness Plus Rider

   Pays out the major illnesses in the form of a lump sum.

5. Critical Illness Woman Rider

   Provides coverage for women's health conditions and maternity risks.

These rider options enhance flexibility and strengthen protection, aligning the plan with other Shriram Life Investment Plans.

Policy Details of the Shriram Life Assured Savings Plan

Policy terms facilitate the management of the plan. Here are the key details:

1. Grace Period

   The benefit of paying premiums within a grace period of 30 days (non-monthly) and 15 days (monthly) is offered.

2. Revival

   A lapsed or paid-up policy can be revived within 5 years by paying due premiums with interest.

3. Free Look Period

   The policy has a 30-day free-look period, and the policyholder can cancel the policy if they are not satisfied.

4. Surrender

   Surrendering the policy after one year is possible, with the policy paid out based on the surrender value.

5. Loan

   Until 90% of the loan's value is reached, loans are allowed.

Exclusions Under the Shriram Life Assured Savings Plan

Understanding exclusions is essential before purchasing the plan. Here are the key exclusions:

Suicidal Cover

Upon death by suicide within 12 months, the nominee receives 80% of the premiums paid or the value of the surrender, whichever is higher.