Shriram New Shri Life Plan

Introduction/Overview

Shriram New Shri Life Plan is a traditional participating Endowment plan which aims to facilitate savings for future needs and also providing life insurance benefits

Key Features

• It is a participating plan with regular and limited premium payment options
• Reversionary Bonuses and Terminal Bonus increase the corpus accumulated

Benefits

• On death, the Sum Assured on death + accrued reversionary bonuses + Terminal Bonus, if any, is paid
• The Sum Assured on death is higher of 10 times or 7 times the annual premium as per age or the basic Sum Assured
• The death benefit should be a minimum of 105% of all premiums paid till death
• On maturity, the basic Sum Assured and the vested reversionary bonus and Terminal Bonus, if any, is paid
• The Maturity Benefit can be availed in instalments over a period of 5 years after the end of the policy term. The instalments would accumulate interest at a prescribed rate
• Income tax benefit on the premium paid as per Section 80C and on claims received as per Section 10(10D) of the Income Tax Act.

Product Specification:

Details About Premium

Benefit Illustration for a policy term and PPT of 10 years

Policy Details

Grace Period: 30 days grace period is allowed for payment of premium. If policyholder fails to make payment within the grace period, the policy lapses

Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 3 or 2 full years’ premium has been paid. The Surrender Value will be higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV).

GSV = GSV % of premiums paid and GSV of vested bonuses

Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Inclusions

• Loan is available under the plan @ 90% of Surrender Value

Additional Features or Riders

• The following 4 riders are available to customize the plan:

a)     Accident Benefit Rider

b)    Family Income Benefit Rider

c)     Shriram Extra Insurance Cover

d)    Shriram Critical Illness cover Rider

• Rebates are allowed for high SA ranges of 5 lakhs and above
• Discounts in premium for advance premium payments

Exclusions

• In case of suicide within 12 months of policy inception 80% of premiums paid will be paid and in case of suicide within 12 months of revival, higher of 80% of premiums paid or acquired Surrender Value will be paid

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and necessary KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.