Shriram New Shri Life Plan

0 / 5 based on 0 User Reviews

*Please note that the quotes shown will be from our partners

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:

	Minimum	Maximum
Entry Age (Last Birthday)	30 days	65 years
Maturity Age (Last Birthday)	18 years	75 years
Policy Term (PT) in years	10	25
Premium Paying Term (PPT) in years	5	25
Premium Paying Frequency	Annual, half-yearly, quarterly, monthly
Yearly Premium	Depends on Sum Assured
Sum Assured	50,000	No limit

Details About Premium

Benefit Illustration for a policy term and PPT of 10 years

Age	35 years	45 years	55 years
Sum Assured	100,000	100,000	100,000
Premium	12,300	12,650	14,200

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.

How helpful was this page?

Average Rating 4 / 5 (5 reviews)

Calculators

*The information provided on this website/page is only for information sake. Policybazaar does not in any form or manner endorse the information so provided on the website and strives to provide factual and unbiased information to customers to assist in making informed insurance choices.

Our Investors :

CIN: U74900HR2014PTC053454 Policybazaar Insurance Web Aggregator Private Limited, Registered Office no. - Plot No.119, Sector - 44, Gurgaon, Haryana - 122001
IRDAI Web aggregator Registration No. 06 Registration Code No. IRDAI/WBA21/15 Valid till 13/07/2021 Insurance is the subject matter of solicitation. Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the Insurer © Copyright 2008-2019 policybazaar.com. All Rights Reserved.