Shriram New Shri Raksha Plan

Shriram New Shri Raksha Plan is a traditional participating plan which combines the benefits of term insurance, endowment and whole life plan thus providing a composite benefit to the policyholder.

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  • 4.8++ Rated
  • 13.2 Crore Registered Consumer
  • 53 Partners Insurance Partners
  • 6.29 Crore Policies Sold

Investment Plans

  • Guaranteed Tax Savings^Under sec 80C & 10(10D)
  • Under sec 80C & 10(10D)Invest ₹10k Per Month*
  • Zero LTCG Tax^
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We are rated++
rating
13.2 Crore
Registered Consumer
53
Insurance Partners
6.29 Crore
Policies Sold

Key Features

  • It is a participating plan with regular and limited premium payment options
  • The plan promises double the Sum Assured in case of death during the term.
  • Sum Assured is paid on Maturity and the plan continues thereafter till the policyholder turns 100 and on death after the term and before attaining age 100, additional Sum Assured is paid
  • Riders provide customization option

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 twice 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
  • Post the payment of maturity benefit, the plan continues and on death of the policyholder after the end of the term and before turning 100, additional Sum Assured is paid without bonuses
  • 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)

18 years

55 years

Maturity Age (Last Birthday)

-

75 years

Policy Term (PT) in years

10

25

Premium Paying Term (PPT) in years

10

25

Premium Paying Frequency

Annual, half-yearly, quarterly, monthly

Yearly Premium

Depends on Sum Assured

Sum Assured

150,000

No limit

Details About Premium

Benefit Illustration for a policy term of 20 years and PPT of 10 years

Age

35 years

45 years

55 years

Sum Assured

250,000

250,000

250,000

Premium

30,500

34,625

43,625

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 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 Rider

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.

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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You Get
₹1 Crores*
You Invest
₹10K/month
You Get
₹80 Lakhs*
You Invest
₹8K/month
You Get
₹50 Lakhs*
You Invest
₹5K/month
Average Rating
(Based on 1216 Reviews)

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Simple UI digital first and a great entry level product.
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˜The insurers/plans mentioned are arranged in order of highest to lowest first year premium (sum of individual single premium and individual non-single premium) offered by Policybazaar’s insurer partners offering life insurance investment plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in
Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^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.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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