Shriram Life Premier Assured Benefit Plan

Eligibility Criteria for the Shriram Life Premier Assured Benefit Plan

The plan also supports multiple premium payment modes, including yearly, half-yearly, quarterly, monthly, and single pay.

Features of Shriram Life Premier Assured Benefit Plan

Here are the key features of the Shriram Life Premier Assured Benefit.:

• Guaranteed Returns: The plan provides guaranteed gains with assured payments.
• Two Life Cover Options: Select the options Life and Life Plus at various levels of protection.
• Multiple Payout Choices: These can be in the form of income payouts, lump sum, or instalment-based benefits.
• Single Pay Option: Early income benefits permit a one-time premium payment.
• Flexible Premium Terms: It offers short premium payment terms of 6, 8, or 10 years.
• Higher Benefits For Higher Premiums: Higher premium contributions will result in higher returns.

These features position the plan among the best investment plans for individuals seeking guaranteed outcomes.

Benefits of the Shriram Life Premier Assured Benefit Plan

Here are the benefits of the Shriram Life Premier Assured Benefit.

• Death Benefit: The death benefit will be based on the life cover option chosen. Let us review.
• Life Option: A death benefit is paid as a lump sum to the nominee.
• Life Plus Option: Death benefit is paid in monthly instalments, with continuity of payouts as per the chosen option.

The death sum assured is the highest of:

• 11 times a year, premium or 1.25 times the one-time premium.
• 105% of total premiums paid
• Survival Benefit: In the case of the income option, there are regular annual payouts following the term of payment of the premium.

• Maturity Benefit: On survival till the end of the policy term, the maturity benefit is paid either as:
• Lump sum
• Four annual instalments

Riders Under the Shriram Life Premier Assured Benefit Plan

Riders enhance the protection offered by the base plan. Here are the available riders:

• Accident Benefit Rider: Premiums are waived in case of accidental death and disability.
• Family Income Benefit Rider: Brings fixed-term income monthly.
• Extra Insurance Cover Rider: Provides an extra death benefit.
• Critical Illness Plus Rider: Pays out major illnesses through lump sums.
• Critical Illness Woman Rider: Offers specialised women's health insurance.

These riders strengthen the plan's coverage and align it with broader Shriram Life Investment Plans.

Policy Details of the Shriram Life Premier Assured Benefit Plan

Understanding policy provisions helps in effective management. Here are the key details.

1. Grace Period

   The premiums have a grace period of 30 days (non-monthly) and 15 days (monthly).

2. Revival

   The policy can be revived by paying the outstanding premiums plus applicable interest within 5 years.

3. Free Look Period

   It has a 30-day free look, during which cancellation can be made if the policy terms are not acceptable.

4. Surrender

   The surrender value of the policy after the first year is limited and immediate upon acquisition of a single pay.

5. Loan

   Surgery, up to 80% of the value, is possible at interest rates.

Exclusions Under the Shriram Life Premier Assured Benefit Plan

Understanding exclusions ensures informed decision-making. Here are the key exclusions:

Suicidal Cover

In case of death that is caused by suicide within the 12 months, the nominee will get a lesser benefit as it is written in the policy.