Shriram Secure Investment Plan

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Introduction/Overview

Shriram Secure Investment Plan is a traditional savings plan with a one- time investment which yields great benefits to provide for the policyholder’s secured future

Key Features

It is a non-participating plan with Single premium payment option
The plan promises guaranteed Maturity benefits

Benefits

On death, the Sum Assured on death is payable which is higher of 125% of the Single Premium is age is less than 45 years or 110% of the Premium for ages equal to and above 45 years or the Guaranteed Maturity Benefit
On maturity, the Guaranteed Maturity Benefit is paid which is calculated multiplying the guaranteed maturity benefit factor with the single premium paid
The guaranteed maturity benefit factor depends on the amount of premium paid, age and the policy term chosen
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	60 years
Maturity Age (Last Birthday)	-	65 years
Policy Term (PT) in years	5 or 10
Premium Paying Term (PPT) in years	Single pay
Premium Paying Frequency	Annual, half-yearly, quarterly, monthly
Yearly Premium	40,000	No limit
Sum Assured	49,600	No limit

Details About Premium

Premium in Rupees and the corresponding Sum Assured

Age	30 years	40 years	50 years
Premium	50,000	50,000	50,000
Sum Assured for 5 year term	62,500	62,500	62,500
Sum Assured for 10 year term	80,500	80,000	78,500

Policy Details

Grace Period: grace period is not applicable in single pay plans

Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy whereupon the Surrender Value will be paid which will be higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV).

GSV = GSV % of Single premium paid

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

Exclusions

In case of suicide within 12 months of policy inception 80% of the single premium paid 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.

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