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.