Shriram Life ULIP Plan

Shriram Life ULIP Plans are designed to provide you with the dual benefits of wealth creation and comprehensive life coverage. These plans offer a unique and flexible approach to secure your future while potentially earning returns on your investments.

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About Shriram Life ULIP Plan

Shriram Life ULIP Plan is a Unit-Linked Insurance Plan (ULIP) offered by Shriram Life Insurance Company. ULIPs are a type of insurance that combines life insurance coverage with investment features. This means that a portion of your premium goes towards life insurance, and the remaining portion is invested in mutual funds.

Types of Shriram Life ULIP Plan

Shriram Life Insurance Company offers various types of unit-linked plans that cater to the needs of every individual. Let us take a look at the various types of plans offered by the company and its key details:

  • Shriram Life Wealth Plus Plan

  • Shriram Fortune Builder Plan

  • Shriram Life Growth Plus Plan

Shriram Life ULIP Plan Entry Age Maximum Maturity Age Premium Payment Term (PPT) Policy Term (PT) Minimum Premium (in Rs.) Tax Benefits under the Income Tax Act, 1961
Shriram Life Wealth Plus Plan 7 – 60 years  70 years
  • Regular: Same as PT
  • Limited: 5/ 10/ 15 years
10/ 15/ 20 years Monthly: Rs. 2,000 Section 80C and Section 10(10D0)
Shriram Fortune Builder Plan 0 – 65 years 75 years Single Pay 10/ 15/ 20 years Rs. 25,000 in lump sum Section 80C and Section 10(10D0)
Shriram Life Growth Plus Plan 30 days – 60 years 70 years
  • Regular: Same as PT
  • Limited: 6 years
  • Single: Lump sum
10/ 15/ 20 years
  • Single Pay: Rs. 50,000 (PT of 10 Years); Rs. 2 lakhs (PT of 15 years & above)
  • Limited: Rs. 6,000 per month
  • Regular: Rs. 3,500 per month 
Section 80C and Section 10(10D0)

You can learn the key features of various Shriram Life ULIP Plans from the sections mentioned below.

  1. Shriram Life Wealth Plus Plan

    Shriram Life Wealth Plus Plan is a unit-linked, non-participating life insurance plan that provides you with the dual benefits of insurance and savings. It offers market-linked returns and a life cover for your loved ones. 

    Features of Shriram Life Wealth Plus Plan:

    • Dual Benefits: This ULIP plan provides life coverage and invests a portion of your premium in unit-linked funds chosen by you.

    • Flexibility: You can select premium payment frequency from monthly, quarterly, half-yearly, or annually.

    • Additional protection (through optional riders): You can also opt for Accidental Death and Disability Rider, Accidental Death and Disability Income Rider, and Critical Illness Care Rider.

    • Auto Transfer Option: Reduces investment risk by initially allocating funds to a low-risk fund and gradually transferring them to your chosen investment fund.

    • Partial Withdrawal: You can also withdraw from your funds in case of emergency after the 5-year lock-in period.

    Invest more and Get more with ULIP Plan Invest more and Get more with ULIP Plan
  2. Shriram Fortune Builder Plan

    Shriram Fortune Builder is a single premium, unit-linked, non-participating life insurance plan offered by Shriram Life Insurance. It combines the benefits of life insurance protection with the potential for wealth accumulation through market-linked investments.

    Features of Shriram Life Fortune Builder Plan:

    • Life Insurance Cover: Provides death benefit to your nominees in case of unfortunate demise during the policy term. 

    • Single Premium Payment: You pay a one-time lump sum premium at the policy inception.

    • Unlimited Free Fund Switches: You can switch between funds freely to manage your investment portfolio as per market conditions.

    • Maturity Benefit: The plan provides the accumulated fund value through market-linked returns on policy maturity.

    • Optional Additional Riders: You can enhance your cover with optional riders like accidental death and disability riders or critical illness care riders for extra financial protection.

    People also read: What is ULIP

  3. Shriram Life Growth Plus Plan

    Shriram Life Growth Plus Plan is a unit-linked, non-participating life insurance plan offered by Shriram Life Insurance. It combines life cover with the potential for market-linked returns on your investment.

    Features of Shriram Life Growth Plus Plan:

    • Life Cover and Market Participation: This plan offers dual benefits of life insurance cover up to 15 times the sum assured and the potential for market-linked returns through investment in unit funds.

    • Guaranteed Minimum Additions: You are guaranteed to receive a minimum sum assured addition irrespective of the fund performance.

    • Loyalty Additions: You receive bonus additions to your maturity benefit when you stay invested for longer terms.

    • Flexible Premium Payment Options: You can choose from single premium, limited premium (5 or 10 years), or regular premium (yearly or monthly) payment options to suit your budget.

    • Rider Options: You can customize your plan with optional riders like accidental death benefit, critical illness cover, and waiver of premium benefit for added protection.

People also read: ULIP Calculator

Steps to Buy Shriram Life Growth Plus Plan

You can follow the steps mentioned below to start investing in Shriram Life Growth Plan: 

  • Assess Your Needs: Determine your desired life cover amount, investment goals, and preferred premium payment term (single, limited, or regular).

  • Check Eligibility: Review the eligibility criteria for age, income, and health limitations (available on Shriram Life's website).

  • Compare Plans: Explore similar unit-linked plans from other insurers to find the best fit for your budget and requirements.

  • Read the Policy Document: Thoroughly understand the terms and conditions, including fund options, charges, lock-in periods, and surrender values.

  • Choose Your Plan Options: Select the desired Sum Assured, Premium Payment Term, Policy Term, and Fund allocation.

  • Contact Shriram Life or an Agent: You can visit the Shriram Life website or contact a registered agent to get assistance with the application process.

  • Medical Examination (if applicable): Depending on your age, sum assured, and health history, you may need to undergo a medical examination.

  • Submit Documents: Provide necessary documents like proof of identity, address, and income.

  • Pay Premium: Pay the selected premium amount through the chosen mode (online, cheque, etc.).

  • Policy Issuance: Once your application is approved, the policy document will be issued.

Shriram Life ULIP Plans - FAQ

  • Is the Shriram ULIP Plan good for 5 years?

    Whether the Shriram ULIP Plan is good for 5 years depends on your specific goals and the particular plan you are considering. You can learn the pros and cons of investing in Shriram ULIP plan for 5 years from below:
    • Pros for 5-year investment in Shriram ULIP plan:

      • Market-linked funds provide the potential for growth

      • Allow partial withdrawals after 5 years

      • Premiums paid towards ULIPs qualify for tax deductions under Section 80C of the Income Tax Act

      • Maturity proceeds are generally tax-free under Section 10(10D)

    • Cons for 5-year investment Shriram ULIP plan:

      • Lock-in period

      • Levies charges, including mortality charges, fund management fees, and allocation charges

      • Limited death benefit

  • Is Shriram ULIP Plan better than FD?

    Whether the Shriram ULIP Plan is better than an FD depends on your investment goals and risk tolerance.

    If you prioritize capital protection, guaranteed returns, and low risk, an FD might be a better option.

    If you are willing to take on higher risk for potentially higher returns, seek life insurance cover, and benefit from tax advantages, a Shriram ULIP Plan could be suitable.

  • What is the return of the Shriram ULIP Plan in 10 years?

    Historically, Shriram ULIP plans have offered returns in the range of 12% - 20% over a 10-year period.
  • Is Shriram ULIP Plan good or bad?

    Whether a Shriram ULIP Plan is good or bad depends entirely on your individual circumstances and financial goals. 

    Shriram ULIP Plans can be a good option for individuals seeking long-term wealth creation with life insurance cover who are comfortable with market risks and understand the associated charges.

    However, they might not be suitable for everyone, especially those with short-term investment goals, low-risk tolerance, or a need for flexible access to their funds.

  • How to pay a premium? What are the modes of payment available?

    Shriram Life Insurance Company offers 6 modes of premium payment namely:
    • Payment at the Axis Bank
    • Online Payment
    • NEFT
    • ECS
    • Pay Via Mobile

    For the online payment mode, the policyholder can pay via;

    • Credit Card,
    • Debit Card
    • Net banking
  • How can I check policy status for Shriram Life ULIP Plans?

    check policy status you can log into the e-portal with your valid credentials.
  • What is the policy renewal process for Shriram Life ULIP Plans?

    The Shriram Life Insurance company provides facility to renew the policy online.

    Step 1: Sign into the e-Portal with policy details

    Step 2: Select payment option (Bank, Debit/credit Card) to pay

    Step 3: Save/print e-receipt

    You can renew your policy via Mobile, please visit e-portal

  • What is the company’s process to settle claim for Shriram Life ULIP Plans?

    For the claim, the nominee must submit the valid documents along with the claims form at the nearest branch. Upon successful validation of documents the claim is fully settlled within a few days.
  • What is the policy cancellation process for Shriram Life ULIP Plans?

    Walk into the nearest branch of the Shriram Life insurance company with the policy documents. Surrender them and within a couple of days the refund will be directly credited into your bank.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Tax benefit is subject to changes in tax laws
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^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.
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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