Shriram Life ULIP Plans

Shriram Life Insurance Company is a joint venture between the Shriram Group with its headquarters in Chennai and Sanlam which is a leading financial services group based out of Cape Town, South Africa. While Shriram holds a stake of 74% of the company, the Sanlam Group has a 26% holding of the insurer. Founded in 2005, the company started its operations from 2006 and made a record of earning a profit for a consecutive period of 3 years.

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The company is more focused in meeting the insurance requirements of the lower segment of the society to benefit them. The products designed and offered by the company are of high quality at affordable rates to meet the pocket and the requirement of the common man. Today, the range of products offered by Shriram Life Insurance include Protection plans in the form of term plans, Child Plans, Savings and Investment Plans which are available in both conventional or ULIP form and pension plans. With a wide range of products, the company strives to meet every individual’s insurance related requirement at a single source.

What are ULIPs?

ULIPs or Unit Linked Insurance Plans are plans designed to mimic the working of a mutual fund. The premiums collected from all sources are used to invest in multiple companies of the stock market to buy differently valued shares and stocks. The investment then grows along with the trend in the market. The total value of stocks and shares purchased on any given day divided by the total number of such instruments determine the Net Asset Value of the fund which is the price of one unit of the fund. Units are bought with the premiums paid at the prevailing Net Asset Value and Sum Assured depends on the premium paid

Types of Shriram Life ULIP Plans

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 the company has and also the plan details:

  • Shriram Life Wealth Plus Plan
  • Shriram Fortune Builder Insurance Plan
  • Shriram Ujjwal Life Plan
  • Shriram Ujjwal Life SP Plan

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Shriram Life Wealth Plus Plan

A unit linked plan which promises good returns through market participation and also the benefit of life insurance coverage. Theplan’s features and benefits are listed below:

  • Regular and Limited premium paying option can be chosen by the policyholder.
  • The net premium paid can either be self-managed to be invested in a choice of available funds or invested under the Auto Transfer Option.
  • Under the Auto Transfer Option, the premium paid is first invested in a low risk fund and thereafter gradually transferred to a high risk fund to reduce risk exposure. The option can be chosen at plan inception and can be cancelled anytime as per the policyholder’s discretion.
  • The policyholder can alternatively choose to invest the funds as per his choice and risk profile in 6 available funds which are Preserver, Defender, Balancer, Maximum, Accelerator and Tyaseer Fund.
  • The fund value inclusive of top-up fund value is paid as maturity benefit to the policyholder who can take it as a lump sum or as instalments through the Settlement option.
  • If the insured faces death, Sum Assured including any Top-up Sum Assured  and Fund Value including any Top-up Fund Value is paid to the nomineewith a guaranteed minimum of 105% of total premiums paid until death
  • Partial withdrawals with Rs.10, 000 as a minimum value are allowed after the completion of 5 policy years
  • 2 free annual switches are allowed to switch between the available funds
  • Top-ups are allowed by paying additional premiums to increase Fund Value and the corresponding Sum Assured.
  • Income tax is not charged on the premiums paid under Section 80C and on claims received under Section 10(10D) as per the rules of Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

7 years

65 years

Maturity Age

-

75 years

Policy Term

10 years or 15-25 years

Premium amount

Rs.12, 000

No limit

Sum Assured

Higher of 10/7 times the annual premium or 0.5/0.25*term*annual premium

Premium Payment Term

Equal to policy term or Single Pay or 5, 10, 15 or 20 years

Premium Paying Frequency

Yearly, half-yearly, quarterly or monthly

Shriram Fortune Builder Insurance Plan

An insurance plan where one-time premium is paid at the inception in lump sum. The plan details are:

  • The premium net of deductible charges can either be self-managed to be invested in any of the available funds or invested through the Auto Transfer Option.
  • Under the Auto Transfer Option, the premium paid is invested initially in a low risk fund and thereafter gradually transferred to a high risk fund to reduce risk exposure. The option can be chosen at plan inception and can be cancelled anytime as per the policyholder’s discretion.
  • The policyholder can alternatively choose to invest the funds as per his choice and risk profile in 6 available fund options which are Preserver, Defender, Balancer, Maximum, Accelerator and Tyaseer Fund.
  • When the plan matures, the Fund Value on the date of maturity including any Top-up Fund Value is paid which is available in lump sum or in instalments
  • On death, higher of the Sum Assured including any Top-up Sum Assured or the Fund Value including any Top-up Fund Value is payable to the nominee. The benefit paid will be a minimum of 105% of premiums paid up till death
  • Partial withdrawals are to be done after the completion of 5 policy years
  • Two free options for switching are allowed every year
  • Top-ups are done by paying additional premiums to increase the Fund Value and the corresponding Sum Assured.
  • Premiums paid and the claim received are exempt from tax.

Eligibility Details

 

Minimum

Maximum

Entry Age

0 years

65 years

Maturity Age

-

75 years

Policy Term

10, 15 or 20 years

Premium amount

Rs.25, 000

No limit

Sum Assured

125% or 110% of the Single Premium depending on the age of the policyholder

No limit

Premium Payment Term

Single Pay

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Shriram Ujjwal Life Plan

A unit linked insurance plan providing wealth maximization and life insurance coverage under the same plan. Other features include:

  • Premiums under the plan are required to be paid for the entire duration of the plan under the Regular Pay Option of premium payment.
  • Premiums net of charges can either be self-managed to be invested in available funds or invested as per the Auto Transfer Option.
  • Under the Auto Transfer Option, the premium paid is first invested in a low risk fund and thereafter gradually transferred to a high risk fund to reduce risk exposure. The option can be chosen at plan inception and can be cancelled anytime as per the policyholder’s discretion.
  • The policyholder can alternatively choose to invest the funds as per his choice and risk profile in a choice of 6 available funds which are Preserver, Defender, Balancer, Maximum, Accelerator and Tyaseer Fund.
  • The Fund Value including any Top-up Fund Value is paidon maturity and the policyholder can take it in lump sum or in instalments
  • The death benefit will be the Sum Assured including any Top-up Sum Assured  and the Fund Value including any Top-up Fund Value is paid to the nominee subject to a minimum of 105% of all premiums paid till death
  • Partial withdrawals after the completion of 5 policy years are allowed with a minimum amount of Rs.10, 000
  • Two free yearly switches are allowed to switch between the available funds
  • Top-ups can be done by paying additional premiums to increase the Fund Value and the corresponding Sum Assured.

Eligibility Details

 

Minimum

Maximum

Entry Age

7 years

65 years

Maturity Age

-

75 years

Policy Term

10 years

Premium amount

Rs.30, 000

No limit

Sum Assured

10/7 times the annual premium depending on the age of the policyholder

Premium Payment Term

Equal to policy term

Premium Paying Frequency

Yearly

Shriram Ujjwal Life SP Plan

Another variant of the earlier Ujjwal Life Plan, under this plan, the premium is paid once at the inception of the plan under the Single Premium option of the plan. The features of the plan are:

  • Single Premium is paid under the plan which can be invested in a choice of 6 funds namely Preserver, Defender, Balancer, Maximum, Accelerator and Tyaseer Fund.
  • The maturity benefit will be the Fund Value including any Top-up Fund Value is payable which can be availed in lump sum or in instalments over a period of 5 years after maturity through Settlement Option.
  • In case of death the Sum Assured including any Top-up Sum Assured  and the Fund Value including any Top-up Fund Value is paid to the nominee subject to a minimum of 105% of all premiums paid till death
  • Partial withdrawals can be made after the completion of 5 policy years with a minimum amount of Rs.10, 000
  • Two free yearly switches are allowed to switch between the available funds
  • Top-ups can be done by paying additional premiums to increase the Fund Value and the corresponding Sum Assured.
  • The premiums paid up to Rs.1.5 lakhs are exempt from tax and any amount of claim received is also free from the incidence of tax.

Eligibility Details

 

Minimum

Maximum

Entry Age

7 years

65 years

Maturity Age

-

75 years

Policy Term

10 years

Premium amount

Rs.35, 000

No limit

Sum Assured

125% or 110% of the Single Premium depending on the age of the policyholder

Premium Payment Term

Single Pay

Applying for a Unit Linked Plan from the company:

Online

The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

Applying For ULIPs through PolicyBazaar

  • On the PolicyBazaar homepage, click on ULIPs under the Personal tab.
  • Click New Quotes to compare and choose from top insurance providers.
  • Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
  • Fill in your name, email address, city, country code, and mobile number. Click Continue.
  • You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
  • After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
  • You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
  • This will take you to the insurer’s website. You will have to fill in the necessary details to buy the plan.

What are the main advantages of a ULIP?

ULIPs, though risky insurance platforms, have some very productive advantages that make them popular among the people. For example, a ULIP can earn you a much higher return than a traditional endowment plan. Then, a ULIP is very flexible as well. The policyholder has the right to select his own funds and also to change the funds at anytime during the policy period (subject to charges, if any). So if the policyholder feels the present fund is not working, he can simply transfer to another fund. This makes a ULIP very flexible. So such benefits, quite clearly, make ULIPs popular insurance tools.

Why should I take a Unit Linked Insurance Plan?

There has been a constant debate as to whether it is better to take a ULIP or a traditional insurance plan. Like they say, grass is always greener on the other side and so a lot of people who have traditional plans look towards ULIPs and vice-versa. A unit liked insurance plan, or a ULIP, however has a lot of advantages that make it a favorable insurance-cum-investment tool. However, there is a very strong risk factor associated with ULIPs, something that agents don’t tell you clearly about when selling ULIPs. So before you take a ULIP, you must be clear about these. Once you understand the risk factors, only then will you be in a position to decide whether or not you want to take a ULIP.

Can I take a ULIP without being sure about the available funds?

You should most definitely not take a ULIP without being sure about the available funds! When investing in a ULIP, you have four basic funds to choose from. These funds are the equity funds, income/fixed interest/bond funds, cash funds and balance funds. In equity funds, your money is invested in company equities. The risk factor is the highest here. In income/fixed interest/bond funds, the premium amount is invested in bonds and fixed income tools like government securities. This is of medium risk. In cash funds, the amount is directly invested in cash components like bank deposits. This is the least risky ULIP fund. Finally, in a balance fund, the amount is invested in bonds as well as in fixed securities. This too is of medium risk.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Shriram Life ULIP Plans - FAQ

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