Shriram Life Growth Plus

Shriram Life Growth Plus is a unit-linked, savings-oriented insurance plan. It offers savings cum life coverage. Market-linked returns may give a possibility of earnings depending on prevalent market conditions. Premium payment choices are available. Multiple fund classes are available to diversify the investment mix.

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The flexibility of investment assures that investments can be moved about depending on market conditions. Shriram Life Growth Plus offers death benefit options, loyalty additions, additional protection through riders, unlimited switching, free of cost premium redirection, multiple fund types to choose from, and multiple investment strategies to apply. The insurance plan also has maturity benefits for those willing to use this as a long-term savings method. 

*Terms and Conditions apply

Shriram Life Growth Plus Details:  

Parameters 

Details 

Policy Tenure

10, 15, to 20 years

Premium Paying Term

The regular plan is the same as the policy term.
The limited plan is 6 years.
A single plan is a single payment. 

Premium Paying Mode

Shriram Life Growth Plus premium can be paid monthly or yearly. 

Entry Age

The Minimum age is 30 days.
The Maximum age at entry is 60 years

Maturity Age

The Minimum age at maturity is 18 years
The Maximum age at maturity is 70 years

Grace Period

Not applicable for single premium policies.
For all other policy types, it is 15 days if premium payment mode is monthly, and 30 days if premium payment mode is yearly. 

Sum Assured (Minimum)

For Single:
1.25 X single premium if less than 45 years
1.10 X single premium if 45 years and more
For Regular and Limited:
10 X annualised premium if less than 45 years
7 X annualized premium if 45 years and more
Single: Rs.55,000
Regular : Rs. 2,10,000
Limited: Rs. 4,20,000

Sum Assured (Maximum)

Regular and Limited Premium: 10 X Annualised Premium
Single premium: From 1.25 to 10 X single premium as per the age mentioned below
Up to 30 years: 10 Maximum Sum assured
31 to 40 years: 5 Maximum Sum assured
41 to 50 years: 2 Maximum Sum assured
51 to 60 years: 1.25 Maximum Sum assured

Liquidity 

Provided the Shriram Life Growth Plus policy status is in force, partial withdrawals are allowed. Withdrawals can be made only after the 5th policy year. Minimum partial withdrawal is Rs. 10,000. During the policy term, only one withdrawal is free of cost. Subsequent withdrawals are charged at Rs. 250. After partial withdrawal, 25% of the total premiums paid, should be in the fund. 

Benefits of the Shriram Life Growth Plus

Online Shriram Life Growth Plus has the following benefits:

  1. Maturity Benefit:

    Upon surviving the policy term, the policyholder receives the sum assured, which is the total of all base premium fund value and the top-up premium fund value (if any). The fund value is computed as a number of units multiplied by the applicable net asset value. 

  2. Death Benefit:

    The plan provides two death benefit options. 

    1. Option 1:

      The death benefit is Sum assured amount plus the top-up sum assured (if any), plus fund value. 

    2. Option 2:

      The death benefit is the higher of sum assured (less partial withdrawals) or base premium fund value or top-up sum assured or top-up premium fund value. 

      The minimum death benefit is 105% of all premiums received by the insurer. 

  3. Surrender Benefit:

    After the lock-in period, if the policy has been surrendered, the prevailing fund value as on the surrender, the date is paid to the policyholder and then the policy is terminated. The policy can be surrendered anytime. The fund value as of the date of applying for the surrender is paid. 

  4. Tax Benefits:

    Tax benefits for the Shriram Life Growth Plus can be claimed under Section 10(10D) and Section 80C of the Income Tax Act, 1961.

    *Tax benefit is subject to changes in tax laws

The Premiums for Shriram Life Growth Plus

The online Shriram Life Growth Plus has a minimum of 6 and a maximum of 20 years premium payment term. *

Minimum premium payment for a single plan is Rs. 50,000 for ten years and Rs. 1,00,000 for 15 years and above. Minimum premium payment for a limited plan is Rs. 60,000 yearly and Rs. 6,000 monthly. Minimum premium payment for the regular plan is Rs. 30,000 yearly and Rs. 3,500 monthly.

Use the Shriram Life Growth Plus calculator to compute the premium.

*Standard T&C Apply

Additional Riders for Shriram Life Growth Plus

Additional riders can be taken apart from paying Shriram Life Growth Plus premium. The additional riders that can be taken are from Shriram Accidental Death & Disability Rider, Shriram Accidental Death, & Disability Income Rider and Shriram Critical Illness Care Rider. The rider premium shall be deducted from the unit fund by effecting the cancellation of the proportionate number of units at the start of each policy month. 

Eligibility for Shriram Life Growth Plus

The minimum age at entry for the Shriram Life Growth Plus Policy is 30 days and the maximum age for entry is 60 years. Minimum and Maximum age at maturity is 18 and 70 years. 

What are the documents required to buy this policy?

To buy Shriram Life Growth Plus the individuals have to deposit the following documents:

  • Applicant’s ID: Aadhaar, Voter ID, or Passport 
  • Applicant’s address: PAN card, Amenity bill (phone or electricity) or Aadhaar
  • Applicant’s income proof: ITR or Salary certificate
  • Shriram Life Growth Plus application form

How to buy this plan online?

Step 1: Visit the official website of Policybazaar Insurance Brokers Private Limited (formerly known as Policybazaar Insurance Web Aggregator Private Limited).

Step 2: Fill in the lead form with the required details 

Step 3: You will be redirected to the quotes page and choose Shriram Life Growth Plus Plan.

Step 4: Complete it by submitting details such as policy premium term, policy premium mode and premium amount, etc. 

Step 5: Attach the policy and personal documents while submitting the application form

Step 6: Finish the process by paying premium through net banking, credit/debit card, or UPI payments.

Exclusions of Shriram Life Growth Plus

The suicide exclusion of Shriram Life Growth Plus will provide cover to the nominee or beneficiary if the suicide has occurred within a year from policy commencement.

FAQ's

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Shriram Life Growth Plus Reviews & Ratings

4 / 5 (Based on 24 Reviews)
(Showing Newest 10 reviews)
Shashi
Narsimhapur, March 20, 2019
Best plan for working woman’s
I was amazed to see the plans of Shriram ULIP Plan as it offers good plan especially for working woman. It provide financial protection apart from life. I am enjoying its services.
Yogesh
Dehradun, August 26, 2016
Trustable Insurance
Recently i purchased ulip plan by searching on internet. Policy have big benefits in less investment. The customer services is very nice. I buy this for my whole family and all are happy with it. The payback amount is very good with you gave.
Nakul
Jalalpur, July 12, 2016
ULIP Policy
Ulip policy is very good insurance, service provided by your department is fantastic. Premium is low and returns are high. The claiming is easy because the members of the company provide fantastic service.
Joravar
Ambala, June 30, 2016
Good Plan
Superb ulip insurance plan which i purchase in low premiums. Policy coverage is high and claims are easy to sanctioned due to fast service facilitate by the company members. Service is on time and web service is simple to use anybody can operate it easily.
Kunal
Dwarka, May 10, 2016
Perfect Policy Plan
The policy coverage is 94%, the claims are high and the claiming is easy because of the executives and the staff members. The services provided by you shriram life insurance is very fast and on time. My ulip plan is having great benefits. The premiums is less ~39.9 K and the returns are ~Rs.42 L. Good investment, i like it.
Devesh
Raj_nagar, May 10, 2016
Great Policy
I have shriram life ulip plan. The plan works for me. Policy coverage is also good ~92% with good amount of claims. Service provided by you is great and the web services are also nice. This policy plan is good reducer of taxes and future investment also. I got regular updates, This i like the most.
Abhishek
Nasirabad, May 10, 2016
Superb Plan
My ulip plan is with shriram life insurance. The policy plan is very nice with low premiums. The policy coverage is high ~87% and claims are good. Perfect policy for future investments and the policy saves taxes also. The behaviour of the executives and staff members are good. I like my policy plan.
Tarun
Raipur, May 10, 2016
Excellent Policy
I purchase shriram life ulip plan. The policy coverage is 88% and the premiums are low. The claims are good and the procedure is very easy and cleared in short time period. The services are fast and on time. The behaviour of the executives and staff members are very nice. Nice future investment which saves taxes too.
TANVEER
Jorhat, May 10, 2016
Awesome Plan
My ulip plan is with shriram life insurance. The policy coverage is high 89% and the claims are good. Premiums are less ~44 K per year and the returns are around 31 L. Services are really fast and the response through executives and staff members are nice. Daily updates mailed to me timely.
SARTHAK
Shahabad, May 10, 2016
Trustworthy Policy
Shriram life insurance provides me ulip plan. I have to say this that the policy is very good and the terms and conditions are very reliable and flexible. Policy coverage is 93% and the service is okay with good behaviour from executives and staff members. Good tax saver.
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