ULIP Plans

Plan starting from ₹1,000/month

Save upto ₹46,800 in Tax under section 80C^{^}

Zero LTCG Tax^¶

In built life cover

Shriram Life Wealth Plus Details:

Parameters

Details

Policy Tenure

10 years, 15 years, or 20 years

Premium Paying Term

Regular or limited. Regular is the same as policy tenure. Limited is 10, 15, or 20 years

Premium Paying Mode

Shriram Life Wealth Plus premium can be paid monthly, quarterly, half-yearly, or yearly

Entry Age

The Minimum age is 7 years
Maximum age at entry 60 years

Maturity Age

70 years

Grace Period

30 days from the premium due date. 15 days for monthly mode

Sum Assured

The minimum sum assured is 7 x annualized premium.
There is no maximum limit.
However, is subject to board-approved underwriting policy.

Liquidity

Provided the Shriram Life Wealth Plus policy status is in force, partial withdrawals are allowed from the 5th policy year onwards.
In the case of minors, partial withdrawal is allowed only after attaining 18 years of age. The minimum partial withdrawal amount is Rs. 10,000. Only one partial withdrawal is free of charge.
An amount equal to 5 times the annualized premium should be available in the policyholder’s account as a minimum. Partial withdrawals are first allowed from the unit fund that was built with top-up premiums, and later by the unit fund that was built with basic premiums

Benefits of the Shriram Life Wealth Plus

Online Shriram Life Wealth Plus has the following benefits:

Maturity Benefit:

Upon surviving the policy term, the total fund value is paid out. The fund value is of two types – the base premium and the top-up premium. The former is built from base premiums and the latter from top-up premiums. The total fund value is the sum of the base and top-up premium fund values. The fund value is computed as the number of units in credit multiplied by the prevailing net asset value.

Death Benefit:

In the case of unfortunate death of the policyholder, sum assured plus top-up sum assured (if any), base, and premium fund value is paid to the nominee of the policyholder. The minimum death benefit is 105% of the total premiums paid towards the policy. The sum assured is chosen by the policyholder at the time of commencement of the policy.

Policy Loan Benefit

Regardless of the Shriram Life Wealth Plus status, a policy loan is not available.

Surrender Benefit:

Shriram Life Wealth Plus policy can be surrendered anytime and after the lock-in period, the proceeds of the discontinued policy are paid. No charges are levied except for fund management charges. The discontinued policy earns a minimum guaranteed interest rate of 4% pa.

Tax Benefits:

Tax benefits can be availed on the paid premiums and as per existing tax laws benefits are received by the insured, as per Shriram Life Wealth Plus Income. Tax benefits for the Shriram Life Fortune Builder plan 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 Wealth Plus

The online Shriram Life Wealth Plus policy has regular premium or limited premiums.

The minimum premium annually is Rs. 12,000. Half-yearly is Rs. 7,500. Quarterly is Rs. 5,000. Monthly is Rs. 2,000.

There is no maximum premium limit. *

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

*Standard T&C Apply

How to buy this plan online?

Shriram Life Wealth Plus can be purchased online.

Only fill in the required details in the form.

Use the premium Shriram Life Wealth Plus calculator to compute the premium amount every month.

Choose the type of plan. To make an informed purchase, fill the pre-purchase form. Allow an insurance advisor to contact. Get the required details.

Another way is to get access to the product brochure. Go through the details. Then buy online. Payment can be done online too. Premium payments can be set up to automatically be debited from the bank account.

FAQ's

Q1. What are the liquidity options under the Shriram Life Wealth Plus plan?

Ans: Partial withdrawal from the fifth policy year, Maturity and death benefits are the liquidity options.
Q2. How can alterations be made under the policy?

Ans: Alterations can be made after a written request to the insurer.
Q3. What are the alterations allowed?

Ans: Addition of riders and/or reduction of sum assured without changing the premium amount.
Q4. What is the switching charge?

Ans: Unlimited switching is allowed free of cost.
Q5. What is the use of top-up premiums?

Ans: They provide more money to invest apart from the basic premium.
Q6. What is an auto-transfer option?

Ans: Allows premiums to be moved into low-risk funds after a while.
Q7. What is the tenure of the plan?

Ans: The tenure of the plan is 10, 15, 20 years.