Shriram Ujjwal Life SP Plan

Shriram Ujjwal Life SP Plan is a Unit Linked Plan with a one –time investment objective designed to maximize investments and also provide life insurance coverage.

Key Features

• It is a linked Insurance plan with Single Premium payment option
• There are 6  funds available for premium investment:
  • Preserver
  • Defender
  • Balancer
  • Maximus
  • Accelerator
  • Tyaseer

Benefits

• The total Fund Value + Top-up Fund Value (if any) is payable on Maturity
• Alternatively, the maturity benefit can be availed in instalments over 5 years post maturity under the Settlement Option
• On death, Sum Assured + Fund Value + Top-up Sum Assured + Top-up Fund Value (if any) is payable subject to 105% of all premiums paid
• Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Product Specification:

Policy Details

Grace Period: 30 days grace period is allowed for payment of premium. If policyholder fails to make payment within the grace period, the policy lapses

Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 5 completed years. If surrendered before 5 years, the fund value net of discontinuation charge will be credited to the Discontinued Policy Fund where it will earn a minimum of 4% p.a. growth. After completion of 5 years, the fund value in the Discontinued Policy fund as on that date will be paid to the policyholder. If surrendered after 5 completed policy years, the entire Fund value on the date of surrender is paid without any charges

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

• The policy provides for top-up premiums whereby the Fund Value and the corresponding Sum Assured can be increased through investing additional premium   
• Partial Withdrawals are allowed from 6^th policy year subject to a minimum of Rs.10,000
• 2 free switches are allowed per policy year

Exclusions

• The benefit paid in case of suicide within 12 months of policy inception is the fund value as on that date.

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.