Shriram Life Genius Assured Benefit Plan, Policy, Premium and Maturity Calculator - All of us have seen our parents work hard to provide the best they can for us, even with the limited resources at their disposal. Parents across the globe strive to ensure that their children are given the right foundation for a bright future. The Shriram Life Genius Assured Benefit Plan is ideal for parents who wish to secure the future of their children, with this plan providing the necessary support system to help fulfil their dreams and aspirations.
This is a non-linked, non-participating scheme which provides guaranteed benefits to help fund the education of a child, in addition to life cover if the parent passes away during the policy term. It helps a parent plan for any eventuality, ensuring that life’s unpredictability does not slow down the growth of their children and loved ones. This plan can be customised according to the individual needs of a family, thereby enabling one to be rest assured about the future.
Eligibility - Shriram Life Genius Assured Benefit Plan and Policy
If you are looking to secure the future of your children through the Shriram Life Genius Assured Benefit Plan, you are expected to satisfy a few basic eligibility criteria, as listed below:
|Parameters||Criteria for eligibility|
|Minimum age at entry||18 years|
|Maximum age at entry||45 years|
|Maximum age at maturity||63 years|
|Plan options||A policyholder is expected to choose between lump sum and instalment option with regards to the death benefit.|
Sum Assured and Premium Range - Shriram Life Genius Assured Benefit Plan and Policy
Sum Assured – Every individual expects to get certain returns on an investment, be it in the form of profits or some other mode. In case of insurance, the sum assured is the amount which is guaranteed to the policyholder/nominee, as the case may be. This is the money which the insurer pays either on completion of the policy term or if the policyholder passes away during the policy term. The sum assured depends on the premium, with the Shriram Life Genius Assured Benefit Plan offering a death sum assured (in case of demise of policyholder) and a guaranteed maturity sum assured (on completion of term). The table below highlights the limits under this plan.
|Minimum Sum Assured||Rs.2 lakh|
|Maximum Sum Assured||No upper limit|
A policyholder can choose a sum assured which matches his/her future growth expectations, with Shriram Life offering flexibility with regards to the maximum sum assured one wishes to have.
Premium* - The premium can be regarded as the initial investment which provides returns at the end of a term. This is the amount an individual is expected to pay to maintain the policy, with it determining the sum assured and other benefits. One can choose to pay this premium either monthly or yearly, with there being a minimum requirement for the same. This plan comes with an option wherein the premium payment term is lesser than the policy term, thereby helping one stay protected for a longer period by paying limited premium. The annualised premium is used as a basis to compute the sum assured in most cases. Listed below are the various aspects related to the premium in this plan.
|Minimum term of the policy||10 years|
|Maximum term of the policy||18 years|
|Premium payment term||10 years|
|Premium Payment Mode||
|Minimum Single Premium Amount||No option for single premium|
|Maximum Single Premium Amount||No option for single premium|
|Minimum Monthly Premium Amount||Rs.1,865|
|Maximum Monthly Premium Amount||No upper limit|
|Minimum Quarterly Premium Amount||No option for quarterly payment|
|Maximum Quarterly Premium Amount||No option for quarterly payment|
|Minimum Half-yearly Premium Amount||No option for half-yearly payment|
|Maximum Half-yearly Premium Amount||No option for half-yearly payment|
|Minimum Yearly Premium Amount||Rs.21,732|
|Maximum Yearly Premium Amount||No upper limit|
*The premium could vary based on factors like the age of policyholder, sum assured, policy term, etc.
Plan Coverage - Shriram Life Genius Assured Benefit Plan and Policy
The Genius Assured Benefit Plan from Shriram Life is designed to offer protection against any unforeseen event. Not only does it provide financial support to the family of a policyholder in the event of his/her death, it also offers a maturity benefit, ensuring that the investment made does not go to waste. The table below highlights the cover offered by this plan.
If the policyholder passes away while the policy is active, Shriram Life will pay a Death Sum Assured to the nominee. This amount can be paid either as a single lump sum amount or in the form of instalments. The death sum assured offered by the insurer is the highest of:
|Family Support Benefit||
This is a benefit provided to the family of a policyholder in the event of his/her death. Shriram Life will pay the family a sum equivalent to 1% of the sum assured every month. This amount is paid from the month of death of policyholder until the completion of policy term and is designed to cater to any personal needs of the family.
|Education Support Benefit||
As the name implies, this amount is designed to support the education of a child. Under this benefit, Shriram Life will pay an amount for five years, starting from the maturity date. A policyholder can choose from two options, a Flat Payout Option or an Increasing Payout Option. Under the flat payout option, 20% of the sum assured is paid each year for a period of 5 years. Under the increasing payout option, an amount equivalent to 103% the sum assured is paid in five increasing instalments.
On survival of the policyholder until the completion of the policy term, a maturity benefit is paid to him/her. This amount includes the sum assured on maturity plus the Education Support Benefit. A policyholder will receive the Education Support Benefit based on the option chosen by him/her while buying the policy, with there being no provision to change this later.
Note that the benefits will be paid only if the policy is active and all premiums are paid upto date.
Riders/Add-on Plans - Shriram Life Genius Assured Benefit Plan and Policy
A policyholder can choose to enhance the protection offered under this plan by adding riders to the scheme. Shriram Life currently offers two riders options, as listed below:
- Shriram Accident Benefit Rider – This rider can be purchased by paying an additional premium, with it offering additional financial support if a policyholder passes away in an accident. Under this rider, a rider sum assured will be paid either if death of policyholder occurs due to an accident, or if he/she meets with an accident which results in total and permanent disability. In such events, future premiums are waived off. The premium for this rider depends on the sum assured and is equivalent to Rs.1.25 for every Rs.1,000 assured. The table below highlights the eligibility criteria for this rider.
Minimum entry age 18 years Maximum entry age 65 years Maximum maturity age 75 years Minimum term of rider 6 years Maximum term of rider 25 years Minimum sum assured Rs.50,000 Maximum sum assured Rs.25 lakh
Shriram Critical Illness Rider – This rider provides additional cover if a policyholder is diagnosed with a critical illness. It covers six critical illnesses, namely Stroke, Heart Attacks, Cancer, Kidney Failure, Major Organ Transplants, and Coronary Artery Bypass Surgery. In the event of a policyholder being diagnosed with any of these illnesses, he/she will be paid the rider sum assured. The table below highlights the basic features of this rider.
|Minimum entry age||18 years|
|Maximum entry age||65 years|
|Maximum maturity age||70 years|
|Minimum term of rider||5 years|
|Maximum term of rider||25 years|
|Minimum sum assured||Rs.50,000|
|Maximum sum assured||Rs.25 lakh|
Exclusions - Shriram Life Genius Assured Benefit Plan and Policy
The Genius Assured Benefit Plan from Shriram Life has a suicide exclusion, wherein the insurer will pay only 80% of the premiums paid if the policyholder commits suicide within a year of purchasing the policy. Similarly, if the policyholder commits suicide within a year of renewing a policy, the nominee will be paid an amount equivalent to 80% of the premiums paid until death. The mental state of the policyholder will not be considered, with this applicable even if the policyholder commits suicide in an unstable frame of mind.
The riders have additional exclusions, related to the nature of work of a policyholder. The critical illness rider has an exclusion pertaining to hazardous occupations like racing, hunting, etc. Similarly, the accident benefit rider also has a suicide exclusion, in addition to any accident which occurs out of criminal intent.
Other Key Features - Shriram Life Genius Assured Benefit Plan and Policy
This is the amount of additional time provided by the insurer to pay the premium. This depends on the premium mode chosen by a policyholder, with it being 30 days if the premium is paid yearly. In case of premiums being paid every month, a grace period of 15 days is provided. In case a policyholder passes away within this grace period (with premium not paid), the nominee will receive the death benefit, with the insurer deducting the premium amount which was due.
|Free look period||
A policyholder can choose to return a policy if he/she is not satisfied with the terms and conditions. This is called the free look period, with it being 30 days if the policy is purchased through distance marketing/online marketing. In case of other modes of purchase, a 15 day free look period is provided.
Policies which have lapsed can be revived by payment of all unpaid dues and premiums. A time period of two years is provided within which a policy can be revived. Revival is subject to the approval by the insurer.
This is a benefit wherein a policyholder is entitled to protection for a period of one year, even if he/she is unable to pay the premium within the specified grace period. This, however, is applicable only if premiums for a minimum of two years are paid in full. In case a policyholder passes away during this period, the insurer will pay the death benefit to the nominee. This amount will be paid after deducting the unpaid premium.
A policyholder can choose to surrender a policy, with a surrender value payable if the policy has been in force for a minimum of three years. The insurer will pay a surrender value based on the policy term and the premiums paid.
A policyholder can avail loans through the scheme. The maximum loan amount permitted is 80% of the surrender value. This loan will attract an interest of 9% per annum, compounded every six months.
Policyholders who opt for high sum assured are eligible for rebates on their premium.
Tax Benefits - Shriram Life Genius Assured Benefit Plan and Policy
Purchasing the Shriram Life Genius Assured Benefit Plan not only helps secure the financial future of your loved ones, it also helps save tax. The premiums paid towards this scheme are eligible for tax benefits under Section 80C of the Income Tax Act. Similarly, the amount received at maturity/as a death benefit is eligible for tax savings as per the Income Tax Act.
Why you should buy the Shriram Life Genius Assured Benefit Plan?
As a parent, the future of your loved ones is always on your mind. With life being unpredictable, failure to plan could be disastrous, seeing all the hard work done by you go down the drain. The Shriram Life Genius Assured Benefit Plan ensures that money doesn’t become a cause of concern in the future, helping your family fulfil their dreams, even if you aren’t around.
The scheme is ideal for those looking to ensure that their children’s education does not suffer, with the policy offering a host of customisation options. Not only is the family protected in case the policyholder passes away, the plan also provides maturity benefits, ensuring that the investment does not go waste. The scheme offers regular monthly payouts to ensure a continuity, with lump sum payments taking care of any immediate financial requirement.
The plan is easy to purchase, with simple eligibility criteria in place. The premiums are affordable, with Shriram Life providing an option to choose the sum assured based on the lifestyle and income of an individual. The policy also takes certain conditions into account, offering protection even if a policyholder fails to pay the premium on time, highlighting its human connect. Rebates on high sum assured help one save money, which could be invested to secure the future of their children.
One can also add riders to enhance the protection offered by this plan.
In addition to all the benefits of the plan itself, Shriram Life is regarded as one of the major private insurers in the country, with over 1.45 crore customers under its umbrella. The company had a high grievances solved ratio of 96.70% in 2015-2016, highlighting its commitment to solving problems faced by its consumers.
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