LIC Premium and Maturity Calculator

Shriram Life New Shri Life Plan, Policy, Premium and Maturity Calculator

Shriram Life New Shri Life Plan, Policy, Premium and Maturity Calculator - The Shriram New Shri Life Plan offers the double benefit of savings and protection for policyholders. It is a non-linked non-participating endowment plan, which guarantees the financial wellbeing of a person insured’s family in case he/she meets an untimely death. Besides offering the sum assured upon maturity, the Shri Life Plan also provides a reversionary bonus as part of the payout. Nominees also have the option to choose between different payout options depending on their needs and requirements.

Eligibility - Shriram New Shri Life Plan and Policy

People looking to avail the Shriram New Shri Life Plan are expected to meet the eligibility criteria set by the company. Here’s what it looks like:

Criteria Eligibility
Age at entry Minimum: 30 days Maximum: 65 years (as of last birthday)
Maturity age (in years) Minimum: 18 years Maximum: 75 years
Riders Available

Sum Assured and Premium Range - Shriram New Shri Life Plan and Policy

Mentioned below are the Sum Assured and the premium range for the Shriram New Shri Life Plan.

Sum Assured:

Sum Assured
  • Minimum - Rs.50,000
  • Maximum - The limit on Maximum Sum Assured depends on the underwriting process and is subject to board approval.
Sum Assured on death of person assured will be-
  • 105% of total premiums paid, or
  • Sum Assured on death along with a reversionary bonus and terminal bonus (if applicable)

Premium Range:

Premium Payment Tenure Policy Tenure 10 15 20 25
Premium Payment Tenure 7/10 5/7/10/15 5/7/10/20 5/710/15/25
Mode of Premium Payment Monthly/Quarterly/Half-yearly/Yearly

Plan Coverage - Shriram New Shri Life Plan and Policy

The Shri Life plan comes with a number of benefits. You will find them all mentioned below:

Benefit
Details
Death Benefit
If the person assured dies during the policy tenure and has paid all the premiums. The payout will be the total of the sum assured on death, including any applicable reversionary and terminal benefits as mentioned in the policy. The lowest death benefit payable will be 105% of the total premiums paid at the time of death.
Maturity Benefit
Upon maturity of the policy, the total benefit payable will include the sum assured along with any applicable reversionary and terminal benefits as mentioned in the policy. Note that the benefits payable will be either of the two:
  • 10 times the annual premiums paid in case the policyholder is less than 45 years of age at the time of maturity.
  • 7 times the annual premiums paid if the policyholder is more than 45 years of age at the time of maturity.
Reversionary Bonuses
The policy account will receive reversionary bonuses from time to time depending on the company’s business standing. The amount payable will often vary from one year to the other and will depend on the prevailing economic conditions. Note that reversionary bonuses come as additional benefit and is in no way guaranteed.
Terminal Bonus
A policyholder is eligible for terminal bonus upon his/her death or upon maturity of the policy. The amount payable will depend on the performance of the funds and also the asset shares of the policies involved.
Premium Rebates
This policy also offers rebates on premiums paid. Structure for the rebates is as follows:
  • Sum Assured between Rs.5 lakhs to Rs.9.99 lakhs - 4% of the basic premium.
  • Sum Assured greater than Rs.10 lakhs - 5% of the basic premium.

Riders/Add-on Plans - Shriram New Shri Life Plan and Policy

The Shriram New Shri Plus plan comes with a few riders which can help policyholders to enhance the coverage of their base policy. Here are some of the riders available under this plan:

Shriram Accident Benefit Rider
The Shri Life policyholders can avail this rider to add to their base plan. This policy offers a sum assured in case the person assured dies due to any incidents directly linked to an accident.
Shriram Critical Illness Cover Rider
Policyholders can add the Critical Illness Cover Rider to their base plan provided that they pay the required premiums. Note that approval of the policyholder’s application is subject to meeting the individual requirements of this rider.
Shriram Extra Insurance Cover Rider
With this rider, a policyholder can choose to increase the total amount payable upon their death or upon maturity of the policy.
Shriram Family Income Benefit Rider
This plan can again be purchased along with the base policy. It offers the person insured's family members with additional financial resources.

Exclusions - Shriram New Shri Life Plan and Policy

If the person insured commits suicide, whether sane or insane, within a year of purchasing the policy, 80% of the premiums paid will be paid to the nominees. The amount payable will however exclude any rider premiums and taxes.

On the other hand, if the person insured commits suicide, within one year of reinstating the policy, an amount greater than 80% of the premiums paid will be paid to the nominees.

Other Key Features - Shriram New Shri Life Plan and Policy

Besides the ones mentioned above, there are several other key features of Shriram New Shri Life Plan. They are as follows:

Feature Details
Free Look Period
If a policyholder is not satisfied with the terms and conditions of the policy, he/she can choose to return it within the free look period. This period varies between 15 to 30 days depending on where it was sourced from. For instance if the policy was bought through the traditional means, a free look period of 15 days is applicable. On the other hand, if the policy was bought through distance marketing means i.e., through emails, telephones, and the like, a free look period of 30 days is offered. However, the company holds the right to deduct any risk premiums for the period of time coverage was offered. Only after deducting any such costs will the premium paid be returned.
Grace Period
This policy offers a grace period of 30 days for all premium payment terms. Also, the life cover will be active if the person insured dies within the grace period. In such a case, any due premiums will be deducted and the sum assured will be paid.
Lapse
If the policy premiums are not paid within the grace period, the policy will lapse and no benefits will be paid.
Policy Loan
This policy offers loan facility, wherein a policyholder can avail loans of up to 90% of the surrender value of the policy. The remaining amount will accrue interest based on the preceding interest rate set by the IRDA.
Alteration
A policyholder can choose to alter the policy terms with regards to premium amount and coverage period as long as their request is in compliance with the terms and conditions of the policy. In such a case, only the minimum sum assured on death will be paid.
Settlement
A policyholder or their nominees have the option to choose a settlement option depending on their financial situation. They can either choose to receive the payment on a lump sum basis and over a period of five years. If the latter option is chosen, the money will accrue interest based on the mandate published by the IRDA.
Nomination
This policy offers the nomination facility. For instance, if the nominee/nominees is/are below the legal age, the policyholder can opt a person to keep the policy proceedings till they reach the legal age.
Advance Premiums
A policyholder can choose to pay the policy premiums in advance, provided the payment is made for the same financial year. In such a case, he/she may receive a discount on the premiums as per IRDA guidelines.

Tax Benefits - Shriram New Shri Life Plan and Policy

The Shriram New Shri Life Plan offers tax benefits based on the following provisions of the Income Tax Act:

  • Section 80C for premiums paid
  • Section 10 (10D) for the amount received as a death/maturity benefit.

Note: The actual deductions applicable, will depend on the prevailing laws and structures.

Shriram Life Savings Insurance Plans and Policy

 

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Shriram Life Pension Plans
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Shriram Life Immediate Annuity Plus
Shriram Life Pension Plans
Shriram Life Term Insurance Plans and Policy
Shriram Life Family Protection Plan
Shriram Life Cash Back Term
Shriram Life Group Term Life Insurance
Shriram Life Group Term Life Insurance in lieu of EDLI
Shriram Life Secure Plus Plan

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Shriram Life Genius Assured Benefit Plan
Shriram New Shri Life Plan
Shriram Life New Shri Vidya
Shriram Life New Shri Vivah
Shriram New Shri Raksha Plan
Shriram Life Assured Income Plus
Shriram New Akshay Nidhi Plan
Shriram Secure Investment Plan
Shriram Ujjwal life
Shriram Ujjwal Life - SP
Shriram Fortune Builder Insurance Plan
Shriram Life Wealth Plus
Shriram Life Assured Income Plan
Shriram Life ULIP Plans
Shriram Life Growth Plus
Shriram Life Ujjwal Life
Shriram Life Ujjwal Life (SP)
Shriram Life Ujjwal Life (SP)
Shriram Life Fortune Builder
Shriram Life Wealth Plus