Shriram Life Assured Incomes Plan, Policy, Premium and Maturity Calculator - The Shriram Life Assured Income Plan offers regular cash flows and ensures that customers have the finances to meet multiple financial requirements such as the education of their children, care of their parents, and their own retirement among others. The plan is a guaranteed income plan and a great solution to ensure that cash flow needs are taken care of, thereby ensuring that customers and their families enjoy their desired lifestyles. It is also a plan this is easy to avail and affordable, and pays a lump sum amount to the nominees of the policyholder in case of his/her unfortunate demise.
Eligibility - Shriram Life Assured Income Plan and Policy
In order to avail the Shriram Life Assured Income Plan, customers must meet certain eligibility criteria which are as follow:
| Parameters | Details |
| Minimum Entry Age | 30 days |
| Maximum Entry Age | 50 years |
| Maximum Maturity Age | 58 years in case the policy term is eight years, and 60 years in case the policy term is 10 years |
| Policy Term | 8 years / 10 years |
Sum Assured and Premium Range - Shriram Life Assured Income Plan and Policy
When purchasing the Shriram Life Assured Income Plan, customers are required to select a sum assured and adhere to premium payment schedules. Following are some of the important details regarding the sum assured and the premium range for the Shriram Life Assured Income Plan:
| Parameters | Details |
| Premium Payment Term | 8 years / 10 years (same as policy term) |
| Benefit Payout Period | 8 years / 10 years (same as policy term) |
| Premium Mode | Monthly / Quarterly / Semi-Annual / Annual |
| Minimum Yearly Period | Rs.15,000 |
| Maximum Yearly Premium | Rs.5 lakhs |
| Basic Sum Assured | 8 x Annualised Premium for policy term of 8 years, and 10 x Annualised Premium for policy term of 10 years |
| Minimum Sum Assured | Rs.1.2 lakhs for 8 years policy term, and Rs.1.5 lakhs for 10 years policy term |
| Maximum Sum Assured | Rs.40o lakhs for 8 years policy term, and Rs.50 lakhs for 10 years policy term |
Plan Coverage - Shriram Life Assured Income Plan and Policy
The Shriram Life Assured Income Plan offers both death benefits as well as maturity benefits which are as follow:
| Death Benefit | In case of the unfortunate demise of the life assured when the policy term is still in progress, and all due premiums have been paid until the date on which the individual dies, the nominee will be eligible for the death benefit. The nominee has the option to choose the death benefit either in the form of a lump sum, or regular payouts, or 50% as a lump sum and the remaining 50% as regular payouts. The payouts offered to the nominee in case of the death of the life assured will be at the beginning of every year starting from the year after the death. The total number of yearly payouts will be the same as the policy term selected by the policyholder. The payout will be the higher of 5 x Annualised Premium for 8 years policy term, and 10 x Annualised Premium in case of 10 years policy term in case the individual is under 45 years of age, and 7 x Annualised Premium in case the individual is above 45 years of age, or 105% of all premiums paid until the date on which the life assured dies. |
| Maturity Benefit | In case the life assured survives the entirety of the policy term and all premium payments have been made until the date of maturity, the maturity benefit will be paid out at the beginning of every policy year following the completion of policy term over the course of the benefit payout period. The other option offered to the policyholder is to avail the entire maturity benefit as a lump sum, which will be the maturity sum assured. In case the life assured dies when the assured income payout period has already commenced, the balance assured income payouts will be paid out to the nominee. |
Riders - Shriram Life Assured Income Plan and Policy
Following are the riders that can be attached to the Shriram Life Assured Income Plan to increase the level of protection offered to you:
| Shriram Accidental Benefit Rider | The Accidental Benefit rider can be attached to the Shriram Life Assured Income Plan for a nominal premium at the inception of the policy term. In case of the unfortunate demise of the life assured during the rider term as a result of an accident, or if the life assured is totally and permanently disabled as a result of an accident when the rider term is still in progress, the rider sum assured shall be paid out. Moreover, all future premiums that the life assured has to pay will be waived off starting from the date on which the accident occurred, and the rider also offers tax benefits. |
| Shriram Extra Insurance Cover Rider | The Extra Insurance Cover rider can be attached to the Shriram Life Assured Income Plan to avail extra life cover to ensure that all your financial commitments are fulfilled whilst ensuring that the future of their family is secure in case of any unforeseen circumstances. The rider can be attached to the base plan either at the start of the policy term or at any yearly policy renewal date over the course of the policy term. The rider costs a marginal premium payment and offers additional life protection to the policyholder in addition to offering tax benefits. |
| Shriram Critical Illness Cover Rider | The Critical Illness Cover Rider can be attached to the Shriram Life Assured Income Plan for a nominal fee and it ensures that the life assured is financially covered in case he/she is diagnosed with any of the critical illnesses covered under the rider. The rider covers both rehabilitation as well as medical expenses incurred by the life assured as a result of a critical illness. The six critical illnesses covered by the rider include cancer, stroke, heart attack, kidney failure, major organ transplant, and coronary artery bypass surgery. |
| Shriram Family Income Benefit Rider | The Family Income Benefit Rider can be attached to the Shriram Life Assured Income Plan to avail extra protection for the family of the life assured. In case of the accidental death of the life assured, or if the life assured is rendered totally and permanently disabled as a result of an accident during the rider term, the payout will be 1% of the sum assured per month starting from the end of the month in which the accident occurred, and the payout is guaranteed for a period of 10 years or until the end of the rider term, whichever is higher. This rider also offers tax benefits. |
Exclusions - Shriram Life Assured Income Plan and Policy
-
Suicide: In case the life assured commits suicide within a year from the date on which the policy term commenced, the nominee will be eligible for 80% of the premiums paid until the date of death.
Other Key Features - Shriram Life Assured Income Plan and Policy
Following are some of the other key features of the Shriram Life Assured Income Plan:
| Surrender | When a policy is surrendered by a policyholder, it shall acquire a surrender value following the payment of all due premiums for a minimum period of three years (two years in case of 8 years policy term). The guaranteed surrender value will be a percentage of the premiums paid (not including rider premiums and other extras). For plans with policy terms of 8 years, there will be no surrender value in the first year. For the second year and the third year, the guaranteed surrender value will be 30% of the premiums paid. From the fourth year to the seventh year, the guaranteed surrender value will be 50% of the premiums paid. For the eighth year, the guaranteed surrender value will be 90% of the premiums paid. In case of plans with 10 years policy term, there will be no guaranteed surrender value in the first two years. For the third year, the guaranteed surrender value will be 30% of the premiums paid. From the fourth year to the seventh year, the guaranteed surrender value will be 50% of the premiums paid. In the eighth year, the guaranteed surrender value will be 63% of the premiums paid. For the ninth year, the value will be 77% and for the 10th year, the guaranteed surrender value will be 90% of the premiums paid. Once the surrender value has been paid, the policy shall terminate. |
| Discontinuance | In case of plans with a 10 year policy term, if the payment of premiums has been discontinued after they have been paid for two years, it will acquire a discontinuance value of 10% of the premiums paid. This value shall be paid to the policyholder at the completion of the third policy year in case it is surrendered prior to the end of the third policy year. In case the policy is surrendered after the completion of three policy years, the policyholder will receive the discontinuance value immediately. In case the policy is not revived prior to the end of the revival period, the policyholder shall receive the discontinuance value immediately following the expiry of the revival period. |
| Lapse | In case the policyholder fails to make premium payments even after the end of the grace period, the policy shall lapse and the policyholder will not be eligible for any benefits offered by the plan. |
| Revival | A lapsed policy can be revived within the revival period which is two years from the date of the first unpaid premium. To revive the policy, the policyholder must pay all the outstanding premiums as well as the interest accrued as declared by the company. Other revival requirements must also be met in order to revive the policy, and once it has been revived, all policy benefits will be restored to full value. |
| Policy Loan | Individuals who purchase the Shriram Life Assured Income Plan have the option to avail a loan against the policy. The amount that can be borrowed is up to 90% of the surrender value (if any), and the rate of interest applicable on the loan will be declared by the company. |
| Free Look Period | Customers who are not satisfied with the terms and conditions of the policy have the option to return it to the company within 15 days from the date of receipt. In case the plan was purchased through distance marketing mode, the free look period will extend to 30 days. |
| Grace Period | Individuals who purchase the Shriram Life Assured Income plan will have 30 days as grace period to ensure that due premiums have been paid. Failure to pay the premiums by the completion of the grace period will result in a lapse of the policy. |
| Termination | In case the policyholder surrenders the policy, or dies, or the last assured income is paid after maturity, the policy will be terminated and no benefits will be payable thereafter. |
| Nomination | Nomination can be made under this policy as per Section 39 of the Insurance Act, 1938. |
| Assignment | Assignment is allowed under this policy as per Section 38 of the Insurance Act, 1938. |
Tax Benefits - Shriram Life Assured Income Plan and Policy
The Shriram Life Assured Income Plan offers tax benefits for premiums paid as well as benefits received upon death or maturity. Deductions can be claimed for premiums paid under Section 80C of the Income Tax Act, 1961, and for amounts received as maturity or death benefit under Section 10(10D) of the Income Tax Act, 1961.
Shriram Life Savings Insurance Plans and Policy |
|