FAQs related to Fund
What is fund value?
The fund value is only available in ULIP products. The value of policy is the fund value. In simple terms, it is the total value of units that you hold in funds.
What is Fund Statement?
Fund Statement is a document which gives information related to your investments in equity, debt and balanced funds. It also includes the concepts of Asset Allocation to help you get the most out of your investment over the policy term.
How do I get Fund Statement of my policy?
If you need a Fund Statement, you can call 1800 103 6116, use ShriMithra, visit the nearest branch, or download it through our website.
How do I switch funds in my policy?
Fund switch is a feature of ULIP policy through which you can transfer the current funds linked to the policy to another fund of your choice. Fill the fund switch request form and submit it to ShriMithra, My Account login at any of our SLIC branches.
What is lock-in period in life insurance?
Lock-in period is for five years (for plans issued on or after 01-Sep-2010) and three years (for plans issued before 01-Sep-2010) from the date of commencement of the policy, during which the proceeds of the discontinued policy cannot be paid by the company to the policy holder. The discontinued amount will be paid to nominee in the case of death or upon occurrence of any other contingency covered under the policy.
How do I check the fund value of my policy?
You can check the fund value of your policy through your SLIC account. Once you login in, click on fund details and after entering the policy number, you will get the value of your policy.
What is partial withdrawal?
Any part of the fund that is encashed / withdrawn by the policyholder during the period of contract is referred to as partial withdrawal. The partial withdrawals are allowed only after fifth policy anniversary provided all due premiums for the first 5 years have been paid. In case of minor lives assured, this facility is allowed only if the life insured attains age of 18 years. The minimum amount withdrawn each time should be at least Rs.10,000/- For every partial withdrawal, a partial withdrawal charge of Rs.100/- will be levied.