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Shriram Life Assured Advantage Plus

Shriram Life Insurance Company presents Shriram Life Assured Advantage Plus (UIN 128N084V03). An Endowment Plan where you have to pay premium only once and get dual benefits of Life Insurance and Guaranteed#  Returns on Maturity.

This plan offers 2 options –

Option I : Life Cover is 10 times of Single Premium

Option II : Life Cover is 1.25 times of Single Premium

WHY BUY THIS PLAN?

We all want our savings to grow over a period of time and help us in fulfilling our dreams. Be it your child’s education/wedding or buying your dream car or a long family vacation abroad- put your trust in Shriram Life Insurance as, through Assured Advantage Plus, we insure you for uncertainties of life and provide you with Guaranteed# Returns in Lump Sum or in installments depending on your needs at that time. This plan ensures that dreams which you see for your family are not compromised even in your absence.

KEY FEATURES

  • Pay premium only once
  • Life Insurance for 10 years
  • Guaranteed #Returns after 10 years
  • 3 Maturity Benefit Options
  • Additional protection through Riders
  • Higher Maturity Benefit for Higher Premium Policies

KEY BENEFITS

 

Maturity Benefit#


 

The customer has 3 Payout Options to claim his Maturity Benefit –

  1. Lump Sum on maturity date; Or

  2. Annual Income for 10 years starting from maturity date; Or

  3. Monthly Income for 120 months starting from maturity date

 

Death Benefit#


Under Option I and II:

In case of death of the life assured during the policy term, “Death Sum Assured” will be paid in lump sum to the nominee(s) or beneficiary (ies) and the policy is terminated.

Under Option II:

The nominee(s) or beneficiary (ies) also have an option to receive the death proceeds in annual or monthly instalments and can change the option before the first instalment of death proceeds is paid.

“Death Sum Assured” is defined as highest of –

  1. Basic Sum Assured
  2. Guaranteed Maturity Sum Assured

Where

Basic Sum Assured is equal to 10 times the single premium for Option I and 1.25 times the single premium for Option II.

Guaranteed Maturity Sum Assured is discounted value of the amount which is equal to the Single Premium multiplied by Maturity Benefit Factor payable in instalments using interest rate of 6.7% p.a.

SAMPLE ILLUSTRATION

A customer aged 30 years who pays a single premium of ₹ 3,00,000 at the inception of the policy can choose any one of the following options:

  Total Premium Paid Total Maturity Benefit Death Benefit during policy term
Option I
A) Lump Sum 3,00,000 4,35,959
(On maturity)
30,00,000
B) Annual Income Option 3,00,000 5,73,630
(In 10 Annual Instalments)
30,00,000
C) Monthly Income Option 3,00,000 5,90,640
(In 120 Monthly Instalments)
30,00,000
Option II
A) Lump Sum 3,00,000 4,86,552
(On maturity)
4,86,552
B) Annual Income Option 3,00,000 6,40,200
(In 10 Annual Instalments)
4,86,552
C) Monthly Income Option 3,00,000 6,59,160
(In 120 Monthly Instalments)
4,86,552

Eligibility

ENTRY AGE

Option I

Minimum

8 Years ^

Maximum

40 Years

Option II

Minimum

8 Years ^

Maximum

60 Years

55 Years
for POS Policies

(Age last birthday)

MATURITY AGE

Option I

Minimum

18Years ^

Maximum

50 Years

Option II

Minimum

18Days ^

Maximum

70 Years

(Age last birthday)

SUM ASSURED

Option I

Minimum
₹ 10 Lakhs

Maximum
No Limit*
₹ 10,00,000(POS)

Option II

Minimum
1.25Lakhs

Maximum
No Limit*
₹ 7,85,451 (POS)

Maximum Sum Assured for POS is subject to Board approved underwriting policy and maximum Death Sum Assured of Rs. 10,00,000

POLICY TERM(Years)

10Years

PREMIUM PAYING TERM

Single

PREMIUM

Minimum

₹ 1 Lakh

Maximum

No Limit*
Subject to Board approved underwriting policy

₹ 1 Lakh(POS)

Option I : Rs.1,00,000(POS)
Option II : Rs.6,28,321(POS)
Subject to Board approved underwriting policy and maximum Death Sum Assured of Rs. 10,00,000

(excluding GST)

CALCULATOR

Click this link to calculate you premium.

1.Decide the Single Premium you wish to pay

2.Decide Plan Option (Option I / Option II)

3.Decide how you want the Maturity Benefit

RIDERS (Add Ons)

You can opt any of the following Riders by paying additional premium. The riders can be opted at inception of the policy only.

Accident Benefit Rider (UIN 128B001V03)

In case of death or total and permanent disability due to accident during the rider term, we will pay 100% of the rider sum assured.

Family Income Benefit Rider (UIN 128B002V03)

In the event of accidental death or if the life assured becomes totally and permanently disabled due to an accident within the rider term, 1% of rider sum assured is payable every month immediately from the end of month of accident for a guaranteed period of 10 years or till the end of the rider term whichever is higher.

Shriram Extra Insurance Cover Rider (UIN 128B009V03))

In case of death of the life assured during the rider cover term, sum assured under rider will be paid to the nominee.

Shriram Life Critical Illness Plus Rider (UIN 128B016V01)

If you are diagnosed to be suffering from any of the 24 specified Critical Illnesses, we will pay 100% of the rider Sum Assured on survival of 30 days following the date of first confirmed diagnosis. This rider also gives you an upside of increments in your rider Sum Assured through Loyalty Additions.

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Disclaimers:

#Provided all the premiums are paid and the policy is in force.

^Risk cover starts from date of commencement of policy for all lives including minors. In case of a minor life, the policy will vest in the Life Assured on attainment of age 18 years.

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.

IRDAI Regn No. 128
CIN: U66010TG2005PLC045616

BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS/FRADULENT OFFERS

IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

The Trade Logo displayed above belongs to Shriram Value Services Limited (“SVS”) and used by Shriram Life Insurance Company Limited under a License agreement.”

ARN – SLIC/Content/Jan 2021/54