A Non-Linked Non-Participating Individual Life Insurance Savings Plan
Life is beautiful when we share it with our loved ones, creating happy memories every day. However, in a world full of uncertainties, we need to be financially prepared for our life goals to ensure that they are met, whether we are there or not. Major life goals need solid plans.Shriram Life Premier Assured Benefit gives your Life Goals the advantage of guarantee* so that you continue to live life to the fullest, come what may. With two life cover options and three ways to receive pay-outs, this plan combines life insurance with guaranteed* returns. Choose a pay-out option according to your current financial goals and rest assured that you would be able to change pay-out options, as and when your life goal changes.
Annual payouts as a percentage of the annualised/single premium (as per the below table) are paid from the policy anniversary after the end of the premium paying term (1st policy anniversary for Single Pay) till the end of the policy term.
|Payout as % of annualised / Single premium||4.25%||25%||45%||70%|
This benefit is not available if the policyholder chooses Settlement option.
On survival of the life assured up to the end of the policy term, provided the policy is in force, the maturity sum assured is paid as follow –
For Income/ Settlement in Lump Sum: Maturity Sum Assured is paid in a lump sum on the date of maturity.
For Settlement in instalment:Maturity Sum Assured is paid in four equal annual instalments. The first instalment payment starts on the date of maturity.
Maturity Sum assured =Maturity Benefit factor X - Annualised premium / Single Premium
The maturity benefit factor varies depending on the type of cover option, benefit variant, age at entry of life assured, and premium paying term.
In case of death of the life assured during the policy term, provided all the due premiums till the date of death have been paid, “Death Sum Assured” will be paid to the nominee or beneficiary as follow –
The death benefit is paid immediately in a lump sum and the policy will be terminated.
he death benefit is paid in equal monthly instalments starting from the end of the month of death till the end of the policy term or a minimum of 36 monthly installments. The payouts of the death benefit may go beyond the policy term for up to 36 months. In addition to the above death benefit, any income/settlement/lump sum benefits due from the date of death will continue to be paid as per the chosen pay-out option as if the life assured were alive and the policy will be terminated on payment of the last payout.
However, the nominee has the option to take all the above benefits in a lump sum. The lump-sum benefit is determined by discounting all the death/income/maturity benefits at a rate as approved by IRDAI.
“Death Sum Assured” is defined as the highest of;
11 times the Annualized Premium for Limited Pay / 1.25 times the Single Premium for single pay
105% of Total Premiums Paid till the date of death.
30 days ^
(Age last birthday)
Maximum(For POS & CSC)
(Age last birthday)
Yearly - Rs. 60,000
HalfYearly - Rs. 30,000
Quaterly - Rs. 15,000
Monthly - Rs. 6,000
Single Pay - Rs. 3,00,000
No Limit, Subject to Board approved underwriting policy.
Maximum(For POS & CSC)
Limited Pay - Rs. 2,27,272
Single Pay - Rs. 20,00,000
Life Plus Option:
Limited Pay - Rs.2,54,508
Single Pay - Rs. 14,20,242
(subject to Board approved underwriting policy and maximum Death Sum Assured of Rs. 25,00,000 For Single Pay)
You can opt any of the following Riders by paying additional premium.
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. Also, if the life assured becomes totally and permanently disabled in an accident, we will waive off all the future premiums under the policy. The benefit under this rider is applicable only once during the rider term.
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.
In case of unfortunate event of death of the life assured during the rider cover term, sum assured under rider will be paid to the nominee.
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.
$Provided all the premiums are paid and the policy is in force.
^Guaranteed returns in the form of a lump sum or regular income, provided all the premiums are paid
#during the premium paying term
Tax benefits are as per Income Tax Laws & are subject to change from time to time. Please consult your Tax advisor for details.
In case of minor lives assured, the risk cover starts from the 1st policy anniversary or at the age of attaining 18 years last birthday whichever is earlier. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.
SHRIRAM LIFE INSURANCE COMPANY LIMITED
IRDAI Regn No. 128
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/Elec/Oct 2022/104