Shriram Life Assured Advantage Plus (UIN: 128N084V03)

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. If the annual pay-out is chosen as death proceeds, then the annual instalments equal to 10% of (Single Premium Multiplied by the Maturity Benefit Factor) will be paid in for next 10 years starting from the date of death. If the monthly pay out is chosen as death proceeds, then the monthly instalment equal to 0.858% of (Single Premium Multiplied by the Maturity Benefit Factor) will be paid for next 120 months starting from the date of death. 

“Death Sum Assured” is defined as highest of – 

• Basic Sum Assured

• 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

The policyholder is entitled to receive maturity benefit if he/she survives till the end of the policy term. The policyholder can choose to receive his maturity benefit from the following three options – 

• If the Annual Pay-out is chosen as income, then the annual instalments equal to 10% of (Single Premium Multiplied by the Maturity Benefit Factor) will be paid in for next 10 years starting from the date of maturity. 

• If the Monthly Pay-out is chosen as income, then the monthly instalment equal to 0.858% of (Single Premium Multiplied by the Maturity Benefit Factor) will be paid for next 120 months starting from the date of maturity.

• If the policyholder chooses to receive the maturity proceeds as Lump sum, then Guaranteed Maturity Sum Assured equal to discounted value of instalments using interest rate of 6.7% p.a. will be paid on the date of maturity.