FAQs Related To Shriram Life Assured Advantage Plus Plan

The life cover under Shriram Life Assured Advantage Plus depends on the life cover option selected by you at the time of inception of the policy. If you have selected the first option, then your life cover will be ₹10,00,000 (10 times the premium) and if you have selected the second option, then your life cover would be ₹1,25,000 (1.25 times the premiums). 

If you have not chosen the maturity benefit pay-out option beforehand under Shriram Life Assured Advantage Plus, you can choose it any time before three months of the date of maturity. However, if the option is not chosen, the benefit would be paid in annual instalments automatically. 

You can get a loan of up to 80% of the surrender value against Shriram Life Assured Advantage Plus. The interest on the loan would be 8% compounded half-yearly.

You can buy one or all of the four riders available with the Shriram Life Assured Advantage Plus plan. 

Shriram Life Assured Advantage Plus plan does not provide a bonus as it is a non-participating endowment policy. 

You can use the payouts received from the Shriram Life Assured Advantage Plus plan to meet your long-term or short-term financial goals such as funding your child’s higher education, buying a house or car, your marriage or your child’s marriage, a vacation abroad, etc. There is no restriction on the usage of the funds.  

Shriram Life Assured Advantage Plus plan is a savings plan which pays maturity returns either in a lump sum or as regular payouts. It doesn’t bear risk as it is not affected by market conditions. It is a form of savings which grows over a period of time to give you maximum returns with zero market risk.

The maximum maturity age of the Shriram Life Assured Advantage Plus depends on the life cover option selected. It is 50 years for Option I and 70 years for Option II.