What Coverage are offered in Shriram Life Assured Income Plan?

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.

Death Sum Assured i.e. Sum assured payable on death is defined as highest of -
•    For Policy term 8: 8 times Annualised Premium
For Policy term 10 & above: 10 times Annualised Premium if age is less than 45 years 
& 7 times annualised premium if age is 45 years and above
•    105% of Total Premiums Paid till the date of death
•    Maturity Sum Assured (which is defined as Discount Factor * Assured Income)     

Assured Income is defined as Assured Income factor * Annualised premium

Where,
Annualised Premium means the premium amount payable in a year chosen by the policyholder excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.
Total Premiums Paid is the total of all premiums paid under base policy excluding any extra premium, and taxes, if collected explicitly.

The death benefit will be paid to the nominee(s) or beneficiary(ies) in any of the following option chosen by them:
i.    Lump sum
ii.    Assured Income payouts
iii.    50% Death benefit as lump sum and remaining 50% as regular payouts i.e. the payouts will be 50% of the original payouts
The pay-out percentages applicable are same as that for maturity. The payouts in case of death will be paid at the start of each year from the year following the  death and the number of payouts payable will be equal to the policy term chosen.

In case of survival of the life assured up to the end of the policy term, and receipt of all the due premiums, the assured income payouts will be paid as scheduled at the start of each year after the end of the policy term during the Benefit Payout Period.

However, the policyholder can also opt to receive the maturity benefit in lump sum. The Lump sum Payout is same as Maturity Sum Assured. The lumpsum maturity benefit shall be at least 105% of Basic sum assured..

If the life assured dies after commencement of the assured income, the outstanding assured income payouts will continue as scheduled to the nominee(s) or beneficiary(ies).

For each payment through NACH mode, policyholders will be eligible to receive 1% of premium as the discount i.e. each premium paid through NACH will be 99% of the original annual premium.

Policies which have acquired surrender value will become paid up if no further premiums have been paid, where

If the policy becomes paid up, the following benefits are payable

Upon death of the life assured during the policy term, Paid-up Death Sum Assured will be paid to the nominee(s) or beneficiary(ies) of the policyholder.

Paid-up Death Sum Assured = Death Sum Assured *(No of premiums paid/Total no. of premiums payable) 

Upon survival of the life assured till the policy term, paid-up maturity sum assured will be paid.

Paid-up Maturity Sum Assured = Maturity Sum Assured *(No of premiums paid/Total no. of premiums payable)

A lapsed or paid up policy can be revived within a revival period of five years from the date of first unpaid premium by paying all outstanding premiums (from date of first unpaid premium to date of revival) with accrued interest at a rate approved by IRDAI along with revival requirements as per Board approved underwriting policy. 
The revival interest rate is determined by adding a margin of 1.5% to the 10- year annualised G Sec rate on 31st March of each financial year and applicable for all policy revivals during 1st May to 30th April of the following financial year.  The interest rate derived as above shall be rounded down to 0.5%
No fee will be charged towards processing of revivals.
For example, the revival interest rate is   8% p.a. during FY 1ST May 2025-30th April 2026.