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Assured Savings Plan
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What coverages are offered in the Shriram Life Assured Savings Plan?

Death Benefit

The amount paid as the death benefit to the nominee(s) or beneficiary(ies) depends on the plan option chosen and whether the policy is in force. There are two plan options:

Option 1 (Life Cover): The death benefit is equal to one "Death Sum Assured," payable if the policy is in force.

  • In case of demise due to an accident during the waiting period, the death benefit is payable.
  • In case of demise after the waiting period due to any reason other than an accident, the death benefit is 100% of the total premiums paid to date.
  • In case of demise during the waiting period due to any reason other than an accident, no death benefit is payable.


Option 2 (Life Cover with in-built accidental death cover): The death benefit is equal to two "Death Sum Assured," payable if the policy is in force.

  • In case of demise due to an accident at any time during the policy term, an additional benefit equal to one more "Death Sum Assured" is paid to the nominee(s) or beneficiary(ies).
  • The policy terminates on payment of the death benefit.

Maturity Benefit

If the policy holder survives until the end of the policy term and the policy is in force, the Maturity Sum Assured is paid immediately in a lump sum, and the policy is terminated. The Maturity Sum Assured is calculated as Maturity Benefit Factor Basic Sum Assured, where Basic Sum Assured is the Premium Paying Term Annualized premium.

Paid-Up Death Benefit

If the policy holder dies within the policy term, the "Paid-up Death Sum Assured" is payable as a lump sum to the nominee(s) or beneficiary(ies), depending on the plan option chosen. The policy terminates on payment of the death benefit. The "Paid-up Death Sum Assured" is calculated as Death Sum Assured * (No of premiums paid/Total no. of premiums payable).

Paid-Up Maturity Benefit

If the policy holder survives until the end of the policy term, the "Paid-up Maturity Sum Assured" is paid on the maturity date. The "Paid-up Maturity Sum Assured" is calculated as Maturity Sum Assured * (No of premiums paid/Total no. of premiums payable).

Surrender Value

If the policy holder surrenders the policy before its maturity after premiums have been paid for at least 2 years, a Surrender Value is paid, which is the higher of the Special Surrender Value (SSV) and the Guaranteed Surrender Value (GSV). It is recommended to take a loan against the policy instead of surrendering it in case of any financial emergency.

Loans

The policy holder can take Policy Loans within the surrender value in situations where they need money for the short term.

Disclaimer

#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.   

&Annualised premium shall be the premium payable in a year chosen by the policyholder, excluding the underwriting extra premiums, rider premiums, loadings for modal premiums, taxes and other statutory levies, if any.

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

IRDAI Regn No: 128     
CIN No : U66010TG2005PLC045616
ARN: SLIC/Elec/Sep 2024/253  

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