Shriram Life Genius Assured Benefit Plan (UIN: 128N068V02)

The policyholder can choose any of the following options for payment of death benefit.
 
 1. Lump Sum Option: If the policyholder chooses lump sum option the “Death Sum Assured” shall be paid in lump sum to the nominee(s)/beneficiary(ies) and the policy will be terminated. 
 
 2. Installment Option: If the policyholder chooses installment option, the “Death Sum Assured” shall be paid in installments as mentioned below. i. Sum Assured will be paid immediately ii. Family Support Benefit shall be paid monthly from the end of the month in which life assured dies till the end of the policy term. iii. Education Support Benefit shall be paid as per the option chosen by the policyholder

The option shall be chosen at the time of proposal only and cannot be changed during the policy term. Child nominee(s)/beneficiary(ies) is not compulsory in this plan.

In case of death of the life assured within the policy term, provided the policy is in force, “Death Sum Assured” will be paid to nominee(s)/beneficiary(ies). “Death Sum Assured” is defined as highest of –

•10 times the Annualised Premium for all ages 
•105% of All Premiums Paid till the date of death 
• Sum Assured and Additional Benefit
 

In case of survival of the life assured up to the end of the policy term, provided the policy is in force the following benefits will be paid: 

1. Sum Assured plus

2. Education Support Benefit

The Education Support Benefit shall be paid as per the option (Flat Payout/Increasing Payout) chosen by the policyholder at inception of the policy. This option cannot be changed during the policy term.

There is no option to take the benefits under Education Support Benefit in lump sum.

3. Auto Cover

After the payment of at least two full years’ premium if you are unable to pay the premium within the grace period, you will be eligible for an Auto Cover of one year (i.e. for one year from the date of first unpaid premium)

If the premium is not paid before the end of grace period, the auto cover will trigger immediately on expiry of the grace period.

If death occurs during this auto cover period, the death benefit will be payable as paid for an in force policy after deducting the unpaid premiums which have fallen due before the date of death. If the premiums remain unpaid even at the end of Auto Cover period, the policy will be converted into a paid up policy. Auto Cover will be available only once during the premium paying term and is not available for a paid up policy.