FAQ's for Shriram Life Premier Assured Benefit Plan
What are the policy terms available in Shriram Life Premier Assured Benefit?
There are four policy terms available in Shriram Life Premier Assured Benefit 10, 12, 15, to 20 years.
What are the policy terms where I can make the premier payment in single payments in Shriram Life Premier Assured Benefit?
You can make the premium payment in single payments in Shriram Life Premier Assured Benefit in the policy term of 10 years only.
What is the entry age for Shriram Life Premier Assured Benefit?
The entry age for Shriram Life Premier Assured Benefit is 30 days but the maturity age at the end of the policy should be 18 years. Hence, you will have to choose the policy tenure based on your child's age.
What is the minimum premium I can pay as a single payment in Shriram Life Premier Assured Benefit?
The minimum premium you can pay as a single payment in Shriram Life Premier Assured Benefit is ₹3,00,000 and there is no maximum limit (subject to board approval policy).
What cover should I select to receive maturity benefits after claiming the Death Sum Assured in Shriram Life Premier Assured?
The cover you should select to receive maturity benefits after claiming the Death Sum Assured in Shriram Life Premier Assured is the Life Plus cover. This helps your nominee claim death benefits if something unforeseen happens to you during the tenure. They will also receive maturity benefits once the policy matures.
What are the loan options available with Shriram Life Premier Assured Benefit?
The loan options available with Shriram Life Premier Assured Benefit are that you can get a policy loan up to 80% of the surrender amount at a nominal rate declared by the company.
What are the ways through which I can get the maturity benefits in Shriram Life Premier Benefits?
There are three ways through which you can get the maturity benefits in Shriram Life Premier Benefit Plan. You can receive annual payouts after the policy payment term till the maturity date and later as lump sum amounts. Or you can receive settlements through four annual instalments or lump sum amounts.
What are the premium payment modes available in Shriram Life Premier Benefits?
The premium payment modes available in Shriram Life Premier Benefits are monthly, quarterly, half-yearly, and annual. You can also make the premium payment in single payments.
How is the maturity sum assured determined in Shriram Life Premier Assured Benefit?
The maturity sum assured determined in Shriram Life Premier Assured Benefit is based on the premium payment, cover, age, and policy tenure chosen. The basic formula is Maturity Benefit factor X Premium Paying Term X (Annualised premium / Single Premium)
Who should buy the life plus cover in Shriram Life Premier Assured Benefit?
The life plus cover of the Shriram Life Premier Benefits is suitable for those who want to build higher revenue in the future while securing their family financially whether they will be there or not.
What tax benefits are available for Shriram Life Premier Assured Benefit?
The tax benefits available for Shriram Life Premier Assured Benefit is 100% tax exemption on earning, maturity, and death cover benefits. On premiums payments, a 100% tax deduction is applicable for payments up to ₹1,50,000/year.
When does the risk coverage of a minor become active from the date of commencement of the Shriram Life Premier Assured Benefit policy?
The risk coverage of a minor becomes active from the date of commencement of the Shriram Life Premier Assured Benefit policy once they reach 18 years of age.
What accident protection coverage do I get with Shriram Life Premier Assured Benefit?
The accident protection coverage you get with Shriram Life Premier Assured Benefit is through the additional rider - accidental benefit rider. When a life assured meets with accident-led demise when this rider is active, the nominee will be given 100% of the rider sum assured.
Can I change the maturity benefits settlement options once the Shriram Life Premier Assured is active?
You can change the maturity benefit settlement options anytime when the Shriram Life Premier Assured is active.