FAQ's for Shriram Life Premier Assured Benefit Plan

There are four policy terms available in Shriram Life Premier Assured Benefit 10, 12, 15, to 20 years.

You can make the premium payment in single payments in Shriram Life Premier Assured Benefit in the policy term of 10 years only.

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.

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).

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.

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.

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.

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.

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 * (annualized premium/single premium).

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.

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.

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.

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.

You can change the maturity benefit settlement options anytime when the Shriram Life Premier Assured is active.