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Premium Components of Shriram Life Premier Assured Benefit Plan
Shriram Life Premier Assured Benefit Plan provides various benefits to its policy holders and the premium is quite affordable looking at all those benefits. The premium is paid to receive the benefits under any particular plan/policy by an insurance company. The company collects premiums based on age, sum assured, premium payment term and policy tenure, rider add-ons and more. Premium is made of a few components and those are collected for each of the benefits promised. Some of these components have been discussed in brief here:
Sum Assured
The amount of sum assured has an impact on the premium paid. You pay more premium for coverage by getting a higher sum assured.
Rider Add-Ons
Enhanced cover is for the features not already included in a plan. And the life assured has to pay for them additionally, over and above the normal premium to be paid for the plan. Each rider provides a specific benefit, so the rider add-ons form part of the premium accordingly.
Risk Covered
The type of risk covered could vary from plan to plan and person to person. The premium comprises a portion for the type of risk covered.
Benefits Provided
Different plans give different benefits like death benefits, survival benefits and maturity benefits and more. So a part of the premium is comprised of payment towards such benefits.