What Coverages Are Offered in the Shriram Life Sunishchit Laabh ?

Loyalty additions as a percentage of annual premium shall be added to the “Guaranteed maturity income” as described below, for Income Plus and

Income Pro maturity benefit options as described below. This benefit is

applicable to all policies, whether in fully paid-up status or reduced

paid-up status, at the end of the policy term. Loyalty additions are accrued on maturity.The Loyalty Addition rates are given in the table mentioned below. 

If the policy is in paid up state then the Loyalty additions shall not be added. If the policy is subsequently revived within the policy term, then all the Loyalty additions due shall be considered to calculate the maturity income amount.

For each payment through NACH mode, policyholders will be eligible to receive 1% of premium as the discount i.e. each premium paid through NACH will be 99% of the original annual premium. Policyholders willnot be eligible for this discount if premiums paid through non-NACH mode even after successful NACH registration due to any reason.

A lapsed policy can be revived within a revival period of five years from the date of first unpaid premium as per Board approved underwriting policy by paying all outstanding premiums (from date of first unpaid premium to date of revival) together with interest. 

Revivals are allowed only during the policy term. No fee will be charged towards processing of revivals.

Revivals are allowed only during the policy term. 

The revival interest rate is determined by adding a margin of 1.5% to the 10- year G Sec rate on 31st March of each financial year and applicable for all policy revivals during 1st May to 30th April of the following financial year.  The interest rate derived as above shall be rounded down to 0.5% 

No fee will be charged towards processing of revivals

The current revival interest rate for this plan is 8% p.a. and is determined as below.

The 10-year G sec rate on 31st March 2023 is 6.83% 

The revival interest rate is 6.83% % + 1.5% i.e. 8.33% % i.e. 8% % pa during FY 1st may 2025 to 30th April 2026.

Any change in the basis of interest rate will be implemented only after prior approval of the Authority.

Income Plus

With Income Plus option, the maturity benefit is paid as a Level Guaranteed Maturity Income# in the form of regular income throughout the pay-out period. The income payouts are paid as a percentage of the annualized premium. They start immediately at the end of the policy term and are paid until the end of the payout period. Along with the income, you will receive an additional percentage of the annualised premium as Loyalty Additions. You can also choose the frequency of income pay-outs as per your financial needs, either monthly, quarterly or half-yearly mode. 

Income Pro

With Income Pro option, the maturity benefit is paid as a Guaranteed Maturity Income# in the form of regular income throughout the chosen pay out term less 1 year, and total premiums paid@ is returned as the last maturity payout. The income payouts are made as a percentage of the annualized premium. They start at the end of the policy term and are paid until the end of the payout period less one year. Along with the income, you will receive an additional percentage of the annualised premium as Loyalty Additions. You can also choose the frequency of income pay-outs either in monthly, quarterly or half-yearly mode to suit your financial needs.

#provided all due premiums are paid during the policy term. 

@ Total premiums paid means total of all the premiums paid under the base product, excluding any extra premium and taxes, if collected explicitly.

The plan also provides option to choose one of the following sum assured variants in addition to the life cover options

• 7 times of annualised premium

• 10 times of annualised premium

You can choose any of the Life Cover options along with any of the Sum Assured variants at the time of proposal that fits your life cover needs. The guaranteed maturity income factors will depend on the Life Cover options and Sum Assured variants chosen and change of these options will not be allowed during the policy term.

With Income Plus option, the maturity benefit is paid as a LevelGuaranteed Maturity Income# in the form of regular incomethroughout the payout period. The income payouts are paid as apercentage of the annualized premium. They start immediately at the end of the policy term and are paid until the end of the payout period. Along with the income, you will receive an additional percentage of the annualised premium as Loyalty Additions. You can also choose the frequency of income payouts as per your financial needs, either monthly, quarterly or half-yearly mode. With Shriram Life Sunishchit Laabh, your financial security extends well beyond the policy's maturity date, thanks to the provision of regular income through Income Plus option. Upon policy maturity, you can leverage this steady stream of income to maintain your lifestyle, cover expenses, and pursue your long-term goals with confidence. We

ensure that you receive consistent payouts, offering stability and peace of mind as you navigate through different stages of life. Whether you're planning for retirement or safeguarding your family's future, our level income feature provides a reliable foundation, empowering you to embrace the future with optimism.

With Income Pro option, the maturity benefit is paid as a Guaranteed Maturity Income# in the form of regular income throughout the chosen payout term less 1 year, and total premiums paid@ is returned as the last maturity payout. The income payouts are made as a percentage of the annualized premium. They start at the end of the policy term and are paid until the end of the payout period less one year. Along with the income, you will receive an additional percentage of the annualized premium as Loyalty Additions. You can also choose the frequency of income payouts either in monthly, quarterly or half-yearly mode to suit your financial needs. With Income Pro option, you can count on a consistent stream of payouts to support your lifestyle, cover expenses, and pursue your dreams. Additionally, the return of the total premium paid provides an extra layer of protection, offering reassurance and financial stability for you and your loved ones. Whether you're planning for retirement, funding a child's education, or simply seeking to safeguard your family's future, our plan empowers you to navigate life's uncertainties

with confidence. Invest in your financial well-being today and enjoy peace of mind for years to come with our comprehensive insurance solution.

#provided all due premiums are paid during the policy term.

@ Total premiums paid means total of all the premiums paid under thebase product, excluding any extra premium and taxes, if collected explicitly

If you opt to receive the Income Plus or Income Pro maturity benefit as a lump sum, the total benefit payable will be paid in a lump sum on or after the date of maturity. Upon payment of the maturity benefit, the policy will terminate. The lump sum benefit shall be determined by discounting the Income benefit payouts and Return of total premiums paid (if income pro option is chosen) at an 8.5% rate. This is applicable for all life cover options and Sum Assured variants. This option is suitable for meeting major financial commitments like buying a house or building a retirement corpus. The lump sum maturity benefit is termed as Maturity Sum Assured.

Death during the Policy Term

In case of death of the life assured during the policy term, provided all the due premiums till the date of death have been paid, Death Sum Assured will be paid to the nominee or beneficiary as follows.

Life Option:

The death sum assured will be paid immediately in lump sum and the policy will be terminated.

Life Plus Option:

In case of death during the policy term, the death sum assured will be paid in monthly instalments if all due premiums have been paid. After the policy term ends, the Guaranteed Maturity Income will continue to be paid, along with Loyalty Additions, under the Income Plus or Income Pro (with return of premium)

options . The policy will be terminated after payment of last maturity benefit. If death occurs during premium payment, remaining premiums will be waived. However, under Life Plus option death benefit can be taken by the nominee or beneficiary as a lump sum amount at a

discounted value of all the future benefit payouts. The death sum assured plus the maturity benefit payouts and return of total premiums paid (if Income Pro option is chosen) for the chosen pay out period shall be discounted at an 8.5% rate. This is applicable for all income and cover options. 

In case of death after the policy term, provided all the due premiums till the date of death have been paid, the Guaranteed Maturity Income along with the Loyalty Additions will continue to be paid to the

nominee/beneficiary for the chosen maturity income payout term, under both the Life and Life Plus options.

“Death Sum Assured” is defined as higher of

• 10 or 7 times the annualised premium as choosen by the

policyholder

• 105% of the Total Premiums Paid till the date of death

• Surrender Value on the date of death

where, ‘Annualised premium’ means the premium amount payable in a year chosen by the policyholder excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any. ‘Total Premiums Paid’ is the total of all premiums paid excluding any extra premium, and taxes, if collected explicitly.

In case of your survival until the end of the policy term and all due

premiums have been paid, the maturity benefit will be paid out

according to the chosen maturity benefit payout option - either the

Income Plus option or the Income Pro option - over the selected payout

period. “Maturity benefit payout” is defined as guaranteed maturity

income along with Loyalty additions.

Maturity benefit pay out period as chosen at the policy inception varies

from 10 to 40 years (in multiple of 5 years). The Income payout period is

subject to maximum age of receiving maturity income i.e. 101 years.

However, change of Maturity Income Option or Payout Term opted at

the time of proposal will not be allowed during the policy term.

The Guaranteed maturity income is defined as Maturity Income Factor*

Annualised Premium.

Maturity Benefit Payout Modal Factors:

If you prefer to receive your maturity benefit of Income Plus and Income Pro more frequently other than yearly, the yearly maturity benefit will be multiplied by the following applicable factors.

Extension or Reduction of policy term and premium payment term:

Allowed within the specified limits, subject to the maximum and minimum policy terms and premium payment terms as per the Board-approved underwriting policy for the product.

As mentioned above in the Lapse section, even if you discontinue paying your premiums but have paid at least two years’ premium in full, your policy will get converted into a paid-up policy. Under the paid-up policy, all your benefits (i.e. Death benefit and Maturity benefit) will reduce proportionately.

1. Paid up Death Benefit: Upon death of the life assured during the policy term, “Paid-up death sum assured” will be paid to the nominee or beneficiary of the policyholder as follows:

   Life Option:Immediately in lump sum

Life Plus Option: In equal monthly instalments from the end of the month of

death till the end of the policy term. Further, the paid up maturity benefit

due from the end of policy term will continue to be paid till the end of

chosen pay out period. In case of death of the life assured after commencement of maturity

benefit payouts, “Paid-up maturity benefit payout” will continue to be paid

as and when due to the nominee or beneficiary of the policyholder for the

chosen payout term. However, the nominee will have the option to take all the above benefits in

lump sum at a discounted rate of 8.5%.

Paid-up death sum assured = Death Sum Assured *(No of premiums paid/Total no. of premiums payable)

2. Paid up Maturity Benefit: 

Paid-up Maturity benefit” shall be paid to the life assured for the chosen

payout period.

This is applicable for both the Maturity Income Benefit options.

Paid-up maturity benefit payout = (Guaranteed maturity income +

Loyalty addition applicable) *(No of premiums paid/Total no. of

premiums payable)

Income Plus option: In case of survival of the life assured up to the end of

the policy term, “Paid-up Maturity benefit payout” shall be paid to the life

assured for the chosen payout term.

Income Pro option: In case of survival of the life assured up to the end of

the policy term, “Paid-up Maturity income” for the chosen pay out term less

1 year along with “Return of total premiums paid ” at the end of payout

term as the last maturity payout shall be paid to the life assured.

The policyholder can also opt for lump sum equivalent benefit at a

discounted rate of 8.5%.