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.

Life: With this option, Death Sum Assured is paid to your family in lump sum immediately in case of anything unfortunate happening to you during the policy term.

Life Plus: With this option, Death Sum Assured is paid to your family in equal monthly instalments starting from the month of death till the end of the policy term in case of any unfortunate event. In addition to the above benefits, the income/maturity benefits according to the pay-out option chosen by the policyholder will continue to be paid as and when due. And all the outstanding premiums from the date of death are waived off.

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.

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 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 x Annualised Premium.

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.
 
Lump sum

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 pay-outs 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. The lump sum maturity benefit is termed as Maturity Sum Assured.

# 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.