FAQs related to Shriram Life Super Income Plan

After you receive the Shriram Life Super Income Plan documents, you have a period of 15 days, also known as the free-look period, from the date of issuance of the policy to go through the terms and conditions. In case you disagree with any of the terms and conditions, you can return the policy within 15 days by stating the reason for doing so. Your cancellation request shall be processed and you will receive a refund if you have paid any premiums within 15 days of receipt of the cancellation request. 

You are eligible for tax benefits under the Shriram Life Super Income Plan.

When it comes to paying the premium under the Shriram Life Super Income Plan, you receive a grace period of 15 days in the case of monthly premium payment mode and 30 days for other premium paying modes.

Your Shriram Life Super Income Plan will lapse if the renewal premium is not paid by the end of the grace period for the first two years. After the first two years, if the premiums remain unpaid at the end of the grace period, then the policy status will change to paid up.

If your Shriram Life Super Income Plan policy has lapsed due to non-payment of the premium, it can be revived within five years from the date of the first unpaid premium. No benefits will be paid on a lapsed policy during the revival period, but after the revival, it will be restored to its full value.

You can take the loan against the Shriram Life Super Income Plan. You can check the Super Income Plan details for more information.

If you get the loan during the premium paying term under the Shriram Life Super Income Plan, then the maximum permissible loan is 80% of the surrender value. In case the loan is availed of after the premium paying term, then the loan amount shall be lower than 60% of the surrender value or the amount calculated such that the effective monthly interest on the loan amount does not exceed 60% of the monthly super income payable under the plan.

If you opt for the loan after the premium paying term under Super Income Plan, then the interest on the loan will be recovered from the super income benefit at a monthly loan interest rate of 0.75% per month.

The interest rate for a loan against Super Income Plan is fixed at 9% per annum compounded annually.

Any outstanding loan amount along with the interest accrued will be recovered from the policy proceeds before any benefit is paid under the Super Income Plan.