Shriram Life Smart Choice Plan (UIN: 128N097V02)
SHRIRAM LIFE SMART CHOICE PLAN
Shriram Life Premier Assured Benefit (UIN-128N094V02) A Non-Linked Non-Participating Individual Life Insurance Savings Plan. Introducing a flexible term insurance plan that grows with you. We understand that life changes, and so do your needs. Our product offers the flexibility to transform into a range of term-related plans, allowing you to tailor coverage with additional riders, features, and considerations based on your unique risk profile. Whether you seek enhanced protection or specific benefits, our product ensures that your coverage evolves alongside your life’s changing circumstances, providing peace of mind when you need it most.
KEY FEATURES
Livelihood Protection
Additional coverage through Riders
Flexible Premium Payments
Discount on Female lives and premiums paid through NACH mode.
Tax Benefits
KEY BENEFITS
Death Benefit
On Death of the Life Assured, death benefit shall be payable as follows:
| Premium Payment Option | Death Benefit |
| Single Pay | Higher of:
|
| Regular & Limited Pay | Higher of:
|
Where -
“Annualised Premium” shall be the premium amount payable in a year excluding taxes, rider premiums, underwriting extra premiums and loadings for modal premiums.
"Total Premiums Paid" means total of all the premiums paid under the base product, excluding any extra premium and taxes, if collected explicitly.
“Basic Sum Assured” is the sum assured chosen by the policyholder at inception of the policy.
The policy will terminate on payment of this benefit
Death Payouts as Income Stream
Option to take Death Benefit in a lump sum or monthly settlement over a period of choice starting from 1 year to 5 years. Alternatively, the nominee can choose to receive a portion of the death benefit as a lump sum, with the remaining amount paid in installments.
The following monthly factors are applicable for monthly settlements.
| Per 1000 Sum Assured | |||||
| Settlement Period in Months | 12 | 24 | 36 | 48 | 60 |
| Monthly Installments | 85.94 | 44.42 | 30.61 | 23.71 | 19.59 |
Maturity Benefit
No Maturity Benefit available under this plan
Other Benefits
Flexible Sum Assured - With this benefit, you have the option to increase the sum assured by a fixed percentage annually during premium payment term.
Auto Cover - After the payment of five full years’ premium if you are unable to pay the premium within the grace period, you will be eligible for an Auto Cover of one year (i.e. for one year from the date of first unpaid premium). Auto Cover is allowed only under Smart Exit Option.
Female Discount - The Premium rates applicable to female life will be based on the premium rate of 3 years younger male.
NACH Discount
For each payment through NACH mode, policyholders will be eligible to receive 1% of premium as the discount.
Smart Exit Benefit - You have an option to cancel the policy and receive Smart Exit Benefit based on prescribed policy conditions.
This benefit can be chosen only at
policy inception by paying additional premium. The policy shall be terminated after availing this benefit. This benefit is available for Premium payment term and policy term combinations of 15,15 and 20,20 years. The policy has to be in-force at the time of availing this benefit and no claim
for any of the underlying benefits has been registered and is under evaluation/ or accepted/ or paid/being paid on the policy
ELIGIBILITY
| Eligibility Criteria | Limits | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Age at Entry (age last birthday) | Minimum: 18 years Maximum: 60 year | ||||||||||||
| Maturity Age (age last birthday) | Minimum: 19 years Maximum: 80 years | ||||||||||||
| Premium Payment Term/ Policy Term | Single Pay: 3/4/5 years
| ||||||||||||
| Sum Assured | Minimum: Rs 50,000 Maximum: At policy inception: Rs 25,00,000 | ||||||||||||
| Premium Payment Frequency | Yearly/ Half-Yearly / Quarterly / Monthly | ||||||||||||
| Premium Payment Mode | Modal Factors
| ||||||||||||
| Annual Premium | Subject to minimum Sum Assured and applicable premium rates. & Subject to Board approved underwriting policy |
RIDERS (ADD ONS)
| Name | Description |
|---|---|
| Accident Benefit Rider (UIN 128B001V03) | In case of death or total and permanent disability due to an accident during the rider term, we will pay 100% of the rider sum assured. Also, if the life assured becomes totally and permanently disabled in an accident, we will waive off all the future premiums under the policy. |
| Family Income Benefit Rider (UIN 128B002V03) | In the event of accidental death or if the life assured becomes totally and permanently disabled due to an accident within the rider term, 1% of the rider sum assured is payable every month immediately from the end of the month of the accident for a guaranteed period of 10 years or till the end of the rider term whichever is higher. |
| Shriram Life Critical Illness Plus Rider (UIN 128B016V02) | If you are diagnosed to be suffering from any of the 24 specified Critical Illnesses, we will pay 100% of the rider Sum Assured on survival to 30 days following the date of the first instance of confirmed diagnosis. |
| Shriram Life Critical Illness Woman Rider (UIN 128B032V01) | The critical illness woman rider ensures financial security tailored to women’s health needs. The base cover provides protection against female specific critical illnesses and other critical illnesses. The add on benefit i.e maternity wellness coverage offers protection against pregnancy complications and birth of child & congenital disorders. |
