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Shriram Life Super Income Plan (UIN:128N087V03)

Shriram Life Super Income Plan (UIN:128N087V03)

Shriram Life Super Income Plan

Shriram Life Super Income Plan (UIN:128N087V03) is a non-linked non-participating individual savings life insurance plan that allows policy holders to get insurance as well as generate money.

Key Features of Shriram Life Super Income Plan

Life insurance Cover till 75

Guaranteed Monthly Income till 75

Guaranteed Maturity Sum Assured

Wide range of Premium Payment Term

Flexibility to change Premium Payment Term

Additional protection through Riders

Key Benefits of Shriram Life Super Income Plan

3

Death Benefit

Death Benefit Death during the premium paying term:

In case of death of the life assured during the premium paying term, provided the policy is in force, an amount equal to higher of “Death Sum Assured” or Surrender Benefit as applicable on the date of death will be paid in lump sum to the nominee(s) or beneficiary(ies) and the policy is terminated. 

Death after the premium paying term:

In case the death occurs after the premium paying term, provided the policy is in force, an amount equal to higher of “Death Sum Assured” or Surrender Benefit as applicable on the date of death will be paid in lump sum to the nominee(s) or beneficiary(ies) and the policy is terminated. Any Super Income Benefit paid will not be recovered from the death benefit.

“Death Sum Assured” is defined as highest of - • 10 times the Annualized Premium which is equal to Basic Sum Assured • 105% of All Premiums Paid till the date of death

Where – • “Annualized Premium” means the premium payable in a year chosen by the policyholder excluding the taxes, underwriting extra premiums, rider premiums and loadings for modal premiums, if any. • “All Premiums Paid” is the total of all premiums paid till the date of death excluding any extra premium, any rider premiums and taxes.
 

1

Super Income Benefit

In case of survival of the life assured till the end of the premium paying term, provided the policy is in force, a Super Income Benefit of fixed monthly amount will be paid from the end of the premium paying term till the end of policy term or till death, whichever is earlier. Super Income Benefit = Annualized Premium X Super Income Benefit Factor X Applicable % for Higher Premiums (For Applicable %, please refer section “Higher Monthly Income for Higher Premiums”) 

The policy holder can alter his/her premium paying term any time during the premium paying term. The option has to be opted at least three months before the commencement of Super Income Benefit.

Maturity Benefit

In case of the survival of the life assured till the end of the policy term provided the policy is in force, “Guaranteed Maturity Sum Assured” will be paid and the policy is terminated. Where – “Guaranteed Maturity Sum Assured” is equal to 5 times the Annualized Premium

Eligibility

Age criteria

25 years to 50 years

Maximum Maturity

75 years

Policy Term

75 years minus age at entry

Premium Paying Term

10 years to 25 years

Premium Payment Mode

Yearly, Half-Yearly, Quarterly, Month

Annual Premium

Minimum ₹30,000 per annum

Sum Assured

10 times the annualised premium

Disclaimer

For more details on risk factors, terms, and conditions please read the sales brochure carefully before concluding a sale.  

*Tax Benefits:  
Tax benefits are as per Income Tax Laws & are subject to change from time to time. Please consult your Tax advisor for details.  
You are eligible for Income Tax benefits/exemptions as per the applicable income tax laws in India, which are subject to change from time to time.

IRDAI Regn No: 128  
CIN No : U66010TG2005PLC045616 of the Company

The Trade Logo displayed above belongs to Shriram Value Services Limited (“SVS”) and used by Shriram Life Insurance Company Limited under a License agreement.”

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