Shriram Life Super Income Plan (UIN:128N087V03)

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.
 

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.

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