Are you looking to lead a secure and better life with your loved ones? Here is the solution for your problem. Shriram Life Insurance offers various types of savings plans for the customers to lead a happy life. The Shriram Life Saving Plans offers many benefits and features for the Policyholders to overcome the uncertainties happen on your way. Follow the below article for more information about the Shriram Life Insurance Savings Plans.
Shriram Life Insurance Savings Plans Review
Shriram Life offers best savings plan for the customers. People can choose one of the Shriram Life Insurance Savings Plans to provide a better life for their family at the time of uncertainty. You can fulfil the future dreams by opting the Shriram Life Insurance Saving Plans. In the case of unfortunate death of the Policyholder, your family is provided with financial support by the Company. By choosing the Shriram Life Insurance Savings Plan you can save the money for your child education, the marriage of their child, and protection for you and your family.
This is the savings and protections plans that provide the lump sum amount for the uncertain future events. The Savings Plans include wealth and protection plans. Most of the Indian families depends on single breadwinner for the survival. If in the case of sudden death of the sole earner, the entire family will be in debt. Therefore to overcome the financial crisis of your family you may choose the best Shriram Life Insurance Savings Plans. Even in the absence of you, your family is protected by this Shriram Life Saving Plan.
Shriram Life Insurance Saving Plans
Shriram Life Insurance provides different savings plans for the customers. Totally there are 12 types of plans offered by the organisation. The list of Shriram Life Insurance Savings Plans is available here. Therefore go through the below segment to get the complete information.
- Shriram Life Assured Income Plus.
- New Shri Life.
- Shriram New Shri Vidya.
- New Shri Vivah.
- Shriram New Shri Raksha.
- New Akshay Nidhi.
- Secure Investment.
- Ujjwal Life.
- Ujjwal Life (SP).
- Fortune Builder.
- Wealth Plus.
- Shriram Life Assured Income Plan.
Key Features of Shriram Life Savings Plans
- At the time of uncertainties, the Shriram Life Insurance Savings Plans provides protection to the Life Insured family.
- Lump sum amount is provided at the time of maturity as the percentage of Basic Sum Assured (SA) with an additional bonus if any.
- The Policyholder can avail the Tax Benefits as per the Income Tax Act.
Shriram Life Insurance Savings Plan Benefits
Each and every savings plan provides some common benefits. The benefits under Shriram Life Insurance Savings Plans are
- Maturity Benefit.
- Death Benefit.
The policyholder receives the Maturity Benefit on survival till the end of the policy term. The benefits vary from plan to plan which is available in below section in detail.
The Nominee will receive the Death Benefit, In the case of sudden/unfortunate death of the policy holder.
The detailed information about each plan is available in the below section of the article.
Shriram Life Assured Income Plus
Shriram Life Assured Income Plus is an economical endowment assurance plan. To protect the family against the uncertainties this Shriram Life Insurance Savings plans is introduced. The Unique Identification Number (UIN) is 128N060v01.
- The Customers has to pay premiums for only five years.
- Lump sum amount is provided to the Nominee in the case of unfortunate death of the Policyholder.
- After the Maturity Benefit, the Guaranteed Income is provided in instalments.
- Life Cover is provided 10 times the annualised premium for 50 years age and 7 times the annualised premium for age above 51 years.
- Tax Benefit: Tax Benefit is provided to the Insured as per the Income Tax Act, 1961.
- Death Benefit.
- Maturity Benefit.
|Entry Age||8 years (minimum age), 60 years last birthday (maximum age).|
|Maximum Maturity Age||70 years.|
|Policy Term||10 years.|
|Premium paying Term(PPT)||5 years.|
|Sum Assured||Minimum: Rs 1,50,000 for ages up to 50 years age.
Rs 3,00,000 for 51 years age last birthday.
|Premium Payment Mode||Monthly (ECS only), Quarterly, Half yearly, Yearly.|
|Minimum Annualised premium||Rs 20,000/-.|
|Maximum Annualised premium||Rs 65.10 lakhs.|
New Shri Life Plan
This is a participating non-linked endowment plan which is a combination of savings and protections plans. New Shri Life Plan provides potential upside of bonuses which is added to your life cover year by year and also to the Maturity benefit. The UIN of this Plan is 128N047V01. Rider options are available for the New Shri Plan.
- Reversionary bonuses and Life cover.
- The premium pay options are limited and regular.
- Sum assured rebates are attractive.
- The Insured can pay premiums in advance at a discount.
- Additional protection with riders.
- Settlement option to receive benefits in instalments with the addition of interest.
- As per tax laws, Tax benefits are provided.
- Death Benefit: Sum Assured on death is 10 times annual premium if age is less than 45 years and 7 times annual premium if age is 45 years and above.
- Maturity Benefit: The Sum Assured along with reversionary bonuses plus terminal bonus (if any) will be paid.
|Age at entry||30 days to 60 years last birthday.|
|Minimum Maturity Age||18 years.|
|Maximum Maturity Age||75 years.|
|Policy Term||10 years||15 years||20 years||25 years|
|Premium Payment Term||7,10||5, 7, 10, 15||5, 7, 10, 20||5, 7, 10, 15, 25|
|Sum Assured||Minimum: Rs 50,000/-.
Maximum: sum assured limit depends on the underwriting considerations.
|Premium Payment Mode||Yearly, Half Yearly, Quarterly, Monthly.|
- Accident Benefit Rider.
- Family Income Benefit Rider.
- Extra Insurance Cover.
- Critical Illness Cover.
New Shri Vidya Plan
The Plan fulfils your child aspirations such as education and provides insurance cover in case of unfortunate death of the policyholder. The Unique Identification Number is 128N051V01. On payment of additional premium, rider options are available.
- On the death of the Insured Sum assured plus stream of monthly income to offset monetary losses.
- After the death or on survival, an Additional sum assured in equal instalments at the end of each of the last four years of policy is offered to suit your child’s educational requirements.
The Sum Assured along with additional bonus are provided as Death and Maturity Benefit. The Life Insured has two options to choose the amount as a death benefit. One as lump sum amount and other is paying the sum assured in regular intervals at the end of each last four years of the policy.
If the policyholders pay all the premiums and survive up to the end of each of the last four years of the policy, 25% of basic sum assured at the end of each of the last four years will be paid.
|Entry Age||18 years to 50 years (last birthday).|
|Maximum Maturity Age||70 years.|
|Policy Term||Regular pay: fixed terms 10/15/20/25 years.
Limited pay: fixed terms 15/20/25 years.
|Premium Paying Term||
|Sum Assured||Minimum: Rs 100, 000/-.|
|Mode of the Premium Payment||Quarterly, Monthly, Yearly, Half Yearly.|
The Riders available are:
- Accident Benefit Rider.
- Extra Insurance Cover.
- Critical Illness cover
New Shri Vivah Plan gives financial support to meet the expenses of the wedding. It is double life insurance cover along with the regular income apart from the maturity benefits. Download New Shri Vivah Plan broucher for more details.
New Shri Raksha Plan is participating non-linked Shriram Life Insurance Savings plans which offers double insurance cover. On the death of the policyholder, an additional basic sum assured is provided after the policy term. Rider options are available in this plan. Check New Shri Raksha Plan broucher for more details.
New Akshay Nidhi Plan helps in achieving the financial goals and commitments of the policyholder. Apart from death and maturity benefits, Shriram Life Insurance offers periodical survival benefits for the policyholder. Additional protection is provided through riders. For more information refer the New Akshay Nidhi Plan broucher.
Shriram Secure Investment Plan is a one-time insurance plan which offers dual benefit such as investment return and life insurance. Enjoy the benefits of investments without the commitment of paying premiums regularly. As per the Income Tax Act, Tax Benefits are provided. The Policy Term can be 5 or 10 years. Check Shriram Secure Investment Plan broucher.
Ujjwal Life Plan is unit linked plan to reach the financial target and make you as a champion. Your child education, marriage and your retirement life are made easy by choosing this plan. Your family will receive the lump sum amount on unfortunate death of the Insured. The UIN is 128L034V02. The Policy Term is for 10 years. For more details refer the Ujjwal Life Plan broucher.
Shriram Ujjwal Life Plan (SP) is a single premium mode plan that completes your financial goals with the dual benefit of market linked return and insurance protection. The Unique Identification Number is UIN: 128L035V02. The Plan provides Flexibility to invest the surplus money of yours in the form of Top-up premium. Check Shriram Ujjwal Life Plan (SP) broucher.
Fortune Builder Insurance Plan is a unit linked single premium plan. The plan was introduced for the individuals who do not have a regular cash flow to sustain a premium payment each year on the due date. The Policyholder can invest in a range of asset classes with Tax Benefit. For more information refer Shriram Fortune Builder Insurance Plan broucher
Shriram Life Wealth Plus Plan is a unit linked plan with both savings and financial protection under the single plan. This Shriram Life Insurance Savings Plan offers short premium payment term with Auto Transfer option and Fund Switch option. Your family is financially protected in case of unfortunate death of the policyholder. Check Shriram Life Wealth Plus Plan broucher.
Shriram Life Assured Income Plan provides the multiple financial needs of you and your family in case of an unfortunate event. Additional protection is provided through rider options. You can choose multiple payment options. Higher Income is provided if you choose long policy term. The Policy Term is fixed for 8 or 10 years. For detailed information check Shriram Life Assured Income Plan broucher.
Shriram Life Insurance Saving Plan Premium Calculator
By using the Shriram Life Saving Plan Premium Calculator, you can calculate the Minimum Premium that has to be Paid to take the Policy. The Amount of Premium Paid will depend on the Policy Term, Sum Assured, Age of the Life Assured, and Premium Payment Modes. You need to enter Some Basic Information like Name, Mobile Number, Mail Id, Policy Term, Age, and Minimum Sum Assured to calculate the Premium Value.
Shriram Life Insurance Savings Plans Buying Process
You can Buy the Shriram Life Savings Plan from the Nearest Shriram Life Insurance Branch Office or, from the Agent of Shriram Life Insurance Company. You have to download the Proposal Form from the Shriram Life Official website. And Some Shriram Life Insurance Saving Plans can also be bought through online at Shriram life Official Site. The Documents required for buying Shriram Life Insurance Savings Plans are listed below.
- Proposal form / Application form along with the photo.
- Age Proof.
- Address Proof.
- Medical Reports (if required).
Claim Process for Shriram Life Savings Plans
The Nominee / Policyholder can apply for the Claim in the case of Death or Disability Occurred due to the Sudden Accident of the Insured within the Policy Term or if your Policy Maturity Period completed. You can apply for your Claim through online at the official website or through alternate channels such as at Branch Office, through Helpline Number, Mail Id. The Documents required for Shriram Life Insurance Claim Process are
- Death Certificate Original from Municipal / Local Authorities.
- Original Policy Document.
- Hospital Records including Discharge Summary.
- Claimant’s Statement and Claim Forms.
- Date of Birth Proof.
- NEFT Form.
- A copy of Pass Book.
- Address Proof of Nominee.
- And Additional documents, in the case of death, occurred due to unnatural or accidental death.
Additional information about Shriram Life Saving Plans
Free Look (Cooling Off) Period:
If the Policy Holder does not satisfied with the Terms and Conditions of the Policy, the Life Assured can return the Shriram Life Insurance Savings Plan within 15 Days from the date of receipt of the Policy Document.
Grace Period: The Grace Period of one month but not less than 30 days will be allowed for yearly, half-yearly, quarterly modes and 15 days for the Monthly Mode of Premium Payment. While Grace Period is a Term when you can Pay the Due Premiums to Continue your Policy.
Riders: A Special Accidental Death Benefit Rider and other riders are available for Savings Plans.
Policy Revival: The Shriram Life Saving Plans can be Revived within Two years from the Date of First Unpaid Premium.
- Suicidal Exclusion:
- If the Policyholder commits suicide at any time within one year the Company will not pay any Death Benefits.
- If the Life Assured commits suicide at any time Within one year from the Date of Commencement of Risk or from the Date of Revival of Policy the Company will pay 80% of the Rider Premiums Paid.
Taxes: As per the Income Tax Laws, Benefits are available under Section 80C and Section 10(10D) of Income Tax Act for this Shriram Life Insurance Savings Plans.