Shriram New Shri Life Plan is a non-participating endowment plan offered by Shriram Life. The said plan offers a systematic savings option to you and protects your family in the event of your unfortunate demise. The New Shri Life plan also offers reversionary bonuses in addition to maturity benefits among others.
Minimum entry age | 30 days |
Maximum entry age | 60 years |
Minimum age at maturity | 18 years |
Maximum age at maturity | 75 years |
Plan type | Non-participating endowment plan |
Plan basis | Individual |
Policy term | 10, 15, 20, 25 years |
Premium paying terms | 7,10 5,7,10,15 5,7,10,20 5,7,10,15,25 |
Premium payment frequency | Yearly, Half Yearly, Quarterly, Monthly |
Guaranteed additions | None |
Free-look period | 15 days 30 days (if sourced via distance marketing) |
Grace period | 30 days |
Loan facility | Loan facility is available under this plan |
Alterations | Alteration in the premium paying mode and reduction of sum assured is allowed under this plan |
Nomination | Nomination facility is available under this plan |
Minimum sum assured | Rs.50,000 |
Maximum sum assured | No limit specified. Subject to underwriting policy |
Policy coverage | Death benefit and maturity benefit |
The New Shri Life plan provides you with the following key benefits:
* Tax laws are subject to change
If you buy the New Shri Life policy for 15 years, you will receive your sum assured, terminal bonus (if any) and accrued reversionary bonuses at the end of your policy tenure or at maturity, subject to payment of all premiums without fail. Furthermore, you can avail of tax benefits on the premium paid and a loan against your plan (for up to 90% of the surrender value of the policy). In the event of your unfortunate demise within the policy term, your nominee will receive the death benefit which will be a combination of sum assured, terminal bonus and accrued reversionary bonus, provided all premiums are duly paid by you up until your death.
The premium rates under this IndiaFirst Life policy depend on the policy term, premium payment term, sum assured and age of the life insured.
New Shri Life Plan offers various riders, namely, accident benefit rider, family income benefit rider, critical illness cover rider and extra insurance cover rider.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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