The New Shri Life Plan is a non-participating endowment plan offered by Shriram Life Insurance. 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.
Eligibility Conditions for New Shri Life Plan
|Minimum entry age||30 days|
|Maximum entry age||60 years|
|Minimum age at maturity||18 years|
|Maximum age at maturity||75 years|
Key Features of New Shri Life Plan
|Plan type||Non-participating endowment plan|
|Policy term||10, 15, 20, 25 years|
|Premium paying terms||
|Premium payment frequency||Yearly, Half Yearly, Quarterly, Monthly|
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|
Benefits/Advantages of New Shri Life Plan
The New Shri Life plan provides you with the following key benefits:
- Maturity Benefit: If the life assured survives till the end of the policy term, maturity benefits include sum assured, terminal bonus and accrued reversionary bonuses, provided all premiums have been paid on time
- Death Benefit: If the life assured dies during the policy term, the death benefit payable includes sum assured on death, terminal bonus and accrued reversionary bonus, provided all premiums are paid. The death benefit paid will be 105% of premiums paid sans rider premium
Sum Assured: Higher of the following:
- 10X annual premium if (under 45 years) and 7X annual premium (45 years and above)
- Basic sum assured
- Terminal Bonus: Shriram Life Insurance pays terminal bonus upon death of the life assured or maturity of the plan. The bonus will depend on asset shares of the policy
- Reversionary Bonus: Reversionary bonus rates may vary from one year to another depending on the prevailing economic scenario. Future bonuses are not guaranteed
Rebates: This plan offers attractive rebates on sum assured as listed in the table below:
Sum Rebate Rs.5 lakh to 9.99 lakh 4% of premium Rs.10 lakh and above 5% of premium
- Advance Payment: Policyholders can choose to pay premium in advance and avail of discounts
- Tax Benefits: This plan provides tax benefits* for premium paid and maturity/death benefits under sections 80C and 10(10D) respectively.
* Tax laws are subject to change
How the New Shri Life Plan works
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.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017