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  • Shriram New Shri Life Plan

    Shriram Life Insurance

    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
    Plan basis Individual
    Policy term 10, 15, 20, 25 years
    Premium paying terms





    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

    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.  

    Premium Payment

    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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