Shriram New Shri Life Plan

The is a non-participating endowment plan offered by . 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

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

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 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.

Riders

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

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