The New Shri Raksha Plan is a non-linked participating plan offered by Shriram Life Insurance. The plan offers double insurance cover, maturity benefits and whole after the policy term among others.
Minimum entry age | 18 years |
Maximum entry age | 55 years |
Minimum age at maturity |
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Maximum age at maturity | 75 years |
Plan type | Non-linked participating plan | ||||||||||
Plan Basis | Individual | ||||||||||
Policy term | Limited Pay - 15, 20 and 25 years Regular Pay - 10, 15, 20 and 25 years | ||||||||||
Premium paying terms |
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Premium payment frequency | Yearly, Half Yearly, Quarterly, Monthly | ||||||||||
Guaranteed Additions | None | ||||||||||
Free-look period | 15 days 30 days (through distance marketing) | ||||||||||
Grace period | 30 days from the due date of premium payment | ||||||||||
Loan facility | Available under this plan | ||||||||||
Alterations | Reduction in sum assured and change in premium payment mode are allowed under this plan | ||||||||||
Nomination | Available under this plan | ||||||||||
Minimum Sum Assured | Rs.1,50,000 | ||||||||||
Maximum Sum Assured | Maximum limit is subject to underwriting considerations | ||||||||||
Policy coverage | Maturity benefit and death benefit |
* Tax laws are subject to change
Sum | Rebate |
Rs.5 lakh to 9.99 lakh | 3% of premium |
Rs.10 lakh and above | 4% of premium |
If you buy the for 20 years and survive till the end of the policy term, you will receive sum assured, terminal bonus (if any) and accrued reversionary bonuses, subject to payment of all premiums. In the event of your unfortunate demise within the policy term, your nominee will receive the death benefit (sum assured plus terminal bonus and accrued reversionary bonus). In case you outlive your policy term, you can still enjoy the coverage provided by the policy until you attain 100 years. This Shriram Life plan offers tax benefits on the premium paid and maturity benefit. You can also avail of the loan facility under this plan, if need be.
Under this plan, premiums can be paid in yearly, half yearly, quarterly and monthly modes. In policies where premiums are paid in modes other than on an annual basis, the instalment premium is annual premium X modal factor as listed in the table below:
Mode | Factor |
Monthly | 0.090 |
Half yearly | 0.520 |
Quarterly | 0.265 |
Premiums do not include education cess and service tax. The premium rates under this policy are based on the policy term, premium payment term, sum assured and age of the life insured.
The New Shri Raksha Plan offers various riders, namely, accident benefit rider, family benefit income, critical illness cover and extra insurance cover.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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