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Shriram New Shri Raksha Plan

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Plan Benefits

Payment Options

Policy Coverage

Customer Service

The New Shri Raksha Plan is a non-linked participating plan offered by Shriram Life Insurance. The said plan offers double insurance cover, maturity benefits and whole life insurance cover after the policy term among others.


Eligibility Conditions for New Shri Raksha Plan

Minimum entry age 18 years
Maximum entry age 55 years
Minimum age at maturity  
Maximum age at maturity 75 years

Key Features of New Shri Raksha Plan

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  
Policy term Premium paying term
10 10, 15
15 10, 15
20 10, 20
25 10, 15, 25
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

Benefits/Advantages of New Shri Raksha Plan

  • Sum assured on death: Higher of the following:
    • Twice the sum assured (basic)
    • 10X annual premium (under 45 years) and 7X annual premium (45 years and above)
  • Maturity benefit: If the life assured survives till the end of the policy term, the maturity benefit payable will be sum assured, terminal bonus and accrued reversionary bonuses
  • Extended Benefit: If the life assured survives the policy term, the coverage continues till he or she turns 100. In case the life insured survives till 100 years, basic sum assured is payable.
  • Death benefit: If the life assured dies within the policy term, the death benefit payable to the nominee includes sum assured on death, terminal bonus and accrued reversionary bonuses, provided all premiums are paid. The  death benefit paid will be 105% of premiums paid sans taxes and rider premiums. No future bonuses will be accrued after death of the policyholder
  • Tax benefits: This plan provides tax benefits* on the premiums paid and death/maturity benefits under sections 80C and 10(10D) respectively

          * Tax laws are subject to change

  • Reversionary Bonus and terminal bonus are paid, subject to conditions
  • Rebates: This plan offers attractive rebates on sum assured as listed in the table below:
Sum Rebate
Rs.5 lakh to 9.99 lakh 3% of premium
Rs.10 lakh and above 4% of premium

How the New Shri Raksha Plan works

If you buy the New Shri Raksha plan 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.

Premium Payment

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.

Riders

The New Shri Raksha Plan offers various riders, namely, accident benefit rider, family benefit income, critical illness cover and extra insurance cover.

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GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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