Shriram Fortune Builder Plan is a single premium unit linked insurance plan offered Shriram Life insurance Company.
- This is a single premium insurance policy.
- There is no maximum premium limit for this plan.
- You can purchase this policy by paying a minimum premium of Rs. 25,000.
- Maximum sum assured under this policy is subject to underwriting considerations.
- The policy can be purchased for 10, 15 and 20 years.
- Minimum sum assured for an Individual below the age of 45 years is 1.25 times the single premium he/she pays.
- Minimum sum assured for individuals belonging to the age of 45 years and above is 1.10 times the single they pay.
- The policy offers cooling off period. If you are not happy and satisfied with the terms and condition of the policy, you can return it.
- You can not take loan against this policy.
- You can reduce your sum assured during the policy tenure.
- Also, you can add additional riders during the policy tenure.
- Partial withdrawal of funds is allowed under this policy. However, you will be charged Rs.100 per withdrawal.
- The policy can be surrendered at any time.
- Top up premium option is available.
- The policy comes with an Auto Transfer Option (ATO) that helps you reduce your investment risks.
- No discontinuance charge is applicable for this policy.
- The policy does not charge any surrender fee.
- 5% of your single premium is charged as policy allocation fee at the beginning of your policy.
- With this policy, you can switch your funds from one fund unit to another.
- The policy enables you to invest in a number of asset classes.
- You have the freedom to invest your surplus funds as top up during the policy tenure.
- The policy maintains transparency in terms of premium payments. You know the exact status of your investments.
- In the death of a policyholder during the policy tenure, the policy offers death benefits to the designated nominee. The death benefits offered by this life insurance policy include the basic sum assured plus additional sum assured, if any. Afterwards, the policy terminates.
- You can enjoy maturity benefits with this policy. If the policyholder survives till the end of the policy tenure, he/she will receive fund value as well as top fund value (if any) at the end.
- With this policy, you can even continue to invest after maturity by selecting the settlement option.
- Get tax benefits on the premiums paid for this policy under section 80C of the Indian Income Tax Act, 1961.
- Choose from a number of flexible investment funds and invest as per your needs.
- Your minimum age needs to be between 0 to 65 years to buy this plan.
- Exist age applicable for this plan is 75 years.
This single premium life insurance plan is ideal for those individuals who do not have a steady cash flow to pay premiums each year.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017