Shriram Life Wealth Plus is a unit linked insurance plan offered by Shriram Life Insurance. It offers protection to your loved ones while ensuring that your investments grow simultaneously. It is a market linked insurance policy with no bonus facilities whatsoever. It also offers an auto transfer policy where premiums which are allocated in a lower risk fund preserver and 1/12th of the fund is automatically transferred to the prefered fund every month. The policy offers various benefits including tax benefits. This policy is affordable and easy to obtain.
Key features of Shriram Life Wealth Plus
Listed below are the key features offered by Shriram Life Wealth Plus.
- It is a unit linked insurance plan
- It offers 6 types of funds to invest in
- It has a limited premium payment facility
- Offers auto transfer facility
- Offers top up premium option to invest surplus money
- Partial withdrawals allowed
- Surrender of the policy is allowed
- Offers additional rider
- Offers fund switch option
- The plan offers no additional riders
- Fund management charges apply
- Policy administration charge is Rs.10 per month till the first five years
Benefits of Shriram Life Wealth Plus
Listed below are the various benefits offered by the plan.
- Death benefit- In case of unfortunate death of the insured, the nominee gets paid a lump sum amount which includes the sum assured and fund value.
- Maturity benefit- If the insured survives till the end of policy term, they will avail fund value as maturity benefit.
- Income tax benefit- The insured can avail tax benefits under section 80C and 10D of the Income Tax Act.
- Riders- The plan offers an additional rider called Accident Shield Rider.
- Fund options-The plan offers 6 kinds of funds to choose from:
- Preserver fund
- Defender fund
- Balancer fund
- Maximus fund
- Accelerator fund
- Tyaseer fund
- Age:Minimum- 7 years Maximum- 65 years
- Age at maturity:75 years
- Policy term:10, 15 or 20 years
- Premium payment term: Equal to the policy term
- Payment modes:Yearly, Half-Yearly, Quarterly and Monthly
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017