Shriram Ujjwal Life SP Plan (Single Premium)
This is a single-premium offered by Shriram Ujjwal Life. This insurance plan is particularly designed to meet your financial needs. The policy accepts premiums in lump sums.
Features of Shriram Ujjwal Life SP Plan (Single Premium)
- The policy is valid for a period of 10 years.
- This is a single-premium ULIP policy.
- Premiums are accepted in a lump sum. A premium allocation fee is charged which is 5% of your single premium.
- For individuals belonging to the age group of 45 years and below, the minimum sum assured is 125% of the single premium.
- For individuals belonging to the age group of 45 years and above, the minimum sum assured is 110% of the single premium.
- No loans are allowed under this plan.
- The plan maintains total transparency so as to give you a clear idea about your investments as well as their returns.
- The plan comes with an Auto Transfer Option (ATO) to reduce your equity related risks.
- It offers dual protection which includes equity market-linked returns and insurance protection.
- You can partially withdraw your funds after maintaining the policy for 5 years. But a withdrawal charge of Rs.100 is applicable per transaction.
- You can switch your funds from one fund to another fund during the policy term.
- The policy offers alterations. The sum assured can be reduced during the policy tenure. Also, you can add riders.
- The policy offers surrender benefits.
- You enjoy the flexibility of investing your surplus funds in the form of a top up.
- There is no maximum limit for premiums.
- Maximum sum assured is subject to underwriting considerations.
- You need to pay a minimum amount of Rs.35,000 as annual premium.
- The policy offers 2 additional riders which include Accident Shield Rider and Critical Illness Benefit.
Benefits of Shriram Ujjwal Life SP Plan (Single Premium)
- The policy offers death benefits to the nominee, in case the life assured dies during the policy tenure. The nominee gets the sum assured plus the fund value as death benefits. The policy ends after the death of the policyholder.
- Enjoy maturity benefits with this life insurance policy. The policyholder will receive the unit fund value plus the top up fund value (if any) at maturity, if he/she survives till the end of the policy tenure.
- Also, you can enjoy tax benefits by purchasing this policy. You get tax deduction on the premiums paid for this policy under section 80C of the Indian Income Tax Act, 1961.
- Policyholders can choose from six flexible investment funds and invest as per his/her requirements.
- You don't have to pay any discontinuation charges, if you discontinue your policy.
Eligibility Criteria for Shriram Ujjwal Life SP Plan (Single Premium)
- Minimum entry age required to purchase this policy is 7 years.
- Maximum entry age for this policy is 65 years.
- Maximum age of maturity is 75 years
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