This is a regular premium unit linked life insurance plan offered by . The plan is designed to meet your financial goal.
- No loan will be .
- In case of fraud, the policy will be cancelled directly by paying the surrender value.
- The policy offers cooling off period. If you are not happy with your policy, you can return it to the company within 15 to 30 days.
- Provides free look period of 15 days.
- This is a unit linked insurance policy.
- The policy tenure is for 10 years which is fixed.
- Minimum annual premium payable is Rs.30, 000.
- You need to pay premiums at yearly basis for a fixed policy tenure of 10 years.
- Minimum sum assured for people belonging to the age of 45 years or below is 10 times of annual premium.
- Minimum sum assured for people belonging to the age of 45 or above is 7 times of annual premium.
- Maximum sum assured is subject to underwriting considerations.
- The plan offers Auto Transfer Option (ATO) to reduce your equity related risks.
- The sum assured can be reduced during the policy period.
- Premium rate is affordable and low. However, you need to pay a premium allocation charge of 9% for the 1st year, 6% for the 2nd to 6th year and 5% from 6th year onwards. The charges will be deducted from your basic annual premium at the beginning of your policy.
- The policy permits partial withdrawal after completion of 5 policy years. However, each partial withdrawal is charged Rs.100.
- A grace period of 30 days is offered for premium payments.
- The policy can be surrendered at any time during the policy tenure.
- The policy permits switching. You can switch your funds from one fund to another during the policy tenure.
- The plan offers tax benefits. Premium paid under this policy is eligible for tax benefit under section 80C of India Income tax act.
- The plan offers six flexible investment funds and the policyholder has the liberty to choose among these funds as per his/her risk appetite.
- Get death benefits with this . In the event of death of the life assured, death benefits will be offered to the nominee provided the policy is active. The death benefits will include - sum assured, fund value of the policy and top up fund value, if any.
- The policy offers maturity benefits. If the policyholder survives till the end of policy tenure, he/she will receive the fund value and top up fund value, if any.
- Minimum entry age for this policy is 7 years.
- Maximum entry age is 65 years.
- Maximum age of maturity is 75 years.
Apart from providing many attractive benefits, the Shriram Ujjwal Life Insurance plan also offers a number of flexibilities such as grace period, free look period, cooling off period etc.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017