Shriram Life Secure Plus Plan

• The plan offers life insurance cover to protect you and your family against life's uncertainties. The plan is available at very affordable rates of premium.
• at the time of maturity. On survival, the policyholder will receive the maturity value which will be a total of all basic premiums paid. It will not include any additional premiums.
• The policy offers the option to make premium payments throughout the duration of the policy.
• Premiums are payable on either yearly, half-yearly, quarterly or monthly basis .
• The policy can be taken for a period of 10, 15, or 20 years.
• The policy offers a minimum sum assured of Rs. 5 lakhs and a maximum of Rs. 20 lakhs.

Benefits of the Shriram Secure Plus Plan

• Death Benefit - In the unfortunate event of the death of the policyholder, the nominee will receive the highest of 10 times of the annual premium, if the policyholder is 45 years or below. If the policyholder is above the age 45 years, the nominee will receive 7 times of the annual premiums paid or will receive the basic sum assured or, maturity sum assured or, 105% of all premiums paid till the date death
• You have the option to add riders to your policy and enhance your protection cover. These riders are:
  • Accident Benefit Rider - If the death or permanent disability of the policyholder is caused due to an accident, then the rider sum will be paid to either the policyholder or the nominee.
  • Family Income Benefit Rider - If due to an accident, the policyholder is permanently disabled during the rider term, then the 1% of the rider sum will be paid to him as a monthly income for a period of 10 years or the term of the rider.
  • Critical Illness Cover Rider - This rider will cover the costs of medical and rehabilitation expenditures. It covers 6 major critical illnesses.
• Maturity Benefit - If the policyholder survives the policy tenure, then the maturity sum will be paid to him/her. The value will be equal to all the basic premiums paid and will exclude any additional premiums.
• Rebates of sum assured - The policy offers rebates on high sum assured amounts:Range of sum assuredRebate given per Rs. 1000 of sum assuredRs. 5,00,001 - Rs. 10,00,0000Rs. 10,00,001 - Rs. 15,00,000Rs. 0.50Rs. 15,00,001 - Rs. 20,00,000Rs. 1.00
• Tax Benefits - As per the policy, there will be tax benefits available for the policyholder. The premiums paid can be deductible under section 80C and claims can be deductible under e section 10(10D) of the Income Tax Act 1961.
• Grace Period - For all premium payment modes, the grace period allowed for the policy is 30 days. Within this period, the policyholder will be required to pay the pending premiums.
• Free - Look Period - A 15 days period will be provided to the policyholder as a free-look period. If the policy is purchased through distance marketing, then the free-look period is 30 days. If the policyholder doesn't agree to any of the terms and conditions of the policy, he/she can cancel the policy within this period.
• Paid Up policy - If the policy is fully paid and the policyholder dies during the policy term, then the reduced paid up death sum assured will be payable to the nominee. This is calculated as (reduced paid up death sum assured/ total number of premiums payable) x death sum assured. If the policyholder survives the policy term, maturity paid up death sum assured will be payable to the policyholder. It will calculated as (reduced paid up maturity sum assured/ total number of premiums payable) x maturity sum assured.
• Surrender benefit - After 3 years of completion of the policy term, the surrender benefit will be payable.
• Revival Benefit - If the policy lapses due to non-payment of premium or paid up, then it can be revived within 2 years from the date of last premium unpaid.

Example

Mr. Sayeed is a 30 year old male, takes up the Secure Plus Plan from Shriram Insurance. He chooses a policy of 10 years and sum assured of Rs. 5,00,000. He makes the premium payment of Rs. 5,000 yearly. After making 5 premium payments, Mr. Sayeed dies in an unfortunate event. His nominee will receive the highest amount of either 10 times of the annual premium paid, or the basic sum assured or, 105% of all premiums paid. After paying these benefits, the policy will terminate.

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