Shriram Life Insurance Launches Premier Assured Benefit Plan; Read What It Offers

Shriram Life Insurance launched the Shriram Life Premier Assured Benefit plan to assist people between the ages of 30 days and 50 years in obtaining their key financial objectives. This is nothing but a non-participating life insurance savings plan offering competitive guaranteed returns.

The joy of spending your life with your loved ones and creating happy memories as each day passes by is immeasurable. But like they say, life is not a bed of roses as it can take you by surprise and put you in a spot. This is why proper planning of your future as well as that of your near ones must be done well in advance to prevent such uncertainties

The plan offers numerous possibilities for income and compensation payouts. The Premier Assured Benefit plan's Life Plus coverage, which pays out survival benefits to the family as specified even after the life assured dies, is its distinguishing characteristic. Over and beyond the death payment guarantee, several benefits are also paid to the family. In the event where the life assured passes away within the term of payment for the premium, this defining cover offers specific payout benefits without placing any premium payment obligation on the beneficiaries.

To quote Casparus Kromhout, MD and CEO of Shriram Life Insurance, “This new plan offers tax-free benefits and assists employees, professionals, business persons and entrepreneurs in achieving their long-term objectives with guaranteed and attractive returns. Given the true purpose of life insurance, this plan provides Life Plus coverage for the entire duration of the policy and ensures the insured family’s financial security even after unexpected and unfortunate events.”

This plan combines life insurance coverage with assured returns and also offers two life cover options and three ways to earn the payouts. Simply select a payout option based on your present financial objectives. But be certain that you would be able to modify it if and when your life’s aim changes.

The plan allows the beneficiary to avail the pay-out in a number of ways, depending on what they find convenient. The options include:

Income Option

After the expiration of the premium payment term, regular annual income payouts as a percentage of the yearly premiums are given as survival benefits on each policy anniversary until the end of the policy year. The maturity sum insured is paid out in one lump sum at the end of the policy period.

Settlement In Installments

The maturity benefits are paid in 4 equal yearly installments beginning on the day of the plan’s maturity. This can be used to cover anticipated costs for a particular period, such as a child's further education.

Settlement In Lump Sum

If the life assured chooses to receive the maturity benefit in one lump sum, the discounted value of the installments at the rate determined by IRDAI will be paid in one lump sum on the date of maturity. This option is appropriate for satisfying significant financial obligations like developing a retirement fund or purchasing a home.

• Flexible plan, enabling individuals to switch the required payout options as per their needs.

• Customers can choose the settlement alternatives if they want to set aside a sizable chunk of money for important financial goals like home purchases, company ventures, etc.

• Receive income/maturity benefits as scheduled along with the sum promised on death with the Life Plus option or receive the discounted value of the full benefit in one lump sum.

• Additional defence with 4 optional riders.

• The plan has a minimum premium of Rs. 60,000, a payment term for a minimum of 6 years, and a policy term for a minimum of 10 years.

• The policy is accessible through PoS channels and with a single premium.

• The highest loan amount available to policyholders is 80% of the surrender value, with interest rates as low as 9% each year.

• Tax benefit is also offered, as permitted by current laws.

The premium prices for both the Life Cover options, Life and Life Plus have been kept constant to make decision-making easy and need-based. The death benefit is given to the beneficiaries or nominees along with any selected rider benefits, if any, in accordance with the life cover option selected in the case of the policyholder's untimely death within the policy term.