Shrilife Insurance Plan
ShriLife Insurance Plan is a Regular Payment Participating Endowment Plan. Thus, it is a Traditional Plan with Bonus facility.
Key Features
There are 5 additional riders possible in this plan:
- Accident Benefit Rider
- Family Income Benefit Rider
- Extra Insurance Cover Rider
- Critical Illness Cover Rider
- All Causes Total and Permanent Disability Rider
Benefits
In case of death of the Life Insured within the Policy Tenure, the nominee would receive the Sum Assured + vested Bonus as Immediate Death Benefit and the policy will terminate.
On survival till the end of the policy tenure, the Sum Assured + the vested Bonus would be payable as Maturity Benefit to the policyholder and the policy would be terminated thereafter.
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
How it works
In this plan, premium needs to be paid throughout the policy tenure. The policy continues for the tenure as selected at the policy inception.
On survival till the end of the policy tenure, Sum Assured + Vested Bonus would be paid to the policyholder as Maturity Benefit and the policy terminate. However, if the Life Insured dies within the Policy Tenure, the Sum Assured + accrued Bonus till date would be paid to the nominee as Death Benefit and the policy would be terminated.
There are 5 additional riders in this plan.
Eligibility
Minimum | Maximum | |
Sum Assured (in Rs.) | 50,000 | No Limit |
Policy Term (in years) | 7 | 25 |
Premium Payment Term (in years) | Equal to Policy Term | |
Entry Age of Life Insured (in years) | 12 | 65 |
Age at Maturity | - | 75 |
Payment modes | Quarterly, Half-Yearly and Yearly |
FAQs
If the policy holder stops paying the premium, the policy lapses and all benefits cease. However, if at least 3 years premiums have been paid, then the policy gets converted to Paid Up Value and continues with reduced benefits. The policy can however be revived within 5 policy years from the due date of the first unpaid premium.
There are surrender benefits under this plan after completion of 3 years.
Guaranteed Surrender Value= 30% of Total Premiums paid – 1st year’s premium
Loan facility is available under this plan upto 90% of Surrender Value.