Shriram Life Secure Plus Plan
Shriram Life Secure Plus Plan is a Non-Participating, traditional Term Plan without bonus facility. It offers Return of Premiums on maturity. Suitable for the consumers who are looking for pure protection and returns at an affordable cost.
How it works – In this plan, premium needs to be paid throughout the policy tenure. On survival till the end of the policy tenure, all basic premium paid, excluding additional premium, is returned to the policyholder as Maturity Benefit and the policy terminate. However, if the Life Insured dies within the Policy Tenure, the entire Sum Assured is paid to the nominee as Death Benefit and the policy terminates.
There are 3 additional riders available in this plan – Accident Benefit Rider, Family Income Benefit Rider and Shriram Critical Illness Cover Rider.
Key Features
Under section 80C of Income Tax Act
Benefits
In case of death of the Life Insured within the Policy Tenure, the nominee gets higher of the below:-
- 10 times Annualised Premium if age is less than 45 years and 7 times Annualised Premium if age is 45 years and above
- Basic sum assured (the insurance cover opted at inception)
- Maturity sum assured (total premiums paid till date of death)
- 105% of the premiums paid till the date of death
On survival till the end of the policy tenure, all basic premium paid, excluding additional premium, is returned to the policyholder as Maturity Benefit.
Life Insurance premiums paid up to Rs. 1,50,000 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.
- To enhance the insurance cover, there are 3 additional riders available under this plan:-
- Accident Benefit Rider
- Family Income Benefit Rider and
- Shriram Critical Illness Cover Rider
Discount on premium for option higher sum assured, the discount will be calculated per 1000 of sum assured.
Only Premium Payment mode can be changed
If the policyholder is not convinced with the Terms and Conditions of the policy s/he can cancel the policy within 15 days from the date of receipt of the policy document
Eligibility
| Criteria | Minimum | Maximum |
| Entry Age of Life Insured (in years) | 18 | 50 |
| Age at Maturity (in years) | - | 70 |
| Sum Assured (in Rs.) | 5,00,000 | 20,00,000 |
| Premium (in Rs.) | 5,000 (minimum) | |
| Policy Term (in years) | 10,15,20 | |
| Payment modes | Monthly, Quarterly, Half-Yearly and Yearly | |
Exclusions
- If the Life Assured commits suicide, within one year from the date of inception of the policy, 80% of the premiums paid shall be paid to the nominee.
- If the Life Assured commits suicide, within one year from the date of revival of the policy, then higher of 80% of the premiums paid or surrender value shall be paid to the nominee
FAQs
If the policy holder stops paying the premium before 3 policy years, the policy lapses and all benefits cease.
If the policy holder stops paying the premium after 3 policy years, the policy does not lapse as it is converted to the Paid up Value. All benefits continue up to the extent of the reduced paid up sum assured.
The policy can be revived within 2 years from the date of first unpaid premium.
There are surrender benefits under this plan after completion of 3 years.
Guaranteed Surrender Value= (Policy Year of Surrender/Policy Term) * (Total Premiums paid, excluding extra premium and rider premium, if any)
Loan facility is not available under this plan.
