Shriram Life Secure Plus Plan

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.

 

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Key Features of Shriram Life Secure Plus Plan

• Cost effective Term plan
• Return of premium paid
• Maximum Sum Assured – 20 lacs
• Tax Benefit under section 80C of Income Tax Act

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Amount you wish to be covered for? 10 Lakhs 15 Lakhs 20 Lakhs 25 Lakhs 30 Lakhs 35 Lakhs 50 Lakhs 75 Lakhs 1 Crore 1.5 Crore 2 Crore 2.5 Crore 3 Crore 4 Crore 5 Crore 10 Crore 15 Crore 20 Crore 25 Crore

Duration of Policy? 5 Years 6 Years 7 Years 8 Years 9 Years 10 Years 11 Years 12 Years 13 Years 14 Years 15 Years 16 Years 17 Years 18 Years 19 Years 20 Years 21 Years 22 Years 23 Years 24 Years 25 Years 26 Years 27 Years 28 Years 29 Years 30 Years 31 Years 32 Years 33 Years 34 Years 35 Years 36 Years 37 Years 38 Years 39 Years 40 Years 41 Years 42 Years 43 Years 44 Years 45 Years 46 Years 47 Years 48 Years 49 Years 50 Years 51 Years 52 Years 53 Years 54 Years 55 Years 56 Years 57 Years 58 Years 59 Years 60 Years

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Benefits you get from Shriram Life Secure Plus Plan

Death Benefit – 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

Maturity Benefit – On survival till the end of the policy tenure, all basic premium paid, excluding additional premium, is returned to the policyholder as Maturity Benefit.

Income Tax 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.

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Eligibility conditions & other restrictions in Shriram Life Secure Plus Plan

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

 

Additional Features and Benefits of Shriram Life Secure Plus Plan

• Riders – To enhance the insurance cover, there are 3 additional riders available under this plan:-

1. Accident Benefit Rider
2. Family Income Benefit Rider and 
3. Shriram Critical Illness Cover Rider 

• Higher Sum Assured Benefit – discount on premium for option higher sum assured, the discount will be calculated per 1000 of sum assured.
• Modifications: - Only Premium Payment mode can be changed 
• Freelook: - 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.

What happens if?

You stop paying the premium before 3 Policy Years:- If the policy holder stops paying the premium before 3 policy years, the policy lapses and all benefits cease. 

You stop paying the premium after 3 Policy Years:- 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. 

You want to revive the policy:- The policy can be revived within 2 years from the date of first unpaid premium. 

You want to surrender the policy:- 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)

You want a loan against your policy:- Loan facility is not available under this plan.

 

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