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Shrilaabh Insurance Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 

Shri Laabh Insurance Plan

 

Shri Laabh Insurance Plan is a Single Premium Participating Endowment Plan. Thus, it is a Traditional Plan with Bonus facility.

 

How it works – In this plan, premium needs to be paid in a lumpsum at the policy inception but the policy continues for the entire tenure as selected. This is a Double Death Benefit Insurance Plan. This plan has simple Reversionary Bonus.

 

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, twice the Sum Assured + accrued Bonus till date would be paid to the nominee as Death Benefit and the policy would be terminated.

 

There are 3 additional riders in this plan.

 

 

Key Features of Shri Laabh Insurance Policy

 

  • It is a Participating Endowment Plan
  • This is a Single Premium Plan
  • On survival till the end of the policy tenure, the Sum Assured + Vested Bonus would be paid as Maturity Benefit
  • In case of death of the Life Insured within the Policy Tenure, the nominee would receive twice the Sum Assured + vested Bonus as Death Benefit
  • There are 3 additional riders in this plan

 

 

COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS

 

Benefits you get from Shri Laabh Policy

 

Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee would receive TWICE the Sum Assured + vested Bonus as Death Benefit and the policy will terminate.

 

Maturity Benefit – 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.

 

Income Tax Benefit - 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.

 

 

Eligibility conditions & other restrictions in Shri Laabh Insurance Plan

 

 

Minimum

Maximum

Sum Assured (in Rs.)

20,000

No Limit

Policy Term (in years)

5

25

Premium Payment Term (in years)

Equal to Policy Tenure

Entry Age of Life Insured (in years)

12

65

Age at Maturity (in years)

-

75

Payment modes

Only Single

 

 

Sample illustration of the premium of Shri Laabh Insurance Plan

 

This is an Illustration of Healthy Male of Ages 30, 35 and 40 years opting for

Sum Assured = Rs 5,00,000 for Policy Tenure of 25 years

ShriLaabh Insurance Plan Sample Premiums

Additional Features and Benefits of Shri Laabh Insurance Plan

 

Riders – There are 3 additional riders possible in this plan:

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

 

 

What happens if?

 

You stop paying the premium - Being a Single Premium Plan, there is no requirement of further payment of premium.

 

You want to surrender the policy – There are surrender benefits under this plan after completion of 3 years.

Guaranteed Surrender Value= 90% of Single Premium paid

 

You want a loan against your policy – Loan facility is available under this plan upto 10% of Surrender Value.

 

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