Shriraksha Insurance Plan

ShriRaksha Insurance Plan is a Limited Payment Participating Whole Life Plan. Thus, it is a Traditional Plan with Bonus facility.

How it works – In this plan, premium needs to be paid for a Limited Period while the policy continues as long as the Life Insured is alive.

This is a Double Benefit Plan. If the Life Insured dies within the Premium Paying Term of the plan, Twice the Sum Assured along with Vested Bonus is paid to the nominee as Death Benefit and the policy terminates.

However, on survival till the end of the Premium Paying Term, Survival Benefit of Sum Assured + Vested Bonus would be paid to the policyholder and the policy continues. Whenever the Life Insured dies after the Premium Paying Term, the entire Sum Assured is paid to the nominee as Death Benefit and the policy terminates.

There are 5 additional riders in this plan.

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• It is a Participating Whole Life Plan
• This is a Double Benefit Plan
• On survival till the end of the Premium Paying Term, the Sum Assured + Vested Bonus would be paid as Maturity Benefit and the policy continues
• Whenever the Life Insured dies after the Premium Paying Term, the Sum Assured is paid to the nominee as Death Benefit and the policy terminates
• In case of death of the Life Insured within the Premium Paying Term, the nominee would receive twice the Sum Assured + vested Bonus as Death Benefit and the policy terminates
• There is Large Sum Assured discount in this plan
• There are 5 additional riders in this plan

Death Benefit – In case of death of the Life Insured:

• Within the Premium Paying Term, the nominee would receive TWICE the Sum Assured + vested Bonus as Death Benefit and the policy will terminate
• After the Premium Paying Term, the nominee would receive the Sum Assured as Death Benefit and the policy would terminate

Survival Benefit – On survival till the end of the premium paying term, the Sum Assured + the vested Bonus would be paid as Survival Benefit to the policyholder and the policy would continue.

Maturity Benefit – Being a Whole Life Plan, there is no Maturity Benefit in this plan.

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.

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

Riders – There are 5 additional riders possible in this plan:

1. Accident Benefit Rider
2. Family Income Benefit Rider
3. Extra Insurance Cover Rider
4. Critical Illness Cover Rider
5. All Causes Total and Permanent Disability Rider

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You stop paying the premium - 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.

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

Guaranteed Surrender Value= 30% of Total Premiums paid – 1^st year’s premium

You want a loan against your policy – Loan facility is available under this plan upto 90% of Surrender Value.