Shri Suraksha

Shri Suraksha is an increasing term plan where the basic sum assured is always Rs 1,00,000 and it keeps increasing by Rs 5,000 every year till it reaches Rs 2,00,000 and is then constant. The policy would continue till the life insured is 60 years of age. Thus, if the life insured dies within the policy tenure, the sum assured would be payable to the nominee but there is no maturity benefit.

• It is a pure Term Insurance Policy with Death Benefit only
• It is an increasing term plan where the Sum Assured keeps increasing by Rs 5,000 every year.
• There are additional rider benefits of Accidental Death and Accidental Total and Permanent Disability

Have any doubts that need to be clarified?

Death Benefit – In case of death of the Life Insured, the nominee gets the sum assured under the plan. The Sum Assured however keeps increasing from Rs 1,00,000 by Rs 5,000 every year till it reaches Rs 2,00,000 in 20 years time. The sum assured would be paid out in 12 monthly instalments from the month of death of the life insured.
 

In case of accidents, an additional benefit of 50% of the Sum Assured will be paid in 12 equal monthly instalments from the end of the month of death or total permanent disability.
 

The policy will however continue till the end of the policy term after paying the disability benefit. The policy holder has to pay the premium as per the contract and the basic cover will continue till the end of the policy term.

Maturity Benefit – There are no maturity benefits under 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

The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 1,00,000  and Policy Term = 60 years – age of Life Insured

Riders –There are 2 riders are available in this policy

·         Accidental Death and

·         Accidental Total and Permanent Disability
 

In case of any of the above 2 events, an additional 50% of the sum assured is paid out in 12 monthly instalments and the policy would continue in case of disability till the end of the term or the life insured dies, whichever is earlier.

You stop paying the premium - If the policy holder stops paying the premium, then the policy would lapse and all benefits would cease to exist. You can re-instate the policy within 5 years of lapsation by paying up all due premiums with interest.

You want to surrender the policy – There are no surrender benefits under this term plan.

You want a loan against your policy – Loan facility is not available under this policy.