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Shrilife Insurance Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 

ShriLife Insurance Plan

 

ShriLife Insurance Plan is a Regular Payment Participating Endowment Plan. Thus, it is a Traditional Plan with Bonus facility.

 

How it works – In this plan, premium needs to be paid throughout the policy tenure. The policy continues for the tenure as selected at the policy inception.

 

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

 

There are 5 additional riders in this plan.

 

 

Key Features of ShriLife Insurance Policy

 

  • It is a Participating Endowment 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 the Sum Assured + vested Bonus as Death Benefit
  • There is Large Sum Assured discount in this plan
  • There are 5 additional riders in this plan


COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS
 

 

Benefits you get from ShriLife Insurance Plan

 

Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee would receive the Sum Assured + vested Bonus as Immediate 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 and other restrictions in ShriLife Insurance Policy

 

 

Minimum

Maximum

Sum Assured (in Rs.)

50,000

No Limit

Policy Term (in years)

7

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

Quarterly, Half-Yearly and Yearly

 

 

 

Sample illustration of the premium of ShriLife 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

ShriLife Insurance Plan Sample Premiums

Additional Features and Benefits of ShriLife Insurance Plan

 

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

 

 

What happens if?

 

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 – 1st year’s premium

 

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

 

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