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Shriram Ujjwal Life SP Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 

Shriram Ujjwal Life SP Plan

 

Shriram Ujjwal Life SP Plan is a Single Premium Unit Linked Insurance Plan. Thus, it is a Market Lnked Insurance Plan without Bonus facility.

 

How it works – In this plan, premium needs to be paid in a Lumpsum while the policy continues for the entire tenure of 10 years. The premium, net of charges is allocated in any of the 6 available Investment Funds, according to the risk appetite and the choice of the customer.

 

On survival till the end of the policy tenure, the Fund Value is paid to the policyholder as Maturity Benefit. However, if the Life Insured dies within the Policy Tenure, the Sum Assured + the Fund Value would be paid to the nominee as Death Benefit and the policy would be terminated.

 

There are 2 additional riders available in this plan- Accident Shield Rider and Critical Illness Benefit Rider.

 

 

Key Features of Shriram Ujjwal Life SP Insurance Plan

 

  • This is a Single Premium Unit Linked Insurance Plan
  • This is Double Death Benefit Plan since Sum Assured + Fund Value is paid to the nominee in case the Life Insured dies within the Policy Tenure
  • On survival till the end of the policy tenure, the Fund Value is paid to the policyholder as Maturity Benefit
  • There are 6 funds available for Investment
  • Sum Assured can be reduced during the policy tenure
  • There are 2 additional riders available in this plan

 

COMPARE THIS PLAN WITH OTHER ULIP PLANS

 

Benefits you get from Shriram Ujjwal Life SP Insurance Policy

 

Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets the Sum Assured + the Fund Value as Death Benefit and the policy terminates.

 

Maturity Benefit – On survival till the end of the policy tenure, the Fund Value is paid to the policyholder as Maturity Benefit and the policy terminates.

 

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 Shriram Ujjwal Life SP Policy                    

 

 

Minimum

Maximum

Sum Assured (in Rs.)

For age <45, SA = 125% of Single Premium

For age>=45, SA = 110% of Single Premium

No Limit

Policy Term (in years)

10

Premium Payment Term (in years)

Single

Entry Age of Life Insured (in years)

7

65

Age at Maturity (in years)

-

75

Single Premium (in Rs.)

35,000

No Limit

Payment modes

Only Single

 

 

Additional Features and Benefits of Shriram Ujjwal Life SP Plan

 

Riders – There are 2 Additional Riders in this plan:

  1. Accident Shield Rider
  2. Critical Illness Benefit Rider

 

Investment Fund Options - In this plan, there are 6 funds available for investment:

  1. Preserver
  2. Defender
  3. Balancer
  4. Maximus
  5. Accelerator
  6. Tyaseer

 

Top-up – Premium can be paid anytime except in the last five policy years. The minimum top-up premium is Rs. 5000 per instalment. The Sum Assured increases by 125% of the Top Up Premium subject to underwriting conditions.  Each Top Up Premium is also locked in for a period of 5 years.

 

Switching – Switching is allowed from any fund to another except in the Settlement Period. There are 2 free switches allowed every year post which there is a fee of Rs 100 for each additional switch.

 

Partial Withdrawal - Partial withdrawals are allowed only after completion of 5 policy years or after completion of 18 years of the Life Insured. The minimum partial withdrawal is Rs 10,000 subject to at least Rs 10,000 should remain in the Fund Value.

Each Partial Withdrawal is chargeable for Rs 100 per transaction.

 

 

Charges in Shriram Ujjwal Life SP Plan

 

Premium Allocation Charge – This charge is deducted from the Premium Paid by you

Type of Premium

Premium Allocation Charge

Single Premium

5%

Top Up Premium

2%

 

 

Policy Administration Charge— This is the charge for the administrative working of the policy and is deducted by cancellation of units on a monthly basis.

Policy Year

Policy Administration Charge

1st to 3rd

Rs 30 p.m.

4th onwards

Increases every year by 6% p.a.

 

 

Fund Management Charge– This charge is deducted by adjusting the NAV of the units on a daily basis.

Type

Charge

Preserver Fund

1.25% p.a.

Defender Fund

1.25% p.a.

Balancer Fund

1.35% p.a.

Maximus Fund

1.35% p.a.

Accelerator Fund

1.35% p.a.

Tyaseer Fund

1.35% p.a.

 

 

Discontinuation Charge— There is no charge is for discontinuing the plan before the end of the Policy Tenure.

 

 

Alterations Charge – Change in Sum Assured or Addition of riders is allowed any time during the policy tenure for a fee of Rs 200 per alteration which is levied from Fund Value by cancellation of units.

 

Mortality Charge — This charge is paid for the Life Coverage provided according to the Sum At Risk. This is based on the mortality rates which are specified for all ages and amount of cover being provided.

 

Service Tax would be applicable on the charges depending on the applicable rates.

 

 

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 – If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the Fund Value net of any discontinuance charge, if at least 5 years’ premiums have not been paid, will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will earn a minimum guaranteed interest rate equal to 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.

 

If the policyholder surrenders the policy after completion of 5 policy years, then there is no Surrender/Discontinuance Charges and the Fund Value is paid to the policy holder and the policy will terminate immediately.

 

You want a loan against your policy - There is no loan available under this plan.

 

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