Shriram Life Assured Advantage Plus

Shriram Life Assured Advantage Plus (UIN 128N084V02) is an Endowment Plan where you have to pay premium only once and get dual benefits of Life Insurance and Guaranteed Returns on Maturity.

This plan offers 2 options –
Option I : Life Cover is 10 times of Single Premium
Option II : Life Cover is 1.25 times of Single Premium

Why buy this plan?

We all want our savings to grow over a period of time and help us in fulfilling our dreams.

Be it your child’s education/wedding or buying your dream car or a long family vacation abroad- put your trust in Shriram Life Insurance as, through Assured Advantage Plus, we insure you for uncertainties of life and provide you with Guaranteed Returns in Lump Sum or in installments depending on your needs at that time. This plan ensures that dreams which you see for your family are not compromised even in your absence.

To know more, click here to watch the video

KEY FEATURES

  • Pay premium only once

  • Life Insurance for 10 years

  • Guaranteed Returns after 10 years

  • 3 Maturity Benefit Options

  • Additional protection through Riders

  • Higher Maturity Benefit for Higher Premium Policies

KEY BENEFITS

Maturity Benefit

The customer has 3 Payout Options to claim his Maturity Benefit –

  1. Lump Sum on maturity date; Or

  2. Annual Income for 10 years starting from maturity date; Or

  3. Monthly Income for 120 months starting from maturity date

Death Benefit

For Death during Policy Term: Death Sum Assured Will be paid in Lumpsum to the nominee(s) or beneficiaries and the policy will be terminated.

“Death Sum Assured” is defined as highest of –

  • Basic Sum Assured
  • Guaranteed Maturity Sum Assured

Where

Basic Sum Assured is equal to 10 times the single premium for Option I and 1.25 times the single premium for Option II.

Guaranteed Maturity Sum Assured is discounted value of the amount which is equal to the Single Premium multiplied by Maturity Benefit Factor payable in instalments using interest rate of 7.75% p.a.

SAMPLE ILLUSTRATION

A customer aged 30 years who pays a single premium of ₹ 3,00,000 at the inception of the policy can choose any one of the following options:

Total Premium Paid Total Maturity Benefit Death Benefit during policy term
Option I
A) Lump Sum 3,00,000 5,12,118
(On maturity)
30,00,000
B) Annual Income Option 3,00,000 7,00,380
(In 10 Annual Instalments)
30,00,000
C) Monthly Income Option 3,00,000 7,24,440
(In 120 Monthly Instalments)
30,00,000
Option II
A) Lump Sum 3,00,000 5,61,825
(On maturity)
5,61,825
B) Annual Income Option 3,00,000 7,68,360
(In 10 Annual Instalments)
5,61,825
C) Monthly Income Option 3,00,000 7,94,760
(In 120 Monthly Instalments)
5,61,825

Eligibility

ENTRY AGE

Option I

Minimum

8 Yrs

Maximum

40 Yrs

Option II

Minimum

8 Yrs

Maximum

60 Yrs

(As on last birthday)

Maturity Age

Option I

Minimum

18 Yrs

Maximum

50 Yrs

Option II

Minimum

18 Yrs

Maximum

70 Yrs

(As on last birthday)

SUM ASSURED

Option I

Minimum

10 Lakhs

Maximum

No Limit*

Option II

Minimum

1.25 Lakhs

Maximum

No Limit*

* subject to Board approved underwriting policy

POLICY TERM (Yrs)

10 Years

Premium Paying Term

Single

Minimum Single Premium

1 Lakh

(excluding GST)

Calculator

Click this link to calculate your benefits in 3 simple steps.

  1. Decide the Single Premium you wish to pay
  2. Decide Plan Option (Option I / Option II)
  3. Decide how you want the Maturity Benefit

RIDERS (Add Ons)

You can opt any of the following Riders by paying additional premium. The riders can be opted at inception of the policy only.

Accident Benefit Rider (UIN 128B001V03)

In case of death or total and permanent disability due to accident during the rider term, we will pay 100% of the rider sum assured.

Family Income Benefit Rider (UIN 128B002V03)

In the event of accidental death or if the life assured becomes totally and permanently disabled due to an accident within the rider term, 1% of rider sum assured is payable every month immediately from the end of month of accident for a guaranteed period of 10 years or till the end of the rider term whichever is higher.

Shriram Extra Insurance Cover Rider (UIN 128B009V03)

In case of death of the life assured during the rider cover term, sum assured under rider will be paid to the nominee.

Shriram Critical Illness Cover Rider (UIN 128B010V03)

If you are diagnosed to be suffering from any of the 6 specified Critical Illnesses, we will pay 100% of the rider Sum Assured on survival of 30 days following the date of first instance of confirmed diagnosis.

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Disclaimer :

  • For more details on the risk factors and the terms and conditions please read the sales brochure and/ or sample policy document on our website carefully, and/ or consult our advisor before concluding the sale.

  • Tax benefits are subject to change as per tax laws. Please consult your tax consultant on tax benefits.