Shriram Life Assured Income Plan

Presenting Shriram Life Assured Income Plan (UIN 128N053V02), which assures your family of the Income you have planned for them even in your absence. This plan not only helps you secure your family financially but also provides you assured returns on maturity. With regular income option under this plan you will receive your maturity amount in periodical payments of assured amount to help you fulfill your financial responsibilities and dreams with ease.

KEY FEATURES

  • Choice of Policy Term – 8/10/12/15 years

  • Assured Income benefits after the policy term

  • Higher returns for higher premiums

  • Higher returns for higher terms

  • Additional protection through riders

KEY BENEFITS

Maturity Benefits

In case of survival of the life assured up to the end of the policy term, provided the policy is in force, the assured income payouts will be paid as scheduled at the start of each policy year after the end of the policy term during benefit payout period. However, the policyholder will also have an option to take the assured benefit payouts in lump sum. The lump sum benefit will be the maturity sum assured. If the life assured dies after commencement of the assured income, the outstanding assured income payouts will continue as scheduled to the nominee or beneficiary.

The policyholder has to choose whether to receive the maturity benefits in the form of Assured Income Payouts or in Lump sum at the time of proposal. The policyholder can alter this option any time during the policy term, but at least three months before the date of maturity.

Death Benefits

In case of death of the life assured during the policy term, provided the policy is in force, death sum assured will be paid. The death benefit will be paid to the nominee or beneficiary in any of the following option exercised:

  • Lump sum
  • Regular payouts

Eligibility

ENTRY AGE

Minimum

30 Days

Maximum

55 Years

(Age last birthday)

MATURITY AGE

Maximum

70 Years

(Age last birthday)

SUM ASSURED

Minimum

₹ 1.2 Lakhs

Maximum

No Limit, subject to Board approved underwriting
policy

POLICY TERM

8 / 10 / 12 / 15 Years

PREMIUM PAYMENT TERM

8 / 10 / 12 / 15 Years

PREMIUM PAYMENT MODE

  • Yearly
  • Half-yearly
  • Quarterly
  • Monthly

Annual Premium

Minimum

₹ 15,000

Maximum

No Limit, subject to Board approved underwriting policy

RIDERS (Add Ons)

You can opt any of the following Riders by paying additional premium.

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. Also, if the life assured becomes totally and permanently disabled in an accident, we will waive off all the future premiums under the policy. The benefit under this rider is applicable only once during the rider term.

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 unfortunate event 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, terms and conditions please read the sales brochure and/or sample policy document on our website carefully and/or consult our advisor.

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

Read the policy document here

Read the brochure here