What Coverage are offered in Shriram Life Assured Income Plan?

Upon the untimely demise of the Life Assured, that is, in the middle of the term, the nominee will receive the death cover or the base sum assured. The nominee can receive the payout as a lump sum or assured monthly payout or a combination of both. If the policy term is 10 years or above and the Life Insured's age was less than 45, the sum assured will be 10 times the annualised premium. If the age is higher than 45, then it will be 7 times the annualised premium.

In case of survival of the life assured up to the end of the policy term and receipt of all the due premiums, the assured income payouts will be paid as scheduled at the start of each year after the end of the policy term during the Benefit Payout Period. However, the policyholder can also opt to receive the maturity benefit in lump sum at the time of proposal. The Lump sum Payout is same as Maturity Sum Assured. The policyholder can change the option to receive the maturity benefit any time during the policy term, but preferably at least three months before the date of maturity. If the life assured dies after commencement of the assured income, the outstanding assured income payouts will continue as scheduled to the nominee(s) or beneficiary(ies).

At an additional cost, you can extend benefits beyond the term and get coverage against terminal illnesses, accidents, and permanent disabilities.