Savings Plan for your Better Future!
Save Big for Your Future and Keep your Loved Ones Protected with Shriram Life Savings Plans starting at just ₹500 per month
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Shriram Life Savings Plans
What are Shriram Life Savings Plans?
Shriram Life Savings Plans are life insurance plans that allow the dual benefit of insurance coverage and the creation of a secured corpus. Life is full of uncertainties but an individual can always prepare for such times by ensuring they manage their finances well. This can be achieved with the help of Shriram Life Savings Plans.
- Receive life insurance protection during the chosen tenure
- Create a secured corpus for your financial goals
- Choose from flexible options for the tenure and premium payment term
- Receive additional protection through riders
- Claim tax benefits
Policy Type
Shriram Life Savings Plans
Premium
Starting from ₹5,000 annually
Maturity Benefit
Assured benefit on maturity starting from ₹40,000
Death Benefit
Assured benefit starting from ₹40,000
Features and Benefits
The common features and benefits of Shriram Life Savings Plans are:
Insurance Protection
Policyholders are covered against the risk of premature demise throughout the policy tenure.
Create Savings
Shriram Life Savings Plans help create a secured corpus over the policy tenure, which is protected against market volatility.
Policy Loan
Policyholders can take a loan against a savings plan once it acquires a surrender value.
Paid-up Value
Policyholders shall receive reduced maturity and death benefits if the premium payments are discontinued during the policy tenure.
Tax Benefits
Tax benefits can be availed on the premium paid. Moreover, the plan benefits are also tax-free subject to specified conditions.
Eligibilty and Documents Required
Entry Age | Minimum - 0 years (age last birthday) |
|---|---|
Policy Tenure | Maximum - 75 years (age last birthday) |
Premium Paying Term | Maximum - 25 years |
Sum Assured | Minimum - ₹40,000 Maximum - No limit |
Subject to the company's Board-approved underwriting policy Risk cover starts from the date of commencement of policy for all lives including minors. In case of a minor life, the policy will vest in the Life Assured on attainment of age 18 years.
What is Covered Under Shriram Life Savings Plans?
Shriram Life Savings Plans provide coverage against premature demise during the policy tenure. If the life insured passes away during this period, the nominee will receive an assured death benefit. Under some plans, the death benefit can be availed in instalments, in a lump sum, or a combination of both.
Shriram Life Savings Plans also provide a maturity benefit. This benefit is paid if the life insured survives the policy tenure.
Survival benefits during the policy tenure are also available under some plans. These benefits help create a source of regular earnings.
Factors to Consider While Choosing Shriram Life Savings Plans
When buying Shriram Life Savings Plans, here are some factors that policyholders are requested to consider
Type of Policy
Shriram Life Savings Plans provide both endowment and money-back policies. Policyholders should select a plan that aligns with their financial goals and coverage needs.
Plan Benefits
Understanding the plan's benefits is essential. It is important to pick the most suitable plan that gives you the benefit payouts that match your needs.
Entry Age
Policyholders can check the minimum and maximum entry age criteria to determine whether they are eligible to buy the plan or not.
Sum Assured
Selecting a suitable sum assured that would create the desired corpus and give your family the required financial assistance is essential.
Policy Tenure
Policyholders can choose a tenure that matches their goal's horizon. This would ensure that they get the corpus when needed.
Premium Paying Tenure
You can assess your budget and choose a tenure from the options available that will make it easy to pay your premiums.
Optional Riders
Optional riders are available for all savings plans. Policyholders are requested to assess the available options and choose suitable add-ons for enhanced coverage.
FAQ's
What are Shriram Life Savings Plans?
Shriram Life Savings Plans are products that help policyholders save for their future financial needs along with providing life insurance protection.
What is the maturity benefit offered under a savings plan?
The maturity benefit is a sum of money paid to the policy holder upon the maturity of a savings plan.
How long will I be covered under Shriram Life Savings Plans?
You will receive the coverage depending on the policy you choose.
Can I buy more than one Shriram Life Savings Plan?
You can buy as many Shriram Life Savings Plans as you need, as there is no restriction on the number of policies that can be purchased by a single policyholder.
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