What Coverages Are Offered in the Shriram Life Sunishchit Laabh ?

Loyalty additions as a percentage of annualised premium shall be added to the “Guaranteed maturity income” for Income Plus and Income Pro maturity benefit options as described below. This benefit is applicable to all policies, whether in fully paid-up status or reduced paid-up status, at the end of the policy term. Loyalty additions are accrued on maturity.

Life: With this option, Death Sum Assured is paid to your family in lump sum immediately in case of anything unfortunate happening to you during the policy term.

Life Plus: With this option, Death Sum Assured is paid to your family in equal monthly instalments starting from the month of death till the end of the policy term in case of any unfortunate event. In addition to the above benefits, the income/maturity benefits according to the pay-out option chosen by the policyholder will continue to be paid as and when due. And all the outstanding premiums from the date of death are waived off.

The plan also provides option to choose one of the following sum assured variants in addition to the life cover options: 

• 7 times of annualised premium
• 10 times of annualised pemium

You can choose any of the Life Cover options along with any of the Sum Assured variants at the time of proposal that fits your life cover needs. The guaranteed maturity income factors will depend on the Life Cover options and Sum Assured variants chosen and change of these options will not be allowed during the policy term.

Income Plus

With Income Plus option, the maturity benefit is paid as a Level Guaranteed Maturity Income# in the form of regular income throughout the pay-out period. The income payouts are paid as a percentage of the annualized premium. They start immediately at the end of the policy term and are paid until the end of the payout period. Along with the income, you will receive an additional percentage of the annualised premium as Loyalty Additions. You can also choose the frequency of income pay-outs as per your financial needs, either monthly, quarterly or half-yearly mode. 

Income Pro

With Income Pro option, the maturity benefit is paid as a Guaranteed Maturity Income# in the form of regular income throughout the chosen pay out term less 1 year, and total premiums paid@ is returned as the last maturity payout. The income payouts are made as a percentage of the annualized premium. They start at the end of the policy term and are paid until the end of the payout period less one year. Along with the income, you will receive an additional percentage of the annualised premium as Loyalty Additions. You can also choose the frequency of income pay-outs either in monthly, quarterly or half-yearly mode to suit your financial needs.

#provided all due premiums are paid during the policy term. 

@ Total premiums paid means total of all the premiums paid under the base product, excluding any extra premium and taxes, if collected explicitly.

For each payment through NACH mode, policyholders will be eligible to receive 1% of premium as the discount i.e. each premium paid through NACH will be 99% of the original annualised premium. Policyholders will not be eligible for this discount if premiums paid through non-NACH mode even after successful NACH registration due to any reason.