FAQ's for Shriram Life Sunishchit Laabh

Unlike a Participating plan, in a Non-Participating plan or a Non-par plan, the policyholder does not receive any bonuses and does not participate in the profits of the insurance company. However, Non-Par plans provide guaranteed benefits on Maturity. Yes, Sunishchit Laabh is a Non-Par plan 

Yes, the policyholder has to pay an additional premium for each rider chosen.

In case the premium remains unpaid at the expiry of the Grace Period during the first year, the policy will lapse if it has not acquired surrender value and no benefits will be paid. In case the premium remains unpaid at the expiry of the Grace Period after the first policy year, provided that the premiums of the first year have been paid in full, the policy status will change to paid up. This paid-up policy will then continue up to the expiry of the Policy Term or till the death of the Life Assured, whichever is earlier.

On surrendering the policy you will receive the highest of the following; a percentage of total premiums paid i.e. Guaranteed surrender value (GSV) OR Special Surrender Value (SSV). Policy acquires surrender value after paying atleast 1 year premium

Shriram Life is a service-oriented company that values its customers and responds quickly. We understand that there may be times when things are difficult financially. But don't worry! We are here for you. Instead of taking out high-interest loans from other financial institutions, you can avail loans on your policy at a comparitively low rates saving a significant amount of money.

Yes. But in case of death due to suicide within 12 months from the date of commencement of risk under the policy or from the date of revival of the policy, as applicable, the nominee or beneficiary of the policyholder shall be entitled to 80% of the total premiums paid till the date of death or the surrender value available as on the date of death whichever is higher, provided the policy is in force.

Yes, the Lapsed or Paid-up policies can be revived within 5 years from the date of the first unpaid premium as per the board-approved underwriting policy, all the outstanding premiums are paid together with interest payable as applicable.

Premium payment term
7 to 10 years (in multiple of 1 yr)
15 to 25 years (in multiple of 5 yrs)
Policy term
11 yrs - for PPT 7 to 10 yrs
PPT+1 yr - for PPT 15 to 25 yrs

10 to 40 yrs (in multiples of 5 yrs)
choice to receive maturity benefit income up to a maximum age of 101 yrs

The following benefits are paid in this plan; 

Death Benefit
In case of death of the life assured during the Policy Term, provided all the premiums till the date of death are paid, "Death Sum Assured" will be paid. The Death Benefit will be paid as per Life/Life Plus options chosen by the policyholder at the time of inception of the policy.
In case of death of the life assured after the policy term, provided all the premiums till the date of death are paid, guaranteed income along with the loyalty additions are continued to be paid to the nominee/beneficiary for choosen maturity income payout option. However, under life plus option nominee has the option to take death benefit as lump sum amount at discounted value of all the future benefit payouts.                            

Maturity Benefit
In case of Survival of the life assured till the end of the Policy Term, provided all premiums are paid maturity benefit will be paid according to chosen maturity payout option either income plus or income pro option over the selected payout period. maturity benefit payout is defined as guaranteed maturity income along with loyalty additions. If you opt to receive the Income Plus or Income Pro maturity benefit as 
a lump sum, the total benefit payable will be paid in a lump sum on or 
after the date of maturity. Upon payment of the maturity benefit, the 
policy is terminated.

In case of death of the life assured during the Policy Term, provided all the premiums till the date of death are paid, "Death Sum Assured" (DSA)will be paid.
Life option: DSA is paid immediately in lump sum and policy is terminated
Life Plus option:  DSA will be paid in monthly instalments if all due premiums have 
been paid. After the policy term ends, the Guaranteed Maturity 
Income will continue to be paid, along with Loyalty Additions, 
under the Income Plus or Income Pro (with return of premium) 
options . The policy will be terminated after payment of last 
maturity benefit. If death occurs during premium payment, 
remaining premiums will be waived. 
However, under life plus option nominee has the option to take death benefit as lump sum amount at discounted value of all the future benefit payouts.
In case of death of the life assured after the policy term, provided all the premiums till the date of death are paid, guaranteed income along with the loyalty additions are continued to be paid to the nominee/beneficiary for choosen maturity income payout option.
DSA is highest of;
10/7 times AP
105% of TPP till date of death
SV on date of death

Maturity benefit will be paid out according to the chosen maturity benefit payout option - either the Income Plus option or the Income Pro option - over the selected payout period. “Maturity benefit pay out” is defined as guaranteed maturity income along with Loyalty additions. 
Guaranteed maturity income = Maturity income factor*Annualised premium

No, there is no option to change the income payout option during the Policy Term.

Life and Life plus are 2 cover options available under the policy.
Life : Death Benefit is paid to your family in lump sum 
immediately in case anything unfortunate happens to you during the policy term
Life Plus: This option entitles your family to receive the death sum assured in 
equal monthly instalments, starting at the end of the month of death 
and continuing until the end of the policy term. Upon death during the 
policy term, the policy will continue as an in-force policy with a waiver 
of the future premiums. The guaranteed maturity benefit due after the 
end of the policy term, along with loyalty additions due, will also be 
payable to your family until the end of the chosen pay-out period.
Change of the life cover option is not allowed during the policy term.

If you opt to receive the Income Plus or Income Pro maturity benefit as a lump sum, the total benefit payable will be paid in a lump sum on or after the date of maturity. Upon payment of the maturity benefit, the policy will terminate. The lump sum benefit shall be determined by discounting the Income benefit pay-outs and Return of total premiums paid (if income pro option is chosen) at an 8.5% rate.

In case of death of life assured after the policy term, provided all the due premiums till the date of death have been paid, the Guaranteed Maturity Income along with the Loyalty Additions will continue to be paid to the nominee/beneficiary for the chosen maturity income payout term, under both the Life and Life Plus options.

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. Loyalty addition 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.

Plan offers following additional benefits to the policyholder;
High premium incentive - For high premium policies, the Maturity factor shall be increased by 
adding with the percentage of premium  
Female life incentive - All females are eligible to receive a higher maturity benefit payout by adding a percentage of premium
compared to a similar male life. 
Auto debit booster - For each payment through NACH mode, policyholders will be eligible to 
receive 1% of premium as the discount.

Yes, the policyholder can also receive the maturity Income Benefit in half-yearly,quarterly and monthly modes.

Extension or reduction of policy term and premium payment term is allowed under specified limits
Mode of premium (NACH and non-NACH and vice versa)
Frequency of premium payment and maturity benefit payout

You can choose the Income Pro maturity Income benefit option with life plus option, where you start receiving the income from the end of the Policy term until end of payout period less 1 year and total premiums paid is returned as last maturity payout.  In case of death  during the Policy Term,DSA will be paid in monthly instalments, after the policy term ends guaranteed income will be paid along with the loyalty additions.if death occurs during premium payment term all the future premiums are waived off. so that your family need not take the burden of paying the premiums in your absence.

Yes, you can take Sunishchit Laabh Plan with Life cover and income plus option. You will receive regular income starting from end of the  policy term until the end of the income Payout period , which help in fulfilling your financial goals or can act as a cushion to meet your expenses during financially difficult times.

You can choose the Income Pro maturity Income benefit option with life plus option, where you start receiving the income from the end of the Policy term until end of payout period less 1 year and total premiums paid is returned as last maturity payout.  In case of death  during the Policy Term,DSA will be paid in monthly instalments, after the policy term ends guaranteed income will be paid along with the loyalty additions.if death occurs during premium payment term all the future premiums are waived off. so that your family need not take the burden of paying the premiums in your absence.
the income payouts help in managing the recurring expenses.