FAQs related to Shriram Life Super Income Plan

After you receive the Shriram Life Super Income Plan documents, you have a period of 30 days, also known as the free-look period, from the date of issuance of the policy to go through the terms and conditions. In case you disagree with any of the terms and conditions, you can return the policy within 30 days by stating the reason for doing so. Your cancellation request shall be processed and you will receive a refund if you have paid any premiums within 7 days of receipt of the cancellation request. 

If you opt for the loan after the premium paying term under Super Income Plan, then the interest on the loan will be recovered from the super income benefit at a monthly loan interest rate of 0.79% per month.

The interest rate for a loan against Super Income Plan is fixed at 9.5% per annum compounded annually.

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. The Super Income Plan is a Non - Participating 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 one policy year, the policy will lapse and no benefits will be paid. In case the premium remains unpaid at the expiry of the Grace Period after the first one policy years, provided that the premiums of the first one 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) depending on the experience of the company.

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.

The policy will acquire the surrender value provided premiums for at least one year is paid.

Yes, The maximum permissible loan amount shall be lower of 60% of surrender value or the amount arrived at in such a way that the e ective monthly interest amount payable on loan does not exceed 60% of the monthly super income benefit payable under the policy.

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.

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. 

Super Income Benefit: In case of survival of the life assured till the end of the premium paying term provided the policy is in force, a Super Income Benefit of fixed monthly amount will be paid from the end of the premium paying term till the end of the policy term or till death, whichever is earlier. 

Maturity Benefit: In case of Survival of the life assured till the end of the Policy Term, provided all premiums are paid. "Guaranteed Maturity Sum Assured" is paid in a Lump sum at the end of the Policy Term.

No, there is no option during the Policy Term to receive the Maturity/Death benefits as income in later periods. However, the Policy holder after the Premium Payment Term will receive a monthly Super Income Benefit until the end of the policy term. At policy maturity, a lumpsum amount is received as maturity benefit. In case of death of the policyholder during the Policy Term, Death Sum Assured is paid to the beneficiaries in lumpsum and the policy is terminated.

No, in case of Policy holder's death during the Policy Term, the nominee cannot receive the monthly Super Income Benefit. However, Death Sum Assured is paid to the beneficiaries in lumpsum and the policy is terminated.

No, the policyholder can only receive the Super Income Benefit in monthly mode.

The Guaranteed Surrender Values are expressed as a percentage of total premiums paid (excluding any extra premium, any rider premium and GST).

The Special Surrender Value (SSV) becomes payable after completion of the first policy year, provided one full year's premium has been received.

The Super Income Benefit will start from the year following the end of the premium payment term, and will continue till the age of 75 years or death whichever is earlier.

No, the Death Sum Assured is paid to the beneficiaries and any Super Income Benefit paid will not be recovered from the death benefit.

At maturity, the policyholder receives the Guaranteed Maturity Sum Assured of 5 times the Annualised Premium. 

You can choose the Super Income Plan where you start receiving the pay-outs from the end of the Premium Payment Term until you reach 75 years.  In case of death  during the Policy Term, the Death Benefit in lump sum will be paid to your family members. 

Yes, you can take Super Income Plan. You will receive regular pay-outs after the premium payment term until the end of the Policy Term, which help in fulfilling your financial goals or can act as a cushion to meet your expenses during financially difficult times.

You can choose Super Income Plan. The Monthly Super Income Benefit received post your retirement will help you meet your retirement expenses until policy maturity. The Lump Sum amount which you receive as a Maturity benefit at the end of the Policy Term can be used to purchase an annuity plan, which provides a regular source of income till death.