Shriram New Shri Life (UIN: 128N047V02)
Shriram New Shri Life (UIN: 128N047V02)
Shri Life Plan (UIN: 128N047V02) is a non-linked participating endowment plan. Besides being a systematic savings option, the plan acts as a reliable protection tool to your family in case of any adverse mishap to you. New Shri Life Plan is ideal because of the potential upside of Reversionary Bonuses which may be added to your life cover year by year and also the maturity benefit.
Features
Revisionary Bonuses to enhance your savings and life cover
Multiple Premium Payment Options
Attractive high sum assured rebates
Additional protection through riders
Benefits
Reversionary Bonuses
The policy will share in the experience of the Company’s participating business through the declaration of Simple Reversionary Bonuses, if any, including Interim Bonuses attached to the policy to date. Reversionary Bonus rates may vary from year to year and will depend on actual experience and prevailing and expected economic conditions. Simple Reversionary Bonuses (as a % of Sum Assured) shall be declared every year after conducting valuation exercise. The bonus declared shall be added to the Sum Assured and guaranteed to become payable either on death or maturity. Future Bonuses are not guaranteed and will depend upon future experience and expected economic conditions.
Terminal Bonus
The Company may pay a Terminal Bonus on death or maturity. The Terminal Bonus will be declared based on the underlying experience of the participating fund and asset shares of the policies. To enjoy maximum benefits and receive all the bonuses it is advisable to pay all the premiums for the full premium paying term.
Death Benefit
In case of death of the life assured during the policy term, provided the policy is in force, Sum Assured on Death + Accrued Reversionary Bonus (if any) + Terminal Bonus (if any) will be paid to the nominee(s) or beneficiary(ies).
Sum Assured on Death shall be higher of
• 10 times the Annualised Premium
• Basic Sum Assured
Maturity Benefit
In case of survival of the life assured up to the end of the policy term, provided the policy is in force, the Basic Sum Assured + Accrued Reversionary Bonuses + Terminal Bonus (if any) will be paid.
Eligibility
Eligibility Criteria | Limits | |||||
Age at Entry | Minimum: 30 days (Age last birthday) | |||||
Maturity Age | Minimum: 18 years (Age last birthday) | |||||
Policy Term | 10 | 15 | 20 | 25 | ||
Modal Factors | 8, 10 | 8, 10, 15 | 8, 10, 20 | 8, 15, 25 | ||
Maximum Premium Payment Age | For PPT 8 & 10: 70 years (age last birthday) For PPT 15, 20 & 25: 65 years (age last birthday) | |||||
Sum Assured | Minimum: Rs 50,000 Maximum: No limit, subject to Board approved underwriting policy. | |||||
Minimum Annualised Premium | Rs 5,000 | |||||
Premium Payment Mode | Yearly, Half Yearly, Quarterly, Monthly | |||||