Shriram Life

Assured Income Plus

Endowment Plan

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About Endowment Plan

Shriram Life Assured Income Plus (UIN: 128N060V03) is a non-linked non-participating endowment assurance plan. This plan caters to customers who wish to invest only for a minimum fixed duration and reap predetermined annual benefits even after maturity. The plan offers life cover of minimum 10 times the annualized premium for age up to 50 years and 7 times the annualized premium for ages 51 years and above.

Why SLIC’s Investment Plan

  • Pay premium for only 5 years

  • Life cover for 10 years

  • Assured Income for 5 years from Maturity

  • Lower Premium for High Sum Assured

  • Additional protection through Riders



8 Years


65 Years

(Age last birthday)



75 Years

(Age last birthday)



1.5 Lakhs for ages upto 50 years

3 Lakhs for ages 51 years and above


No Limit,Subject to Board approved writing policy


10 Years


5 Years





No Limit, Subject to Board approved writing policy

RIDERS (Add Ons)

You can opt any of the following Riders by paying additional premium.

Accident Benefit Rider (UIN 128B001V03)

In case of death or total and permanent disability due to accident during the rider term, we will pay 100% of the rider sum assured. Also, if the life assured becomes totally and permanently disabled in an accident, we will waive off all the future premiums under the policy. The benefit under this rider is applicable only once during the rider term.

Family Income Benefit Rider (UIN 128B002V03)

In the event of accidental death or if the life assured becomes totally and permanently disabled due to an accident within the rider term, 1% of rider sum assured is payable every month immediately from the end of month of accident for a guaranteed period of 10 years or till the end of the rider term whichever is higher.

Shriram Extra Insurance Cover Rider (UIN 128B009V03)

In case of unfortunate event of death of the life assured during the rider cover term, sum assured under rider will be paid to the nominee.

Shriram Critical Illness Cover Rider (UIN 128B010V03)

If you are diagnosed to be suffering from any of the 6 specified Critical Illnesses, we will pay 100% of the rider Sum Assured on survival of 30 days following the date of first instance of confirmed diagnosis.

You Should Know

What you should know before buying an Endowment Plan

What are Endowment Plans –

Endowment plans are insurance plans where you receive life insurance cover during the policy term and on maturity you receive the proceeds from the policy. Endowment Plans can be categorised under three broad categories.

  • Traditional – Non Participating Endowment Plan, also known as Guaranteed Endowment Plans
  • Traditional – Participating Endowment Plan, part of the benefits are guaranteed and part of the benefits are accumulated through bonuses
  • Unit Linked Plans Endowment Plan, benefits are market linked and are based on the performance of investment funds

What is a Guaranteed Endowment Plan?

A Guaranteed Endowment plan is a combination of life insurance and maturity benefits where all the benefits are guaranteed upfront. These savings plans are most suitable for those individuals who do not want to risk their investments through market-linked instruments.

In case of the policyholder’s death, the payout, along with guaranteed additions, if any, goes to the beneficiary.

Risks associated with Endowment Plans –

Traditional Endowment Plans (Non Linked) are risk free savings and usually, guarantee payback. The Participating options are designed to grow steadily as bonuses are added. Usually bonuses, once added, can’t be taken away. But if you cash in your policy before the end of the term, entire accrued bonuses may not be available at the time of surrender.

ULIP’s, also a type of endowment plan, on the other hand, are high risk investments. Growth depends on the performance of the funds you choose. By choosing diverse funds, you can weather the ups and downs of the market better.

How do Endowment Plans work?

A part of the premium paid by you is invested either on a with-profits basis or a unit-linked basis. Your premium amount depends on your age, sex, and how long the endowment is for.

The size of the lump sum you get at the end of your endowment often depends on the performance of these investments.

This means your savings are pooled together and invested by the insurance company in various investment options, typically;

  2. Mutual funds
  3. Bonds
  4. Fixed-interest investments

Benefits of Endowment Plans –

  1. Encourages a disciplined approach to savings because policyholders are expected to set aside a predetermined amount as premium at a stipulated time-interval.
  2. The plan offers Tax benefits under section 80C and 10 (10D) of the Income Tax Act.
  3. In case of emergency, policyholders can obtain a loan against the policy – usually without having to secure the loan against a collateral.


  • For more details on the risk factors and the terms and conditions please read the sales brochure and/or sample policy document on our website carefully and/or consult our advisor before concluding the sale

  • Tax benefits are subject to change as per tax laws. Please consult your tax consultant on tax benefits

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