Traditional Life Insurance Plans:

One of the oldest plans which are known for their low risk feature, Traditional Life Insurance Plans, offer a range of benefits to the policyholder such as fixed income return and safety, risk cover, tax benefit, etc. These are the most suitable plans for those individuals who do not want to risk their investments in the market-linked returns.


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Shriram Life Assured Advantage

Shriram Life Assured Advantage is a traditional plan where all the benefits are guaranteed. This plan offers a unique blend of life insurance and lump sum endowment by paying only once.
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Shriram New Shri Life Plan

Shriram New Shri Life Plan (UIN-128N047V01)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. Shriram 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.
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New Shri Vidya

Shriram New Shri Vidya Plan (UIN-128N051V01) is designed for you to make your child's aspirations come true. The Plan offers survival benefits to adjust according to your child's education requirements and also insurance cover in case of any unfortunate event happens to you.
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New Shri Vivah

Wedding is an auspicious and lifetime event which brings joy and hapiness in one's life. To make it more memorable and happiest event, it has to be well planned and properly financed. We understand this responsibility of yours and stand beside you with our Shriram New Shri Vivah Plan.
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Shriram New Shri Raksha Plan

Shriram Life New Shri Raksha Plan (UIN-128N052V01) is a non linked participating plan which offers double insurance cover during the term. The Plan also provides for whole life insurance cover after the policy term apart from sum assured on survival at maturity. At the same time the premiums paid twards this policy will be returned on maturity.
Plan Details

Traditional Life Insurance Plans:

One of the oldest plans which are known for their low risk feature, Traditional Life Insurance Plans, offer a range of benefits to the policyholder such as fixed income return and safety, risk cover, tax benefit, etc. These are the most suitable plans for those individuals who do not want to risk their investments in the market-linked returns.

These insurance plans offer assured amount of corpus along with bonuses. However, the declaration of bonus is only at the discretion of the insurance company. The amount of bonus depends on the profit made by the company. In case of untimely and unpredictable death of the policyholder, the insurance payout is given to the beneficiary.

As per IRDA guidelines, a large part of the premium needs to be invested in risk-free securities as the plan offers guaranteed returns. The investment done under traditional plans are exclusively at the insurance company's discretion. The policyholder cannot choose from various asset classes.

Types of Traditional Plans:

Traditional Insurance plans can be categorized into two basic kinds:

Endowment Plans:

Endowment plans offer policyholders the dual benefits of protection as well as saving plans. In this plan, the insured individual gets an assured sum at the time of maturity along with bonus and other benefits. In case of policyholder's death, the payout, along with bonuses or the guaranteed additions, if any, goes to the beneficiary. The amount of bonus and the profits depends on the number of years in the policy term that the policyholder has lived.

Whole-life Plans:

Another type of traditional plan is whole-life insurance plans, which offers coverage to the policyholder throughout his life. Along with this, it also offers insurer the freedom to withdraw their cash value or to take a loan against it, if needed. However, if in case, the policyholder dies before repaying the loan, the death benefits which are being paid to the beneficiary are reduced, depending on the amount of loan to be paid back.


Why Traditional insurance plans?

  • Risk Free: As they offer assured returns at the time of maturity or at the death of policyholder, traditional plans are considered to be low risk plans.
  • Easily comprehensible: Its in-built guaranteed benefits are easier to understand as the products benefits are less dependent of external factors. Offers guaranteed security for one's future, allowing the policyholder to plan his/her financial goals systematically
  • Dual profits: Encourage savings while offering protection at the same time
  • Stability: Offers assured amount of returns over a long-term investment. Less volatile when compared ULIPs
  • Offers financial security to the beneficiary, in case of policyholder's death
  • Assist in building a large amount of corpus or asset
  • The cash value of the investment allows the policyholder to withdraw or borrow against it, if required
  • Suitable for those with low risk appetite
  • Prevents wrong-selling as the larger amount of returns are already guaranteed

How to choose a traditional life insurance plan:

  • Before selecting the plan, check the life cover you are getting in lieu of your premiums.
  • Do check the death benefits and other additions that the plan is offering
  • Evaluate your requirements and preferences first. If you wish to build an asset over a long period, without getting into risks of market-linked investments, then this plan is suitable.

Things to remember:

Most of the traditional plans do not offer the option of withdrawal before maturity of the policy as the investment made is fixed for a certain period of time. These plans are less flexible. No clarity has been provided on how much the policyholder will get if he/she decides to surrender the plan.

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