Shriram Life Insurance has launched a new plan – Shriram Life Premier Assured Benefit. The plan aims to help individuals aged 30 days to 50 years meet their recurring needs and achieve their major financial goals in life.
Shriram Life Premier Assured Benefit is a non-participating life insurance savings plan offering guaranteed returns. It comes with Income and Settlement payout options. The plan offers ‘Life Plus’ coverage, wherein survival benefits are paid to the family as scheduled even after the life assured’s death. The insurers said that these benefits are paid over and above the Death Sum Assured. This provides selected payout benefits without any burden of premium payment on the beneficiaries if the life assured dies during the premium paying term.
“This new plan offers tax-free benefits and assists employees, professionals, business persons and entrepreneurs in achieving their long-term objectives with guaranteed and attractive returns. Given the true purpose of life insurance, this plan provides Life Plus coverage for the entire duration of the policy and ensures the insured family’s financial security even after unexpected and unfortunate events,” said Casparus Kromhout, MD & CEO of Shriram Life Insurance.
Shriram Life Insurance said that the policyholders can receive payouts in one of three ways: Income, Settlement in a lump sum, or Settlement in instalments.
The plan covers customers’ needs such as consistent cash flow to meet various recurring financial needs, fulfilling major long-term goals and for those who want their loved ones to achieve their planned goals even in their absence.
Shriram Life Premier Assured Benefit plan also offers the flexibility to switch the applicable payout options anytime as needed. Customers who want to save a large sum of money for major financial goals in life, such as starting a business or purchasing a dream home or saving for financial security or hedging their investments can choose the Settlement options.
The premium rates have been kept the same for both the Life Cover options – Life & Life Plus. In the event of the policyholder’s untimely death during the policy term, the Death Benefit is paid to the beneficiaries or nominees with the opted Rider benefits, if any as per the Life cover option chosen.
Premier Assured Benefit
Premier Assured Benefit starts with a minimum premium of Rs 60,000, a minimum payment term of 6 years and a minimum policy term of 10 years. The policy is also available with a Single premium and under PoS channels.
Policyholders can avail of the loan facility with just 9% interest per annum for a maximum loan of up to 80% of the surrender value. Tax benefit, as applicable under extant laws is available.
(The above content is for information purposes only. Buying a Life Insurance policy could be tricky. Please ready the offer document carefully and consult your insurance advisor before buying any plan)