Shriram Life Guaranteed Return Plan
Product Info
UIN
128N049V01
Status
Withdrawn
Launch Date
14/02/2014
Withdrawn Date
01/04/2015
Product Overview
Shriram Guaranteed Return Plan is a one-time investment and insurance plan where you pay premium only once and get the dual benefit of life cover and a guaranteed return on the maturity.
Product Description
- Guaranteed maturity benefit and life insurance cover
- No commitment of paying premiums regularly.
COMPARE & BUY SIMILAR PLANS
Unique Features
- Shriram Guaranteed Return Plan is a one-time investment and insurance plan where you pay premium only once and get the dual benefit of life cover and a guaranteed return on maturity and 3 riders available.
- This is an ideal plan to maximize the returns based on your lump-sum cash surplus.
Eligibility Criteria
| Eligibility Criteria | |
| Age at Entry (Min) | 8 Years (Age last birthday) |
| Age at Entry (Max) | 65 years(Age last birthday) |
| Min age of Maturity | 18 years last birthday |
| Max age of Maturity | 71 years last birthday |
| Policy Term | 5/6/10 years |
| Premium paying term | Single |
| Minimum Single Premium | Rs. 25,000/- |
| Maximum Single Premium | No Limit, Subject To Underwriting Considerations As Per Board Approved Underwriting Policy |
| Minimum sum assured | Rs. 30750/- for 5 year term |
| Rs. 32000/- for 6 year term | |
| Rs. 39000/- for 10 year term | |
| Notes : *Premiums will be in multiples of 1000/-. Premiums are exclusive of service tax and education cess | |
OneInsure App Benefits
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
Product Benefit
| Benefit | Description | |||||
|---|---|---|---|---|---|---|
| Maturity Benefit | In case of survival of the life assured up to the end of the policy term, guaranteed maturity benefit as defined below will be paid. | |||||
| Guaranteed maturity benefit = maturity benefit factor multiplied by single premium. | ||||||
| The maturity benefit factors expressed as a percentage of single premium. | ||||||
| Single Premium 25,000 to 49,000 | ||||||
| Age | Policy term 5 years |
Policy term 6 years |
Policy term 10 years |
|||
| 10 | - | - | 168% | |||
| 20 | 125% | 132% | 167% | |||
| 30 | 125% | 132% | 167% | |||
| 40 | 125% | 132% | 166% | |||
| 50 | 125% | 131% | 163% | |||
| 60 | 124% | 130% | 157% | |||
| Single Premium 50,000 to 99,000 | ||||||
| Age | Policy term 5 years |
Policy term 6 years |
Policy term 10 years |
|||
| 10 | - | - | 190% | |||
| 20 | 132% | 141% | 189% | |||
| 30 | 132% | 141% | 189% | |||
| 40 | 132% | 141% | 188% | |||
| 50 | 131% | 140% | 183% | |||
| 60 | 130% | 138% | 176% | |||
| Single Premium 1,00,000 to 1,49,000 | ||||||
| Age | Policy term 5 years |
Policy term 6 years |
Policy term 10 years |
|||
| 10 | - | - | 196% | |||
| 20 | 135% | 145% | 196% | |||
| 30 | 135% | 145% | 195% | |||
| 40 | 135% | 145% | 194% | |||
| 50 | 134% | 144% | 189% | |||
| 60 | 133% | 142% | 181% | |||
| Single Premium 1,50,000 & 5,99,000 | ||||||
| Age | Policy term 5 years |
Policy term 6 years |
Policy term 10 years |
|||
| 10 | - | - | 201% | |||
| 20 | 137% | 147% | 200% | |||
| 30 | 137% | 147% | 200% | |||
| 40 | 137% | 147% | 198% | |||
| 50 | 136% | 146% | 193% | |||
| 60 | 135% | 144% | 185% | |||
| Single Premium 6,00,000 & above | ||||||
| Age | Policy term 5 years |
Policy term 6 years |
Policy term 10 years |
|||
| 10 | - | - | 205% | |||
| 20 | 138% | 149% | 204% | |||
| 30 | 138% | 149% | 203% | |||
| 40 | 138% | 149% | 202% | |||
| 50 | 137% | 147% | 197% | |||
| 60 | 136% | 145% | 188% | |||
| Survival Benefit | NA | |||||
| Death benefit | Sum assured on death is defined as Maximum of: | |||||
| (a) 125% of single premium if age is less than 45 years | ||||||
| (b) 110% of single premium if age is 45 years and above | ||||||
| Guaranteed Maturity Benefit payable on Maturity | ||||||
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Guaranteed Surrender Value | ||||||
| Year / Policy Term | 5 Year (as a% of SP) | 6 Year (as a% of SP) | 10 Year (as a% of SP) | |||
| 1 | 70.00% | 70.00% | 70.00% | |||
| 2 | 70.00% | 70.00% | 70.00% | |||
| 3 | 70.00% | 70.00% | 70.00% | |||
| 4 | 90.00% | 80.00% | 73.00% | |||
| 5 | 90.00% | 90.00% | 76.00% | |||
| 6 | 90.00% | 79.00% | ||||
| 7 | 83.00% | |||||
| 8 | 86.00% | |||||
| 9 | 89.00% | |||||
| 10 | 90.00% | |||||
| Special Surrender Value | Higher than the Guaranteed Surrender Value may be paid depending on the experience of the company | |||||
| Surrender Value will be higher of GSV or SSV | ||||||
| Loans | A policy loan up to 90% of the Surrender Value under the policy may be available | |||||
Add-ons
- Accident Benefit Rider SP :
In the event of the death of the life assured due to an accident or in the event of the life assured becoming totally and permanently disabled due to an accident within the rider term, rider sum assured will become payable. - Critical Illness Rider :
The rider Sum Assured is paid to the Life Assured on the first diagnosis of any of the specified Critical Illness. There is no death or maturity benefit. - Family Income Benefit :
In the event of an accidental death or totally & permanently disability within the rider term, 1% of the SA is payable every month immediately from the end of month of the accident for a guaranteed period of 10 yrs or till the end of the rider term whichever is higher.
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of reinstatement of the Policy, the Policy shall be void and the Company will only be liable to pay the higher of 80% of premiums paid or the surrender value.
Claim Process
Know Claim Process of Shriram Life Guaranteed Return Plan
Company Overview
Shriram Life Insurance was incorporated in 2005 and it commenced business in 2006. The relationship started in 2005 with an emergence of Shriram Life Insurance Company (SLIC), a part of diversified Shriram Group, where SANLAM has 26% stake
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