Shriram Fortune Builder Plan is a Single Premium Unit Linked Insurance Plan. Thus, it is a Non-Traditional Insurance Plan without any Bonus facility. In this plan, premium needs to be paid in a Lumpsum while the policy continues for the entire tenure of 10 years.
Eligibilty Criteria | ||
Minimum | Maximum | |
Entry Age (Last Birthday) | 0 years | 65 years |
Maturity Age (Last Birthday) | - | 75 years |
Policy Term (PT) in years | 10 / 15 / 20 | |
Premium Paying Term (PPT) in years | Single | |
Yearly Premium | 25,000 | No Limit |
Sum Assured | 125% of SA for ages<45 years | No limit |
110% of SA for ages>=45 years |
Feature | Description | |||||
---|---|---|---|---|---|---|
Top-up | Premium can be paid anytime except in the last five policy years | |||||
The minimum top-up premium is Rs. 5000 per instalment. | ||||||
The Sum Assured increases by 125% of the Top Up Premium subject to underwriting conditions. | ||||||
Each Top Up Premium is also locked in for a period of 5 years | ||||||
Switching | Switching is allowed from any fund to another except in the Settlement Period. | |||||
There are 2 free switches allowed every year post which there is a fee of Rs 100 for each additional switch | ||||||
Partial Withdrawal | Partial withdrawals are allowed only after completion of 5 policy years or after completion of 18 years of the Life Insured | |||||
The minimum partial withdrawal is Rs 10,000 subject to at least 3 times the Annual Premium should remain in the Fund Value | ||||||
Each Partial Withdrawal is chargeable for Rs 100 per transaction. | ||||||
Riders | There are No Additional Riders in this plan. | |||||
You stop paying the premium | ||||||
Being a Single Premium Plan, there is no requirement of further payment of premium. | ||||||
You want to surrender the policy | ||||||
surrender the policy before completing 5 years, then the insurance cover will cease and the Fund Value net of any discontinuance charge, if at least 5 years’ premiums have not been paid, will be transferred to the Discontinued Policy Fund | ||||||
The Discontinued Policy Fund will earn a minimum guaranteed interest rate equal to 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary | ||||||
In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee | ||||||
Loan | There is no loan available under this plan. |
Not Available
Charges | ||||||
---|---|---|---|---|---|---|
Premium Allocation Charge | ||||||
Type of Premium | Premium Allocation Charge | |||||
Single Premium | 5% | |||||
Top Up Premium | 2% | |||||
Policy Administration Charge | ||||||
Policy Year | Policy Administration Charge | |||||
1st to 5th | 1.25% on Single Premium | |||||
6th onwards | NIL | |||||
Fund Management Charge | ||||||
Type | Charge | |||||
Preserver Fund | 1.25% p.a. | |||||
Defender Fund | 1.25% p.a. | |||||
Balancer Fund | 1.35% p.a. | |||||
Maximus Fund | 1.35% p.a. | |||||
Accelerator Fund | 1.35% p.a. | |||||
Tyaseer Fund | 1.35% p.a. | |||||
Surrender Charge | There is no charge is for discontinuing the plan before the end of the Policy Tenure. | |||||
Alterations Charge | Change in Sum Assured or Addition of riders is allowed any time during the policy tenure for a fee of Rs 200 per alteration which is levied from Fund Value by cancellation of units. | |||||
Mortality Charge | This charge is paid for the Life Coverage provided according to the Sum At Risk. This is based on the mortality rates which are specified for all ages and amount of cover being provided. | |||||
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
Tax benefits will be as per Section 80C & Section 10(10D) of the Income Tax Act, 1961
Know Claim Process of Shriram Fortune Builder Insurance Plan
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.
Robinhood is known for its user & customer centric approach. We take care of all the phases of insurance, whether you've bought the policy from us or not.