Shriram Life Wealth Plus
Product Info
UIN
128L036V01
Status
Withdrawn
Launch Date
23/02/2011
Withdrawn Date
01/01/2014
Product Overview
Shriram Life Wealth Plus is a unit linked insurance plan offered by Shriram Life Insurance. It offers protection to your loved ones while ensuring that your investments grow simultaneously. It is a market linked insurance policy with no bonus facilities whatsoever.The policy offers various benefits including tax benefits. This policy is affordable and easy to obtain.
Product Description
- This is a Unit-Linked Insurance Plan.
- There is Limited Premium Paying facility in this plan
- On survival till the end of the policy tenure, the Fund Value is paid to the policyholder as Maturity Benefit.
- There is Auto Transfer Facility available in this plan.
COMPARE & BUY SIMILAR PLANS
Unique Features
- Shriram Life Wealth Plus Plan is a simple Unit Linked plan with the dual aim of growing the investments and also providing life insurance coverage.
- It also offers an auto transfer policy where premiums which are allocated in a lower risk fund preserver and 1/12th of the fund is automatically transferred to the preferred fund every month.
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Age at Entry (Min) | 7 Years (age last birthday) | ||||
| Age at Entry (Max) | 65 years(age last birthday) | ||||
| Max age of Maturity | 75 years last birthday | ||||
| Policy Term | 10 Years (or) 15 to 25 Years | ||||
| Premium paying term | |||||
| Regular Premium (RP) | same as policy term | ||||
| Short Premium Paying term (SPPT | 5 years/ 10 years/ 15 years/ 20 years | ||||
| Mode of Premium Paying Term | Yearly, Half-yearly, Quarterly, Monthly | ||||
| Notes -: **Currently monthly mode allowed through ECS only | |||||
| Minimum sum assured | For age at entry below 45 years | Maximum of (10 X Annualized Premium, 0.5 X Annualized Premium X Policy term) | |||
| For age at entry 45 & above | Maximum of (7 X Annualized Premium, 0.25 X Annualized Premium X Policy term) | ||||
| Minimum installment Premium | Mode | Premium (Rs) | |||
| Annual | 12000 | ||||
| Half-Yearly | 7500 | ||||
| Quarterly | 5000 | ||||
| Monthly | 2000 | ||||
OneInsure App Benefits
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
Product Benefit
- Maturity Benefit:
The value of the units in the Life Assured's unit account + Top up fund value (if any) - Survival Benefit: Not Applicable
- Death Benefit:
- Basic Sum Assured + The value of the units in the Life Assured's unit account + Top up sum assured (if any) + Top up fund value (if any)
- It will be at least 105% of all the premiums including the top premiums paid.
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Riders | Accident Shield Rider | |||||
| 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. | ||||||
| You stop paying the premium before 5 years | ||||||
| the insurance cover will cease and the fund value net of any discontinuance charge 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 | ||||||
| You stop paying the premium after 5 years | ||||||
| If the policy holder stops paying the premium after 5 years, then there is no Surrender/Discontinuance Charges and the Fund Value is paid to the policy holder and the policy will terminate immediately. | ||||||
| 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. | |||||
Add-ons
- Accidental Shield Rider :
In case of death due to an accidentof the Life Assured, the Rider Sum Assured chosen will be paid to the nominee. Accident shall mean a sudden, unforeseen and involuntary event caused by external and visible means, and death has to be due to a direct result of the accident and within 180 days of the date of accident.
Charges
| Charges | ||||||
|---|---|---|---|---|---|---|
| Premium Allocation Charge | ||||||
| Policy Year | Premium Allocation Charge | |||||
| 1st | 7.5% of Annualized Premium | |||||
| 2nd to 10th | 6% of Annualized Premium | |||||
| 11th onwards | 3.5% of Annualized Premium | |||||
| Top Up Premium | 2% of Top Up Premium | |||||
| Policy Administration Charge | ||||||
| Policy Year | Policy Administration Charge | |||||
| 1st to 5th | Rs 10 p.m. | |||||
| 6th onwards | Rs 20 p.m. with an increase of 4% p.a. from 7th year | |||||
| Notes :- This is the charge for the administrative working of the policy and is deducted by cancellation of units on a monthly basis | ||||||
| Fund Management Charge | ||||||
| Type | Charge | |||||
| Preserver Fund | 1.25% p.a. | |||||
| Defender Fund | 1.25% p.a. | |||||
| Balancer Fund | 1.35% p.a. | |||||
| Maximum Fund | 1.35% p.a. | |||||
| Accelerator Fund | 1.35% p.a. | |||||
| Tyaseer Fund | 1.35% p.a. | |||||
| Policy discontinuation charge | ||||||
| Policy discontinuance year | For annual premium up to Rs.25,000 | For annual premium above Rs.25,000 | ||||
| 1 | Lower of 20% of (AP or FV) subject to max Rs.3,000 |
Lower of 6% of (AP or FV) subject to max RS.6,000 |
||||
| 2 | Lower of 15% of (AP or FV) subject to max Rs.2,000 |
Lower of 4% of (AP or FV) subject to max Rs.5,000 |
||||
| 3 | Lower of 10% of (AP or FV) subject to max Rs.1,500 |
Lower of 3% of (AP or FV) subject to max Rs.4,000 |
||||
| 4 | Lower of 5% of (RP* or FV) subject to max Rs.1,000 |
Lower of 2% of (AP or FV) subject to max Rs.2,000 |
||||
| 5 onwards | Nil | |||||
| 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. | |||||
Exclusions
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
Tax benefits will be as per Section 80C & Section 10(10D) of the Income Tax Act, 1961
Claim Process
Know Claim Process of Shriram Life Wealth Plus
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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