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Shriram Life Assured Income Plan

Shriram Life Assured Income Plan is more than a regular guaranteed income plan. It is a comprehensive solution to suffice all your potential cash flow requirements, thus ensuring the best quality of life for you and your family.

Mission and Vision

The mission and vision of Shriram Life Assured Income Plan is:

The Shriram Life Insurance Company was founded with the objective of reaching out to the “common man” with products and services that would be helpful to him as he sets out on the path to “prosperity”.

‘Operational efficiency, integrity and a strong focus on catering to the needs of the average Indian, by offering high quality and cost-effective products and services’.

The company prides itself on its deep understanding of the customer. Each product or service is tailor-made to specifically suit the needs of the customer. It is this guiding philosophy of putting people first that has brought the group company closer to the grassroots and has made it the preferred choice for all truck financing requirements amongst the customers.

Features of Shriram Life Assured Income Plan

The features of this plan are:

  • Complete life cover for the entire policy term.
  • Assured regular income post policy term.
  • Fixed Policy Term - 8/10 years.
  • Four Rider options - Accident Benefit Rider, Extra Insurance Cover, Critical Illness Cover and Family Income Benefit.
  • Choice of multiple payment options.

Benefits of Shriram Life Assured Income Plan

The benefits of this plan are:

Death Benefit - In case of death of the policyholder, the death sum assured is payable in any of the following option exercised:

  • Lump sum OR

  • Regular payouts OR

  • 50% death benefit as lump sum and the remaining 50% as regular payouts.

The sum assured payable on death is defined as the higher of:

  • Policy term 8 years: 5x annualized premium
  • Policy term 10 years: 10x annualized premium for age < 45 years OR 7x annualized premium for age > 45 years and above.
  • 105% of all premiums paid till the date of death, excluding any rider premiums and taxes.
  • Death sum assured.
  • Maturity sum assured.

Maturity Benefit - The maturity benefit will be paid as scheduled at the start of each policy year after the end of the policy term during benefit payout period. The life assured also has the option to take the assured benefit payout in lump sum. If the policyholder dies post commencement of the assured income, the outstanding assured income payouts will continue as scheduled to the nominee or beneficiary.

Tax Benefits - Tax benefits under this plan are available as per the provisions of the Income Tax Act, 1961.

Eligibility Criteria

The eligibility criteria for this plan is:

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Minimum age at Entry50 years
Maximum age at Entry50 years
Maximum Maturity Age
58 years for a policy term of 8 years
60 years for a policy term of 10 years
Policy Term8 years/10 years
Policy Term 8 yearsPolicy Term 10 years
Basic Sum Assured8x annualized premium10x annualized premium
Minimum Sum AssuredRs. 1,20,000Rs. 1,50,000
Maximum Sum AssuredRs. 40,00,000Rs. 50,00,000

Premium Details

The premium details of this plan are:

ParticularDetails
Premium Paying TermSame as policy term
Benefit Payout PeriodSame as policy term
Premium ModeYearly/Half-Yearly/Quarterly/Monthly
Minimum Annual PremiumRs. 15,000
Maximum Annual Premium Rs. 5,00,000

Documents required to Shriram Life Assured Income Plan

The documents required for this plan are:

  • Proof of ID - KYC
  • Proof of Address - KYC
  • Proof of Income
  • Proof of Age
  • Medical check-up, if required
  • Application/Proposal Form

Exclusions under Shriram Life Assured Income Plan

This plan has the following exclusions:

  • If the life assured, whether sane or insane, commits suicide within one year from date of inception of this policy, 80% of the premiums paid will be payable to the nominee or beneficiary.
  • If the life assured, whether sane or insane, commits suicide within one year from date of revival of policy, an amount which is higher of 80% of the premiums paid will be payable to the nominee or beneficiary.

Review of Shriram Life Assured Income Plan

If you are looking for an income plan, Shriram Life Assured Income Policy is an excellent investment option. This plan offers a comprehensive solution to meet your cash flow requirements. Under this plan, the more premium you pay, the higher the returns. Also, the policyholder is entitled to assured regular income post the policy term.

FAQs on Shriram Life Assured Income Plan

How do I contact Shriram Life Insurance?

You can contact Shriram Life Insurance on the following numbers: Service Helpdesk - 1800-103-6116 / 1800-3000-6116, Buy Policy - 1800-103-7401, Indore Call Centre - 1800-103-5319 or email them at claimsupport@shriramlife.in.

How do I cancel my policy?

Your policy can be easily returned to the company along with reasons thereof within 15/30 days from the date of receipt of the original policy document. You need to submit an application letter mentioning reason for cancellation, original policy bond, and bank cancelled cheque/passbook Xerox.

How do I pay my policy premium?

You can renew your policy by paying premium through the following modes - Online/National Automated Clearing House (NACH) and Electronic Clearing Service (ECS)/ Axis/ ICICI Bank Branch/ Cheque/Demand Draft (Local/Transfer) & Cash/NEFT/Paytm/Common Service Centre/Shriram Branch.

Can I revive my lapsed policy?

A lapsed policy can be revived during the lifetime of the policyholder, but within a period of 2 years from the due date of the first unpaid premium and before the date of maturity.

How do I change my nominee?

You can change nomination anytime during the policy term by submitting a nominee change request form along with an application letter.