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Shriram Life Investment Plans

At a time when economic uncertainty is prevalent, finding a secure and sustainable form of investment is indeed a tough task. This is why most people prefer to invest in insurance plans as a medium of monetary stability and risk mitigation.

However, with a variety of insurance schemes available in the market today, choosing the specific one which suits your financial and material objectives requires adequate research and caution. It, thus, comes as no surprise that investment plans offered by Shriram Life insurance are hugely popular and highly sought after. At this juncture, it becomes extremely important to understand what investment plans are and what they truly entail.

Investment plans currently being offered by Shriram Life, a leading company in this sector are primarily meant for individuals who have a high-risk appetite and are looking for an market-linked investment option.

Types of Investment Plans offered by Shriram Life

Shriram Life insurance offers investment products like:

Shriram Life Growth Plus

Shriram Life Growth Plus is essentially a unit-linked insurance scheme which provides the benefit of both, life cover and monetary savings. Using market-linked returns for wealth creation, the plan offers a multitude of options with respect to premium payment and investment flexibility.

Product Benefits

  • Maturity Benefits: If the insured person survives till the policy matures, the total fund value payable would be the base premium fund value and the top-up premium fund value.
  • Death Benefits: If the insured person dies before the policy matures, either one of the following two options can be availed:
    1. Fund value + sum assured + top-up sum assured
    2. The higher of sum assured or base premium fund value), plus value of top-up Sum Assured or top-up premium fund value

Eligibility Details

  • The minimum entry age is 30 days while the maximum entry age is 60 years.
  • The minimum maturity age is 18 years while the maximum maturity age is 70 years.
  • The policy term availed can last for 10, 15, or 20 years.
  • Premium payment term – Regular, Limited for 6 years and single
  • Minimum Sum Assured - Rs. 2,10,000 for Regular, Rs. 4,20,000 for Limited, Rs. 55,000 for Single.

How the Plan Works

  • Premium is invested in the chosen fund in case of death, the applicable death benefit is paid as per the plan option chosen. On maturity, applicable maturity benefit becomes payable.
  • Add-on riders like accident benefit rider, critical illness cover, and family income benefit are also provided.

Shriram Life Fortune Builder

Shriram Life Fortune Builder plan is a single premium insurance scheme, which has been specifically designed to cater to the needs of those people who cannot make frequent premium payments owing to a lack of consistent cash flow. The one-time lump sum payment is unit-linked.

Product Benefits

  • Maturity Benefits: If the insured person survives till the policy matures, the total fund value, along with the top-up fund value, if any would be payable.
  • Death Benefits: If the insured person dies before the policy matures:
    1. The total sum insured or the value of units in the insured person's account, whichever is higher, would be paid to the nominee.
    2. The sum insured would include the basic sum + top-up amount.

Eligibility Details

  • The policy can be entered into when a child is born and the maximum age of entry is 60 years.
  • The maximum maturity age of the policy is 75 years.
  • The policy can last up to 10, 15, and 20 years.
  • The minimum premium is Rs. 25,000.
  • No specific riders are available with this particular plan, however, a tax benefits are provided as per prevailing Tax rules.

How the Plan Works

Premium is invested in the chosen fund in case of death, the applicable death benefit is paid as per the plan option chosen. On maturity, applicable maturity benefit becomes payable.3.

Shriram Life Wealth Plus

As the name itself suggests, Shriram Life Wealth Plus plan does not just offer insurance cover, but also provides a way to grow investments and enhance returns. Moreover, it protects your loved ones against any financial upheaval which they might have to face in your absence.

Product Benefits

  • Maturity Benefits: If the insured person survives till the policy matures, the value of units in the insured person's account clubbed with the top-up fund value (if any) becomes payable.
  • Death Benefits: If the insured person dies before the policy matures, then:
    1. If the policy is active, the payable amount would be- Total insured sum + Unit value + Top-up sum assured amount if any + Top-up fund value if any.
    2. If the policy is inactive/discontinued, the discontinued fund value would be paid.

Eligibility Details

  • A minimum entry age of 7 years and a maximum entry age of 65 years.
  • A maximum maturity age of 75 years.
  • The policy can last up to either 10 or15 to 25 years.
  • The premium can be paid on a monthly, quarterly, half-yearly, or yearly basis.
  • The premium paying term is same as the policy term. However, an option to pay premiums for a short-term like 5/10/15/20 years will be provided.
  • Partial withdrawals, fund switch and auto transfer facilities are also available.
  • As per the prevailing tax rules, tax benefits will be offered.

How the Plan Works

Premium is invested in the chosen fund in case of death, the applicable death benefit is paid as per the plan option chosen. On maturity, applicable maturity benefit becomes payable.

Shriram Ujjwal Life (SP)

Offering the dual benefits of life protection and market-linked returns, Shriram Ujjwal Life (SP) insurance plan aims to ensure that all your financial objectives are sustainably achieved.

Product Benefits

  • Maturity Benefits: If the insured person survives till the policy matures, the total fund value and the top-up fund value if any would be paid.
  • Death Benefits: If the insured person dies before the policy matures, the following would be rendered payable-
    1. Insured sum + Unit value + Top-up sum assured amount if any + Top-up fund value if any
    2. In case of discontinuance, total discontinued fund value subject to an interest guaranteed by IRDA, would be paid to the beneficiary.

Eligibility Details

  • A minimum entry age of 7 years and a maximum entry age of 65 years.
  • A maximum maturity age of 75 years.
  • The policy has a fixed term of 10 years.
  • A minimum premium of Rs. 35,000 has to be paid. Nonetheless, there is no limit on the maximum payable premium.
  • Partial withdrawals, surrender benefits, and six different funds to invest in are made available to all policyholders.

How the Plan Works

  • Premium is invested in the chosen fund in case of death. The applicable death benefit is paid as per the plan option chosen. On maturity, applicable maturity benefit becomes payable.

Shriram Ujjwal Life

Shriram Ujjwal Life is a regular insurance plan which enables you to fulfil multiple goals like education, marriage, and retirement. The plan also offers safeguards against financial uncertainty.

Product Benefits

  • Maturity Benefits: If the insured person survives till the policy matures, the total fund value and the top-up fund value if any would be paid.
  • Death Benefits: If the insured person dies before the policy matures, then:
    1. The payable amount would be - Total insured sum + Unit value + Top-up sum assured amount if any + Top-up fund value if any.
    2. If the policy is inactive/discontinued, the total discontinued fund value would still be paid.

Eligibility Details

  • A minimum entry age of 7 years and a maximum entry age of 65 years.
  • A maximum maturity age of 75 years.
  • The policy has a fixed term of 10 years.
  • The minimum sum insured would be 10/7 times the annualised premium, while the maximum sum insured is subject to policy.
  • A minimum premium of Rs. 30,000 has to be paid.
  • The premium has to be paid in a yearly mode, which may coincide with the policy term.
  • No additional riders are available with this plan., Tax benefits can be claimed.

How the Plan Works

Premium is invested in the chosen fund, in case of death, the applicable death benefit is paid as per the plan option chosen. On maturity, applicable maturity benefit becomes payable.

How to Apply for Shriram Life Investment Plans?

Applying for Shriram Life's investment plans are a simple affair. You can either do it online or via intermediaries. If you want to apply online, you just have to visit the company's web page, select a plan of your choice and provide all the requisite details. The first premium payment has to be made online through the net banking system.

Nevertheless, if you choose to apply via an intermediary, you will have to physically approach banks, brokers or other authorised third-parties who will guide you through the entire application process.

At this point, it is important to note that online platforms like Coverfox can provide you with a viable third option. By using time-tested strategies to customise insurance schemes, they furnish a detailed list of investment plans which can equip you to take well-informed decisions. All you have to do is follow a step-by-step process (mentioned below):

  • Login to the Coverfox home page and select the 'investment' tab.
  • Fill in details like your investment premium, gender, age, and contact number.
  • Now, click on 'View Quotes'.
  • Based on the information provided, a list of different insurance plans would be made available to you. Make a thorough comparison amongst the different service providers and opt for Shriram life investment plans.
  • Choose a plan, a tenure, and a payment schedule in accordance with your needs and requirements.
  • Click on the 'Pay Premium' tab to make the online payment. You can either use your credit card, your debit card, or the net banking facility to make such transactions.
  • Finally, save the transaction receipt and log out.
  • You can also visit the official website of Shriram Life to confirm your plan activation. By using this effective and efficient way of applying for Shriram Life investment plans, you won't just be able to make prudent investments, but you would also be empowered to improve your long-term finances.

FAQs on Shriram Life Investment Plans

Why choose Shriram Life Investment Plans?

As compared to their counterparts, Shriram Life investment plans offer financial protection, flexibility, tax benefits, and huge variety. Not only are these plans affordable but they are also specifically designed to meet your requirements.

Which is the best investment plan of Shriram Life in 2018-19?

Although all investment plans offered by Shriram Life are worthy, the Shriram Life Wealth Plan is largely considered to be the best. This is because of its affordability, flexibility, and customised design.

Which is the best Shriram Life Investment Plans for the long term?

The Shriram Life Fortune Builder is the best long-term plan, primarily because it encompasses the entire range of an individual's life, right from birth to retirement.

Why should I buy Shriram Life Investment Plans?

Shriram Life investment plans can prove to be a good purchase because they usually offer the dual benefits of market-linked returns and insurance protection cover. Moreover, tax benefits along with flexibility of tenure are also provided. This ensures that all your financial objectives are met effectively.

How to pay premium? What are the modes of payment available?

At Shriram Life, premium payment can be made via six different modes. These include:

  • Cash payment
  • Payment through banking channels
  • Online payment (Debit card/Credit card/Net banking)
  • NEFT
  • ECS
  • Mobile based payments

How can I check policy status for Shriram Life Investment Plans?

For checking your policy status, you simply have to log into the Shriram Life e-portal and enter your complete credentials.

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