Shriram Life Assured Income Plus

(Online)
A Non-Linked Non-Participating Life Insurance Plan
Shriram Life Assured Income Plus (Online) UIN: 128N060V03 1
 Shriram Life Assured Income Plus is a non-linked
non-participating endowment assurance plan. This
plan caters the needs of the clients who want to pay
premiums only for five years and to receive the benefits
in five equal annual installments after maturity. The plan
offers life cover of 10 times the annualized premium for
age up to 50 years and 7 times the annualized premium
for ages 51 years and above.

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 Key Features

Assured Income
Pay premium for Life cover for
for 5 years from
only 5 years 10 years
Maturity

Lower Premium Additional

for High Sum protection
Assured through Riders

Plan Eligibility

Eligibility Criteria Limits

Minimum: 8 years (age last birthday)

Age at Entry
Maximum: 65 years (age last birthday)

Maximum Maturity Age 75 years (age last birthday)

Policy Term 10 years

Premium Paying Term 5 years

Premium Mode Yearly, Half-Yearly, Quarterly, Monthly

Minimum: Rs. 17,732

Annual Premium
Maximum: No limit, subject to Board approved underwriting policy

Minimum: Rs. 1,50,000 for ages up to 50 years (age last birthday)

Sum Assured Rs. 3,00,000 for ages 51 years and above (age last birthday)
Maximum: No limit, subject to Board approved underwriting policy

Shriram Life Assured Income Plus (Online) 3

 Maturity Benefit
Benefits under the Plan
In case of survival of the life assured up to the end of
the policy term, provided the policy is in force, sum
Death Benefit assured will be paid in five equal annual instalments
Death Benefit within PPT: In case of death of the life i.e. 20% of sum assured will be paid at the end of every
assured during the premium paying term, provided the year after maturity.
policy is in force, “Death Sum Assured” will be paid. A specimen example is given below to clarify the
Death Benefit after PPT: In case of death of the life benefits and timing of maturity benefit payments.
assured after premium paying term but before the Date of commencement: 1.7.2020
end of the policy term, provided the policy is in force, Date of maturity: 1.7.2030
“Death Sum Assured” will be paid. Sum Assured: Rs. 5,00,000
The death benefit shall be paid in lump sum to the If the Life Assured is alive on the date of maturity, the
nominee(s) or beneficiary(ies) and the policy will be maturity installments will be paid as mentioned in the
terminated after paying the death benefit. table below.
If the life assured dies any time after completion
of policy term but before the commencement of
installments, only the installments will continue to be Date of payment Amount of instalment
paid to the nominee(s) or beneficiary(ies). There is no
lump sum option. 1.7.2031 Rs. 1,00,000
Death Sum Assured is defined as the sum assured 1.7.2032 Rs. 1,00,000
payable on death which is highest of -
• 10 times Annualized Premium for ages up to 50 1.7.2033 Rs. 1,00,000
years and 7 times Annualized Premium for age 51 to
65 years. 1.7.2034 Rs. 1,00,000
• Sum assured
• 105% of All Premiums Paid till the date of death 1.7.2035 Rs. 1,00,000

Where,
If the life assured dies after commencement of the
Annualised Premium means the premium payable in instalments, the outstanding instalments will continue
a year chosen by the policyholder excluding the taxes, to be paid to the nominee(s) or beneficiary(ies). There
rider premiums, underwriting extra premiums and is no lump sum option.
loadings for modal premiums, if any.
Sum Assured is the sum assured chosen by the Additional protection through Riders
policyholder at inception of the policy
All Premiums Paid is the total of all premiums paid till You can opt any of the following Riders by paying
the date of death excluding any extra premiums, any additional premium. The riders can be opted at the
rider premiums, and taxes. inception of the policy.

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i) Accident Benefit Rider (UIN 128B001V03) iii) Shriram Extra Insurance Cover Rider
In case of death or total and permanent disability due (UIN 128B009V03)
to accident during the rider term, we will pay 100% In case of death of the life assured during the rider
of the rider sum assured. Also, if the life assured cover term, sum assured under rider will be paid to
becomes totally and permanently disabled in an the nominee(s) or beneficiary(ies).
accident, we will waive off all the future premiums
iv) Shriram Critical Illness Cover Rider
under the policy.
(UIN 128B010V03)
ii) Family Income Benefit Rider (UIN 128B002V03) If you are diagnosed to be suffering from any of the
In the event of accidental death or if the life assured 6 specified Critical Illnesses, we will pay 100% of the
becomes totally and permanently disabled due to rider Sum Assured on survival of 30 days following
an accident within the rider term, 1% of rider sum the date of first instance of confirmed diagnosis.
assured is payable every month immediately from Please refer the Rider Brochure for further details.
the end of month of accident for a guaranteed
period of 10 years or till the end of the rider term
whichever is higher

Sample Illustration

Mahesh is a 30 year old salaried employee. He wishes to invest money to receive an assured stream of income
which he can utilize for his 5 year old daughter’s higher education.
Mahesh takes Shriram Life Assured Income Plus for a sum assured of Rs. 5,00,000 and pays an annual premium of
Rs. 54,528 (+ taxes) for 5 years.
The following illustrations explain the 2 possible scenarios that can occur provided the policy is inforce –
1) If Mahesh survives till the end of the Policy Term (Maturity)

Pays Rs. 54,528 Will Receive Rs. 1 lakh

per annum for 5 years per annum for 5 years

Policy 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Year
Policy Policy
Starts Maturity

Mahesh’s Age 30 40 45

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If Mahesh survives till the end of the Policy term, he will receive Rs. 1,00,000 per annum at the end of the next 5
years after the Policy Term. This will help him pay for his daughter’s higher education. In case of his death anytime
during the Policy Term, the nominee(s)/beneficiary(ies) will get the Death Benefit* and the policy terminates.

2) If Mahesh dies during 2nd policy year (Death during the Policy Term)

Pays Rs. 54,528 p.a. for 2 years

Policy Year 0 1 2
Policy
Starts Death Sum Assured of Rs. 5,45,284 is
paid and the policy terminates

If Mahesh dies during 2nd policy year after paying just 2 annual premiums, the nominee(s)/beneficiary(ies) will get a
lump sum amount of Rs. 5,45,284 as Death Benefit* and the policy terminates.
*As mentioned in section “Benefits under the Plan”

Premium payment mode

Policyholder can pay premiums in yearly, half yearly, quarterly and monthly modes. Monthly mode will be allowed
under NACH only. Where the premiums are paid in other than yearly mode the annual premium will be multiplied by
the appropriate modal factor as shown below:

Mode Half Yearly Quarterly Monthly

Factor 0.5089 0.2567 0.0861

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 High Sum Assured rebates

For high sum assured policies, the following rebates will apply on tabular annual premium rates:

Rebate (in Rs) per Rs1000 Rebate (in Rs) per Rs1000
Sum Assured Band
SA for ages 8 to 50 years SA for ages 51 to 65 years

1,50,000 to 2,49,999 Nil Nil

2,50,000 to 3,99,999 0.50 Nil

4,00,000-9,99,999 1.00 1.00

10,00,000-24,99,999 2.00 2.00

25,00,000 – 49,99,999 3.00 3.00

50,00,000- 99,99,999 4.00 4.00

1 crore and above 5.00 5.00

Grace period

A grace period of 30 days is allowed for payment of after deducting the said unpaid premium.
premium for yearly, half yearly and quarterly modes If the premium remains unpaid at the expiry of the Grace
and 15 days for payment of monthly mode. If the death Period, the policy will lapse provided the policy doesn’t
of the life assured occurs within the grace period but acquire the paid up value. If the policy has acquired the
before the payment of premium then due, the life cover paid up value, the policy will not lapse but will continue
will be available and the death benefit shall be paid with the reduced paid up benefits.

Lapse

If at least two full years premiums have not been paid grace period, the policy will lapse and no benefits will
and the premium due is not paid before the end of the be payable under the policy.

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 Paid up Value

If the premium remains unpaid at the expiry of the Policy Term and the Paid up Sum Assured will be paid
grace period after first two years’ premiums have been upon survival in five equal annual instalments i.e. 20%
paid, the policy will continue up to the expiry of the of Paid up Sum Assured will be paid at the end of every
policy term or the death of the Life Assured, whichever year after maturity.
is earlier as a Paid up policy with paid up sum assured There is no lump sum option.
which is defined as below.
Paid up Death Sum Assured = (Total premiums paid /
Paid up Sum Assured = (Total Premiums paid/ Total Total premiums payable) x Death Sum Assured
Premiums payable) X Sum Assured
A paid up policy can also be surrendered any time
For a policy in Paid Up status, the Paid up Death Sum during the policy term.
Assured will be paid out in case of death during the

Revival of lapsed and paid up policies

A paid up/ lapsed policy can be revived with in a first unpaid premium to date of revival) together with
revival period of five years from the date of first unpaid interest at a rate equal to 9% p.a. The revival interest
premium as per Board approved underwriting policy rate shall be changed in future only after prior approval
by paying all outstanding Premiums (from date of from IRDAI.

Surrender Value

The policy will acquire a Surrender Value provided two Guaranteed Surrender Value (GSV)
full years’ premiums have been paid. On surrendering The guaranteed surrender value is expressed as a
the policy, the policyholder will receive Surrender percentage of total premiums paid (excluding any extra
Value, which is higher of Guaranteed Surrender Value
premium, any rider premium and taxes) as per the table
(GSV) and Special Surrender Value (SSV).
below:

Year 1 2 3 4 5 6 7 8 9 10
GSV (% of total
0% 30% 40% 50% 65% 80% 88% 96% 105% 114%
premiums paid)

Special Surrender Value (SSV)

Your policy is eligible for Special Surrender Value which depends on the actual experience of the company.

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 request or last necessary document if any whichever is
Loans
later, from the insured/claimant as stated above.
The maximum loan allowable is 85% of surrender value. Alterations
However, the policyholders are allowed to take lower Alteration of Premium Payment Frequency is allowed
amount of loan than the available loan if they desire. under this plan.
Any outstanding loan balance along with accrued Minor Lives
interest @9.5% pa compounding half yearly will be
The life assured whose age is less than 18 years (age
recovered from the policy proceeds before any benefit
last birthday) at date of commencement of policy shall
is paid on the policy. The paid up policy will terminate
be considered as minor. In case of minor lives assured,
without value if the outstanding loan along with accrued
the risk cover starts from the 1st policy anniversary. In
interest reaches the surrender value.
case of death of the minor life assured during the first
The company ensures that no in force/ fully paid up policy year, the total premiums paid will be refunded.
policy will be foreclosed due to non-repayment of loan.
On the date of attaining majority, the policy shall be
vested automatically in the name of the life assured.
Terms & Conditions Suicide Exclusion
In case of death due to suicide within 12 months from
Free Look Period the date of commencement of risk under the policy or
The policyholder has a period 30 days from the date from the date of revival of the policy, as applicable, the
of receipt of the policy document to review the terms nominee(s) or beneficiary(ies) of the policyholder shall
and conditions of the policy and where the insured be entitled to 80% of the total premiums paid till the
disagrees to any of those terms or conditions , he has date of death or the surrender value available as on the
the option to return the policy stating the reasons for date of death whichever is higher, provided the policy
his objection, when he shall be entitled to a refund is in force.
of the premium paid, subject only to a deduction of a Tax Benefits
proportionate risk premium for the period on cover and
Tax benefits may be available as per prevailing tax
the expenses incurred by the Company on medical
laws. Tax benefits are subject to changes according to
examination of the proposer, if any and stamp duty
the tax laws from time to time; please consult your tax
charges.
advisor for details.
A request received by the Company for free look
cancellation of the policy shall be processed and Taxes (GST)
premium shall be refunded within 15 days of receipt of Premiums are exclusive of taxes.
the request. All Premiums are subject to applicable taxes, cesses
For any delay, the Company shall pay penal interest at and levies which shall be paid by you along with the
a rate, which is 2% above bank rate from the date of Premium. If any additional Taxes/Cesses/Levies are

Shriram Life Assured Income Plus (Online) 9

imposed by any statutory or administrative body of this Provided that acceptance by an insurance agent
country under this Policy, we reserve the right to claim of commission in connection with a policy of life
the same from policyholder. insurance taken out by himself on his own life shall not
Nomination be deemed to be acceptance of a rebate of premium
within the meaning of this sub-section if at the time
The life assured, where he is the policyholder, can at
of such acceptance the insurance agent satisfies the
any time during the policy term make a nomination
prescribed conditions establishing that he is a bonafide
as per Section 39 of Insurance Act, 1938 as amended
insurance agent employed by the insurer.
from time to time to receive benefits in the event of his
death. Where the nominee is a minor, the policyholder Any person making default in complying with the
shall also appoint a person to receive the policy monies provisions of this section shall be liable for penalty
during the minority of the nominee. which may extend to ten lakh rupees.

Assignment Section 45 of the insurance Act, 1938 as amended

Assignment is transferring the title and rights of policy from time to time
absolutely or conditionally. Assignment of the policy (1) No policy of life insurance shall be called in question
may be made as per Section 38 of The Insurance Act, on any ground whatsoever after the expiry of three
1938 as amended form time to time by an endorsement years from the date of the policy, i.e. from the date of
upon the policy itself or by a separate instrument. issuance of the policy or the date of commencement
Fraud or misrepresentation of risk or the date of revival of the policy or the date
of the rider to the policy, whichever is later.
In case of fraud or misrepresentation, action shall be
initiated in accordance with Section 45 of the Insurance (2) A policy of life insurance may be called in question
Act, 1938 as amended from time to time. at any time within three years from the date of
issuance of the policy or the date of commencement
Important Sections of Insurance Act of risk or the date of revival of the policy or the date
Prohibition of Rebates - Section 41 of the Insurance of the rider to the policy, whichever is later, on the
Act, 1938 as amended from time to time ground of fraud.
No person shall allow, or offer to allow, either directly Provided that the insurer shall have to communicate
or indirectly as an inducement to any person to take in writing to the insured or the legal representatives
out or renew or continue an insurance in respect of or nominees or assignees of the insured the
any kind of risk relating to lives or property in India, any grounds and materials on which such decision is
rebate of the whole or part of the commission payable based.
or any rebate of the premium shown on the policy, nor
(3) Notwithstanding anything contained in sub-section
shall any person taking out or renewing or continuing
(2), no insurer shall repudiate a life insurance policy
a policy accept any rebate, except such rebate as
on the ground of fraud if the insured can prove that
may be allowed in accordance with the published
the mis-statement of or suppression of a material
prospectuses, or tables of the insurer.
fact was true to the best of his knowledge and

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 belief or that there was no deliberate intention or nominees or assignees of the insured the
to suppress the fact or that such mis-statement grounds and materials on which such decision to
of or suppression of a material fact are within the repudiate the policy of life insurance is based:
knowledge of the insurer: Provided further that in case of repudiation of the
Provided that in case of fraud, the onus of disproving policy on the ground of misstatement or suppression
lies upon the beneficiaries, in case the policyholder of a material fact, and not on the ground of fraud,
is not alive the premiums collected on the policy till the date
(4) A policy of life insurance may be called in question of repudiation shall be paid to the insured or the
at any time within three years from the date of legal representatives or nominees or assignees of
issuance of the policy or the date of commencement the insured within a period of ninety days from the
of risk or the date of revival of the policy or the date of such repudiation.
date of the rider to the policy, whichever is later, on (5) Nothing in this section shall prevent the insurer from
the ground that any statement of or suppression calling for proof of age at any time if he is entitled to
of a fact material to the expectancy of the life of do so, and no policy shall be deemed to be called in
the insured was incorrectly made in the proposal question merely because the terms of the policy are
or other document on the basis of which the policy adjusted on subsequent proof that the age of the
was issued or revived or rider issued: life insured was incorrectly stated in the proposal.
Provided that the insurer shall have to communicate
in writing to the insured or the legal representatives

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 About the Company
With a pan India presence with over 500+ offices, Shriram Life is your trusted partner for
prosperity. At Shriram Life we strive to provide our customers with elegant solutions tailored
to individual needs.

SHRIRAM LIFE INSURANCE COMPANY LIMITED

The Trade logo displayed above belongs to Shriram Value Services Limited (“SVS”)
and used by Shriram Life Insurance Company Limited under a license agreement.

For further assistance you can contact us in the following ways:

Visit your nearest branch office for details.List of Write to Shriram Life Insurance Company Limited,
our branches is available on our website Plot No. 31-32, 5th Floor, Ramky Selenium, Financial District,
www.shriramlife.com Gachibowli, Hyderabad, Telangana – 500032.
Call our toll free number : 1800 3000 6116 Phone : +91 40 23009400 (Board)
Mail us at [email protected] Fax : +91 40 23009456
Visit our website www.shriramlife.com
ARN – SLIC/BROC/Nov 2019/70

IRDAI Regn No. 128

CIN: U66010TG2005PLC045616

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS

IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums.
Public receiving such phone calls are requested to lodge a police complaint.

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