Shriram Life Insurance is a joint venture of the Shriram Group of India and SANLAM of South Africa. The group offers several policies catering to various needs of the policy holders. Along with life insurance, distinct policies cover subjects like child education, retirement funds, marriage of children, expectation of high returns etc.
Shrlife combines security and savings. Premium is payable at regular intervals and life cover is available throughout the policy term. Sum assured along with vested bonuses is paid when the policy comes to an end. The premium paying frequency is yearly, half yearly or quarterly.
This is a Regular payment unit linked plan. Maturity benefit can be availed on surviving upto the end of the term. No cover is extended after the policy term. However, settlement options are available to the policy holder. This is a medium risk investment and objective of the fund is to generate income with reasonable growth.
This is a savings product offering liquidity along with life cover. The policy term is always a multiple of three years. The guaranteed surrender value under the policy is equal to 30% of the total amount of premium paid excluding the premium for the first year. The basic plan comes with several additional benefits too.
This plan combines security with savings. Benefit payable to any policyholder during the policy term is two times the sum assured along with accrued bonuses. Sum assured is paid when the policy comes to an end. Simple reversionary bonus accrues during the premium paying term.
It provides security for the child’s education. Life cover is available throughout the policy term. Sum Assured and vested bonuses are paid at the maturity of the policy. The policy holder gets a grace of one month for paying premiums. If premium is not paid before the end of the grace period, the policy lapses. However, it can be revived.
This is a premium unit linked plan which makes large savings to meet specific needs of individuals. It provides security for child’s education. Each year, units in the chosen unit fund are allotted, and defined charges are deducted by cancellation of units each year till the policy becomes a claim.
This is an opportunity to make large savings to meet specific needs like marriage, retirement funds etc. Out of the single contribution made at the time of commencement of the policy, the units in the chosen unit fund are allotted. However, every year, the defined charges are deducted.
The premium is payable only once but life cover is available. On death during the policy term, twice the sum Assured along with vested bonuses is paid. On survival up to the end of the policy term, sum assured along with vested bonuses is paid.
This plan provides financial support at the time of marriage of one’s children. On death during the policy term, sum Assured and vested bonuses are paid while 1% of the sum assured is payable monthly till maturity. On survival up to the end of the policy term, sum assured and vested bonuses are paid.