Shriram Life Insurance launches 'Premier Assured Benefit' plan: Check features and key details

Shriram Life Insurance has launched a new plan called 'Shriram Life Premier Assured Benefit'. The plan is aimed at helping individuals aged 30 days to 50 years meet their recurring needs and achieve their major financial goals in life, the company said in a statement.

This is a non-participating life insurance savings plan that offers guaranteed returns, it said.

The plan comes with Income and Settlement payout options. The unique feature of the plan lies with the ‘Life Plus’ coverage, wherein survival benefits are paid to the family as scheduled even after the life assured’s death. These benefits are paid over and above the death sum assured. This signature cover provides selected pay out benefits without any burden of premium payment on the beneficiaries if the life assured dies during the premium paying term.

Speaking at the launch of the Premier Assured Benefit plan, Casparus Kromhout, MD & CEO of Shriram Life Insurance said, “This new plan offers tax-free benefits and assists employees, professionals, business persons and entrepreneurs in achieving their long-term objectives with guaranteed and attractive returns. Given the true purpose of life insurance, this plan provides Life Plus coverage for the entire duration of the policy and ensures the insured family's financial security even after unexpected and unfortunate events.”

The policyholders can receive payouts in one of three ways: income, settlement in a lump sum, or settlement in instalments.

They cover a wide range of customers’ needs such as consistent cash flow to meet various recurring financial needs, fulfilling major long-term goals and for those who want their loved ones to achieve their planned goals even in their absence.

To accommodate the ever-changing life needs, the plan also offers the flexibility to switch the applicable payout options anytime as needed. Customers who want to save a large sum of money for major financial goals in life, such as starting a business or purchasing a dream home or saving for financial security or hedging their investments can choose the settlement options, Shriram Life Insurance said.

For the decision-making to be simple and need-based, the premium rates have been kept the same for both the life cover options - Life and Life Plus. In the event of the policyholder's untimely death during the policy term, the death benefit is paid to the beneficiaries or nominees with the opted rider benefits, if any as per the life cover option chosen, the company stated.

Premier Assured Benefit starts with a minimum premium of Rs 60,000 -  a minimum payment term of 6 years and a minimum policy term of 10 years. The policy is also available with a Single premium and under PoS channels.

Policyholders can avail of the loan facility with 9 percent interest per annum for a maximum loan of up to 80 percent of the surrender value. Tax benefit, as applicable under extant laws is available.