Shriram Life Premier Assured Benefit has been launched by Shriram Life Insurance. According to a statement from the corporation, the scheme is meant to assist people between the ages of 30 days and 50 years in meeting their ongoing financial obligations.
This is a non-participating life insurance savings plan that offers guaranteed returns.
The plan offers possibilities for income and settlement payouts. The "Life Plus" coverage, which is the plan's distinguishing characteristic, pays out survival benefits to the family as scheduled even after the life assured dies. These benefits are paid in addition to the death benefit guaranteed. If the life assured dies during the premium-paying term, this signature cover offers specific pay out benefits without placing any premium payment burden on the beneficiaries.
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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.”
They address a wide range of consumer needs, including ensuring steady cash flow to meet various recurring financial needs, realising significant long-term objectives, and helping people who want their loved ones to accomplish their intended objectives even when they are not there.
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.
Life and Life Plus’ premium rates have been kept the same for both the life cover options for the decision-making to be simple. The death benefit is given to the beneficiaries or nominees together with any selected rider benefits, as per the life cover option selected, in the case of the policyholder's untimely death within the policy term, according to the firm.
With a minimum premium of Rs. 60,000, a minimum payment period of 6 years, and a minimum policy term of 10 years, Premier Assured Benefit is available. The policy is also offered through PoS channels and with a single premium.
Policyholders may borrow up to 80% of the surrender value at a maximum interest rate of 9% per year through the loan facility. There is a tax benefit possible in accordance with current laws.
