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Shriram Fortune Builder Plan

What is the Plan all About?

Shriram Fortune Builder is a single premium unit linked insurance plan and is best for individuals who do not want to pay premiums each year on its due date. Under this plan, you need to pay premium as a lump sum only once and enjoy benefits throughout the policy term. This plan helps meet financial goals along with life insurance coverage.

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What are the Key Features?

  • 6 different investment fund options
  • Single premium pay term
  • Get fund value as maturity benefit
  • Financial protection for family
  • Invest surplus funds through top-up premium facility
  • Access cash through partial withdrawals
  • Avail switching facility
  • Continue investment growth through settlement option
  • Transparency helps track your investment
  • Enjoy tax benefits

What are the Fund Investment Options?

This policy offers following 6 investment funds and you have the option to invest in any one or combination of fund options.

  • Preserver fund
  • Defender Fund
  • Balancer Fund
  • Maximus Fund
  • Accelerator Fund
  • Tyaseer Fund

You can also opt for Auto Transfer Option (ATO) that helps lessen equity related investment risk. It allows premiums to be invested in Preserver Fund (low risk) and then transfer the money into the chosen investment portfolio. You can choose 6 or 12 months Auto Transfer Option to invest regular premiums, without any charge levied.

What are the Plan Benefits?

Death Benefit

    In the event of death of the life insured during the policy term, the Higher of Sum Assured plus value of the units (as on the date of death) is payable to the nominee and the policy will then terminate. If the policy is in discontinuance state, the discontinued fund value subject to a minimum guaranteed interest as stipulated by IRDAI is payable to the nominee/beneficiary.

    Here Sum Assured is sum of basic sum assured plus additional sum assured (if any).

    Sum Assured payable on Death is reduced to the extent of Partial Withdrawals made during the last two years prior the date of death. On attaining 60 years, Sum Assured is reduced to the extent of Partial Withdrawals made during the 2 years prior attaining 60 years. After 60 years of the life insured, Sum Assured is reduced to the extent of Partial Withdrawals made after attaining 60 years.

Maturity Benefit

    On survival of the life insured till the end of the policy term, the Fund Value including top-up fund value is payable.

Settlement Option

    On maturity, you can opt to withdraw the whole or part of any number of units any time not exceeding 5 installments, during a period of 5 years from the date of maturity. On death during this period, only the fund value is payable.

Switching

    You can switch among 6 fund options to suit your changing investment needs.

Partial Withdrawal

    Partial Withdrawal Facility is available after completion of five policy years (in case of minor lives, life assured attains 18 years). The minimum partial withdrawal amount is Rs 10,000. The minimum fund value required after such withdrawal should be at least Rs 10,000 plus top-up premiums paid, prior 5 years from the date of withdrawal.

Top-up Premium

    Top-up Premium is an additional premium paid by the policyholder, apart from the basic premiums as specified under the policy. Facility for Top-up Premium is available through the entire policy term, except last 5 years. At any time, the total top-up premium should not exceed the total of premiums paid. Top-up Premium has 125% of the Top-up Sum Assured.

Alterations

    Alterations allowed are reduction of sum assured and addition of riders during the term of the policy. After reduction of sum assured, it is not allowed to increase the sum assured. Sum assured can be reduced to a certain minimum sum assured limit as applicable under the plan. The basic premium also cannot be altered. Addition of riders (if any) is allowed, when a minor life attains majority during the policy term. This option is allowed on receipt of a written request from the policyholder.

Bonus

    This plan is not eligible for the bonuses.

Loan Benefit

    No loan benefit can be availed under this plan.

Surrender Value

    Upon surrendering the policy with-in the lock-in period of 5 years, the unit fund value less applicable discontinuance charges is credited to the ‘Discontinued Policy Fund’ and it is refunded upon completion of the lock-in period. Fund management charge of 0.5% per annum is levied on the discontinued policy fund. The proceeds after addition of interest subject to minimum guaranteed interest rate is payable after the end of the lock-in period.

    Upon surrendering the policy after the lock-in period of 5 years, the unit fund value as on the date of surrender is payable immediately.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 0 Year 65 Years
Age at Maturity - 75 Years
Policy Tenure 10/15 Years 20 Years
Premium Paying Term (PPT) Single Pay -
Premium Paying Mode Single -
Premium Amount Rs 25,000 No Limit
Sum Assured For Age At Entry Below 45 Years: 1.25 Times The Single Premium For Age At Entry 45 Years & Above: 1.10 Times The Single Premium No Limit (subject To Underwriting)
Freelook Period 15 Days From The Receipt Of The Policy -
Grace Period Nil -
Plan Type Offline -

Is any Rider Available with this Plan?

No rider is available under this plan.

What are the Plan Charges?

Premium Allocation Charges (PAC): Premium Allocation Charge is 5% of the single premium.

Policy Administration Charge: Policy administration charge is 1.25% p.a on the single premium and top-up premiums paid. This charge is applicable during first five policy years. This charge is deducted monthly by cancelling units from the fund value.

Mortality Charges: Mortality charge is based on per annum per 1000 Sum at Risk. It is deducted at the beginning of each month by cancelling number of units.

Fund Management Charges (FMC): Fund management charge levied is a percentage of the Fund Value. It is 1.35% p.a for Balancer Fund, Maximus Fund, Accelerator Fund & Tyaseer Fund, 1.25% p.a for Preserver Fund & Defender Fund, 0.50% p.a for Discontinued Policy Fund.

Discontinuance Charge: This charge is levied, in case the policy is discontinued during the first 4 policy years. This charge is levied as applicable under the policy terms & conditions. For more details, please refer the policy brochure.

Switching Charge: You can avail 2 free switches during a policy year. A charge of Rs 100 is levied per switch when opted for more than 2 switches in the same policy year.

Partial Withdrawal: Rs 100 is levied for each partial withdrawal.

Alteration Charge: An alteration fee of Rs 200 for reduction in sum assured/addition of riders is levied by cancelling the number of units.

Service Tax Charges: Service tax as per regulations are levied on all applicable charges.

Is the Plan, eligible for Tax Benefit?

Tax benefits can be availed under section 80C & 10(10D) under the Income Tax Act, subject to change in tax laws.

How the Plan Works?

Mr. Raman aged 35 years, is leading a happy life with his wife ananya and a daughter sanya. He wants to build a corpus amount, so his family can achieve their dreams such as sanya’s education, her marriage, etc. He also wants to ensure financial security of the family, in case of a mishap. He thus opts for Shriram Fortune Builder with the policy term of 10 years, single premium payment of Rs 1,00,000 with the sum assured of Rs 1,25,000.

Scenario A- Maturity Benefit: In case of his survival till maturity of the policy, the Fund Value including top-up fund value is payable. On maturity, you also have the option to withdraw the whole or part of any number of units any time not exceeding five installments, during a period of 5 years from the date of maturity.

Scenario B- Death Benefit: In the event of his death during the policy term, the Higher of Sum Assured plus value of the units (as on the date of death) is payable to the nominee.