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Shriram Ujjwal Life Plan

What is the Plan all About?

Shriram Ujjwal Life is a regular premium unit linked plan specially designed to meet your financial goals such as children’s education/marriage, planning post-retirement life, etc. This plan also provides financial security for your family, in case something unfortunate happen to you.


What are the Key Features?

  • High allocation and low premium
  • 6 varied investment fund options
  • Auto Transfer Option to lessen investment risk
  • Financial protection for family
  • Maturity benefit as a lump sum or installments
  • Top-up premium facility available
  • Facility to switch between funds
  • Partial withdrawals to access cash
  • Alteration in sum assured allowed
  • Get 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 a new investment strategy- Auto Transfer Option (ATO) that helps lessen equity related investment risk. It allows premiums to be invested in Preserver Fund (low risk) and steadily transfer the money into chosen investment portfolio. You can choose 6 or 12 months Auto Transfer Option to invest regular premiums. Upon exercising ATO, one cannot switch from the existing funds to the preserver.

What are the Plan Benefits?

Death Benefit

    In the event of death of the life insured during the policy term, Sum Assured plus fund value plus top up sum assured along with top up fund value is payable to the nominee. The death benefit should be at least 105% of all the premiums paid.

    In the event of death of the life insured of a discontinued policy, the discontinued fund value subject to a minimum guaranteed interest as stipulated by IRDAI as on the date of death is payable to the nominee/beneficiary.

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 five installments, during a period of 5 years from the date of maturity.


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

Partial Withdrawal

    Partial Withdrawal is allowed after completion of five policy years and all premiums for the first five policy years have been paid. The minimum partial withdrawal amount is Rs 10,000. The minimum value required post such withdrawal should be equal to five annualized premiums.

Top-up Premium

    Top-up Premium is an additional premium paid by the policyholder, apart from the regular basic premiums. Facility for Top-up Premium is available through the entire policy term, except last 5 years. The minimum Top-up premium allowed is Rs 5,000. 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 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. For age at entry below 45 years, sum assured can be reduced to 10 times the annual premium and for age at entry 45 years & above, sum assured can be reduced to 7 times the annual premium. The basic premium also cannot be altered.


    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 fund value, including top-up 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 Fund Value including top-up fund value as on the date of surrender is payable immediately.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 7 Years 65 Years
Age at Maturity - 75 Years
Policy Tenure 10 Years (fixed) -
Premium Paying Term (PPT) Equal To Policy Tenure -
Premium Paying Mode Annually Only -
Annual Premium Amount Rs 30,000 -
Sum Assured For Age At Entry Below 45 Years: 10 Times Of Annualized Premium For Age At Entry 45 Years & Above: 7 Times Of Annualized Premium No Limit (subject To Underwriting)
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days (15 Days For Monthly Mode) -
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): This charge is deducted from the premium paid. PAC is 9%/6%/5% of the basic annual premium for the year 1/years 2 to 5/year 6 onwards, respectively. A premium allocation charge of 2% of top-up premium is deducted and then the balance amount is allocated to units.

Policy Administration Charge: Policy administration charge is Rs 15/Rs 10/Rs 60 for the year 1/years 2 to 5/year 6, respectively. An inflation of 6% is levied from 7th policy year onwards.

Mortality Charges: Mortality charge is levied on sum assured and it is deducted at the beginning of each month. For top up, mortality charges are levied on top up sum assured.

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 wants to build a corpus amount, so his family can achieve their dreams. He also wants to ensure financial security of the family, in case of a mishap. He thus opts for Shriram Ujjwal Life with the policy term of 10 years, annual premium payment of Rs 50,000 with the sum assured of Rs 5 Lacs.

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, Sum Assured plus fund value plus top up sum assured along with top up fund value is payable to the nominee.