Shriram Ujjwal Life (SP) Plan

• Pay premium only once
• 6 varied fund options to invest
• Market Linked Returns plus Life Cover
• Get fund value as maturity benefit
• Option for top-up premium
• Liquidity through partial withdrawal & surrender benefit
• Facility to switch between funds
• Enjoy transparency of your invested amount
• Avail tax benefits

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

Death Benefit

In the event of death of the life insured during the policy term, Sum Assured plus value of the units plus top up sum assured along with top up fund value is payable to the nominee. 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.

Maturity Benefit

On survival of the life insured till the end of the policy term, Unit Fund Value plus 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.

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. The minimum partial withdrawal amount is Rs 10,000. The minimum fund value required after such withdrawal should be at least Rs 10,000.

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. For age at entry below 45 years, sum assured can be reduced up to 125% of the single premium and for age at entry 45 years & above, sum assured can be reduced up to 110% of the single premium. The basic premium also cannot be altered.

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 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.

No rider is available under this plan.

Premium Allocation Charges (PAC): This charge is charged at the beginning of the year. Premium Allocation Charge is 5% of the single premium.

Policy Administration Charge: Policy administration charge is Rs 30 per month during the first 3 policy year and further, it is increased by 6% per annum from 4^th policy year onwards. This charge is levied throughout the policy term till maturity, death, surrender, or discontinuance of the policy, whichever occurs earlier.

Mortality Charges: Mortality charge is levied on sum assured and it is deducted at the beginning of each month by cancelling appropriate number of units . 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.

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

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 Ujjwal Life (SP) 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, Unit Fund Value plus 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 value of the units plus top up sum assured along with top up fund value is payable to the nominee.