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Shriram Life Wealth Plus Plan

What is the Plan all About?

Shriram Life Wealth Plus is a unit linked insurance plan that helps maximize your investments and also ensures financial protection for your loved ones. This plan provides both ‘Savings and Financial protection’, so just invest and live a worry-free life.

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What are the Key Features?

  • 6 varied fund options
  • Auto Transfer Option to lessen equity risk
  • Partial withdrawals from 6th policy year onwards
  • Short premium paying term option
  • Flexible policy term
  • Top-up premium option to invest surplus fund
  • Maturity benefits in a lump sum or installments
  • Switching between funds
  • 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. The facility for Auto Transfer Option is available without any charge levied. 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, the Death Benefit payable is Basic Sum Assured plus value of the units plus top up sum assured plus top up fund value is payable to the nominee. The total Death Benefit is at least 105% of the total premiums paid.

    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, 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. Fund switching and partial withdrawals are not allowed during the settlement period.

Switching

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

Partial Withdrawal

    Partial Withdrawal Facility is available after completion of the fifth policy anniversary and all the premiums have been paid for the first 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 equal to five annualized premiums.

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. The lump sum amount of a top-up premium should be at least 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

    Alterations allowed are reduction of sum assured and addition of riders during the term of the policy. For age at entry below 45 years, sum assured can be reduced up to a maximum of (10 * Annualized Premium or 0.5 * Annualized Premium * Policy Term). For age at entry 45 years & above, sum assured can be reduced up to a maximum of (7 * Annualized Premium or 0.25 * Annualized Premium * Policy Term).

    After reduction of sum assured, it is not allowed to increase the sum assured. The basic premium also cannot be altered. Addition of riders (if any) is allowed, when a minor life attains majority during the policy term.

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 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 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 10/15 Years 25 Years
Premium Paying Term (PPT) Regular -
Premium Paying Mode Annually, Semi Annually, Quarterly & Monthly -
Premium Amount Rs 12,000 No Limit
Basic Sum Assured Rs 50,000 No Limit (subject To Underwriting)
Freelook Period 15 Days 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): Premium Allocation Charge is 7.5%/5%/3.5% of the annualized premium for the 1st year/2nd to 10th year/11th year onwards, respectively. A premium allocation charge of 2% of top-up premium is levied and the balance amount is allocated to units.

Policy Administration Charge: Policy administration charge is Rs 10 per month from 1st to 5th policy year, Rs 20 per month during 6th year and inflation of 4% from 7th policy year onwards.

Mortality Charges: Mortality mortality charge is levied on the basic sum assured. In case of top-up, level mortality charges are levied on top-up sum assured. It is deducted at the beginning of each month by cancelling the appropriate number of units from the unit account.

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 appropriate 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 Life Wealth Plus with the policy term of 10 years with annual premium payment of Rs 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 Death Benefit payable is Basic Sum Assured plus value of the units plus top up sum assured plus top up fund value is payable to the nominee.