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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.
Get QuotesThis policy offers following 6 investment funds and you have the option to invest in any one or combination of fund options.
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.
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.
On survival of the life insured till the end of the policy term, the Fund Value including top-up fund value is payable.
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.
You can switch among 6 fund options to suit your changing investment needs.
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 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 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.
This plan is not eligible for the bonuses.
No loan benefit can be availed under this plan.
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.
| 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 | - |
No rider is available under this plan.
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.
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 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.
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