Shriram Life Insurance has introduced the Shriram Life Premier Assured Benefit plan. The plan is designed to assist people aged 30 days to 50 years in meeting their recurring needs and achieving their key financial goals in life. This is a non-participating life insurance savings plan with appealing guaranteed returns.
The strategy includes alternatives for income and settlement payouts. The plan’s distinguishing feature is the ‘Life Plus’ coverage, which provides survival benefits to the family even after the life assured’s death. These advantages are in addition to the Death Sum Assured. If the life assured dies during the premium paying term, this signature cover pays selected pay-out benefits without imposing any premium payment burden on the beneficiaries.
Speaking at the launch of the Premier Assured Benefit plan, Casparus Kromhout, MD & CEO of Shriram Life Insurance said, “We are thrilled to add this one-of-a-kind Guaranteed Savings Insurance Plan to our ever-expanding product bouquet. This new plan offers tax-free benefits and assists employees, professionals, business persons and entrepreneurs in achieving their long-term objectives with guaranteed and attractive returns. Given the true purpose of life insurance, this plan provides Life Plus coverage for the entire duration of the policy and ensures the insured family’s financial security even after unexpected and unfortunate events.”
Policyholders can receive compensation in one of three ways: income, lump sum settlement, or instalment settlement. They address a wide range of consumer demands, including steady income flow to meet recurring financial needs, achieving big long-term goals, and ensuring that loved ones realise their planned goals even when they are not there.
To suit changing life circumstances, the plan allows you to change the eligible payment options at any time. Customers who want to save a big quantity of money for major financial goals in their lives, such as starting a business or purchasing a dream home, as well as saving for financial stability or hedging their investments, can use the settlement alternatives.
The premium prices for both Life Cover alternatives – Life & Life Plus – have been kept the same in order to make decision-making straightforward and need-based. In the event of the policyholder’s untimely death during the policy term, the Death Benefit is paid to the beneficiaries or nominees, along with any Rider benefits selected as part of the Life cover option.
Premier Assured Benefit has a starting premium of INR 60000, a payment term of 6 years, and a policy term of 10 years. The policy is also offered with a single premium and through PoS channels. Policyholders can use the lending facility at 9 per cent interest per year for a maximum amount of up to 80 per cent of the surrender value. Tax benefit, as applicable under extant laws is available.
The Premier Assured Benefit Plan is expected to be a best-seller among consumers because it is a very flexible insurance with three benefit payment options and two life cover options.