Key highlights:
Shriram Life launches non-linked non participating plan with assured returns.
Suitable for Salaried, Businessmen and Self-employed Class looking for Assured returns with Tax benefits.
Pay premiums only for five years and receive the benefits in five equal annual installments after maturity.
Shriram life, 6th largest private life insurer has begun the New Year with launch of a non linked non participating endowment assurance plan – Assured Income Plus. Assured Income plus caters the needs of the clients who want to pay premiums only for five years and receive the benefits in five equal annual installments after maturity.
Assured Income Plus offers life cover of minimum 10 times the annualized premium for age up to 50 years and minimum 7 times the annualized premium for ages 51 years and above.
Key Features of Assured Income Plus:
Plan Eligibility-
· Min. age at entry – 8 years age last birthday
· Max. age at entry – 60 years age last birthday
· Max. maturity age- 70 years age last birthday
Death Benefit-
· In case of death of the life assured during the premium paying term, provided the policy is in force, death sum assured will be paid in lump sum to the nominee(s)/ legal heir(s) of the Life assured and the policy will be terminated.
· In case of death of the life assured after premium paying term but before the end of the policy term, if the policy is in force, death sum assured will be paid in lump sum to the nominee(s)/ legal heir(s) of the Life assured and the policy will be terminated.
· If the life assured dies any time after completion of policy term but before the commencement of installments, the installments only will paid to the nominee.
Maturity
Benefit-
In case of survival of the life assured up to the end of the policy term and all the premiums have been paid, sum assured will be paid in five equal annual installments i.e. 20% of sum assured will be paid at the end of every year after maturity.
Tax Benefit-
Available as per provisions of the Income Tax Act.
Mr. Manoj Jain, Managing Director, Shriram Life Insurance, said: “At Shriram Life, we constantly look to provide products that cater need of customers. The launch of Assured Income Plus shall offer investment opportunity with limited premium paying option with Life Insurance cover.” He also said that, “Shriram Life Assured Income Plus offers assured benefits and solutions to the businessmen, self employed individual with volatile income looking for short term premium paying option for assured returns in addition to life cover”.
The new product has been launched with the intent to provide customers peace of mind and financial reassurance against life’s uncertainties and help them to achieve long terms goal with investments done in shorter period of time.
In last 10 years, the company has developed its distribution network across the country with 528 branches PAN India which has helped Shriram Life to achieve yearly growth of 60% on number of policies sold as of financial year to December 2015, when compared to similar period in fiscal 2014-15.
“Current fiscal has been good, against industry growth of 17% on New Business Premium; Shriram Life has achieved growth of 37% from April 15 till Dec 15. Against industry growth of 3.5%, Shriram life is growing at a rate of 60% on Number of Policies. In Group Business also, Shriram Life has shown impressive growth of 78% as against Industry growth of 38%.” said Mr. Cassie Kromhout, CEO and MD, Shriram Life Insurance.
Shriram Life’s operational efficiency, which reflects in its frugal management, has a significant contribution to the profitability of the company. The company has taken many cost-saving measures to contain its operating expenses. The company also has a healthy return on net worth gaining profit on the invested equity. Safeguarding policyholder’s money, Shriram Life has always maintained a healthy solvency ratio much higher than requirement norms of 1.5.
Focus of the need of Aam Aadmi segment – which is larger segment of society, has been an effective sales strategy for the company. Shriram Life is perhaps, the only Life Insurance Company to be profitable since the first year of its operation in India. Through Assured Income Plus, Shriram Life wants to build customer base in middle class segment of the society as well.
The unwavering efforts of company in bringing constant development of Life Insurance, particularly to Rural and Social Sector, has also been acknowledged by being conferred the prestigious Indian Insurance Award for Best Insurance Company for Non-Urban Coverage – Life Insurance, earlier last year by Finetelekt, SP Media Pvt. Ltd. Shriram Life Insurance Company Ltd. also bagged awards at ABP NEWS – Banking; Financial Services & Insurance Awards for ‘Best Life Insurance Company’ in the Insurance Sector and won prestigious MMA award for Management Excellence in Services Sector.
