The Shri Life Plus is a unit linked product. This plan allows large savings to meet the future requirements of life like education, marriage, retirement etc. under this policy the investment risk is to be borne by the policy holder under the investment portfolio.
The details of Shri Life Plus are as follows:
- The minimum age of entry for the policy is 7 years as on the last birthday.
- The maximum age of entry for the policy is 60 years as on the last birthday. If the life assured is a minor the date of commencement of the policy will be taken in to consideration.
- The minimum annualized premium is Rs 10000/-.
- The premium paying period is 5 to 25 years.
- The duration of the plan is 5 to 25 years.
- The minimum sum assured of the policy is 0.5*t*Annualized Premium or 5*Annualized Premium, whichever is higher, where t is the policy term.
- The maximum sum assured is the subject to under writing considerations.
- The premium paying frequency of the policy is Yearly, Half yearly or Quarterly.
- The minimum premiums to be paid are Yearly Mode: Rs.10, 000, Half Yearly Mode: Rs.6, 000 and Quarterly Mode: Rs.3, 000.
- The policy comes under tax benefits of Sec 80(C) and Sec 10 (10 D) of the Income Tax Act, 1961 as applicable from time to time.
- The unique features of the policy are unique investment fund and the life cover is constant throughout the term.
The benefits of Shri Life Plus are as follows:
On the unfortunate death of the policy holder the sum assured along with the value of the unit in the life insured’s account will be paid to the nominee.
On survival till the completion of the policy term the value of the units to the credit will be paid to the policy holder. The cover will not be extended till the policy term.