The Shri Vishram is a unique plan. This plan gives the opportunity to make tax free savings for the future needs of the life. Besides, this plan also gives adequate insurance cover.
The details of Shri Vishram are as follows:
- The minimum and the maximum age of entry of the policy is 12 years and 65 years as on the last birthday.
- The minimum annualized premium is Rs 12000/-.
- The duration of the plan is 5 to 40 years.
- The maximum maturity age of the plan is 70 years.
- The minimum sum assured of the policy is 0.5*t*Annual Premium or Rs.60, 000/- whichever is higher, where t is the policy term.
- The maximum sum assured of the policy is subject to be underwriting considerations.
- The premium paying frequencies of the plan are yearly, half yearly and quarterly.
- The tax benefits of the policy are under Section 80 c of the Income Tax Act, 1961, Under Section 10(10D) of the Income Tax Act, 1961.
- Four Investment Fund options available under this policy are Conservator, Guardian, Maximus and
- Option to choose a fixed percentage of any of the above funds is also available under this policy.
- The customer has the facility to pay additional premiums to increase unit value.
- Partial withdrawals of units are allowed after three years has elapsed.
The benefits of Shriv Vishram are as follows:
On the death of the policy holder the sum assured or the value of the units whichever is higher will be paid to the nominee. The nominee has the option to utilize the amount to purchase annuity from Shriram Life Insurance Company.
On survival till the end of the policy term the value of the unit to the credit will be paid to the policy holder. The policy holder can utilize the money to purchase annuity from Shriram Life Insurance Company.