The ShriLaabh of Shri Life Insurance is a life insurance plan. It is a combination of security and savings. This policy gives life cover for the entire policy term with only one single premium. The premium is to be paid once ad the whole amount is to be paid.
The eligibility criteria of ShriLaabh are as follows:
- The minimum age of entry of the policy is 12 years as on the last birthday.
- The maximum age of entry of the policy is 65 years as on the last birthday.
- The maximum age of maturity for the policy is 75 years as on the last birthday.
- The minimum policy term is 5 years.
- The maximum policy term is 25 years.
- The minimum sum assured of the policy is Rs 20000/-.
The benefits of ShriLaabh are as follows:
- Under this policy up to 90% of the surrender value of the policy the loan is available. The rate of interest will depends up on the company which is to be charged on the loan amount at specific time. The policy holder gets the options to select the riders attached to the policy.
- In case of the death of the policy holder due to any accident or any unfortunate event or if the life assured is becoming permanently or partly disabled the sum assured under the rider will be paid to the beneficiary.
- The benefits received from the insurance policy are exempt from the income tax under sec 10D of the income tax act 1961.
The policy has certain exclusions and those are:
- Intentional self injury, attempted suicide, insanity, immorality or while the life assured is under the influence of alcohol, drugs or narcotics.
- Injuries caused by riots, civil commotion, rebellion, war invasion, hunting, mountaineering, steeple chasing or racing of any kind.
- An accident while the life assured is engaged in aviation or aeronautics other than as a fare paying passenger.
- The life assured committing any violation of law.