Shriram Life Insurance:Top product of Shriram Life Insurance is: Shri Life Wealth Plus Money Back ShriramUjjwal Life SPSHRI LIFE:SHRI LIFE is a participating life insurance plan that combines security and savings. The premium ispayable at regular intervals during the term of the policy. Life cover will be available throughout thepolicy term.Benefits: Event Maturity/ death benefits payableOn death during the policy term Sum assured along with vested bonuses will be paid and the policy comes to an endOn survival up to the end of policy term Sum assured along with vested bonuses will be paidBonus Simple reversionary bonus will accrue during the policy termEligibility: Condition LimitMinimum age at entry 12 yearsMaximum age at entry 65 yearsMaximum age at maturity 75 yearsMinimum policy term 7 yearsMaximum policy term 25 yearsMinimum sum assured Rs. 50,000Note: policy can be taken for a sum assured based on a fixed premium subject to a minimum sumassured of Rs.50, 000/‐ for appropriate age and term.Age:Age is determined by the last birthday i.e., the completed number of years. A standard age proof willhave to be submitted along with the proposal.Payment of the Premium:Premiums can be paid yearly, half‐yearly or quarterly. Rebates for different modes of payment ofpremiums are as under:
Yearly 1.5% of the tabular premium as rebate.Half‐Yearly 0.75% of the tabular premium as rebate.Sum Assured Rebates: Sum Assured RebateBelow Rs. 1,00,000/‐ NilRs. 1,00,000 to Rs. 1,99,000 Rs. 1 per thousandRs. 2,00,000 to 2,99,000 Rs. 2 per thousandRs. 3,00,000 and above Rs. 3 per thousandGrace Period:A grace period of one month but not less than 30 days will be available for the payment of yearly,half yearly and quarterly premiums.REVIVAL:If a premium due is not paid before the end of the grace period, the policy lapses. The policyholdercan revive his policy by paying the arrears of premium together with interest within a period of fiveyears from the date of first unpaid premium subject to submission of evidence of good health andthe continued insurability of the life assured to the satisfaction of the company. The rate of interestcharged by the company will be determined from time to time.PAID UP VALUE:If the payment of premium is discontinued after a minimum of three years, premiums are paid andthree years have elapsed from the date of commencement of policy, the policy will not fully lapsebut will acquire a paid up value and the life insurance protection will continue to the extent of thepaid up value until the end of the policy term. The paid‐up value will be equal to the sum assuredmultiplied by the amount of premiums paid, divided by the total amount of premium payable duringthe policy term. A policy that becomes paid up will not participate in future profits, but any bonusesalready vested will be added in full to the paid up value determined as above. The paid up valuetogether with the bonuses already vested shall be paid at the end of the policy term or death of thelife assured whichever is earlier.EXCLUSION:If the life assured commits suicide for any reason, whether sane or insane within one year from thedate of acceptance of the policy, no benefits shall become payable under this policy. Hazardousoccupations such as steeple chasing, sea diving, mountaineering, hunting and racing of any kind areexcluded.SURRENDER VALUE:The guaranteed surrender value under the policy will be equal to 30% of the total amount ofpremium paid excluding the premium for the first year, provided a minimum of three yearspremiums are paid and three years have elapsed from the date of commencement of the policy. Thepolicy will not have any surrender value after the policy term.
LOAN:Loan will be available up to 90% of the surrender value of policy. The company will determine therate of interest to be charged on such loan amount from time to time.INCOME TAX BENEFITS:The premiums paid under this policy will be eligible for deduction as per sec. 80 C of the Income TaxAct, 1961. Benefits received from the life insurance policy are exempt from Income Tax under Sec 10(10 D) of the Income Tax Act, 1961 subject to conditions specified therein. Benefits received fromthe life insurance policy are exempt from Income tax under Sec 10(10D) of the Income Tax Act, 1961.Tax laws are subject to change from time to time. It is therefore advised that the proposer mayconsult his tax advisor for details.FREE LOOK PERIOD:If you are not satisfied with the Terms and Conditions of the policy the policy can be returned totheCompany within 15 days of receipt of the policy with reason for cancellation. However, thecompany willdeduct necessary charges for insurance cover/Rider cover for the duration of the freelook periodtogether with the cost of issuance of the policy.ADDITIONAL BENEFITS:The proposer has got the option to select the following riders to be attached to the policy at thetimeofproposal.• Accidental Benefit Rider• Family Income Benefit RiderShriramUjjwalLife(SP):FEATURESSingle premium mode.Total transparency, so you know the amount of premium invested andcanhave a clear idea on investment return.Dual benefit of market linked return andinsuranceprotection.Liquidity in the form of Partial withdrawals and surrender benefits.Six funds tochoose.Rider option to provide additional protection.Flexibility to invest your surplus money in theform ofTop‐up premium.Eligibility:Minimum entry age 7 years age last birthdayMaximum entry age 65 years age last birthdayMaximum maturity age 75 years age last birthdayPolicy term 10 years fixed
Minimum Sum AssuredFor age at entry below 45 years 125% of the single premiumFor age at entry 45 & above 110% of the single premiumMaximum Sum Assured Subjected to underwriting considerationsMinimum Premium Rs.35000Maximum Premium No limitPremium Payment Mode SingleBENEFITSDeath Benefit: In case of death of the Life Assured before the end of the policy term, SumAssuredplus value of the units plus top sumassured (if any) along with top up fund value (if any) willbe paid.Maturity Benefit: On survival of the Life Assured up to the end of the policy term, unit fundvalueplus top up fund value (if any) will be paid onmaturity.Investment Portfolio: Policyholder has an option to choose any one or a combination ofthefollowing funds in a fixed percentage.Equity Equity Debt, Money Market Aim of Fund & CashPreserver 0% 100% Very Low risk with steady returnsDefender 0%-35% 65%-100% Low risk with good returnsBalancer 40%-60% 40%-60% Moderate risk with potentially better returnsMaximus 0%-70% 30%-100% High risk with higher returnAccelerator 90%-100% 0%-10% Very high risk with significantly higher returnsTyaseer 90%-100% 0%-10% Very high risk with significantly higher returns from Investments in stocks and shares other than banks NBFCs, breweries, distilleries, alcohol based chemicals, Cigarettes, tobacco, entertainment, leather, sugar and hatcheries.“1” ‐ fund does not allow more than 20% in Money Market & Cash.“2”‐ fund does not allow investment in Debt instruments.Note: Equity refers to investment in listed equities.
Debt instruments refer to investment in fixed income securities such as Government Bonds, RateCorporate Bonds (AA and above) etc.,Money Market and Cash include investment in instrumentslikeCommercial paper, Certificate of Deposits, Short term Bank Deposits andMoney market instruments.CHARGESThe charges applicable for this plan are given here under.Premium Allocation Charge: 5% of the single premium.The Premium Allocation charge will becharged at the beginning of the year from the premium. The following charges will be deductedbycancellation of units on a monthly basis, at the prevailing unit price.Policy Administration Charges: Rs.30 /‐ per month for the first 3 policy years and increased by 6%p.a. from fourth year onwards,throughout the policy term till the policy becomes a claim by death ofthe Life assured or by maturity or by surrender or bydiscontinuance of the policywhichever is earlier.Fund Management Charges: An Investment management charge as detailed below will be chargedby adjustment of the Net AssetValues of the units of the fund on a daily basis.Fund Fund Management chargesPreserver 1.25% p.a.Defender 1.25% p.a.Balancer 1.35% p.a.Maximus 1.35% p.a.Accelerator 1.35% p.a.Tyaseer 1.35% p.a.Service Tax : The Service Tax as per Regulations in force from time to time will be levied on amonthlybasis by cancellation of units ofthe policyholder at the prevailing unit price. Currentlyservice tax isapplicable for mortality charges, rider charges and fundmanagement charge.Mortality Charges: The level mortality charges based on age at entry will be charged on SumAssuredat the beginning of each month.In case of Top Up, the level mortality charges for the age andoutstanding term as on date of top up payment will be charged on top upsum assured. Thesecharges will be collected by cancelling appropriate number of units from the unit account tillthepolicy becomes aclaim.OPTIONS AVAILABLE UNDER THE PLANAlterations: Alterations are allowed under the policy. The policyholder can request for an alteration.Alterations allowed are reductionof sum assured and addition of riders during the policyterm.Addition of riders is allowed when a minor life assured attains majorityduring the policy term.An alteration fee of Rs 200 will be levied from fund by cancelling appropriate number of units inthecredit. TheSum Assured can be reduced up to 125% of the single premium if the age at entryisbelow 45 years and up to 110% of the singlepremium if the age at entry is 45 years and above.Once the Sum Assured is reduced, no alteration is allowed to increase the SumAssured again. Also,the contractual premium cannot be altered.Switching: The Policyholder can switch units from one Fund to another Fund out of thefundsmentioned above, during the policyterm. The application for switch should come to the officeof the Company where the policy is being serviced. The policyholder canswitch units two times in ayear without any charge. However, for each additional switch, Rs.100/‐ will be levied. In case thisoption isnot availed in a year it cannot be carried forward to next Policy year.Top‐up premium: Top‐up premium is an additional premium over and above the contractual basicpremium at the commencement ofthe contract and the policyholder can pay Top up premiums at
any time except during the last 5 years of the policy term. However,such lump sum payment shouldbe at least Rs.5, 000/‐ per payment.A premium allocation charge of 2% of Top up premium will bededucted from such lump sum and the balance will be allocated forunits. Such an additionalpayment will be considered as a single premium and shall have an Insurance cover of 125% of topuppremium subject to underwriting conditions. This insurance cover shall remain constant duringtheperiod of the contract and shall bemaintained by cancelling the units to the extent of thelevelmortality charges, if any.CONDITIONS AND CLAUSESNo cover is extended after the expiry of the policy term and only the settlement option is allowed.Cooling off period: If the policyholder is not satisfied with the ‘Terms and conditions’ of the policy,the policy can be returned to theCompany within 15 days from the date of receipt of the policy. Ifyou cancel the policy during this free look period, the company willrefund the fund value on the dateof cancellation plus the un allocated premium(if any) plus any charge deducted by cancellationofunits after deducting the proportionate risk charges and expenses incurred on medicals andstampduty for issue of the policy.Tax Benefits of the plan: As per current tax regulations, premium paid under the plan are eligible fordeduction under the provisions ofSection 80C of the Income Tax Act, 1961 subject to the conditionsmentioned there in. As the tax laws are subject to change from timeto time, the policyholder isadvised to consult his/her tax advisor.No surrender value or paid up value will be available under theRider.Partial Withdrawals are not allowed to minor assured lives.The charges for Rider together withservice tax charge, at the appropriate rate will be collected on monthly basis by cancellation ofunitsat prevailing unit price.Suicide clause: If the Life Assured commits suicide for any reason, while sane or insane, within oneyear from the date of acceptance ofthe risk, no benefits shall be payable under this Policy, otherthan the Life Assureds’ value of units as on date of death.NAV Computation and unit price:When Appropriation price is applied: NAV under each fund will be computed as under, (MarketValueof investments held by the fund+ the expenses incurred in the purchase of the assets + the value ofany current assets+ any accrued income net of fund managementcharges ‐ the value of any currentliabilities ‐ provisions, if any).This gives the Net Asset Value of the fund. Dividing this by thenumberof units existing at the valuation date (before any new units are allocated) gives the unitprice of the fund under consideration. WhenExpropriation price is applied: NAV under each fund willbe computed as under, (Market Value of investments held by The fund ‐ theexpenses incurred in thesales of the assets + the value of any current assets + any accrued income net of fund managementcharges –the value of any current liabilities ‐ provisions, if any).This gives the Net Asset Value of thefund. Dividing this by the number of unitsexisting at the valuation date (before any new units areredeemed) gives the unit price of the fund under consideration. The unit Pricingshall be computedbased on whether the company is purchasing (appropriation price) or selling (expropriation price)the assets in order to meet the day to day transactions of unit allocations and unit redemptions. Theappropriation price shall apply in a situation whenthe company is required to purchase the assets toallocate units at the valuation date The Expropriation price shall apply in a situationwhen thecompany is required to sell the assets to redeem units at the valuation date.Partial withdrawals of units, to the credit, will be allowed only from 6th policy year.Date of discontinuance of the policy: This date is the date of receipt of intimation by the companyfrom the Policyholder aboutdiscontinuance of the policy or the date of expiry of notice periodwhichever is earlier.Discontinued policy: A Discontinued policy is one under which the policyholder exercised the optionof discontinuance of premiums orthe notice period is expired whichever is earlier.Discontinuance policy fund: The fund value of the policy that is set aside by the company on date ofdiscontinuance of the policy.Cut‐off timings:
In respect of Top‐up/ fund switches request received up to 3 p.m. by the insurer, the closing NAV ofthe day on which request isreceived shall be applicable. In respect of Top‐up/ fund switches requestreceived after 3 p.m. by the insurer, the closing NAV of thenext business day shall be applicable. Inrespect of top up premiums received by the insurer along with outstation cheque or demanddraft atthe place where the premium is received, the closing NAV of the day on which Cheque /DemandDraft is realized shall beapplicable. Cut off timings are subjected to changes by IRDA.Exclusions under base policy: Hazardous occupations such as steeple chasing, seadiving,mountaineering, hunting, and racing of anykind are excluded. If the life assured dies whilehe/she is engaged in any of the said activities/occupation, the death benefit is limited toonly thefund value. However, there are no restrictions on travel and future occupation.Definition of charges:1. Premium Allocation Charges: This is the percentage of the premium deducted towards chargesfrom the premiumreceived. The balance constitutes that part of the premium which is utilized topurchase (investment) units for the policy.2. Mortality charges: This is the cost of life insurance cover. This charge is specific and will be takenevery month till theclaim.3. Fund Management charges: It is a charge levied as a percentage of fund value.4. Administration charges: This is a fixed charge levied at the beginning of each policy month fromthe policy fund bycancelling units for equivalent amount.5. Switching charge: This is a charge levied on switching of monies from one fund to another.6. Miscellaneous charge: This is a charge levied for an alteration within the contract, such asreduction of sum assured, etc.Disclosure:• Unit Linked Life Insurance products are different from the Traditional Life Insurance products andare subject to the risk factors.• The premium paid in Unit Linked Life Insurance policies are subject to investment risks associatedwith capital markets and theNAVs of the units may go up or down based on the performance of fund and factors influencing thecapital market and theinsured are responsible for his/her decisions.• Shriram Life is only the name of the insurance company and ShriramUjjwal Life (SP) is only thename of the unit linkedinsurance contract and does not in any way indicate the quality of thecontract, its future prospects or returns.• Please know the associated risks and the applicable charges, from your insurance agent or theIntermediary or policy documentof the insurer.• The various funds offered under this contract are the names of the funds and do not in any wayindicate the quality of theseplans, their future prospects and returns.• The past performance of the funds of the company is not necessarily an indication of the futureperformance of any of thefunds.Shriram Life Wealth PlusBenefits: Event Maturity/ Death Benefit PayableOn death of life assured during the policy term Sum assured plus Unit fund value plus Top-Up Sum Assured(if any) and Top - up unit value(if any) will be paid.On survival of life assured up to the end of policy Unit fund value plus top up fund value(if any) will
term be paid.Eligibility: Condition LimitMinimum age at entry 7 years age last birthdayMaximum age at entry 65 years age last birthdayMaximum age at Maturity 75 years age last birthdayMinimum Installment Premium Yearly = 12000 Half-Yearly = 7500 Quarterly = 5000 Monthly = 2000Policy Term 10 years (or) 15 to 25 yearsShort Premium payment term 5 years/10 years/15 years/20 yearsSum Assured - for age at entry below 45 years Higher of (10*Annualized premium,0.5*annualized premium * policy term)Sum Assured - for age at entry above 45 years Higher of (7*Annualizedpremium,0.25*annualized premium * policy term)PAYMENT OF THE PREMIUM:Premium can be paid yearly, half-yearly or quarterly. No rebates are allowed under the rider.PREMIUM:The rider is offered for an annual premium of 90ps per thousand sum assured, irrespective of ageand term.GRACE PERIOD:A grace period of one month but not less than 30 days, will be available for the payment of theyearly, half-yearly and quarterly premiums.SURRENDER VALUE & PAID UP VALUE:No surrender value or paid up value will be available under the rider.LOAN:Not available under the rider.SUICIDE:No benefit would be payable under this rider, if the life assured commits suicide, whether sane orinsane during the term of the policy.INCOME TAX BENEFITS:
The premiums paid under the policy will be eligible for deduction as per Sec 80C of the Income TaxAct, 1961 subject to the conditions specified therein. Benefits received from the policy are exemptfrom Income Tax under Sec 10(10D) of the income tax Act, 1961. Tax Laws are subjected to changefrom time to time. It is therefore advised that the proposer may consult his tax advisor for details.EXCLUSIONS UNDER RIDER:The benefits under the riders are not payable, if total and permanent Disability or deathoccurs as aresult of: Intentional self-injury, attempted suicide, insanity, immorality or while the lifeassured is under the influence of alcohol, drugs or narcotics. An Accident while the life assured is engaged in aviation or aeronautics other than as a fare paying passengers. Injuries caused by riots, civil commotion, rebellion, war (whether war is declared or not), invasion, hunting, mountaineering, steeple chasing or racing of any kind. The life Assured committing any breach of law.FREE LOOK PERIOD:If you are not satisfied with the Terms and Conditions of the Policy’, the policy can bereturned to thecompany within 15 days of receipt of the policy. However, the company reserves the right to deductcharges for the Accident and total & permanent disability benefit for the free look period.Shriram Money BackBenefits: Event Maturity/ Death Benefit PayableOn death of life assured during the policy term Sum Assured along with all basic premiums paid till date will be paid to the nominee/beneficiaryOn survival of life assured up to the end of policy Basic premiums paid during the term will be paidtermEligibility: Condition LimitMinimum age at entry 18 years age last birthdayMaximum age at entry 50 years age last birthdayMaximum age at Maturity 65 years age last birthdayMinimum Policy Term 10 yearsMaximum Policy Term 47 years,subject to maximum exit ageMinimum sum assured Rs. 2,00,000Maximum sum assured Rs. 20,00,000