Assured life goals

UIN 128N053V05
Secured loved ones
A Non-Linked Non-Participating Life Insurance Individual Savings Plan
Why do we save? We save to fulfill our dreams. Dreams, which mostly involve huge financial commitments. These huge
financial commitments require us to save small regularly for long so that we can yield big in the years to come. Our dream
can be anything like providing the best education for our children, throwing a grand reception on their wedding, buying own
house, a family vacation abroad or it can be to accumulate a corpus for a comfortable retirement.

But what if something unfortunate happens before we have saved enough for our dreams?

Presenting Shriram Life Assured Income Plan, which assures your family of the Income you have planned for them even in
your absence. This plan not only helps you secure your family financially but also provides you assured returns on maturity.
With regular income option under this plan you will receive your maturity amount in periodical payments of assured amount
to help you fulfill your financial responsibilities and dreams with ease.

Not only that, under this plan you can also opt for multiple riders by paying a nominal amount which will provide you and your
family additional protection in case of Death, Accidental Death/Disability and Critical Illness.

2 Shriram Life Assured Income Plan UIN: 128N053V05

 FEATURES
Assured Income
Choice of Policy Term benefits after Higher Returns
8/10/12/15 years the policy term for higher premiums

Additional
Higher Returns
KEY

Protection
for higher terms
through riders

Plan Eligibility
Eligibility Criteria Limits
Minimum: 30 days
Age at Entry
Maximum: 55 years (age last birthday)

Maturity Age Maximum: 70 years (age last birthday)

Policy Term 8/10/12/15 years

Premium Paying Term Same as Policy Term
Benefit Payout Period Equal to Policy Term
Premium Mode Yearly, Half-Yearly, Quarterly, Monthly
Minimum: ₹ 15,000
Annualised Premium
Maximum: No limit, subject to Board approved underwriting Policy
Basic Sum Assured Minimum: ₹ 1,20,000
(Policy Term X Annualised Premium) Maximum: No limit, subject to Board approved underwriting Policy

Plan Eligibility for POS

Eligibility Criteria Limits
Maximum Maturity Age 65 years (age last birthday)
Maximum: ₹ 2,97,619 (subject to Board approved underwriting
Annualised Premium
Policy and maximum Death Sum Assured of ₹ 25,00,000)
Basic Sum Assured Maximum: ₹ 23,80,952 (subject to Board approved underwriting
(Policy Term X Annualised Premium) Policy and maximum Death Sum Assured of ₹ 25,00,000)

Shriram Life Assured Income Plan UIN: 128N053V05 3

 BENEFITS UNDER THE PLAN
Death Benefit
In case of death of the life assured during the policy term, provided all the due
premiums till the date of death have been paid, Death Sum Assured will be
paid.

Death Sum Assured i.e. Sum assured payable on death is defined as highest of -
• For Policy term 8: 8 times Annualised Premium
• For Policy term 10 & above: 10 times Annualised Premium if age is less
• than 45 years
• & 7 times annualised premium if age is 45 years and above
• 105% of Total Premiums Paid till the date of death
• Maturity Sum Assured (which is defined as Discount Factor* Assured
Income)

Assured Income is defined as Assured income factor* Annualised premium

Where,
Annualised Premium means the premium amount payable in a year chosen by
the policyholder excluding the taxes, rider premiums, underwriting extra premiums
and loadings for modal premiums, if any.

Total Premiums Paid is the total of all premiums paid under base policy excluding
any extra premium, and taxes, if collected explicitly.

The death benefit will be paid to the nominee(s) or beneficiary(ies) in any of the
following option chosen by them:
i. Lump sum
ii. Assured Income payouts
iii. 50% Death benefit as lump sum and remaining 50% as regular payouts i.e. the
payouts will be 50% of the original payouts
The pay-out percentages applicable are same as that for maturity. The payouts in
case of death will be paid at the start of each year from the year following the death
and the number of payouts payable will be equal to the policy term chosen.

4 Shriram Life Assured Income Plan UIN: 128N053V05

 Maturity Benefit
In case of survival of the life assured up to the end of the policy term, and receipt of all the due premiums, the assured income
payouts will be paid as scheduled at the start of each year after the end of the policy term during the Benefit Payout Period.
However, the policyholder can also opt to receive the maturity benefit in lump sum. The Lump sum Payout is same as Maturity
Sum Assured. However, lump sum maturity benefit shall be at least 105% of Basic sum assured.
If the life assured dies after commencement of the assured income, the outstanding assured income payouts will continue as
scheduled to the nominee(s) or beneficiary(ies).
Discount factor (to be applied on Assured Income) for calculating Maturity Sum Assured:

Term 8 10 12 15
Discount factor 6.1185 7.1191 7.9690 9.0101

Shriram Life Assured Income Plan UIN: 128N053V05 5

 How to calculate

Assured Income Payouts

The policy holder can choose to receive Assured Income Payouts in Yearly, Half-Yearly, Quarterly and Monthly modes. For
yearly mode, Assured Income i.e. Assured Income factor * Annualised Premium is payable form date of maturity for a period
equal to policy term/payout term (For Sample Assured Annual Income %, refer Table 1). If the policyholder chooses to receive
Assured Income payouts in mode other than yearly, the annual income payouts would be multiplied by the modal factors
given below:

Mode Half Yearly Quarterly Monthly

Factor 0.5080 0.2561 0.0858

Table 1 : Assured Annual Income % payable on Death / Maturity (as a % of Annualised Premium)
Annualised Premium < 60,000 Annualised Premium >= 60,000
Age / Policy Term 8 10 12 15 8 10 12 15
10 129.50% 143.50% 166.00% 202.50% 132.00% 146.50% 169.50% 207.00%
20 129.50% 142.50% 164.50% 200.00% 131.50% 145.50% 168.00% 204.50%
30 129.50% 142.00% 164.50% 199.50% 131.00% 145.00% 168.00% 203.50%
40 129.50% 140.50% 162.00% 195.00% 130.00% 143.50% 165.50% 199.00%
50 129.00% 137.00% 151.50% 179.00% 129.50% 137.50% 155.50% 183.00%

Sample Illustration

Let us understand with an example. Ram, a 30 year old business man saves money with Shriram Life Assured Income Plan.
This plan will provide a stream of income which is assured even in his absence. He opts for 15 years Premium Payment Term
and pays an Annual Premium of ₹ 50,000 + taxes.

The following illustrations explain the 2 possible scenarios that can occur provided the policy is inforce –

6 Shriram Life Assured Income Plan UIN: 128N053V05

1) If Ram survives till the end of the Policy Term (Maturity)
Pay ₹ 50,000 per annum
Policy
for 15 years
Maturity

Policy year 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29
Policy
Starts Will receive ₹ 99,750 per annum for 15 years
Total benefits = ₹ 14,96,250
Ram’s age
30

If Ram survives till the end of the Policy Term he will get an Assured Income of ₹ 99,750 per annum for the next 15 years after
Policy Term. The total benefits he will receive over these 15 years will be ₹ 14,96,250. In case of his death anytime during the
Policy Term, the nominee(s)/beneficiary(ies) will get the Death Benefit* and the policy terminates.

2) If Ram dies during 36th Month after commencement of policy (Death during the Policy Term)
Pays ₹ 50,000 per annum
for 3 years

Policy year 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
Policy
Starts
Nominee(S)/Beneficiary(lies) will receive ₹ 99,750 per annum for 15 years
Total Benefits = ₹ 14,96,250

If Ram dies during 36th month, the nominee(s)/beneficiary(ies) will receive ₹ 99,750 per annum for the next 15 years as
Death Benefit* and the policy terminates. The total benefits his nominee(s)/beneficiary(ies) will receive over these 15 years
will be ₹ 14,96,250.
*As mentioned in section “Benefits under the Plan”
Shriram Life Assured Income Plan UIN: 128N053V05 7
 ADDITIONAL
PROTECTION
THROUGH RIDERS Accident Benefit Rider Family Income Benefit Rider
(UIN 128B001V03) (UIN 128B002V03)

You can opt any of the following Riders In case of death or total and perma- In the event of accidental death or if the
by paying additional premium. The nent disability due to accident life assured becomes totally and
riders can be opted at the inception of during the rider term, we will pay permanently disabled due to an acci-
the policy or subsequently on any policy 100% of the rider sum assured. Also, if dent within the rider term, 1% of rider
anniversary. sum assured is payable every month
the life assured becomes totally and
permanently disabled in an acci- immediately from the end of month of
dent, we will waive off all the future accident for a guaranteed period of 10
years or till the end of the rider term
premiums under the policy.
whichever is higher.

Shriram Extra Insurance Cover Shriram life Critical Illness Plus

Rider (UIN 128B009V03) Rider (UIN 128B016V02)

If you are diagnosed to be suffering

from any of the 24 specified Critical
In case of death of the life assured Illnesses, we will pay 100% of the rider
during the rider cover term, sum Sum Assured on survival of 30 days
assured under rider will be paid to following the date of first confirmed
the nominee(s) or beneficiary (ies). diagnosis. This rider also gives you an
upside of increments in your rider Sum
Assured through Loyalty
Additions.

Please refer the Rider Brochure for further details. Riders are not allowed for POS.

8 Shriram Life Assured Income Plan UIN: 128N053V05

 Premium Payment Mode Revival of lapsed policies or Paid up Policy

You can pay your premiums in yearly, half yearly, quarterly and monthly A lapsed or paid up policy can be revived with in a revival period of
modes. Where the premiums are paid in other than yearly mode the five years from the date of first unpaid premium by paying all
installment premium would be the Annualised Premium multiplied by outstanding premiums (from date of first unpaid premium to date
the modal factor as given below: of revival) with accrued interest at a rate approved by IRDAI along
with revival requirements as per Board approved underwriting
Mode Half Yearly Quarterly Monthly policy.
Factor 0.5080 0.2561 0.0858 The revival interest rate is determined by adding a margin of 1.5% to
the 10- year annualised G Sec rate on 31st March of each financial
Grace Period year and applicable for all policy revivals during 1st May to 30th April
of the following financial year. The interest rate derived as above
A grace period of 30 days is allowed for payment of due premium for shall be rounded down to 0.5%
non-monthly modes and 15 days for monthly mode. Life cover is active No fee will be charged towards processing of revivals.
during the grace period and the death benefit is payable should the For example, the revival interest rate is 8.5% p.a. during FY 24-25.
death occur during this period. If the renewal premiums are not paid
before the end of grace period, the policy will lapse provided the policy Surrender Value
doesn’t acquire the paid up value. If the policy has acquired the paid up
value, the policy will not lapse but will continue with the reduced paid up To get the surrender value, you must have paid at least first full
benefits. policy year's premium(s) and completed the first policy year.
On surrendering the policy, you will receive Surrender Value, which is
Lapse higher of Guaranteed Surrender Value (GSV) or Special Surrender
Value (SSV) as mentioned below.
If at least one full year premium has not been paid and the premium
due is not paid till the end of the grace period, the policy will lapse and Guaranteed Surrender Value (GSV)
no benefits will be payable under the policy. Your policy will acquire a Guaranteed Surrender Value after all due
premiums for at least two full years have been paid. The Guaranteed
Paid Up Value Surrender Value is expressed as a percentage of total premiums
paid as per the table below:
Policies which have acquired surrender value will become paid up if no
Guaranteed Surrender Value (as a % of Total premiums paid)
further premiums have been paid, where Policy Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
If the policy becomes paid up, the following benefits are payable: 8 year PT - 30 35 50 62 74 86 98
10 year PT 35 50 58 66 75 84 93 102
Paid up death benefit 12 year PT
- 30
- 30 35 50 57 64 71 78 85 92 99 107
Upon death of the life assured during the policy term, Paid-up Death 15 year PT - 30 35 50 55 60 65 70 76 82 88 94 100 106 112
Sum Assured will be paid to the nominee(s) or beneficiary(ies) of the
policyholder. Special Surrender Value (SSV)
Paid-up Death Sum Assured = Death Sum Assured *(No of premiums Your policy acquires Special Surrender Value after completion of first
paid/Total no. of premiums payable) policy year only if at least first full policy year's premium(s) has been
Paid up maturity benefit paid.
Upon survival of the life assured till the policy term, paid-up maturity Special Surrender Value will be SSV factor as a % of Paid up Maturity
sum assured will be paid. Sum Assured.
The SSV factors will be reviewed annually.
Paid-up Maturity Sum Assured = Maturity Sum Assured *(No of The policy will terminate once the Surrender Value has been paid.
premiums paid/Total no. of premiums payable)

Shriram Life Assured Income Plan UIN: 128N053V05 9

 when things don't go as expected, but rest assured, we're here to help.
Loans We offer an accessible and responsive mechanism for addressing your
grievances and suggestions. You can always reach us at:
Up to 90% of the surrender value (if any) is allowed on the policy.
Interest will accrue on the outstanding loan balance. The loan Toll-Free Numbers: 1800-103-6116
interest rate is determined by adding a margin of 2.5% to the 10- Email--customercare@shriramlife.in
year annualised G Sec rate on 31st March of each financial year and
applicable for all policy loans issued during 1st May to 30th April of Grievance Redressal Officer: 040-23009400
the following financial year. The interest rate derived as above shall Email: grievance.redressal@shriramlife.in
be rounded down to 0.5% For more touchpoints and details
No fee will be charged towards processing of loans.
For example: The loan interest rate is 9.5% p.a. during FY 2024 – 25. visit https://www.shriramlife.com/services/grievance-redressal
Any outstanding loan balance along with accrued interest will be
recovered from the policy proceeds before any benefit is paid on the Alterations
policy. The paid up policy will terminate without value if the Alteration of Premium Payment Frequency is allowed under this plan.
outstanding loan along with accrued interest reaches the surrender
Minor Lives
value.
The life assured whose age is less than 18 years (age last birthday) at
The company ensures that no in force/fully paid up policy will be
date of commencement of policy shall be considered as minor. In case
cancelled due to non-repayment of loan.
of minor lives assured, the risk cover starts from the 1st policy
anniversary. In case of death of the minor life assured during the first
Terms & Conditions policy year, the total premiums paid will be refunded.
On the date of attaining majority, the policy shall be vested
Free Look Period automatically in the name of the life assured.
The policy holder has a period of 30 days beginning from the date of
Suicide Exclusion
receipt of the policy document, whether received electronically or
In case of death due to suicide within 12 months from the date of
otherwise, to review the terms and conditions of the policy.
commencement of risk under the policy or from the date of revival of the
In the event a policyholder disagrees to any of the policy terms or
policy, as applicable, the nominee(s) or beneficiary(ies) of the
conditions, or otherwise and has not made any claim, he shall have
policyholder shall be entitled to 80% of the total premiums paid till the
the option to return the policy to the insurer for cancellation, stating
date of death or the surrender value available as on the date of death
the reasons for the same.
whichever is higher, provided the policy is in force.
Irrespective of the reasons mentioned, the policyholder shall be
entitled to a refund of the premium paid subject only to a deduction Tax Benefits
of a proportionate risk premium for the period of cover and the Tax benefits may be available as per prevailing tax laws. Tax benefits are
expenses, if any, incurred by the insurer on medical examination of subject to changes according to the tax laws from time to time; please
the proposer and stamp duty charges. consult your tax advisor for details.
A request received by insurer for cancellation of the policy during
Taxes (GST)
free look period shall be processed and premium shall be refunded
Premiums are exclusive of taxes.
within 7 days of receipt of such request.
All Premiums are subject to applicable taxes, cesses and levies which
The Company ensures compliance with IRDAI (Protection of
shall be paid by you along with the Premium. If any additional
Polichyholders’ Interests, Operations and Allied Matters of Insurers)
Taxes/Cesses/Levies are imposed by any statutory or administrative
Regulations, 2024.
body of this country under this Policy, we reserve the right to claim the
Grievance Redressal same from policyholder.
At Shriram Life, our customers are our top priority. We pride Nomination
ourselves on being a service-oriented company that responds The life assured, where he is the policyholder, can at any time during the
quickly to your needs. We understand that there may be times policy term make a nomination as per Section 39 of Insurance Act, 1938

10 Shriram Life Assured Income Plan UIN: 128N053V05

as amended from time to time to receive benefits in the event of his insured the grounds and materials on which such decision is based.
death. Where the nominee is a minor, the policyholder shall also appoint 3. Notwithstanding anything contained in sub-section (2), no insurer
a person to receive the policy monies during the minority of the shall repudiate a life insurance policy on the ground of fraud if the
nominee. insured can prove that the mis-statement of or suppression of a
Assignment material fact was true to the best of his knowledge and belief or that
Assignment is transferring the title and rights of policy absolutely or there was no deliberate intention to suppress the fact or that such
conditionally. Assignment of the policy may be made as per Section 38 mis-statement of or suppression of a material fact are within the
of The Insurance Act, 1938 as amended form time to time by an knowledge of the insurer:
endorsement upon the policy itself or by a separate instrument. Provided that in case of fraud, the onus of disproving lies upon the
beneficiaries, in case the policyholder is not alive
Fraud or misrepresentation 4. A policy of life insurance may be called in question at any time within
In case of fraud or misrepresentation, action shall be initiated in three years from the date of issuance of the policy or the date of
accordance with Section 45 of the Insurance Act, 1938 as amended from commencement of risk or the date of revival of the policy or the date
time to time. of the rider to the policy, whichever is later, on the ground that any
statement of or suppression of a fact material to the expectancy of
the life of the insured was incorrectly made in the proposal or other
document on the basis of which the policy was issued or revived or
Important Sections of Insurance Act
rider issued:
Provided that the insurer shall have to communicate in writing to the
Prohibition of Rebates - Section 41 of the Insurance Act, 1938 as
insured or the legal representatives or nominees or assignees of the
amended from time to time
insured the grounds and materials on which such decision to
No person shall allow, or offer to allow, either directly or indirectly as an
repudiate the policy of life insurance is based:
inducement to any person to take out or renew or continue an insurance
Provided further that in case of repudiation of the policy on the
in respect of any kind of risk relating to lives or property in India, any
ground of misstatement or suppression of a material fact, and not
rebate of the whole or part of the commission payable or any rebate of
on the ground of fraud, the premiums collected on the policy till the
the premium shown on the policy, nor shall any person taking out or
date of repudiation shall be paid to the insured or the legal
renewing or continuing a policy accept any rebate, except such rebate representatives or nominees or assignees of the insured within a
as may be allowed in accordance with the published prospectuses, or period of ninety days from the date of such repudiation.
tables of the insurer. 5. Nothing in this section shall prevent the insurer from calling for proof
Any person making default in complying with the provisions of this of age at any time if he is entitled to do so, and no policy shall be
section shall be liable for penalty which may extend to ten lakh rupees. deemed to be called in question merely because the terms of the
policy are adjusted on subsequent proof that the age of the life
Section 45 of the insurance Act, 1938 as amended from insured was incorrectly stated in the proposal.
time to time
1. No policy of life insurance shall be called in question on any ground
whatsoever after the expiry of three years from the date of the policy,
i.e. from the date of issuance of the policy or the date of
commencement of risk or the date of revival of the policy or the date
of the rider to the policy, whichever is later.
2. A policy of life insurance may be called in question at any time within
three years from the date of issuance of the policy or the date of
commencement of risk or the date of revival of the policy or the date
of the rider to the policy, whichever is later, on the ground of fraud.
Provided that the insurer shall have to communicate in writing to the
insured or the legal representatives or nominees or assignees of the

Shriram Life Assured Income Plan UIN: 128N053V05 11

 About the Company
With a pan India presence with over 400+ offices, Shriram Life is your trusted partner for prosperity. At Shriram Life we strive to
provide our customers with elegant solutions tailored to individual needs.

UIN 128N053V05
A Non-Linked Non-Participating Life Insurance Individual Savings Plan

For further assistance you can contact us in the following ways:

Visit your nearest branch office for details. Write to

List of our branches is available on our Shriram Life Insurance Company Limited,
ARN - SLIC/BROC/Sep 2024/263

website www.shriramlife.com Plot No. 31-32, 5th Floor, Ramky Selenium, Financial District,
Gachibowli, Hyderabad, Telangana – 500032
Call our toll free number: 1800 103 6116 Phone: +9140 23009400 (Board)
Mail us at: customercare@shriramlife.in Fax: +9140 23009456

Visit our website www.shriramlife.com

IRDAI Regn No. 128

CIN: U66010TG2005PLC045616

BEWARE OF SPURIOUS/FRAUD PHONE CALLS

IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums.
Public receiving such phone calls are requested to lodge a police complaint.