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Shriram Life Insurance has launched a non-linked non-participating endowment assurance plan – Assured Income Plus.
The plan caters to the needs of those who want to pay premiums only for five years and receive the benefits in five equal annual instalments after maturity.
Assured Income Plus offers life cover of minimum 10 times the annualized premium for age up to 50 years and minimum 7 times the annualized premium for ages 51 years and above. In case of death of the life assured after premium paying term but before the end of the policy term, if the policy is in force, death sum assured will be paid in lump sum to the nominee(s)/ legal heir(s) of the Life assured and the policy will be terminated.
If the life assured dies any time after completion of policy term but before the commencement of instalments, the instalments only will be paid to the nominee.
In case of survival of the life assured up to the end of the policy term and all the premiums have been paid, sum assured will be paid in five equal annual instalments i.e. 20 per cent of sum assured will be paid at the end of every year
Manoj Jain, Managing Director, Shriram Life Insurance, said: “At Shriram Life, we constantly look to provide products that cater need of customers. The launch of Assured Income Plus shall offer investment opportunity with limited premium paying option with Life Insurance cover.” He also said that, “Shriram Life Assured Income Plus offers assured benefits and solutions to the businessmen, self employed individual with volatile income looking for short term premium paying option for assured returns in addition to life cover”.
The new product has been launched with the intent to provide customers peace of mind and financial reassurance against life’s uncertainties and help them to achieve long terms goal with investments done in shorter period of time.
In last 10 years, the company has developed its distribution network across the country with 528 branches pan India which has helped Shriram Life to achieve yearly growth of 60 per cent on number of policies sold as of financial year to December 2015, when compared to similar period in fiscal 2014-15.
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