scorecardresearchShriramLife Insurance launches new unit-linked policy to mark its golden

ShriramLife Insurance launches new unit-linked policy to mark its golden jubilee celebrations. Details here

Updated: 10 Jun 2023, 11:15 AM IST

ShriramLife Insurance launches a new ULIP that gives “Life Goal” and “Legacy” options to its policyholders.

Shriram Life Insurance launches new unit-linked policy to mark its golden jubilee celebrations.

Shriram Life Insurance launches new unit-linked policy to mark its golden jubilee celebrations.

ShriramLife Insurance launched a new unit-linked policy on June 07, 2023, to mark ShriramGroup’s golden jubilee year. Policyholders can opt to cover their whole life or a specified period of time, enabling them to fulfil their financial aspirations with full flexibility. The plan has two options - Life Goal and Legacy and offers customers options to alter policy terms, premium payment terms, sum assured, and even premium.

Under the “Life Goal” option, policyholders can work towards specific financial objectives and important milestones such as education expenses, purchasing a dream home, or starting a business. With the Life Goal option, policyholders have access to various features and flexibility to help them reach their financial goals.

The Legacy option allows policyholders to support their golden years financially or create a lasting impact on their family’s financial future by leaving behind substantial wealth after their lifetime. The plan offers three premium paying term options: Single pay, limited pay, and regular pay. It also gives customers two death benefit options to choose from. Depending on the option chosen, the family of the deceased will either get the sum assured along with the fund value, or a higher sum assured and fund value.

Policyholders can choose the type, level, and quantum of cover based on their financial goals and protection needs. Furthermore, the “Golden Jubilee Plan” offers various rider options to enhance coverage and provide comprehensive protection against unforeseen circumstances.

Speaking on the product, Casparus Kromhout, MD & CEO, ShriramLife Insurance said, “We are delighted to announce this plan on our Group’s momentous milestone. The plan gives various flexibilities and options to choose from, provides financial protection, and encourages long-term participation in the market. This is a part of our holistic financial solutions which are offered in a customized fashion through our superior technological processes. We hope this product will give our customers another reason to plan decisively and reap the benefits of accumulated wealth so that they can celebrate their milestones in the best way possible.”

The Golden Jubilee Plan aims to empower individuals to achieve their financial goals and create a secure future for their loved ones. With its flexible features, investment options, and comprehensive coverage, the plan offers a holistic solution for individuals seeking life insurance and wealth creation opportunities.

The Golden Jubilee Plan offers the following key features:

  • Financial control with multiple fund options: Policyholders have the freedom to choose from multiple fund options to suit their investment preferences and risk appetite.
  • Unlimited free switches and premium redirection: Policyholders can make unlimited free switches between funds and redirect their premiums as per their investment strategy.
  • Auto Transfer Option (ATO) to tackle market volatility: This option allows policyholders to invest their premiums in a low-risk fund (Preserver Fund) initially and gradually transfer the funds to their chosen investment portfolio, reducing the risk of investing in a volatile market.
  • Wealth boosters guaranteed every five years: The plan provides wealth boosters in the form of additional units credited to the policyholder's base premium fund value every five years, starting from the 10th policy year.
  • Return of premium allocation & mortality charges: Premium allocation charges and Mortality charges are returned to the policyholder after a specific period providing life coverage to the policyholder at zero cost.
  • Whole life option (Legacy): This option allows policyholders to save for their next generation or withdraw funds whenever needed, providing flexibility and financial security.

Additional features of the Golden Jubilee Plan further enhance the policyholder's experience. These include:

  • Customized life cover: Policyholders can choose from two cover options and select the desired level of coverage within each option.
  • Unmatched flexibility: The plan offers unmatched flexibility, allowing policyholders to increase or decrease the policy term, premium payment term, sum assured, and premium amount as per their changing needs.
  • Top-up premiums: Policyholders can top-up their scheduled premiums with additional funds whenever they have surplus money.
  • Liquidity and easy access to funds: The plan allows partial withdrawals, providing liquidity and easy access to funds during times of financial need.
  • Settlement option: Policyholders have the option to choose a settlement period with maturity or death benefits to tackle market volatility during redemption.
  • Added protection with multiple riders: The plan offers additional protection through multiple riders, allowing policyholders to enhance their coverage as per their specific requirements.
  • Tax benefits: The plan provides tax benefits on investments and returns, as per the prevailing tax laws.


 Important Life Insurance terms who should know
First Published: 10 Jun 2023, 11:15 AM IST