Shriram Ujjwal Life Plan, Policy, Premium and Maturity Calculator
Shriram Ujjwal Life Plan, Policy, Premium and Maturity Calculator - Shriram Ujjwal Life Plan is a regular premium unit linked plan that provides growth of investment along with a life insurance cover. The plan is categorized as a Unit Linked Insurance Plan (ULIP) that enables the policyholders in achieving their financial goals through an increase in long-term savings and a host of other benefits. Under this plan, a part of the premium is used for the insurance cover and another part is used for investments in market linked units. The policyholder is provided with an option to choose from six different investment fund assets based on the level of risk. The plan is designed to gain market linked returns on investment and also to provide insurance coverage to the policyholder. With a policy term of 10 years (fixed), the policyholder is required to make premium payments on a yearly basis. Additionally, this plan provides a top-up facility under which the policyholder can choose to pay a surplus amount towards the policy fund to gain more out of maturity benefits or death benefits. The policy requires a minimum of Rs.30,000 as the annual premium in order to buy this policy. The minimum sum assured under this plan depends on the premium amount and policyholder's age.
Under this plan, a part of the investment is used for the insurance cover and another part is utilized for investments in market linked units. This plan provides an option to choose from six different flexible fund assets. Based on the risk appetite of the policyholder, he/she can switch from one fund asset to another. Moreover, Shriram Ujjwal Life Plan from Shriram Life Insurance Company (SLIC) offers a unique investment strategy known as the auto transfer option. This option allows the policy to reduce equity related investment risk. The policyholder has the option to choose the level of risk he/she is willing to take in order to earn a certain amount of return. ULIPs are designed to gain market linked returns on investment and also to provide insurance coverage to the policyholder.
Eligibility - Shriram Life Ujjwal Life Plan and Policy
The individuals who would like to boost their savings through regular contributions and provide financial protection to their family in their absence can consider this plan for various reasons and benefits. The dual benefit plan enables the policyholder to live with confidence knowing that their family is protected and their investment is growing. If the policyholder survives till the end of the policy, he/she is eligible for the maturity benefits that includes the fund value and top-ups, if any. However, if the policyholder encounters death during the policy term, the nominee is entitled to death benefits that include sum assured amount, fund value, and the top-up fund value, if any. In order to buy the Shriram Ujjwal Life Plan from Shriram Life Insurance Company, the following eligibility factors are taken into consideration:
| Parameters | Eligibility |
| Minimum age at entry | 7 years |
| Maximum age at entry | 65 years |
| Maximum age at maturity | 75 years |
| Policy term | 10 years (fixed) |
| Premium Paying Term | Same as the policy term |
| Minimum Premium amount | Rs.30,000 |
| Premium payment mode | Yearly |
| Minimum sum assured |
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The age is calculated based on the last birthday of the individual and the premium amount is subject to policyholder's and insurer's agreement at the inception of the policy.
Sum Assured and Premium Range - Shriram Life Ujjwal Life Plan and Policy
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Sum Assured – In addition to the other benefits, Shriram Ujjwal Life Plan entitles the policyholder or the nominee to a guaranteed amount of return known as the sum assured amount. The plan allows a minimum sum assured based on the policyholder's entry age and the annualized premium value, however, the maximum sum assured amount is subject to underwriting considerations as per board approved underwriting policies. Additionally, the policy can also choose to pay a surplus premium (top-up) that gets added to the maturity and death benefits in order to provide more returns.
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Premium – Often referred to as contribution/investment, the premium is the amount paid by the policyholder to keep the policy active. The premium under the Shriram Ujjwal Life Plan is paid on a yearly basis for a fixed policy term of 10 years. The premium amount is determined based on various factors and as agreed at the inception of the policy. The policyholder pays the premium on a regular basis in a broad range of payment methods. The premium payment term is equal to the policy term with advantage of high allocation and low charge benefits. With a low amount of charge, the policyholder will be able to earn more on their investment through high returns. Moreover, the premiums paid towards this plan are eligible for tax benefits under the Income Tax Act, 1961.
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Top-up premium - The policyholder can choose to make a surplus premium payment apart from the basic premium amount. The top-ups will be added to the maturity benefits or death benefits during the final payout. Unless the policy is completely surrendered, the policyholder will not be able to withdraw the top-up fund value. However, five years after the payment of the top-up, the policyholder can choose to withdraw it for various reasons. In order to pay a top-up premium, the policyholder needs to ensure that the top-up amount is not greater than the sum total of regular premiums.
Plan Coverage - Shriram Life Ujjwal Life Plan and Policy
The unit linked insurance plan by Shriram Life provides dual benefits to the policyholder throughout the policy term. The plan allows the policyholders to increase their savings while ensuring financial protection for their family. This plan is suitable for customers who are planning to save money for their future in order to meet certain financial goals such as funding children's education, taking a vacation abroad, paying off debts, and various other reasons. The returns on market linked units that can increase the savings and the insurance cover that protects the family of the policyholder from uncertain financial situations, the plan offers various other benefits as well. If the life insured encounters death during the policy term, the nominee is entitled to a lump sum amount as death benefits and of if the policyholder survives till the end of the policy, he/she is eligible for maturity benefits that includes the fund value and top-ups funds, if any. The Shriram Ujjwal Life Plan offers the following benefits:
- Flexibility - The Shriram Ujjwal Life Plan allows the policyholder to choose from six flexible investment fund asset options. The policyholder is allowed to switch between the fund assets based on his/her risk appetite and financial goals. Moreover, the plan allows flexibility when it comes to premium payments, sum assured, and various other factors.
- Top-ups - The policyholder has an option pay top-up premiums during the policy term. The top-up will provide additional benefits at the end of the policy through maturity benefits or death benefits. If the policyholder requires certain funds for an emergency situation, he/can request for top-up fund withdrawals after a period of five years from the date of first top-up paid.
Benefits - Shriram Life Ujjwal Life Plan and Policy
| Death Benefits | The plan provides death benefits to the nominee/beneficiary of the policy in the event of policyholder's unfortunate death. During the policy term, if the policyholder dies, the nominee will be entitled to the sum assured amount along with the fund value and top-up fund, if any. The death benefit will be at least 105% of all the premiums including the top-up premiums paid, if any. In the event of death of the policyholder of a discontinued policy, the discontinued fund value (subject to a minimum guaranteed interest) will be paid to the nominee/beneficiary. |
| Maturity Benefits | The maturity benefits are given to the policyholder at the end of the policy term if he/she survives. The maturity benefits include the fund value and top-up fund value, if any. |
| Insurance Cover | The Shriram Ujjwal Life Plan is a unit linked insurance plan that provides life insurance cover to the policyholder. The insurance cover protects the nominee/family of the policyholder from financial uncertainties that may arise at the unfortunate death of the policyholder. If the policyholder encounters death during the policy term and when it is in force, the nominee will be entitled to the death benefits. |
Riders / Add-On Plans - Shriram Life Ujjwal Life Plan and Policy
There are no add-ons/riders applicable for this plan.
Exclusions - Shriram Life Ujjwal Life Plan and Policy
The following factors are listed under the exclusion elements under the Shriram Ujjwal Life Plan:
- Suicide - If the policyholder commits suicide within 12 month of policy start date, whether sane or insane, the nominee will be entitled to the fund value as available on the date of death. The suicide clause is also applicable for lapsed policy where the policyholder commits suicide within 12 months from the date of revival of the policy.
- Insurance Cover - Once the policy term expires, the life cover cannot be extended. The policyholder can opt for settlement options only.
- Risk Commencement - If a minor live is assured, the risk cover will start after the first policy year. If the life insured dies before the commencement of risk, the fund value will be paid.
- Policy loan - The Shriram Ujjwal Life Plan doesn’t allow any loan facility.
- Charges - Mortality charges, fund management charges, administrative charges, fund switching charges, discontinuance charges, etc. are exclusive of the premium amount.
Other Key Features - Shriram Life Ujjwal Life Plan and Policy
| Free Look Period | If the policyholder doesn't agree with any of the terms or conditions or not satisfied with the policy, he/she is provided with a 15 days and 30 days (for policies sold through distance marketing ) free look period to return/cancel the policy. The policy can be returned or cancelled within the free look period in order to receive a refund. The refund will include the premiums paid along with deductions of the proportionate risk premium and charges involved in the medical examination and stamp duty. The policyholder will be required to return the original policy document along with a written statement of objection that justifies the reason for cancellation. If the plan is bought through a distance marketing channel, the policyholder will have 30 days to return/cancel the policy. |
| Surrender Values | If the policyholder decides to surrender the policy, he/she will be eligible for a surrender value based on the plan's terms and conditions. The surrender value is determined based on the policy term and time of surrender. However, the surrender value is subject to a lock-in period. Once the policy is surrendered, the policy is terminated and the policyholder receives the surrender value after the completion of the lock-in period. |
| Grace Period | Under the Shriram Ujjwal Life Plan, policyholder is provided a 30 days grace period to make the payment for the due premiums. If the policyholder fails to pay the premium payment, the policy is considered as lapsed. A lapsed policy can be revived within a period of two years from the date of first due premium payment. Reliance Nippon Life’s Guaranteed Money Back Plan offers a grace period of 30 days for a due payment for premiums paid in yearly, half-yearly or quarterly basis, however, for premiums that are paid on a monthly basis, a grace period of 15 days is allowed. In order to revive a lapsed policy, the policyholder is required to pay all the due premiums and ensure that timely payments will be carried out for the future premiums. |
| Nomination | The nominee details furnished at the inception of the policy can be changed by contacting the insurer. The policyholder will require to fill in an application form and provide the details that needs to be changed. The policyholder has an option to change the nominee during the policy term. |
| Investment Options | The policy is available with six different flexible investment fund options. Based on the financial goals, policy term, and other factors, the policyholder has the leverage of changing the risk appetite of the policy to achieve different types of financial goals. |
| Switching asset classes | During the term of the policy, the policyholder can take advantage of the fund switch option. Each of the fund assets provide unique benefits based on the amount of risk taken for that asset class. |
Tax Benefits - Shriram Life Ujjwal Life Plan and Policy
The investment made and returns earned under the Shriram Ujjwal Life Plan are eligible for tax benefits. As per the latest tax rules and regulations, the premiums paid under this plan are eligible for tax benefits under the Income Tax Act, 1961. Also, the sum assured gained through this plan is exempted from tax. Considering the fact that the tax rules are subject to change, customer are advised to discuss the plan with a qualified tax consultant before any purchase decisions. The applicable Service Tax and Cess will be charged as per the rates declared by the Government that is subject to change.
Other Benefits - Shriram Life Ujjwal Life Plan and Policy
In addition to the tax benefits, the policyholder is also entitled to a host of other benefits. The returns on market linked units help the policyholder in boosting the regular savings. Moreover the option to pay top-up premiums also adds to the maturity and death benefits. The high allocation and low charge advantage helps the policyholders in earning high returns from the inception of the policy. The auto transfer option with Shriram Ujjwal Life Plan helps in reducing the risk associated with equity market and encourages the policyholder to maximize the investment advantages.
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