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Insurance Company
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Shriram Life Insurance Company Ltd
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Plan Name
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Shriram Vishram
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Plan Nature
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ULIP
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Plan Category
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Protection Plan
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UIN No.
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128L010V01
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About Plan
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ShriVishram Plan offers a unique opportunity to make large tax free savings to meet specific needs of an individual for retirement, besides getting adequate insurance cover, through investment in different types of unit funds. Each year, units in the chosen unit fund will be allotted, after deducting defined charges out of the contribution paid each year.
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Minimum Entry Age
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12 Years
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Maximum Entry Age
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65 Years
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Minimum Sum Assured
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Rs 60000
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Minimum Premium
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Rs 12000
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Minimum Policy Term
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5 Years
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Maximum Policy Term
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40 years
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Minimum Top Up Premium
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Rs.5000/-
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Benefits
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| Particulars | Description |
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Maturity Benefits
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On surviving up to the end of the term, value of the units to the credit will be payable. Further the policyholder has an option to utilize the benefit amount to purchase Immediate Annuity Plan from Shriram Life Insurance Company.
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Death Benefits
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Sum Assured or the value of the units in life assured's account whichever is higher, is payable to the nominee. Further the nominee has an option to utilize the benefit amount to purchaseImmediate Annuity Plan from Shriram Life Insurance Company.
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Loan against policy
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No loans will be granted under the policy.
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Switch Benefit
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The policyholder can switch from one Fund to another Fund during the policy term, after the first year. The policyholder can switch two times in a year without any charge.
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Partial Withdrawal Benefit
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Partial withdrawal of units, to the credit, will be allowed once the policy acquires surrender value. The minimum value of the units withdrawn should be at least Rs.10000/- and this facility is available twice in a year.
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Tax Benefits
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| Section | Description |
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SEC 80 C
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Under Section 80 C premiums up to Rs. 100,000 are allowed as deduction from taxable income.
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SEC 10 (10)D
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Maturity and Death Benefits are tax free under section 10 (10) D of the Income Tax Act, 1961.
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Accident Shield [128A003V01]
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ShriVishram Plan offers a unique opportunity to make large tax free savings to meet specific needs of an individual for retirement, besides getting adequate insurance cover, through investment in different types of unit funds. Each year, units in the chosen unit fund will be allotted, after deducting defined charges out of the contribution paid each year. - Four Investment Fund options: Conservator, Guardian,Maximus and Dynamic. - Option to choose a fixed percentage of any of the above funds. - Facility to pay additional premiums to increase unit value. - Partial withdrawal of units after three years have elapsed.
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Shri Vishram Plan offers a unique opportunity to make large tax free savings to meet specific needs of an individual for retirement, besides getting adequate insurance cover, through investment in different types of unit funds. Each year, units in the chosen unit fund will be allotted, after deducting defined charges out of the contribution paid each year.
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Partial withdrawal of units, to the credit, will be allowed once the policy acquires surrender value. The minimum value of the units withdrawn should be at least Rs.10000/- and this facility is available twice in a year. For further withdrawals, a withdrawal charge of Rs.100/- will be levied. Surrender charges will be levied on the units to be withdrawn depending upon the duration of withdrawal from the date of commencement. After any partial withdrawal, at least an amount equal to annual premium should be available in the policyholder's account. Partial withdrawals will not be allowed for minor lives.
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The policyholder has got an option to contribute in lump sum any time before the end of the policy term, to increase the number of units to his credit, if the policy is in force. A premium allocation charge of 2% of top-up premium will be deducted from such lump sum and the balance will be allocated for units. Further, the mortality charges, if applicable, as detailed below will be charged by cancelling units at the NAV appropriate at the time of payment of lump sum. However, such lump sum payment should be at least Rs.5, 000/- per payment. Such an additional payment will be considered as a single premium and if it remains within the 25% of the total basic regular premiums paid up to date, the top-up premium will not have any insurance cover, and if it is more than 25% of the total basic regular premiums paid up to the date, such balance amount of the top-up premium shall have insurance cover at 125% of such balance subject to underwriting conditions. The insurance cover shall remain constant during the period of the contract till the value of units exceeds the sum assured and shall be maintained by cancelling the units to the extent of mortality charges on sum at risk, if any.A lock in period of three years shall apply for each top up premium, except during the last three years of thepolicy term.
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The policyholder can switch from one Fund to another Fund out of the funds mentioned above, during the policy term, after the first year. The application for switch should come to the office of the Company where the policy is being serviced, before at least one year from the end of the term of the policy. The policyholder can switch two times in a year without any charge. However, for each additional switch, Rs.100/- will be levied. On receipt of the application, the net asset value of the units in the policyholder's account after deducting the appropriate charges for switches (if any) will be utilized to allocate units in the fund chosen by the policyholder based on the unit price of that particular fund at the time of switch.
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ACCIDENT SHIELD RIDER
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Accelerator Fund
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Conservator Fund
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Guardian Fund
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Maximus Fund
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Particulars
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Range
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Accelerator Fund
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Equity
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90% - 100%
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Short term liquid assets
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0% - 10%
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Conservator Fund
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Debt
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80% - 100%
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Short Term Liquid assets
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0% - 20%
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Guardian Fund
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Equity
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0% - 40%
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Debt
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40% - 100%
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Short term liquid assets
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0% - 20%
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Maximus Fund
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Equity
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0% - 70%
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Debt
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10% - 100%
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Short term liquid assets
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0% - 20%
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Accelerator Fund
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21-May-13
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13.91
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Conservator Fund
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21-May-13
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16.91
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Guardian Fund
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21-May-13
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18.33
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Maximus Fund
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21-May-13
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18.13
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Accelerator Fund
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Conservator Fund
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Guardian Fund
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Maximus Fund
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10-Jun-09
14:26
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Increasing stake in Shriram Life Insurance : Sanlam
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29-Jan-09
16:51
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Insurers to inform consumer on bouncing of cheque
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29-Oct-08
12:05
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IRDA asks ULIP performance report
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