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Shrilife is a life insurance plan that combines and saving. The premium is payable at regular intervals during term of policy . Life comver will be availabe througout the policy term.On death during the policy term - Sum assured along with vested bonuses will be paid and the policy comes to an end.On survival up to the end of policy term - Sum assured along with vested bonuses will be paid.
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SHRILIFE is a life insurance plan that combines security and savings. The premium is payable at regular intervals during the term of the policy. Life cover will be available throughout the policy term.
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If the payment of premium is discontinued after a minimum of three years, premiums are paid and three years have elapsed from the date of commencement of policy, the policy will not fully lapse but will acquire a paid up value and the life insurance protection will continue to the extent of the paid up value until the end of the policy term. The paid-up value will be equal to the sum assured multiplied by the amount of premiums paid, divided by the total amount of premium payable. A policy that becomes paid up will not participate in future profits, but any bonuses already vested will be added in full to the paid up value determined as above. The paid up value together with the bonuses already vested shall be paid at the end of the policy term or death of the life assured whichever is earlier.
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The guaranteed surrender value under the policy will be equal to 30% of the total amount of premium paid excluding the premium for the first year, provided a minimum of three years' premiums are paid and three years have elapsed from the date of commencement of the policy. The policy will not have any surrender value after the policy term.
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Loan will be available up to 90% of the surrender value of policy. The company will determine the rate of interest to be charged on such loan amount from time to time.
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Accidental Benefit RiderFamily Income Benefit Rider
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