NewsVoir

Hyderabad (Telangana) [India], February 27: Shriram Life Insurance has launched a new non-participating, unit linked policy (ULIP) called Shriram Life Wealth Pro. The ULIP is designed to attract both young and older generation of policyholders into the safety net of insurance as well as to give them an opportunity to generate wealth at lower premium. The policy term is from 10 years to 30 years.

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Policyholders who are older than 30 days can opt for this policy where the minimum investment amount is Rs. 1000 per month. One may choose the policy with a maximum maturity age of up to 75 years with any of the two death benefit options: Option 1 provides a death benefit of sum assured plus total base premium fund value and top up benefits if any. Option 2 provides either a death benefit or sum assured or total base premium fund value plus top up benefits whichever is the higher amount.

The policy offers the flexibility to choose the premium amount, mode, and premium payment term. One can also reduce the premium up to 50 per cent if premiums for the first five years are paid regularly and other conditions are met. The policyholder has the flexibility to increase/decrease the policy term, premium paying term, decrease sum assured and premium. One can choose the policy term to ensure their maturity benefits are aligned with their life goals.

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Speaking on the product, Casparus J H Kromhout, MD & CEO, Shriram Life Insurance said, "Post COVID, there has been a greater awareness about the need for insurance protection as well as a marked interest in wealth generation among young people. Shriram Life Wealth Pro is a product that allows you to grow your wealth at any age with whatever minimum amount you have while protecting you against the vagaries of life. This is also a much-desired product among retirees who are looking for avenues to invest in as well as stay protected during their sunset years."

Shriram Wealth Pro offers policyholders the chance to invest their premiums in multiple funds through different investment strategies. The policy offers unlimited switches, premium redirection, and Auto Transfer Option (ATO) free of cost. Some of the fund options include Maximus, Accelerator, Tyaseer, Preserver, Defender, Balancer etc. On maturity, the accumulated fund value will be paid to policyholders.

Benefits & Tax

Unlike a mutual fund investment where gains attract tax, investments made in ULIPs are eligible for tax exemption under the overall limit offered under Section 80C. Withdrawals and maturity benefits are also tax free in accordance with Sec 10(10D) provided premium paid is less than 10 per cent of sum assured and is below Rs. 2.5 lakhs per annum. In case of sudden death, the nominee or beneficiary will receive death benefit along with accumulated fund value.

Shriram Life Insurance Company offers term, endowment, ULIPs and annuities for the rural and urban middle-class at affordable premiums. The average ticket size of the company for individual policies stands at around Rs. 20,000. The company's protection and long-term savings plans help it give working-class families comprehensive life cover besides offering stable investment solutions for their key life goals. The company has an in-force policyholder base of over 10 lakh.

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