Shriram Life Genius Assured Benefit Plan - Features and Benefit
Published On May 20, 2021 1:00 PM By InsuranceDekho
Table of Contents
Shriram Life Genius Assured Benefit Plan is a child plan which offers guaranteed benefits to assist the funding of the education of a child, in addition to life cover of the parent in case of death during the policy term. It helps a parent plan for any unfortunate event, ensuring that life’s unpredictability does not damage the growth of their children and loved ones. This plan can be customised according to the needs of a family, thereby allowing one to be rest assured about the future.
Features of Shriram Life Genius Assured Benefit Plan
The best features of Shriram Life Genius Assured Benefit Plan are as follows-
RevivalPolicies which have been lapsed are allowed to be revived by payment of all unpaid dues and premiums. A time period of 2 years is offered within which a policy can be revived.
Auto CoverUnder this benefit, a policyholder is entitled to life cover for a period of one year, even if he/she is unable to pay the premium within the fixed grace period. But, this is applicable only if premiums for a minimum of 2 years are paid in full. In case a policyholder unfortunately dies during this period, the insurer will pay the death benefit to the nominee.
Surrender ValueA policyholder is allowed to surrender a policy, with a surrender value payable after a minimum of 3 years.
Policy LoansA policyholder is allowed to avail loans through the policy. The maximum loan which the loan can be availed for is 80% of the surrender value. This loan will have an interest of 9% per annum, compounded every 6 months.
Benefits of Shriram Life Genius Assured Benefit Plan
The key benefits provided by Shriram Life Genius Assured Benefit Plan are the following-
If the policyholder unfortunately dies within the policy term, the insurer will pay a death sum assured to the beneficiary. This benefit can be paid either as a single lump sum amount or in the form of periodical instalments. The death sum assured provided by the insurer is the highest of the following-
- Maturity sum assured
- 10 times the annualised premiums paid until the death of the life assured
- The sum assured plus additional benefits
- 105% of premiums paid by the life assured till the time of death
- The additional benefits are discounted interest rates, and depends on the policy term.
Family Support Benefit
Under this benefit, the family of a policyholder is provided financial support in the event of the death of the policyholder. The insurer will pay the family a sum equivalent to 1% of the sum assured each month.
Education Support Benefit
This amount is specifically designed to support the educational needs of your child. Under this benefit, Shriram Life will be entitled to pay an amount for 5 years, starting from the maturity of the policy. A policyholder can opt between two options namely a Flat Payout Option or an Increasing Payout Option. Under the flat payout option, 20% of the sum assured is payable every year for a term of 5 years. Under the increasing payout option, 103% the sum assured is paid in 5 increasing instalments.
On the survival of the policyholder until the end of the policy term, a maturity benefit is payable by the insurance company. The policyholder will receive the Education Support Benefit too on the basis of the option chosen by life assured while buying the policy.
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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.