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Common Exclusions Under ULIPs Offered By Shriram Life Insurance

Updated On Jul 16, 2021

When market conditions are favourable, ULIPs are an excellent option for obtaining higher returns. In addition to the double benefits of investing and life insurance, these plans provide flexibility, fostering an investor's investment habits. These programmes cater to a wide range of investors with a variety of investing objectives.

Shriram Life Wealth Plus ULIP Plans are unit-linked insurance plans that protect your loved ones while simultaneously assisting in the growth of your investments.

To help extend your perspective of ulip plans, we have listed the major features and exclusions under the ulip plans offered by Shriram life insurance in this post.

Key Features Of ULIPs Offered By Shriram Life Insurance

Following are the primary features of your lips offered by Shriram life insurance

  • Loan Option

In the event that you require funds during a financial emergency, the firm will allow you to take out a loan against your policy to satisfy your needs.

Any outstanding loan balance, as well as any unpaid interest, will be deducted from any payment due under the policy.

  • Guaranteed Annual Payouts

This plan provides guaranteed annual payouts for the same length of time as the premium payment period. Annual payouts under this insurance begin on the maturity date and last for the same amount of time as the premium payment term chosen.

  • Maturity Benefit And Death Benefits

The accumulated fund value will be paid to you at maturity. Your nominee(s)/beneficiary(ies) will receive Death Benefit in addition to the accumulated fund value in the event of your death. 

  • Unlimited Switching & Premium Redirection Free of cost

This package provides investors with limitless switching between funds as well as complimentary premium direction. Adapt to the requirements of investors.

You can select your fund(s) from a diverse investment portfolio, ensuring that your premium is invested in the funds of your choosing.

Exclusion Under ULIPs - Suicide Clause

The following are the exclusions under the Shriram Life ULIP:

If the life assured, whether sane or insane, commits suicide within one year of the policy's start, the nominee or beneficiary will get 80% of the premiums paid.

If the life assured, whether sane or insane, commits suicide within one year of the policy's renewal, the nominee or beneficiary will be paid an amount equal to the higher of 80 percent of the premiums paid.

Take Away

For your long-term financial goals, ULIP plans are an outstanding investment option. The preceding essay will assist you in building an awareness of the many aspects of ULIP plans given by firms and assisting you in selecting the ideal one for you.

Also read 

Difference Between ULIP and SIP

10 Most Frequently Asked Questions for ULIP

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.            

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