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Shriraksha
THE PLAN
SHRIRAKSHA is a life insurance plan that combines security and savings. The premium is payable during the premium paying term at regular intervals. The total benefit payable to any policyholder during the policy term will equal two times the sum assured along with accrued bonuses.
ELIGIBILITY CONDITIONS
| Condition |
Limit |
| Minimum age at entry |
12 years |
| Maximum age at entry |
65 years |
| Maximum age at the end of premium paying term |
75 years |
| Minimum age at the end of the premium paying term |
18 years |
| Minimum premium paying term |
10 years |
| Maximum premium paying term |
25 years |
| Minimum sum assured |
Rs. 50,000 |
AGE
Age is determined by the last birthday i.e., the completed number of years. A standard age proof will have to be submitted along with the proposal.
PAID UP VALUE
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 premium paying 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 premium paying term or death of the life assured whichever is earlier.
SURRENDER VALUE
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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 Top Providers |
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ICICI Prudential Life |
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SBI Life Insurance |
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Life Insurance Corp. |
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Bajaj Allianz Insurance |
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United India Insurance |
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