For internal circulation only 1

A Non-Linked Participating Endowment Life Insurance Plan UIN-128N088V02

 Key Features

Life cover extension till

Lump sum or age 80; with Lump sum
Life Cover throughout
Income plus Lump sum payable on survival on
the policy term
on maturity, as chosen payment of additional
premium

Additional earnings
Additional protection through bonuses which
through riders, if are guaranteed to be at
chosen least 4% p.a in the first
5 policy years

2
 Plan Eligibility
Eligibility Criteria Limits
0 Years - 60 Years (For extended Cover Option, Minimum entry age is 20 years)
Age at entry
18 Years - 75 Years
Maturity age
Policy Term 10 / 13 / 15 to 25 years (Premium Paying Term + 5 years)
5 years – for age 0 to 50 years
Premium Paying Term
8 years & 10 to 20 years – for age 0 to 60 years
5 years – Rs. 44,232 p.a.
8 years – Rs. 27,564 p.a.
Premium range 10 - 20 years – Rs. 10,296 p.a.
Maximum - No Limit, Subject to Underwriting Guidelines as per Board Approved Underwriting Policy

Annual / Half-Yearly / Quarterly / Monthly

Premium payment mode
Minimum – Rs.2,00,000
Sum Assured Maximum - No Limit, Subject to Underwriting Guidelines as per Board Approved Underwriting Policy

Riders Available 1. Accident Benefit Rider: UIN 128B001V03

2. Shriram Life Critical Illness Plus Rider: UIN 128B016V01
3. Family Income Benefit Rider: UIN 128B002V03
4. Extra Insurance Cover Rider: UIN 128B009V03

3
 Benefits under the Plan
A. Death Benefit# C. Maturity Benefit #
Lump sum Option:
Death during the policy term: “Death Sum Assured” along with the accrued
bonus, (if any) and terminal bonus, if any, will be paid in lump sum to the • In case of survival of the life assured till the end of the policy term provided the policy is
nominee (s) or beneficiary (ies) in force, “Guaranteed Maturity Sum Assured” along with the accrued bonus (if any) and
“Death Sum Assured#” is defined as highest of: terminal bonus (if any) will be paid provided all due premiums have been paid.
• Absolute amount assured to be paid on death
• 10 times the annualized premium& Income plus Lump sum Option:
• 105% of the All Premiums Paid till the time of death
• Guaranteed Maturity Sum Assured • The income benefit equal to 10% of the sum assured shall be paid annually at the end of
Where each of the last five policy years provided the policy is in force.
“Absolute amount assured to be paid on death”-‘Sum Assured’ • In case of survival of the life assured till the end of the policy term, the lump sum benefit
which is chosen by the policy holder excluding underwriting extra premiums,
rider premiums and loadings for modal premiums, if any. equal to 50% of the “Guaranteed Maturity Sum Assured” along with the accrued bonus (if
“All Premiums Paid’ is the total of all premiums paid till the date of death excluding any any) and terminal bonus (if any) shall be paid provided all due premiums have been paid.
extra premiums, any rider premiums, revival and taxes..
“Guaranteed Maturity Sum Assured” is the ‘Sum Assured’ which is chosen
by the policy holder at the time of proposal D. Rider Benefit
• For Income plus Lump sum Option, Income benefits that have already been paid
shall not be deducted from the death proceeds. You can opt any of the following Rider by paying additional premium
B. Extended Cover Benefit # Accident Benefit Rider (UIN 128B001V02)
On Choice and by an additional premium – in addition to the other plan
benefits, the policyholder will get life insurance cover for an extended term (i.e. the Shriram Critical Illness Cover Rider (UIN 128B010V02)
period from the date of maturity to the date on which the life assured attains the age
of 80 years). In case of death of the life assured during the extended cover term or on Family Income Benefit Rider (UIN 128B002V02)
survival up to end of extended cover term, one sum assured will be paid and the policy Shriram Extra Insurance Cover Rider – (UIN 128B009V02)
will be terminated.
• The extended cover benefit cannot be surrendered individually.

4
 Plan options
A) Plan Options: Customer has to choose between two plan options (premium rates vary depending on Plan Option)
1. Lump sum Option
“Guaranteed Maturity Sum Assured” along with the accrued bonus (if any) and terminal bonus (if any) shall be paid at the end of the policy term, on
survival of life assured, provided all due premiums have been paid.
2. Income Plus Lump sum Option
Income benefit equal to 10% of the sum assured shall be paid annually at the end of each of the last five policy years and lump sum benefit equal to
50% of the “Guaranteed Maturity Sum Assured” along with the accrued bonus (if any) and terminal bonus (if any) shall be paid at the end of the policy
term, on survival of life assured, provided all due premiums have been paid
B) Extended Cover Benefit Option: Customer can add this option to the plan option chosen from above (on payment of additional
premium)
1. Lump sum with Extended Cover Benefit Option Life insurance cover provided for an extended term (i.e. the
“Guaranteed Maturity Sum Assured” along with the accrued bonus period from the date of maturity to the date on which the life
(if any) and terminal bonus (if any) shall be paid at the end of the
policy term, on survival of life assured, provided all due premiums
+ assured attains the age of 80 years). On death of the life
assured during this period or on survival up to end of
have been paid. extended cover term, one sum assured will be paid and the
policy will be terminated
2. Income Plus Lump sum with Extended Cover Benefit Option
Income benefit equal to 10% of the sum assured shall be paid Life insurance cover provided for an extended term (i.e. the
annually at the end of each of the last five policy years and lump period from the date of maturity to the date on which the life
sum benefit equal to 50% of the “Guaranteed Maturity Sum
Assured” along with the accrued bonus (if any) and terminal bonus
+ assured attains the age of 80 years). On death of the life
assured during this period or on survival up to end of
(if any) shall be paid at the end of the policy term, on survival of life extended cover term, one sum assured will be paid and the
assured, provided all due premiums have been paid policy will be terminated

5
 How and when benefits# will be paid
A. Maturity Benefit
When: At the end of the chosen policy term; on survival of life assured, provided policy is in force
What: For Lump sum option “Guaranteed Maturity Sum Assured” equal to Sum Assured along with the accrued bonuses and terminal bonus (if
any) will be paid
For Income Plus Lump sum option 50% of “Guaranteed Maturity Sum Assured” equal to Sum Assured along with the accrued bonuses and
terminal bonus (if any) will be paid

B. Income Benefit (for Income Plus Lump sum option only)

When: At the end of each of the last five years of the policy term; on survival of life assured, provided policy is in force
What: Income benefits equal to 10% of “Guaranteed Maturity Sum Assured” will be paid

C. Death benefit
When: In case of death during policy term
What: “Death Sum Assured” along with the accrued bonuses and terminal bonus, if any will be paid. Survival Benefit already paid will not be
recovered from the death benefit

D. Extended Cover Benefit (If opted for)

When: In case of death during extended cover term (till age 80) or on survival to the date on which the life assured attains age of 80 years;
provided policy is in force
What: Amount equal to Sum Assured will be paid

E. Bonus
When: At the end of every year, throughout the policy term
What: Simple Reversionary Bonus which is guaranteed to be at least 4% of Sum Assured p.a in the first 5 policy years along with terminal bonus
on maturity or death, whichever is earlier

6
 Core Benefit Structure

If Death happens anytime during the policy term, Death Benefit is paid and the policy terminates.
If Death happens during the extended cover benefit period, Sum Assured is paid and policy terminates.

Illustrates benefit in case of Lump sum option with extended cover benefit

7
 How to calculate Premium
I am 30 years old and have chosen Lump sum option with Extended Cover Benefit Option. I would like to pay premium in half yearly mode for a
Sum Assured of Rs.10,00,000 for a limited period of 10 years with 15 years of policy term.

Premium = Rate X Sum Assured

1000
Premium = 120.4704 X 10,00,000 = 120470.40
1000
Half-yearly Premium = Rs.120470.40 * 0.5076 (Half-yearly premium modal factor)
= Rs.61150.78 (exclusive of GST, UW Extras)

How did we arrive at Rate?

Tabular Premium for Base Cover (for age 30, Policy Term 15, Lump Sum Option) = Rs.111.7400
Tabular Premium for Extended Cover (for age 30, Policy Term 15) = Rs. 13.7500
-----------------
Total Tabular Premium per thousand Sum Assured (for age 30, Policy Term 15, Lump Sum Option) = Rs. 125.4900
High Sum Assured Rebate (at 4% of Tabular Premium for Sum Assured of Rs. 10 Lacs) = Rs. (-) 5.0196
------------------
Final Tabular Premium (for age 30, Policy Term 15 and Sum Assured Rs. 10 Lacs, Lump Sum Option with Extended Cover) = Rs. 120.4704

8
Sample Illustrations

9
Let’s see how this plan works for Vinay
Vinay is Aged 30
paying Annual Premium Rs. 1,20,470 for 10 years under Golden Premier Saver Plan

10
 Golden Premier Saver Calculation for Vinay
Vinay, Aged 30, pays Annual Premium Rs. 1,20,470 for 10 years for Sum Assured of Rs.10,00,000
Option chosen by him is Lump sum with the Extended Cover Benefit

which means,
Annualized Premium& = Rs. 1,20,470
Premium Payment Term = 10 years

Maturity Benefit # = Sum Assured + 4% assured simple reversionary bonus # for 5 years + (accrued bonus with Terminal bonus), if any.
@4% -
Rs.13,50,000 = 10,00,000 + 3, 50,000 + 0
Maturity
Benefit @8% -
Rs.18,70,000 = 10,00,000 + 6,00,000 + 2,70,000

Maturity Benefit @ 4% = Accrued reversionary bonus is calculated till the end of the policy term and terminal bonus is not considered
Maturity Benefit @ 8% = Accrued reversionary bonus is calculated till the end of the policy term and terminal bonus is calculated @ 45% of accrued bonus

11
 Scenario – 1
(Maturity – Lump sum with the Extended Cover Benefit)

12
Scenario – 2 (Death During Policy Term)
Now, let us consider the unfortunate scenario where Vinay dies at the age of 35 after paying 6 annual
premiums and have a look at the benefits.

Policy Terminates after payment of death benefit

13
Table 2 : Higher Rebates on Higher Sum Assured

Sum Assured band (in Rs.) Discount

Up to 3,99,999 Nil
4,00,000 to 6,99,999 2%
7,00,000 to 9,99,999 3%
10,00,000 and above 4%

14
Click to go back
Modal factors for Non-yearly Premiums
For premiums paid in non-yearly mode, the annual premium will be multiplied by the modal factor as shown below:

Loans

Lump Sum Option:

Maximum loan allowable is 80% of surrender value. Any outstanding loan with accrued interest will be recovered from policy proceeds before any benefit is
paid on the policy. Any outstanding loan with accrued interest will be recovered from policy proceeds before any benefit is paid on the policy.

Income plus Lump Sum Option: During the premium paying term, the maximum loan allowed is 80% of the surrender value. If loan is availed after premium
paying term, the maximum loan allowed is 60% of the surrender value. If there is default in the interest payment on loan or repayment of outstanding loan
amount, then income benefits due or any other amount payable under the policy shall be adjusted against the outstanding loan interest and outstanding loan
amount.

The policy holders are allowed to take lower amount of loan than the available loan if they desire. The loan interest is 9% p.a. compounding half yearly.

15
Minor Lives

The life assured whose age is less than 18 years (age last birthday) at the date of commencement of policy shall be considered as
minors. In case of minor lives assured, the risk cover starts from the 1st policy anniversary.

In case of death of the minor life assured during the first policy year, and the premium paid will be refunded.

The policy will be vested in the name of the Minor life assured on the policy anniversary immediately following his/her completion
of 18 years of age.

16
 Plan at a Glance

• Whole life Plan …. Optional cover till age 80

• Double Savings .... One lump sum on maturity and another at age 80
(optional)
• Bonus .... Throughout policy term with 4% of Sum Assured p.a.
Guaranteed for the first 5 years
• Short PPT …. Of as low as 5 years with 10 year term
…. Maturity benefit options; Cover extension option,
• One plan many options Rider options
• Tax benefits .... As per extant Tax laws

For internal circulation only 17

 Important Sections of Insurance Act
Prohibition of Rebates - Section 41 of the Insurance Act, 1938 as amended from time to time

No person shall allow, or offer to allow, either directly or indirectly as an inducement to any person to take out or
renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the
whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person
taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance
with the published prospectuses, or tables of the insurer.

Section 45 of the insurance Act, 1938 as amended from time to time

(1) No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years
from the date of the policy, i.e. from the date of issuance of the policy or the date of commencement of risk or the
date of revival of the policy or the date of the rider to the policy, whichever is later

(2) A policy of life insurance may be called in question at any time within three years from the date of issuance of the
policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the
policy, whichever is later, on the ground of fraud. Provided that the insurer shall have to communicate in writing to
the insured or the legal representatives or nominees or assignees of the insured the grounds and materials on
which such decision is based.
(3) Notwithstanding anything contained in sub-section (2), no insurer shall repudiate a life insurance policy on the
ground of fraud if the insured can prove that the mis-statement of or suppression of a material fact was true to the
best of his knowledge and belief or that there was no deliberate intention to suppress the fact or that such mis-
statement of or suppression of a material fact are within the knowledge of the insurer: Provided that in case of fraud,
the onus of disproving lies upon the beneficiaries, in case the policyholder is not alive

(4) A policy of life insurance may be called in question at any time within three years from the date of issuance of the
policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy,
whichever is later, on the ground that any statement of or suppression of a fact material to the expectancy of the life
of the insured was incorrectly made in the proposal or other document on the basis of which the policy was issued or
revived or rider issued: Provided that the insurer shall have to communicate in writing to the insured or the legal
representatives or nominees or assignees of the insured the grounds and materials on which such decision to
repudiate the policy of life insurance is based: Provided further that in case of repudiation of the policy on the ground
of misstatement or suppression of a material fact, and not on the ground of fraud, the premiums collected on the
policy till the date of repudiation shall be paid to the insured or the legal representatives or nominees or assignees of
the insured within a period of ninety days from the date of such repudiation.

(5) Nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so,
and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on
subsequent proof that the age of the life insured was incorrectly stated in the proposal.
 Disclaimers

# Provided all the premiums are paid and the policy is in force.
&Annualised premium shall be the premium payable in a year, excluding the underwriting extra premiums, rider premiums, loadings for modal premiums, taxes and other statutory levies, if any.

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.

Shriram Life Golden Premier Saver Plan UIN : 128N088V02

Shriram Life Insurance Company Limited
IRDAI Regn No. 128
CIN: U66010TG2005PLC045616

BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS/FRADULENT OFFERS

IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

The Trade Logo displayed above belongs to Shriram Value Services Limited (“SVS”) and used by Shriram Life Insurance Company Limited under a License agreement.”

ARN: SLIC/Elec/July 2022/65

20
Thank You

For internal circulation only 21