Shriram Life Growth Plus Plan

• 7 varied investment funds
• Two death benefit options available
• Enjoy loyalty additions
• Partial withdrawals to access cash
• Top-up premium facility available
• Avail switching & premium re-direction
• Enjoy tax benefits

This policy offers following 7 investment funds and you have the option to invest in any one or combination of fund options in a fixed percentage.

• Preserver fund
• Guard Fund
• Maximus Fund
• Accelerator Fund
• Tyaseer Fund
• Dynamic Asset Allocation Fund
• Multi Cap Aggressive Fund

Death Benefit

In the event of death of the life insured during the policy term, the following Death Benefit is payable.

Under Option I: Sum Assured Plus top-up sum assured (if any), plus fund value is payable to the nominee/beneficiary. The policy will terminate after payment of the benefit. Here, fund value is the sum of base premium fund value and top up premium fund value.

Under Option II: Higher of Sum assured (less partial Withdrawals#) or Base Premium fund value plus Higher of Top-up sum Assured or Top-up Premium fund value is payable.

For both options, The total Death Benefit shall be at least 105% of the total premiums paid.

# If the life insured dies before 60 years of age, Sum Assured payable on Death is reduced to the extent of Partial Withdrawals made during the last two years prior the date of death. After 60 years of the life insured, Sum Assured is reduced to the extent of Partial Withdrawals made after attaining 58 years.

Maturity Benefit

On survival of the life insured till the end of the policy term, the Fund Value is payable. Fund Value is equal to base premium fund value plus top up premium fund value.

Loyalty Addition

Loyalty Addition in the form of additional units is payable every year from the end of 6^th policy year onwards. It is a percentage of average of the daily fund values for the previous three years.

Loyalty Addition is 0.10%/0.25% (% of base premium fund value) payable at the end of 6^th to 10^th policy year/11th to last policy year, respectively. For higher premium policies, the Loyalty Addition is 0.20%/0.50% for annualized premium for Rs 1,00,000 to Rs 1,99,000 and for single premium of Rs 2,00,000 to Rs 4,99,000 at the end of 6th to 10th policy year/11th to last policy year, respectively. It is 0.40%/1% for annualized premium for Rs 2,00,000 and above and Single premium for Rs 5,00,000 and above at the end of 6th to 10th policy year/11th to last policy year, respectively.

Settlement Option

You can opt to receive the maturity benefit as a lump sum or structures payout through settlement option. It provides you the flexibility to receive the maturity benefits in annually, semi annually, quarterly, & monthly installments within a period of one to five years from the date of maturity.

Switching

You can switch among 7 fund options to suit your changing investment needs.

Premium Re-direction

Premium Re-direction facility is available to alter future premium allocation in any one of the available fund options.

Partial Withdrawal

Partial Withdrawal Facility is available after completion of the fifth policy anniversary (in case of minor lives, life assured attains 18 years), provided the policy is in-force. The minimum partial withdrawal allowed is Rs 10,000. The minimum fund value required after such withdrawal should be at least equal to 25% of the total base premiums paid.

Top-up Premium

Top-up Premium is an additional premium paid by the policyholder, apart from the basic premiums as specified under the policy. Facility for Top-up Premium is available through the entire policy term, except last 5 years. If age at entry is below 45 years, Top-up Premium has 125% of the Top-up Sum Assured and when age at entry is 45 years & above, Top-up Premium has 110% of the Top-up Sum Assured. The top-up premium should be at least Rs 10,000. At any time, the total top-up premium should not exceed the total of premiums paid.

Bonus

This plan is not eligible for the bonuses.

Loan Benefit

No loan benefit can be availed under this plan.

Surrender Value

Upon surrendering the policy with-in the lock-in period of 5 years, For Single Pay policies, the fund value less applicable discontinuance charges is credited to the ‘Discontinued Policy Fund’ and it is refunded upon completion of the lock-in period. The proceeds of the discontinued policy is payable after the end of the lock-in period.

For Regular/Limited Pay policies, the fund value less applicable discontinuance charges is credited to the ‘Discontinued Policy Fund’ and it is refunded upon completion of the lock-in period. Fund management charge of 0.5% per annum is levied on the discontinued policy fund. The proceeds after addition of 4% minimum guaranteed interest rate is payable after the end of the lock-in period.

Upon surrendering the policy after the lock-in period of 5 years, the fund value is payable immediately.

Following riders can be opted, on payment of additional rider premium.

• Shriram Accidental Death & Disability Rider
• Shriram Accidental Death & Disability Income Rider
• Shriram Critical Illness Care Rider

Premium Allocation Charges (PAC): For Regular/Limited premium policies, Premium Allocation Charge varies from 2.25% to 6.25% (as a % of annualized premium) from year 1 to 5, depending on annualized premium. It is 1% from year 6 onwards. For Single premium policies, Premium Allocation Charge is 2%/3%/4.5%, depending on single premium. For top-up premiums, it is 2% of top-up premium.

Policy Administration Charge: Policy administration charge is 0.10% of annualized premium/0.09% of single premium during the first 9 policy years for Regular & Limited premium policies/Single premium policies, respectively. The policy administration charges are increased by 5% p.a. on every policy anniversary. This charge shall not exceed Rs 6000 per annum.

Mortality Charges: Mortality mortality charge is levied on Sum at Risk and it is deducted at the beginning of each month by cancelling the appropriate number of units from the policyholder’s fund till maturity, death, discontinued or surrendered.. Sum at Risk= Death benefit minus total fund value.

Fund Management Charges (FMC): Fund management charge levied is a percentage of the Fund Value. It is 1.35% p.a for Maximus Fund, Accelerator Fund, Tyaseer Fund, Dynamic Asset Allocation Fund & Multi Cap Aggressive Fund,  1.25% p.a for Preserver Fund & Guard Fund, 0.50% p.a for Discontinued Policy Fund.

Discontinuance Charge: This charge is levied, in case the policy is discontinued during the first 4 policy years. This charge is levied as applicable under the policy terms & conditions. For more details, please refer the policy brochure.

Switching Charge: No charge is levied for switching units from one fund to another.

Premium Re-direction Charge: No charge is levied for premium re-direction.

Partial Withdrawal: 1 free partial withdrawal is allowed during the entire policy term. Rs 250 is levied for every subsequent partial withdrawal.

Service Tax Charges: Service tax as per regulations are levied on all applicable charges.

Tax benefits can be availed under section 80C & 10(10D) under the Income Tax Act, subject to change in tax laws.

Mr. Raman aged 35 years, is leading a happy life with his wife ananya and a daughter sanya. He wants to build a corpus amount, so his family can achieve their dreams such as sanya’s education, her marriage, etc. He also wants to ensure financial security of the family, in case of a mishap. He thus opts for Shriram Life Growth Plus with the policy term of 10 years, annual premium payment of Rs 50,000 with the sum assured of Rs 5,00,000. He chooses death benefit option I.

Scenario A- Maturity Benefit: In case of his survival till maturity of the policy, the Fund Value is payable. You can opt to receive the maturity benefit as a lump sum or structures payout through settlement option. Loyalty Addition is 0.10%/0.25% (% of base premium fund value) made at the end of 6^th to 10^th policy year/11th to last policy year, respectively.

Scenario B- Death Benefit: In the event of his death during the policy term, the Death Benefit payable is Sum Assured Plus top-up sum assured (if any), plus fund value is payable to the nominee/beneficiary.