Shriram Life Growth Plus

The flexibility of investment assures that investments can be moved about depending on market conditions. Shriram Life Growth Plus offers death benefit options, loyalty additions, additional protection through riders, unlimited switching, free of cost premium redirection, multiple fund types to choose from, and multiple investment strategies to apply. The insurance plan also has maturity benefits for those willing to use this as a long-term savings method. 

*Terms and Conditions apply

Shriram Life Growth Plus Details:  

Benefits of the Shriram Life Growth Plus

Online Shriram Life Growth Plus has the following benefits:

1. Maturity Benefit:

   Upon surviving the policy term, the policyholder receives the sum assured, which is the total of all base premium fund value and the top-up premium fund value (if any). The fund value is computed as a number of units multiplied by the applicable net asset value. 

2. Death Benefit:

   The plan provides two death benefit options. 

   1. Option 1:

      The death benefit is Sum assured amount plus the top-up sum assured (if any), plus fund value. 

   2. Option 2:

      The death benefit is the higher of sum assured (less partial withdrawals) or base premium fund value or top-up sum assured or top-up premium fund value. 

      The minimum death benefit is 105% of all premiums received by the insurer. 

3. Surrender Benefit:

   After the lock-in period, if the policy has been surrendered, the prevailing fund value as on the surrender, the date is paid to the policyholder and then the policy is terminated. The policy can be surrendered anytime. The fund value as of the date of applying for the surrender is paid. 

4. Tax Benefits:

   Tax benefits for the Shriram Life Growth Plus can be claimed under Section 10(10D) and Section 80C of the Income Tax Act, 1961.

   *Tax benefit is subject to changes in tax laws

The Premiums for Shriram Life Growth Plus

The online Shriram Life Growth Plus has a minimum of 6 and a maximum of 20 years premium payment term. *

Minimum premium payment for a single plan is Rs. 50,000 for ten years and Rs. 1,00,000 for 15 years and above. Minimum premium payment for a limited plan is Rs. 60,000 yearly and Rs. 6,000 monthly. Minimum premium payment for the regular plan is Rs. 30,000 yearly and Rs. 3,500 monthly.

Use the Shriram Life Growth Plus calculator to compute the premium.

*Standard T&C Apply

Additional Riders for Shriram Life Growth Plus

Additional riders can be taken apart from paying Shriram Life Growth Plus premium. The additional riders that can be taken are from Shriram Accidental Death & Disability Rider, Shriram Accidental Death, & Disability Income Rider and Shriram Critical Illness Care Rider. The rider premium shall be deducted from the unit fund by effecting the cancellation of the proportionate number of units at the start of each policy month. 

Eligibility for Shriram Life Growth Plus

The minimum age at entry for the Shriram Life Growth Plus Policy is 30 days and the maximum age for entry is 60 years. Minimum and Maximum age at maturity is 18 and 70 years. 

What are the documents required to buy this policy?

To buy Shriram Life Growth Plus the individuals have to deposit the following documents:

• Applicant’s ID: Aadhaar, Voter ID, or Passport 
• Applicant’s address: PAN card, Amenity bill (phone or electricity) or Aadhaar
• Applicant’s income proof: ITR or Salary certificate
• Shriram Life Growth Plus application form

How to buy this plan online?

Step 1: Visit the official website of Policybazaar Insurance Brokers Private Limited (formerly known as Policybazaar Insurance Web Aggregator Private Limited).

Step 2: Fill in the lead form with the required details 

Step 3: You will be redirected to the quotes page and choose Shriram Life Growth Plus Plan.

Step 4: Complete it by submitting details such as policy premium term, policy premium mode and premium amount, etc. 

Step 5: Attach the policy and personal documents while submitting the application form

Step 6: Finish the process by paying premium through net banking, credit/debit card, or UPI payments.

Exclusions of Shriram Life Growth Plus

The suicide exclusion of Shriram Life Growth Plus will provide cover to the nominee or beneficiary if the suicide has occurred within a year from policy commencement.

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