Shriram Ujjwal Life Plan

Shriram Ujjwal Life Plan

It is a single premium unit linked plan by Shriram Life Insurance Co Ltd. Minimum entry age is 7 years. Maximum entry age is 65 years. Maximum maturity age is 75 years. Policy term is 10 years.

Sum assured conditions

If the age at entry is below 45 years, minimum sum assured will be 125% of the single premium. If age at entry is above 45 years, minimum sum assured will be 110% of the single premium.

Minimum premium is Rs 35000. There is no limit on maximum premium.

Death benefit

Sum assured plus fund value will be the death benefit.

Maturity benefit

Fund value will be the maturity benefit. Investment funds in this plan

Preserver Fund

100% of amount is invested in debt, money market and cash instruments.

Defender Fund

Up to 35% of amount is invested in equities and 65% to 35% of amount is invested in debt, money market and cash instruments.

Balancer Fund

40% to 60% of amount is invested in equities, debt, money market and cash instruments according to the market conditions.

Maximus Fund

Up to 70% of amount is invested in equities and 30% to 70% of amount is invested in debt, money market and cash instruments.

Accelerator Fund, Tyseer Fund

90% to 100% of amount is invested in equities and up to 10% of amount is invested in debt, money market and cash instruments.

Charges in this plan

Premium allocation charge

5% of the single premium will be the premium allocation charge.

Policy administration charge

Policy administration charge will be Rs 30/ month in the first three policy years. It can be increased by 6% p.a. from fourth policy year onwards.

Fund management charge

1.25% p.a. in both preserver and defender funds. 1.35% p.a. will be in the other funds.

Mortality charges

There will be mortality charges based on the age at entry.

Service tax

There will be service tax applicable in the mortality charges, rider charges and fund management charges.

Switching

Switching option is available in this plan. Policyholder can switch from one fund to another. Two switches in policy year will be free of any charges. Additional; switches will be charged Rs 100/switch.

Top up option

Top up option is available in this plan. It is not allowed in the last five policy years. Minimum top up amount is Rs 5000/. Premium allocation charge will be 2% of the top up premium.

Partial withdrawal

Partial withdrawals are allowed in this plan. Minimum amount for partial withdrawal is Rs 10000/

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