Shriram Life Golden Premier Saver Plan

What is the Shriram Life Golden Premier Saver Plan?

Shriram Life Golden Premier Saver Plan is a life insurance product offered by Shriram Life Insurance that combines savings and protection benefits. This investment plan is designed to provide financial security for your loved ones in case of your death during the policy term and also offers a maturity benefit if you survive the policy period.

Features of Shriram Life Golden Premier Saver Plan

• Continuous Life Insurance: This policy provides life insurance coverage throughout the entire term, ensuring protection for you and your loved ones.

• Flexible Maturity Payouts: At the end of the policy term, you can choose to receive a lump sum or a combination of regular income and a lump sum, based on your financial needs.

• Extended Life Coverage: You can extend your life insurance coverage until the age of 80, with a lump sum payout if you survive to that age. This extension requires an additional premium.

• Guaranteed Bonuses: This policy offers bonuses, guaranteed to be at least 4% per year during the first five years of the policy, providing additional earnings.

• Optional Riders for Added Protection: To enhance your coverage, you can choose from various optional riders, offering additional benefits and protection.

People also read: Shriram Life Child Plans

Eligibility Criteria of Shriram Life Golden Premier Saver Plan

Benefits of Shriram Life Golden Premier Saver Plan

Maturity Benefit Options:

• Lump Sum Option: If you survive the full policy term, you'll receive a lump sum payment consisting of the following:

  • The "Guaranteed Maturity Sum Assured"

  • Any accrued bonuses

  • Any terminal bonuses

• Income Plus Lump Sum Option:

  • At the end of each of the last five years of the policy term, you will receive an annual income equal to 10% of the sum assured.

  • If you survive the full policy term, you'll also receive:

    • 50% of the "Guaranteed Maturity Sum Assured"

    • Any accrued bonuses

    • Any terminal bonuses

• Extended Cover Benefit

  • By paying an additional premium, you can extend your life insurance coverage until age 80. This extended term starts from the maturity date of the original policy.

  • If you pass away during the extended term or survive to the end, a sum assured will be paid, and the policy will end.

  • This extended cover cannot be surrendered on its own.

• Benefit Payout Options: You have two choices for how you'd like to receive your maturity benefit:

  • Lump Sum: You get the full maturity benefit in one payment on the maturity date.

  • Income Plus Lump Sum: Part of the maturity benefit is paid as a lump sum on the maturity date, with the rest paid as annual income over the last five policy years.

• Extended Coverage Option: By selecting this option and paying a higher premium, you will receive life insurance coverage for an extended period—specifically, from when your policy matures until you turn 80. All the original plan benefits will still apply.

Keep in mind that you must choose this option when you first sign up. You cannot change it later during the policy's term.

Investment

Secure

Secure your child’s future with or without you

Start Investing

₹10,000/Month

& Get

₹1 Crore^*

VIEW PLANS

*Standard T & C Apply

People also read: Child Investment Plans

Rider Benefits of Shriram Life Golden Premier Saver Plan

You can add extra coverage to your insurance policy by paying an additional premium for any of the following riders:

1. Accident Benefit Rider

   • Get 100% of the rider's sum assured if you die or become totally and permanently disabled due to an accident during the rider term.

   • If you become totally and permanently disabled in an accident, all future premiums for the main policy are waived.

   • This benefit can be claimed only once during the rider term.

2. Shriram Life Critical Illness Plus Rider

   • Receive 100% of the rider's sum assured if you're diagnosed with one of 24 specified critical illnesses and you survive at least 30 days after the diagnosis.

   • Enjoy additional coverage through Loyalty Additions, which increase the sum assured over time.

3. Family Income Benefit Rider

   • In case of accidental death or total and permanent disability during the rider term, get 1% of the rider's sum assured every month for a guaranteed period of 10 years or until the end of the rider term—whichever is longer.

4. Shriram Extra Insurance Cover Rider

   • If the life assured dies during the rider term, the sum assured under this rider is paid to the nominee.

People also read: Government Schemes for Girl Child

Policy Details of Shriram Life Golden Premier Saver Plan

1. Grace Period and Premium Payments: 

   You are granted a grace period to accommodate late premium payments.

   • For non-monthly premiums, the grace period is 30 days; for monthly premiums, it is 15 days.

   • If the insured dies during the grace period while premiums are unpaid, the death benefit is still paid to the nominee, with a deduction for the unpaid premium.

   • To avoid policy lapses, it's advised to pay premiums on time. If less than two years of full premiums have been paid and the policy lapses, no benefits are payable.

   • When at least two years of full premiums have been paid, a lapsed policy converts to "paid-up" status with reduced benefits.

2. Policy Revival and Restoration

   • You can revive a lapsed or paid-up policy within five years by paying all overdue premiums plus 8% annual interest (subject to changes approved by IRDAI).

   • If a policy is not revived, it continues in "paid-up" status with reduced benefits.

3. Policy Surrender and Loans

   • You can surrender your policy after paying at least two years of full premiums. 

     • On surrender, you receive the higher Special Surrender Value (SSV) or the Guaranteed Surrender Value (GSV).

   • Instead of surrendering, you can take a loan against their policy.

     • During the premium-paying term, the maximum loan amount is 80% of the surrender value.

     • After the premium-paying term, it's up to 60% of the surrender value.

   • Loan repayments must be made on time, or they may affect policy benefits.

4. Policy for Minors

   • If the insured is under 18, they are considered a minor, and risk coverage starts on the first policy anniversary.

   • If a minor insured dies during the first policy year, premiums paid are refunded.

   • The policy vests in the minor's name when they turn 18.

5. Nomination and Beneficiaries

   • You can name a nominee to receive benefits in the event of your death.

   • If the nominee is a minor, you must appoint a custodian.

6. Free Look Period

   • You have 15 days to review the policy. If you disagree with its terms, you can return it for a refund, with some deductions for risk premiums and stamp duty.

How Does the Shriram Life Golden Premier Saver Plan Work?

Step 1: Choose the policy term & coverage amount (up to 25 years).

Step 2: Decide on premium payment term (limited period) & frequency (annual/semi-annual/quarterly/monthly).

Step 3: Enhance coverage (optional): extend to age 80 or add riders.

Step 4: Receive maturity benefit as a lump sum or income & lump sum combo.

Step 5: Get guaranteed bonuses & potential tax benefits.

People also read: Sukanya Samriddhi Yojana

Suicide Exclusion of Shriram Life Golden Premier Saver Plan

If the policyholder dies by suicide within 12 months of the policy's start or revival, the beneficiary will receive the greater of either 80% of the premiums paid up to the death date or the surrender value as of that date, as long as the policy is active.