Sunishchit Laabh savings plan: Shriram Life Insurance's new plan offering returns of up to 668; check details

Shriram Life Insurance has unveiled the Sunishchit Laabh savings plan, which guarantees returns of up to 668% of the total premiums paid. The plan provides a combination of savings and life insurance benefits, catering to individuals in search of financial stability and long-term payout options, as stated by the company. The eligibility for the plan includes individuals from 30 days to 60 years of age, with annual premiums starting at Rs 30,000.

Flexible payment options are available, allowing for contributions on a half-yearly, quarterly, or monthly basis. The plan offers tax-free maturity payouts for periods ranging from 10 to 40 years, up to the age of 101.

Death benefits are provided at up to 160 times the annualized premium, offering extra financial protection for the families of policyholders.

Top features

The plan is designed for individuals ranging from 30 days to 60 years of age. It offers a minimum annual premium of Rs 30,000, with the option to pay Rs 15,500 half-yearly, Rs 8,000 quarterly, or Rs 3,000 monthly.

You can enjoy tax-free maturity income payouts for up to 40 years, with a maximum age limit of 101 years, ensuring long-term financial security, even post-retirement. 

Additionally, you can receive death benefits of up to 160 times the annual premium, along with flexible maturity income payout options to suit your changing financial needs.

For instance, consider a 35-year-old policyholder who chooses to invest Rs 1,00,000 annually for 25 years in the Life Plus and Income Pro option. Following policy maturity, they would receive Rs 3,09,717 annually for 39 years, along with a premium return of Rs 25,00,000 in the 40th year, totaling a benefit of Rs 1,45,78,963 over the policy duration.

In the unfortunate event of the policyholder's demise during the policy term, future premiums will be waived, and beneficiaries will receive Rs 10,00,000 in monthly instalments until the end of the policy term, in addition to the Rs 1,45,78,963 in maturity payouts.

Casparus J.H. Kromhout, managing director and chief executive officer, Shriram Life Insurance, said: “Shriram Life Sunishchit Laabh offers a unique combination of guaranteed returns and life insurance protection, ensuring our customers can achieve their long-term goals with confidence.”
 
He added: “What makes this plan exceptional is its flexibility, allowing customers to customise maturity income payouts, life cover, and premium payments to suit their unique needs. With loyalty rewards and optional riders, Sunishchit Laabh is a comprehensive solution that adapts to the financial priorities of diverse customer segments."