Choosing a safe, future-ready way to invest while protecting your family’s financial well being is a common priority today. Many people worry what happens to the family’s plans and dreams if the main earner is no longer around?
The solution is straightforward: a market-linked plan that balances investment growth with a safety net. The ULIP guaranteed death benefit from Shriram Life Insurance directly addresses this worry, giving you the confidence that your loved ones will get meaningful support, whatever happens.
How does a ULIP guaranteed death benefit protect my family and grow your savings?
The ULIP guaranteed death benefit is not complicated. It is a safety guarantee in a Unit Linked Insurance Plan, if something unfortunate happens, your nominee receives, at the very least, the higher of the sum assured, or the value your investment fund has built up (including eligible top-ups).
There is an added comfort: the payout will not be lower than 105% of all premiums you have paid. This simple promise makes sure your family does not lose financial ground.
Shriram Life Wealth Pro Plan: Key Benefits You Can Trust
Shriram Life Wealth Pro Plan stands out for practical features and flexibility that people can actually count on:
- Dual advantage: You get both insurance and market-linked investment in a single policy.
- Customise your life cover: Choose coverage and investment options to suit your family goals.
- Unlimited switching: Move your funds across different investment options as often as you like.
- Wealth Boosters: Added to your fund every five years (after you complete 10 years), pushing your investment further if premiums are paid on time.
- Partial withdrawals: After five years, use your fund for emergencies or big life expenses, without breaking the policy.
- Flexible Payment: Choose how as well as when you want to pay your premiums, annually, half-yearly, quarterly or monthly based on what suits your finances best.
- Add-on Riders for Extra Protection: You can enhance your coverage by adding riders like accidental death, disability, or serious illness cover, giving you more security for yourself and your family.
How the ULIP Guaranteed Death Benefit Works For You?
The death benefit in ULIP Plan is structured to protect your family with two clear payout options.
In Option I, the nominee receives the Sum Assured along with any top-up Sum Assured, plus the base premium fund value and the top-up premium fund value, after which the policy ends.
In Option II, the nominee receives the higher of the Sum Assured (after certain recent partial withdrawals) or the base premium fund value, plus the higher of the top-up Sum Assured or the top-up premium fund value, and then the policy ends. This structure supports strong ULIP life cover benefits for long-term family security.
Key payout structure of Shriram Life Wealth Pro Plan
- Death benefit is paid to the nominee or beneficiary and then the policy is terminated.
- Partial withdrawals from the base fund made in the two-year period before death may be adjusted while calculating the Sum Assured.
- Partial withdrawals from the top-up premium fund are not considered for this adjustment.
- Minimum death benefit is at least 105% of the total premiums received, including top-up premiums, as per the policy terms.
Additional ULIP Life Cover Benefits For You
The ULIP life cover benefits in Shriram Life Wealth Pro Plango well beyond just a guaranteed payout:
- Wealth Boosters every five years (after you complete 10 years), provided premiums are paid, keep investments moving closer to your goals.
- Partial withdrawals give flexibility for important milestones—be it a house deposit, higher education, or medical need—after the lock-in period.
- Premium allocation, policy administration and fund management charges are in line with industry practice, helping you keep control over costs.
- All payouts go directly to your nominee without any unnecessary complications.
- Riders are available for unforeseen situations like accident or critical illness, letting you increase protection as your financial needs grow.
What should you know before investing in a ULIP plan?
Important points for your financial security are:
- There is a mandatory five-year lock-in on ULIPs, you cannot withdraw your funds fully or partially before that.
- If premiums are discontinued early, the fund is shifted to a discontinued policy fund and released at the end of lock-in or revival period.
- Charges for policy discontinuance, partial withdrawals as well as switching are clearly defined in the policy documents.
- Maximum entry age and maturity age vary by options chosen, you can always cross-check your eligibility.
- Surrendering the policy after the lock-in gives you the total fund value as on surrender day.
Is Shriram Life Wealth Pro Plan Right for You?
Shriram Life Insurance Wealth Pro Plan is designed for you if you want a blend market-linked growth potential with a ULIP guaranteed death benefit sheltering their family. If you value flexibility, easy access to partial funds after lock-in, and growth incentives like Wealth Boosters (after you complete 10 years), Wealth Pro gives you the means to cover major life goals and unexpected setbacks, side by side.
Conclusion
Still wondering if this fits your needs? Ask yourself: Does a plan that grows your savings while protecting your family’s standard of living, regardless of market ups and downs, sound essential to you? If yes, then exploring the Shriram Life Wealth Pro Plan with its clear ULIP guaranteed death benefit along with strong ULIP life cover benefits may be a well-timed step towards lasting peace of mind.
Discover the full range of fund choices and benefits available by visiting the Shriram Life Wealth Pro ULIP Plan.
FAQs
1. What guaranteed death benefits are provided in ULIPs?
The death benefit is worked out in two parts, one on the base premium (higher of sum assured after allowed withdrawals or base premium fund value) and one on the top‑up premium (higher of top‑up sum assured or top‑up fund value); these two amounts are then added together, and the total will not be less than 105% of the total premiums paid up to the time of death.
2. Are guaranteed death benefits taxable?
Tax benefits may be available for you under current tax laws but these laws can change. It is always advised that you check the latest tax rules or consult a tax advisor for details regarding the taxation of the ULIP guaranteed death benefit.