LIC Varishtha Pension Bima Yojana
Shriram Life Wealth Plus Plan is a simple Unit Linked plan with the dual aim of growing the investments and also providing life insurance coverage
It is a linked Insurance plan with Regular Premium or Limited premium payment option
There are 6 funds available for premium investment:
Grace Period: 15 days grace period is allowed for payment of premium in monthly mode and 30 days in other modes. If policyholder fails to make payment within the grace period, the policy lapses
Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 5 completed years. If surrendered before 5 years, the fund value net of discontinuation charge will be credited to the Discontinued Policy Fund where it will earn a minimum of 4% p.a. growth. After completion of 5 years, the fund value in the Discontinued Policy fund as on that date will be paid to the policyholder. If surrendered after 5 completed policy years, the entire Fund value on the date of surrender is paid without any charges
Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.
The policy provides for top-up premiums whereby the Fund Value and the corresponding Sum Assured can be increased through investing additional premium
Partial Withdrawals are allowed from 6th policy year subject to a minimum of Rs.10,000
2 free switches are allowed per policy year
The benefit paid in case of suicide within 12 months of policy inception is the fund value as on that date.
Additional Features or Riders
The Auto Transfer Option if chosen allocates the investment automatically from low risk fund to high risk fund gradually thereby reducing risk exposure.
The option can be chosen on inception and can be cancelled anytime during the term