Shriram New Shri Raksha Plan is a traditional participating plan which combines the benefits of term insurance, endowment and whole life plan thus providing a composite benefit to the policyholder.
On death, the Sum Assured on death + accrued reversionary bonuses + Terminal Bonus, if any, is paid
The Sum Assured on death is higher of 10 times or 7 times the annual premium as per age or twice the basic Sum Assured
The death benefit should be a minimum of 105% of all premiums paid till death
On maturity, the basic Sum Assured and the vested reversionary bonus and Terminal Bonus, if any, is paid
Post the payment of maturity benefit, the plan continues and on death of the policyholder after the end of the term and before turning 100, additional Sum Assured is paid without bonuses
Income tax benefit on the premium paid as per Section 80C and on claims received as per Section 10(10D) of the Income Tax Act.
Loan is available under the plan @ 90% of Surrender Value
In case of suicide within 12 months of policy inception 80% of premiums paid will be paid and in case of suicide within 12 months of revival, higher of 80% of premiums paid or acquired Surrender Value will be paid