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Ujjwal Life Plan
Introduction/Overview Shriram Ujjwal Life Plan is a Unit Linked Plan designed to maximize investments and also provide life insurance coverage. Key Features It is a linked Insurance plan with Regular Premium payment option There are 6 funds available for premium investment: Preserver Defender Balancer Maximus Accelerator Tyaseer
Product Specification
Policy Details Grace Period: 30 days grace period is allowed for payment of premium. 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. Inclusions 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 Additional Features or Riders The policyholder can chose Auto Transfer Option under which the premium once invested under the low risk fund is gradually transferred to a high risk fund so that risk exposure is systematically managed The above option can be chosen at inception and cancelled any time during the term Exclusions The benefit paid in case of suicide within 12 months of policy inception is the fund value as on that date.
Benefits
The total Fund Value + Top-up Fund Value (if any) is payable on Maturity Alternatively, the maturity benefit can be availed in instalments over 5 years post maturity On death, Sum Assured + Fund Value + Top-up Sum Assured + Top-up Fund Value (if any) is payable subject to 105% of all premiums paid Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.
Documents Required
Policyholder has to fill up an `Application form/ proposal form with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.
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