Shriram LifeWealth Plus Plan
Shriram Life Wealth Plus is a Unit-linked Investment Plan (ULIP) which also offers life coverage. The plan provides an array of 6 different fund options for optimum fund allocation. The plan term can be chosen as 10, 15, or 20 years as per your investment time horizon and financial goals. This investment plan comes with an Auto Transfer Option (ATO) which protects your fund value from market volatility and risks by keeping a majority of your premiums in a Preserver Fund and systematically transferring it to a fund of your choice.
Partial withdrawals are allowed under this plan after 5 years from the commencement of the policy to meet urgent financial needs. You can also choose to switch within the fund options any number of times and for free of cost throughout the policy term. Alterations in form of reduction of sum assured and addition of riders can also be made under Shriram Life Wealth Plus.
Best Features of Shriram Life Wealth Plus Plan
Following are the best features of Shriram Life Wealth Plus Plan -
- Fund Options- The plan offers 6 distinctive fund options namely Preserver Fund, Defender Fund, Balancer Fund, Maximums Fund, Accelerator Fund, and Tyaseer Fund.
- Auto Transfer Option- This option protects you from market volatility by first investing your funds in a low-risk fund namely Preserver Fund and then transferring the balance systematically at regular intervals to a fund of your choice.
- Sum Assured Reduction Option- You can reduce your sum assured up to 7 times the annualised premium. However, a reduction in the sum assured would not reduce the premium amount, and once altered, the sum assured cannot be increased again.
- Rider Benefits- The plan offers 3 rider options namely Accidental Death and Disability Rider, Accidental Death and Disability Income Rider, and Critical Illness Care Rider.
- Fund Switching- The plan allows you to switch the fund options unlimited times free of charge during a policy term.
- Top-up Option- The investor has the option to invest additional money besides regular basic premium in the form of top-up premium to maximise their returns. However, the top-up premium cannot be withdrawn before a period of 5 years from the date of top-up premium except in the case of policy surrender.
- Partial Withdrawals - After 5 policy years, you can make partial withdrawals during a policy year subject to a minimum withdrawal amount of INR 10,000. Only 1 partial withdrawal is allowed during a policy year without any extra cost.
Benefits of Shriram Life Wealth Plus Plan
Shriram Life Wealth Plus Plan provides the following benefits to its investors:
- Death Benefit
In case of unfortunate death of the life assured, the basic sum assured along with top-up sum assured and the base premium fund value along with top-up premium fund value are payable as the death benefit to the life assured’s nominee. The benefit is payable after the deduction of partial withdrawals made during the 2 years immediately preceding the date of death.
However, the payable amount cannot be less than 105% of the total premiums (including top-up premiums) paid till the date of death. After the payment of the benefit, the policy gets terminated and no further benefits remain payable to the nominee.
- Maturity Benefit
In case the life assured survives till the end of the policy term, the basic premium fund value along with top-up premium fund value is payable to the life assured. After the payment of the maturity benefit, the policy ceases to exist.
Shriram Life Wealth Plus Plan Eligibility
Shriram Life Wealth Plus Plan comes with the following eligibility conditions -
| Eligibility Criteria For Shriram Life Wealth Plus Plan | |
| Minimum Age at Entry | 7 Years |
| Maximum Age at Entry | 60 Years |
| Maximum Age at Maturity | 70 Years |
| Policy Term | 10, 15 to 20 years |
| Premium Payment Term (PPT) | Regular – same as Policy Term Limited – 5, 10, 15 years |
| Premium Payment Frequency | yearly, half-yearly, quarterly, and monthly |
| Minimum Premium Amount | Annual – INR 12,000 Half Yearly – INR 7,500 Quarterly – INR 5,000 Monthly – INR 2,000 |
| Maximum Premium Amount | No limit, subject to underwriting |
| Minimum Sum Assured | 7 x Annualised Premium |
| Maximum Sum Assured | No limit, subject to underwriting |
Shriram Life Wealth Plus Plan Fund Options
The plan provides the following 6 fund options for the investment of your premiums -
| Fund Name | Asset Class | Risk and Return Rating | ||
| Equity and Equity Related Securities | Debt Instruments | Money Market | ||
Fund Composition | ||||
| Preserver | 0% | 80% - 100% | 0% - 20% | Very Low Risk With Steady Returns |
| Defender | 0% - 35% | 45% - 100% | 0% - 20% | Low Risk With Good Returns |
| Balancer | 40% - 60% | 20% - 60% | 0% - 20% | Moderate Risk With Potentially Better Returns |
| Maximus | 0% - 70% | 30% - 100% | 0% - 20% | High Risk With High Returns |
| Accelerator | 90% - 100% | 0% | 0%-10% | Very High Risk With Significantly High Returns |
| Tyaseer | 90% - 100% | 0% | 0%-10% | Very High Risk With Significantly Higher Returns |
You can also choose to invest in these funds with the help of an Auto Transfer Option (ATO). Under this option, your premiums are initially kept invested in the Preserver Fund and are gradually transferred to an investment portfolio of your choice. You can choose to systematically transfer your money for a period of 6 to 12 months.
Shriram Life Wealth Plus Plan Review
Shriram Life Wealth Plus is an investment plan which provides wealth appreciation along with the benefits of a life cover. The plan provides you substantial flexibility in the form of 6 fund options and 3 policy term options of 10, 15, and 20 years. It also allows unlimited free fund switches throughout the policy terms along with benefits like partial withdrawals, sum assured reduction, rider options, and Auto Transfer Option.
In case of a change in your financial goal, you can choose to opt for the top-up premium feature under this plan and enhance your investment. It is a suitable plan for individuals looking for wealth creation solutions with multiple fund allocation avenues and customisation benefits.
Shriram Life Wealth Plus Plan FAQs
1. Does the policy provide a free-look period?
Yes, the policy offers a free-look period of 15 days from the date of its receipt in case you are dissatisfied with its terms and conditions.
2. How much is the minimum amount required to make a partial withdrawal?
The minimum amount necessary to make a partial withdrawal is INR 10,000.
3. Am I allowed to add riders during the policy term?
Yes, if you forget to add a rider option at the inception of the policy, with the alteration option you are allowed to add the required rider in between the policy term.
4. What is the revival period under the plan?
The revival period for a discontinued policy is 3 years from the date of first unpaid premium.