Shriram Life Genius Assured Benefit Plan

Upto ₹25 Lakh Saral Jeevan Bima

Life Insurance banner image
Enter your details to buy Life Insurance
/ /
By proceeding, I agree to the Terms & Conditions
  • no income proof
    No Income proof/Kyc needed*
    *Only for Paytm Customers
  • instant approval
    Instant approval with NO paperwork
  • no spam calls
    No Spam calls. Promise

Shriram Life Genius Assured Benefit plan is a non-linked non-participating child savings plan especially crafted to help you meet your child’s aspirations by providing guaranteed financial assistance. The plan provides 3 kinds of benefits namely sum assured, family support benefit, and education support benefit.  The plan also provides an ‘Auto Cover’ benefit of 1 year which gets triggered if you fail to pay the premiums after the payment of at least 2 years’ premiums.

You can further enhance the coverage of the plan by opting for 2 additional riders - Accident Benefit Rider and Critical Illness Cover Rider. The plan also allows you to avail a loan of up to 80% of the surrender value to help you meet sudden and urgent financial obligations.

Best Features of Shriram Life Genius Assured Benefit Plan

The key features of Shriram Life Genius Assured Benefit Plan are as follows - 

  1. Family Support Benefit - In case of an unfortunate death of the life assured, a family support benefit is paid each month from the end of the month of the death till the end of the policy term.
  2. Educational Support Benefit - The plan makes 5 annual payouts from the date of plan maturity to help you meet your child’s educational milestones.
  3. Auto Cover - In case you fail to pay the premiums after the payment of at least 2 years’ premiums, Shriram Life Insurance provides an auto cover of 1 year. The auto cover cover is available only once during the premium payment term.
  4. Rider Benefits - You can choose to extend the coverage of the plan with the help of 2 optional riders - Accident Benefit Rider and Critical Illness Cover Rider.
  5. High Sum Assured Rebates - The plan provides rebate of up to INR 4 per INR 1,000 sum assured for policies featuring a sum assured of INR 3 Lakh and more.
  6. Paid-up Policy - If due premiums are not paid after the payment of at least 2 years’ premiums, the policy gets automatically converted into a paid-up policy and continues with reduced benefits.
  7. Policy Loan - To meet financial exigencies, you can avail a loan of up to 80% of the surrender value. This facility is available only after the payment of at least 2 years’ premiums. The loan is currently available at an interest rate of 9% compounding half-yearly.
  8. Policy Revival - A lapsed or reduced paid-up policy can be revived within 5 years from the date of the first unpaid premium.

Benefits of Shriram Life Genius Assured Benefit Plan

The Shriram Life Genius Assured Benefits Plan provides the following benefits to its investors - 

            A. Death Benefit

In case of an unfortunate death of the life assured before the completion of the policy term, the highest of the following is paid to the nominee as the death benefit - 

  • 10 times of the annualised premium
  • 105% of all the total premiums paid till the date of death
  • Sum assured and additional benefit. The additional benefit refer to the discounted value of the following benefits:
  1. Family Support Benefit - This refers to a monthly payout equivalent to 1% of the sum assured. The family support benefit is payable from the end of the month of death of the life assured till the completion of the policy term.
  2. Education Support Benefit - This refers to 5 annual payouts made from the date of plan maturity. This benefit can be received  in any of the following 2 ways -
  • Flat Payout Option: Under this option, 5 equal instalments totalling to 100% of the sum assured are paid.
  • Increasing Payout Option: Under this option, 5 increasing annual payouts totalling 10 103% of the sum assured are paid.

The death benefit can also be received as a lump sum.

            B. Maturity Benefit

In case of survival of the life assured till the end of the policy term, an aggregate of the following is paid as the maturity benefit -

  1. Sum assured plus
  2. Education Support Benefit as per the payout option chosen by you - Flat Payout or Increasing Payout.

Shriram Life Genius Assured Benefit Plan Eligibility

The Shriram Life Genius Assured Benefit Plan comes with the following eligibility conditions - 

Eligibility Criteria For Shriram Life Genius Assured Benefit Plan

Minimum Age At Entry18 years
Maximum Age At Entry45 years
Maximum Age At Maturity63 years
Policy Term10 to 18 years
Premium Payment Term10 years
Minimum Sum AssuredINR 2 Lakh
Maximum Sum AssuredNo limit, subject to underwriting
Minimum Annualised PremiumINR 21,732
Maximum Annualised PremiumNo limit, subject to underwriting
Premium Payment ModeAnnually, Monthly

Shriram Life Genius Assured Benefit Plan Review

Shriram Life Genius Assured Benefit is a child-oriented investment plan which provides guaranteed benefits to help you meet your child’s educational expenses in a planned manner. The plan features a short premium payment term of just 10 years and provides you a comprehensive set of benefits. In case of death of the life assured, the plan provides family support benefit in addition to the maturity sum assured and the education support benefit.

You can also choose to receive the guaranteed benefits as a lump sum in case an untimely demise of the life assured. You can also meet unplanned financial requirements by availing a loan of up to 80% of the surrender value of the policy. It is a considerable child savings plan for individuals looking for an investment solution to secure the future of their child and family in their presence as well as absence.

Shriram Life Genius Assured Benefit Plan FAQs

  • 1. How much high sum assured rebate rebate is available under the plan?

    The plan provides a rebate for high sum assured policies in the following manner - 

    Sum Assured Band

    Rebate Per INR 1,000 Sum Assured

    INR 2,00,000 - INR 2,99,999

    INR 0

    INR 3,00,000 - INR 4,99,999

    INR 1.5

    INR 5,00,000 - INR 9,99,999

    INR 2.5

    INR 10,00,000 - INR 24,99,999

    INR 3.5

    INR 25,00,000 and above

    INR 4

  • 2. What is the value of the education support benefit under the flat payout option and the increasing payout option?

    The education support benefit is paid in 5 annual instalments in accordance with the payout option chosen like below - 

    Payout Time

    Flat Payout Option

    Increasing Payout Option

    Maturity

    20%

    10%

    Maturity + 1 Year

    20%

    15%

    Maturity + 2 Year

    20%

    20%

    Maturity + 3 Year

    20%

    25%

    Maturity + 4 Year

    20%

    33%

    Total as a % of sum assured

    100%

    103%

Recent Articles

View All
https://insurance-blog-cms.paytminsurance.co.in/369_The_Dangersof_Being_Underinsured_0084a91478.jpg

The Dangers of Being Underinsured

Know complete information about the effects of being underinsured.

Read More
https://insurance-blog-cms.paytminsurance.co.in/368_Learn_About_Taxabilityon_Your_Life_Insurance_Policy_Payouts_e36a42a753.jpg

Learn About Taxability on Your Life Insurance Policy Payouts

Check latest updates, changes in tax rules and learn about taxability on your life insurance policy payouts.

Read More
https://insurance-blog-cms.paytminsurance.co.in/367_Complete_Guide_To_Financial_Planning_With_Life_Insurance_cd65443ff8.jpg

Complete Guide To Financial Planning With Life Insurance

Tips, tricks and complete guide to financial planning with life insurance plans.

Read More
https://insurance-blog-cms.paytminsurance.co.in/366_How_Accident_Benefit_Rider_With_Life_Insurance_Can_Help_You_d00963bd14.jpg

How Accident Benefit Rider With Life Insurance Can Help You

How accident benefit rider with life insurance can help you benefits of buying riders with life insurance poli...

Read More
https://insurance-blog-cms.paytminsurance.co.in/365_Questions_You_Should_Ask_Before_Buying_Life_Insurance_97c37aaab0.jpg

Questions You Should Ask Before Buying Life Insurance

Know what questions you should ask before buying life insurance step by step guide.

Read More
https://insurance-blog-cms.paytminsurance.co.in/364_All_You_Want_To_Know_About_E_Insurance_260eb96f68.jpg

All You Want To Know About E-Insurance

A complete guide of informations all you want to know about e-insurance and latest policy.

Read More
https://insurance-blog-cms.paytminsurance.co.in/363_What_Budgeting_Means_For_Salaried_Professionals_7e23a86891.jpg

What Budgeting Means For Salaried Professionals

Get details on what budgeting means for salaried professionals and savings.

Read More
https://insurance-blog-cms.paytminsurance.co.in/362_Is_Life_Insurance_Affordable_ac133af3aa.jpg

Is Life Insurance Policy Affordable? Know More

Is Life Insurance Policy Affordable? Get More Information About Benefits and Process of Buying Life Insurance ...

Read More
https://insurance-blog-cms.paytminsurance.co.in/361_8_Smart_Ways_To_Get_Your_Life_Insured_For_Less_5e6cae93c8.jpg

8 Smart Ways To Get Your Life Insured For Less

What are 8 Smart Ways To Get Your Life Insured For Less Know More With Paytm Insurance

Read More