Shriram Life Genius Assured Benefit Plan

life insurance
Protect your loved ones against death, disability and Illness
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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 Entry

18 years

Maximum Age At Entry

45 years

Maximum Age At Maturity

63 years

Policy Term

10 to 18 years

Premium Payment Term

10 years

Minimum Sum Assured

INR 2 Lakh

Maximum Sum Assured

No limit, subject to underwriting

Minimum Annualised Premium

INR 21,732

Maximum Annualised Premium

No limit, subject to underwriting

Premium Payment Mode

Annually, 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
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