Shriram Life Unveils Wealth Pro ULIP at Rs. 1000 Per Month

  • ULIP designed to attract the young as well as older generation of policyholders

  • Low ticket ULIP offering minimum premiums at Rs. 1000 per month & Rs.12,000 annually

  • Minimum age of entry is 30 days; anyone under 65 years old can start this ULIP

  • Loyalty bonus offered as percentage of fund value than percentage of premium payable

  • Return of premium allocation charges available, i.e., zero charges by the end of 10th year of policy

Shriram Life Insurance has launched a new non-participating, unit linked policy (ULIP) called Shriram Life Wealth Pro. The ULIP is designed to attract both young and older generation of policyholders into the safety net of insurance as well as to give them an opportunity to generate wealth at lower premium. The policy term is from 10 years to 30 years.

Policyholders who are older than 30 days can opt for this policy where the minimum investment amount is Rs. 1000 per month. One may choose the policy with a maximum maturity age of up to 75 years with any of the two death benefit options: Option 1 provides a death benefit of sum assured plus total base premium fund value and top up benefits if any. Option 2 provides either a death benefit or sum assured or total base premium fund value plus top up benefits whichever is the higher amount.

The policy offers the flexibility to choose the premium amount, mode, and premium payment term. One can also reduce the premium up to 50% if premiums for the first five years are paid regularly and other conditions are met. The policyholder has the flexibility to increase/decrease the policy term, premium paying term, decrease sum assured and premium. One can choose the policy term to ensure their maturity benefits are aligned with their life goals.

Casparus J H Kromhout, MD & CEO, Shriram Life Insurance Company

Speaking on the product, Casparus J H Kromhout, MD & CEO, Shriram Life Insurance said, “Post COVID, there has been a greater awareness about the need for insurance protection as well as a marked interest in wealth generation among young people. Shriram Life Wealth Pro is a product that allows you to grow your wealth at any age with whatever minimum amount you have while protecting you against the vagaries of life. This is also a much-desired product among retirees who are looking for avenues to invest in as well as stay protected during their sunset years.

Shriram Wealth Pro offers policyholders the chance to invest their premiums in multiple funds through different investment strategies. The policy offers unlimited switches, premium redirection, and Auto Transfer Option (ATO) free of cost. Some of the fund options include Maximus, Accelerator, Tyaseer, Preserver, Defender, Balancer etc. On maturity, the accumulated fund value will be paid to policyholders.

Benefits & Tax

Unlike a mutual fund investment where gains attract tax, investments made in ULIPs are eligible for tax exemption under the overall limit offered under Section 80C. Withdrawals and maturity benefits are also tax free in accordance with Sec 10(10D) provided premium paid is less than 10% of sum assured and is below Rs. 2.5 lakhs per annum. In case of sudden death, the nominee or beneficiary will receive death benefit along with accumulated fund value.

Key features of the Shriram Wealth Pro:

Customized life cover: 2 cover options to choose from and choice of cover level within each cover option

Wealth Boosters guaranteed every 5 years in accordance with policy guidelines

Return of Premium Allocation charges

Option to increase/decrease policy term, premium payment term, decrease sum assured, and premium

Settlement option available with Maturity/Death benefit to tackle market volatility during redemption

Additional protection through Riders

Eligibility Criteria


Age at Entry

Minimum: 30 days (age last birthday)


Option I: 55 years for policy term 20 and less; 50 years for policy term above 15

Option II: 65 years for all policy terms

Maximum Age at Maturity

75 years (age last birthday)

Policy Term

10 to 30 years (multiples of 1 year)

Premium Minimum

Minimum: Annual – Rs. 12,000 Half Yearly – Rs. 6000 Quarterly – Rs. 3,000 Monthly – Rs. 1,000

Maximum: No limit

Sum Assured

Minimum: 7 X Annualized Premium

Maximum: 10 X Annualized Premium subject to Board approved underwriting policy

About Shriram Life Insurance Company

Shriram Life Insurance Company offers term, endowment, ULIPs and annuities for the rural and urban middle-class at affordable premiums. The average ticket size of the company for individual policies stands at around Rs. 20,000. The company’s protection and long-term savings plans help it give working-class families comprehensive life cover besides offering stable investment solutions for their key life goals. The company has an in-force policyholder base of over 10 lakh.

This content comes to you under an arrangement with NewsVoir. Source

Related posts

Digital Revolution in Education: MITSDE’s Distance Learning Courses Pave the Way for Flexible and Inclusive Learning


Indian Real Estate: The Transformative Journey in 2024 and Ahead


Riding for a Greener Tomorrow: Women’s Day Bike Rally by 1522/Street 1522 & 7 Trees for Life


Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.