A Comprehensive Financial tool to meet the Child’s Education needs
Mumbai: Shriram Life Insurance Company, known for its initiatives towards financial inclusion which are in line with Shriram Group philosophy today introduced Shriram Life Genius Assured Benefit Plan to help in financing the education needs of the child. The Plan covers the life of the parent and the benefits are structured to meet the goals of the child, though the child is not covered under the policy. It is a comprehensive financial tool to plan for future milestones of the child’s higher education and other goals. The scheme was launched in the presence of senior officials – Mr. S. Subbaiah, President, Shriram Life Insurance Co., Mr. KRC Sekhar, Executive Director, Shriram Life Insurance Co. and Mr. I.S.Rao, Appointed Actuary, Shriram Life Insurance Co.
The payouts under this product are designed in such a way that they benefit the child at the time of maturity for funding education or such other goals. The death claim will be payable to the parent of the child in the unfortunate event of the death of the child.
Mr. Casparus Kromhout, Managing Director & CEO, Shriram Life Insurance Company Ltd. Said, “We at Shriram Life received a good response from the distributors and customers when we took the product to the marketplace on a pilot basis in select branches. Going forward, we expect this product to generate significant volumes and we are targeting for a 10-15% of the product mix to be under this plan”.
“This product is now available to our channel partner across the country, is an optimal blend of protection and returns and the payouts are designed to take care of liabilities arising out of death or on maturity. This product provides guaranteed returns to the customers along with flexibilities like Auto Cover, enhanced protection through Riders, two Pay-out options and premium options.”
There is also an “auto cover” option in the product. If two full year’s premiums are paid, and if the policyholder is not able to pay the premium, his cover will be continued for one year. If death occurs during this auto cover period, death benefit will be payable as paid on an in-force policy. This is available once during the premium payment term.
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