Shriram Life Insurance has launched Shriram Life Sunishchit Laabh, a non-participating individual savings plan that promises guaranteed returns of up to 668 per cent of the total premium paid. Designed for individuals aged 30 days to 60 years, the plan offers a minimum annual premium starting at ₹30,000, with flexible payment options of ₹15,500 half-yearly, ₹8,000 quarterly, and ₹3,000 monthly.

The plan features tax-free maturity income payouts for up to 40 years, with a maximum age cap of 101 years, ensuring long-term financial security, including post retirement. It also provides death benefits up to 160 times the annualised premium, with flexible maturity income payout modes, enabling customers to adapt to changing financial needs, according to a statement.

The company said Sunishchit Laabh is well-suited for goals such as retirement planning, children’s education, and establishing a financial safety net.

Casparus JH Kromhout, MD & CEO of Shriram Life Insurance, described the plan as a unique combination of guaranteed returns and life insurance protection, catering to the financial priorities of diverse customer segments.

For example, a 35-year-old policyholder investing ₹1,00,000 annually under the Life Plus and Income Pro option for 25 years would receive ₹3,09,717 annually for 39 years post policy maturity and a return of premium of ₹25,00,000 in the 40th year. It also offers a total benefit of ₹1,45,78,963 over the policy period.

In the event of the policyholder’s death during the policy term, future premiums are waived, and nominees receive ₹10,00,000 as monthly instalments until the policy term ends, along with ₹1,45,78,963 in maturity payouts.