HYDERABAD: Shriram Life Insurance Company (SLIC) on Thursday launched ‘Shriram Life Genius Assured Benefit Plan’ aimed at financing the education needs of children. The policy offers guaranteed maturity sum assured plus education support benefit, with policy term being 10 to 18 years.
“Genius Assured Benefit Plan is aimed at addressing the gaps existing in policies relating to educational needs of children,” said Casparus Kromhout, MD & CEO of Shriram Life Insurance, speaking after the launch in Hyderabad on Wednesday. The policy 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. We got good response from the distributors and customers when we took the product to the marketplace on a pilot basis. We expect this product to generate significant volumes and we are targeting 10-15 per cent of the product mix to be under this plan,” he added.
Having commenced operations in 2006, SLIC is a joint venture between Shriram Group and Sanlam Group. It has been growing at a compounded annual growth rate of 20 per cent with total premium collected standing at Rs 360 crore in FY17.