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Shriram Life Term Insurance Plans

Everyone is looking to buy a plan that can ensure family’s protection. Shriram Life believes in offering the ideal protection plan to provide the right financial protection for your family. Shriram Life is offering the life cover with flexible sum assured options to suit your financial needs.

Shriram Life has 65.66% as Claim Settlement Ratio. (as per IRDAI Annual Report 2014-15).

Shriram Life offers following term plans:

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1. Shriram Life Cash Back Term Plan

Shriram Life Cash Back Term Plan aims to provide an affordable financial security to you and your loved ones. It is a non-linked & non-participating life assurance plan providing a lump sum payment plus returns all the premiums on the maturity of the policy.

Key Features

• Life cover at reasonable rates

• All premiums are returned at the maturity of the policy

• Enhance protection by choosing appropriate riders

• Flexible premium paying terms

• Avail discounts on paying advance premium

Benefits

  • Death Benefit

    In case of unfortunate demise of the life insured during the policy term, the sum assured is paid to the nominee. The sum assured on death is higher of 10 times the annualized premium (if life insured is less than 45 years of age) and it is 7 times the annualized premium (if life insured is of 45 years and above). The death benefit will be at least 105% of all the premium paid.

  • Maturity Benefit

    In case the life insured survives till end of the policy term, he/she is entitled to receive all the premiums paid excluding taxes, rider premiums, and additional premiums, if any.

  • Rider Benefit

    This plan offers Accident Benefit Rider, Family Income Benefit Rider, & Shriram Critical Illness Cover Rider.

  • Surrender Benefit

    You will acquire a surrender value after paying all premiums for at least three policy years. You can acquire a surrender value after paying all premiums for at least two policy years in case premium paying term is 5 and 7 years.

  • Tax Benefit

    The premium payment under the plan is eligible for tax benefits as per Section 80C of the Income Tax Act and the policy proceeds are also entitled for tax benefits as per Section 10 (10D) of the Income Tax Act.

Product Snapshot

Factor Minimum Maximum
Age (as on last birthday) 12 years 50 years
Age at Maturity - 70 years
Policy Tenure 10 years 25 years
Premium Paying Term Limited Pay Years -
Premium Paying Mode Monthly, Quarterly, Semi Annually & Annually -
Sum Assured 2 Lacs 20 Lacs (subject to underwriting)

2. Shriram Life Family Protection Plan

Shriram Life Family Protection Plan is a non-participating & non-linked insurance plan. This plan ensures financial protection of the family, in case of the unfortunate event of your death. The death benefit is paid via two options as 100% lump sum or 50% in lump sum and the remaining amount in installments.

Key Features

• Get comprehensive life cover at reasonable premiums

• Multiple payout options to suit your family’s financial needs

• Avail premium rebates upon choosing high sum assured

Benefits

  • Death Benefit

    In case of death of the life insured during the policy term, Death Sum Assured will be paid to the nominee/beneficiary.

    o   Lump Sum Option: If the policyholder chooses the lump sum option, 100% Death Sum Assured will be paid as lump sum and the policy will then be terminated.

    o   Lump Sum + Equal Annual Installments: If the policyholder chooses Installment option, 50% of the Death Sum Assured will be paid as lump sum immediately on death of the life insured and the remaining amount is paid annually in 5 equal installments (starting post 1 year from date of death of the life insured). The policy will then be terminated after payment of last annual installment.

  • Tax Benefit

    The premium payment under the plan is eligible for tax benefits as per Section 80C of the Income Tax Act and the policy proceeds are also entitled for tax benefits as per Section 10 (10D) of the Income Tax Act.

Product Snapshot

Factor Minimum Maximum
Age (as on last birthday) 18 years 60 years
Age at Maturity - 75 years
Policy Tenure 10 years 25 years
Premium Paying Term Same as policy term Years -
Premium Paying Mode Monthly & Annually Only -
Sum Assured 15 Lacs 5 crores (subject to underwriting)
Maturity Proceeds Nil -
Rider Benefits Not Available -
Surrender Benefits Nil -

3. Shriram Life Secure Plus Plan

Shriram Life Secure Plus Plan is a non-linked & non-participating term plan that ensures financial security for your family to meet uncertainties of the life. This term plan keeps your family financially protected, when you are not there. The premiums you pay towards the policy is also returned at the maturity of the policy.

Key Features

• Avail life insurance cover at reasonable premium rates

• Get your premiums at maturity of the policy

• Choose an appropriate rider/s to enhance protection

• Opt for flexible premium payment mode

• Rebate on choosing higher Sum Assured

Benefits

  • Death Benefit

    In case of untimely demise of the life insured within the policy term, the Death Sum Assured will be payable to the nominee. Death Sum Assured amount is higher of basic sum assured, maturity sum assured, 105% of all the premiums paid (till the date of death), or 10 times the annualized premium if life insured is less than 45 years of age (7 times when 45 years & above).

  • Maturity Benefit

    In case of survival of the life insured till maturity of the policy term, he/she is entitled to receive maturity sum assured which equals to return of all the premiums paid excluding taxes, rider premiums, and additional premiums, if any.

  • Surrender Benefit

    The policy acquires surrender value, provided at least three policy years’ premiums are paid in full. The surrender benefit is higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV).

  • Rider Benefit

    This plan offers Shriram Critical Illness Cover Rider, Accident Benefit Rider, & Family Income Benefit Rider.

Product Snapshot

Factor Minimum Maximum
Age (as on last birthday) 18 years 50 years
Age at Maturity - 70 years
Policy Tenure 10 years 20 years
Premium Paying Term Same as policy term Years -
Premium Paying Mode Monthly, Quarterly, Semi Annually & Annually -
Sum Assured 5 Lacs 20 Lacs (subject to underwriting)