Shriram Life Insurance gives various Term Plans for its Customers. According to the requirement, the Customers can invest their money in that particular Plan now. Therefore, Policyholders can harvest the money from that Policy in their Old age. So, know the Shriram Life Insurance Term Plans clearly and Secure your Life with the Best among them.
Shriram Life Insurance Term Plans
Term Plans are one of the most major kinds of insurance plans. The easiest and simplest of all the other plans is Shriram Life Insurance Term Plan. A fixed period is available for these Plans. These ensure the dependents a comfortable life and fulfil their needs in case of policy holder’s death. Under this plan, the family receives the assured corpus in the case of insurer’s demise. However, the plan stops if the policyholder outlives the term.
Reasons for Preferring Shriram Life Insurance Term Plans:
- Flexibility: Term insurance plans offer a broad range of flexibilities to the consumers. All the Policyholders can get the flexibility to choose the options for paying the premiums. We can also choose the policy term and the sum assured.
- Low Cost: It is the cheapest kind of insurance Plans because it offers the Policyholders a high cover at a low cost with Large Time Duration.
- In any unpredictable event, the financial burden on the dependents is managed.
- Secures the life of dependents, regarding financial security, in the case of policyholder’s untimely demise
- Additional benefits: We can add Riders like Accidental Death and Waiver of Premium to out Term Plans. We can also choose some extra benefits in accidental death and Illness cases.
- The Future need of our Family is Planned even after our absence.
- Tax benefits: Insurer can get the tax benefits also.
Key Features of Shriram Life Insurance Term Plans
Shriram Life Insurance has the following Key Features. So, once check the features and proceed while taking a plan.
- Age requirement.
- Policy Term.
- Plan Selection.
- TROP (Term Return of Premium)
Therefore, while considering a Plan, we must check all the above features and take the best of all the Plans.
Shriram Life Insurance Term Plans & Details:
There are five major Term Plans. Among the five Plans, Three of them also come under both Shriram Life Insurance Term Plan & Protection Plan. Check the Details below.
- Cash Back Term.
- Group Term Life Insurance.
- Group Term Life Insurance in lieu of EDLI.
- Shriram Life Family Protection Plan.
- Shriram Life Secure Plus Plan.
The First three plans come under both Term Plan as well as Protection plan. The next two plans are purely Term Plans.
1. Shriram Life Insurance Term Plans – Cash Back Term/Protection Plan
Shriram Life Cash Back Term Plan (UIN-128N045V01) is an easy-to-obtain & affordable. It gives a financial security for our family and even ourselves. It provides a secure sum in case of unfortunate deaths. Also, helps your family to become Financially Stable. At the time of maturity, the premiums are also returned. Therefore, check the complete
Key features of SLIC Plans:
Shriram Life Insurance – Cash Back Term Plan is a non-linked and non-participating life assurance plan with the following key features:
- Insurance cover at affordable rates
- Pay advance premiums and avail discounts.
- Additional Protection through riders.
- Return of Premiums at Maturity.
Shriram Life Insurance Term Plans Details of Cash Back Term
| Criteria | Eligibility Details | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Minimum Age at entry | 12 years to 50 years last birthday | ||||||||||
| Maximum Maturity age | 70 years | ||||||||||
| Policy Term | Fixed terms of 10/ 15/ 20/ 25 years | ||||||||||
| Premium Payment term |
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| Sum Assured | Minimum: Rs.2,00,000 /- Maximum: Rs.20,00,000 /-, and subject to underwriting considerations as per Board approved underwriting Policy. |
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| Minimum annualised Premium | Rs. 3,000/- Annualised Premium is the sum of all instalment premiums payable during the policy year. | ||||||||||
| Mode of the Premium Payment | Yearly, Half Yearly, Quarterly, Monthly |
Sum Assured on Death shall be higher according to the following
- If the age is less than 45 years, then the amount received is ten times the annual premium.
- If the age is 45 years and above then the amount received is & times the annual premium.
- Also, Basic sum assured.
Death Benefits:
Policyholders receive the Sum Assured on their death if:
- The Policyholders die during the policy term with all their premiums paid, till the date of mortality.
- Excluding the rider Premium and taxes, the Death benefit is at least 105% of all premiums paid.
Maturity Benefits:
If the life assured is alive until the end of the policy term:
- The Policyholders are paid all the premiums paid excluding rider premiums and taxes will be returned.
Details of SLIC Cash Back Term Plan
2. Shriram Life Insurance Term Plans – Group Term Life Insurance Term Plan
Shriram Group Term Life Insurance (UIN-128N042V02) is a One Year Renewable Group Term Assurance plan. It offers the options of lump sum death benefit in the event of the passing of a member. Therefore, check the Details carefully and prefer the Plan.
Eligibility Details of SLIC Plans:
| Criteria | Eligibility |
|---|---|
| Min Age At Entry | 14 years age last birthday subject to applicable laws |
| Max Age At Entry | 79 years age last birthday |
| Maximum Age At Maturity | 80 years age last birthday |
| Minimum Policy Term | 1 Year annually renewable |
| Minimum Sum Assured | Rs.5,000 per member |
| Maximum Sum Assured | No Limit, Depends on Company’s Board approved underwriting policy |
| Minimum Group Size | 20 for employer-employee groups and 50 for other groups |
Death Benefit:
- If the member dies, the sum assured is paid to the nominee /legal heir as applicable.
- The sense of security to their families and increase productivity at work.
- Tax benefits on benefit proceeds may be available as per prevailing Income Tax laws.
Detailed Document of Group Term Life Insurance
3. Shriram Group Term Life Insurance EDLI Term Plan/ Protection Plan
Shriram Group Term Life Insurance (UIN-128N040V02) is a better alternative to provide more life insurance benefit to all employees irrespective of their PF balances, salary level and service. In particular, premiums may be lower than the contributions made by the employer towards EDLI when the employee’s salary is high, and the group is young. A single Master Policy Issued to the company provides Life Insurance Benefit for all employees. Therefore, check the Details below
Key Features of SLIC EDLI linked with staff provident fund:
- Insurance coverage under EDLI from EPFO is connected to an employee’s Average Provident Fund balance & total service before death.
- The Employer has to contribute @ 0.51% of the salary towards EDLI coverage.
- Insurance coverage under EDLI from EPFO is linked to an employee’s Average Provident Fund balance & total service before death.
- The employer has to contribute @ 0.51% of the salary towards EDLI coverage.
Eligibility Details of SLIC Plans:
| Criteria | Eligibility |
|---|---|
| Minimum age at entry | 14 years age at last birthday |
| Maximum age at entry | 74 years Age at Last Birthday |
| Cover ceasing Age | 75 years Age at Last Birthday |
| Minimum Sum is Assured | Rs.3,62,000/- |
| Maximum Sum Assured | Rs.15,00,000/- |
| Term | One Year(Renewable annually) |
| Nature of Scheme | Statutory |
| Premium pay mode | Yearly, Half Yearly, Quarterly or Monthly |
| Minimum Group Size | 20 Members |
Benefits to Group Members:
- In the event of unfortunate death of the member, The Nominee receives the Sum assured.
- Treats the Premium paid by the employer as not a perquisite to the employee.
- Claim payments are tax-free.
Benefits to Employer
- Treats the Premium paid by the employer as a business expense.
- Easy to set up and administer.
- Able to offer Higher insurance cover than that offered by EDLI irrespective of Employees’ salary and service.
Detailed Document of Group Term Life Insurance in Lieu EDLI
4. Shriram Life Family Protection Plan
Shriram Life Family Protection Plan is a non-linked non-participating insurance plan. This plan caters the needs of the clients who want to protect their families in case of untimely death. Therefore, Check the Detailed information here.
Key features of SLIC Family Protection Plan:
- Life insurance cover at affordable premium rates.
- Tax benefits.
- Premium rebates for a large sum assured.
Eligibility Details of SLIC Plans:
| Eligibility Conditions | Limit |
|---|---|
| Min age at entry | 18 years |
| Max age at entry | 60 years age at last birthday |
| Maximum maturity age | 75 years |
| Policy term | 10 to 25 years |
| Premium paying term | Same as policy term |
| Premium mode | Yearly / monthly(ECS mode only) |
| Minimum instalment premium | Rs 4,000/- for yearly and Rs 500 for monthly mode |
| Minimum sum assured | Rs.15 lacs |
| Maximum sum assured | Rs.5 crores subject to underwriting considerations as per Board approved underwriting policy |
Death Benefit:
Lump sum option: In the case of death of the life assured during the policy term, provided the policy is in force, “Death sum assured” will be paid to nominee or beneficiary, if the policyholder opts for lump sum benefit option and the plan will be terminated.
Instalment option:
- Death sum assured” is defined as the amount which is the highest of:
- Ten times the annualised premium.
- Sum assured
- 105% of the premiums paid till the date of death
- Minimum Guaranteed sum assured at maturity ( equals zero)
Survival and Maturity Benefit:
In the case of survival of the life assured up to a specified period or till the end of the policy term, no benefits are payable.
Tax Benefits:
Tax benefits under this plan are available as per the provisions of the Income tax Act. The plan provides tax benefits u/s 80C for the premiums paid and u/s 10(10D) for the amount received as death / maturity benefits as per the prevailing tax laws. The policyholder may please consult his financial advisor for more details on tax benefits.
5. Shriram Life Secure Plus Plan
Shriram Life Secure Plus Plan is designed to ensure your loved one’s financial security to meet the uncertainties and make your family feel fully protected. It pays a lump sum payment in case of unfortunate death helping your family to reduce their debts and protecting their financial security. At the same time, the premiums paid towards this policy will be returned on maturity. It’s a non-linked and non-participating life insurance plan. Therefore, Check the Detailed information regarding this Plan.
Key Features:
- Insurance cover at affordable rates.
- Return of premiums at maturity.
Eligibility Details of SLIC Plans:
| Eligibility Conditions | Limit |
|---|---|
| Age at entry | 18 years to 50 years last birthday |
| Maximum maturity age | 70 years |
| Policy term | fixed terms 10/15/20 years |
| Premium paying term(PPT) | Same as policy term |
| Sum Assured | Minimum: RS.5,00,000 Maximum: Rs.20,00,000, as per Board approved underwriting policy. |
| Mode of premium payment | Yearly, Half-yearly, Quarterly, Monthly |
| Minimum Annualised premium | Rs. 5000 |
Death benefit:
Death sum assured is as below:
- If the age is less than 45 years, then the amount we get is ten times the annual premium.
- If the age is 45 years and above then the amount received is & times the annual premium
- Also, Basic sum assured
- Maturity sum assured
- 105% of the premiums paid till the date of death.
Maturity benefit:
On survival of the life assured up to the end of the policy term, maturity sum assured equal to “return of total premiums paid”, excluding underwriting extra premium and loadings for modal premiums if any, will be payable.
How to Buy Shriram Term Plan Policy?
The interested person can visit the nearest Shriram Life Insurance to buy the Proposal form. The interested individuals can also purchase the Policy through online. You can also get the Shriram Term plans through the Shriram Agent.
Documents required for buying Shriram Life Insurance policy are
- Application form/ Proposal form
- Passport Size Photo
- Medical reports ( if necessary).
- Age Proof.
- Address Proof.
Shriram Life Insurance Term Plans Premium Calculator
Calculate the premium and Maturity Benefit for the any plan online. Personal Details are required to check the Premium. Therefore, we have provided the list of required details. The Required Details include
- Date Of Birth.
- Age.
- Policy Term.
- Premium Paying Term.
- Sum Assured.
Therefore, the interested customers can check their Premium Amount online using the given details.
How to Claim for Shriram Life Insurance Term Plans
If the insured expires due to a Sudden Accident, the Nominee can apply for Claim of the Term Plan. If the Policy Maturity Period completed, then the Policyholders can Claim i. The beneficiary can claim for the amount after the death of the policyholder or after the successful completion of the premium. Therefore, check the information given below. Once, the Maturity period arrives we can claim them as follows.
The documents required to request for the Shriram Life Term Plans are
- Original Policy Document.
- Proof of title.
- Death Proof.
- Medical treatment documents before death.
- Age proof.
- Additional documents in case of death occurred due to unnatural or accidental death.
Other Details of Shriram Life Insurance Term Plans
Grace Period:
If the Policyholder doesn’t pay the premium within the time, the company will extend the time to pay the premium is a grace period. Shriram Life Insurance Term Plans has a grace period of 30 days. Assured candidate can pay the premium within this Grace Period.
Revival Period:
If the Policyholder doesn’t pay the premium within the grace period, then the Policy will be a lapse. Within the two consecutive years from the date of first unpaid premium, the lapsed Term Plan revives. Before the expiry period of Policy Term, the Term plan restores.
Surrender Value:
If the insured candidate wants to return the policy within the Minimum Policy Term, surrender value will the paid to the policyholder.
Free Look Period:
If you don’t satisfy with the Terms and Conditions of the Policy, you can return Shriram Life Insurance Term Plans within 15 days from the Date of receipt of the Policy.
Policy Lapse: If the policyholder doesn’t pay the premium within the grace period for the first three full years, the policy will lapse. No benefits in such situation.
Riders: For each Shriram Life Insurance Term Plans, there are specific riders available. For more details check the brochure of that specific Term Plan.