Shriram Life Insurance Online Plans

• Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
• Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
• Do more with plans that offer pure protection, retirement planning and investment options

Shriram Life Insurance is one of the leading private insurers in India. The company offers a wide range of life insurance products, every policy is designed keeping in mind the different insurance needs of customers. The company offers different types of life insurance policies such as ULIP plans, traditional plans, term plans, child plans, online plans, and more.

Shriram Life Online Plans are Life Insurance Plans that can be purchased and managed online. The applicant can enjoy life cover and get their family secured financially with a few clicks. Online plans are much easier to apply for and manage. Read on to know more about Shriram Life Online Life Insurance policies.

Benefits of Shriram Life Insurance Online Plans:

Listed below are the benefits of Shriram Life Insurance Online Plans:

• Cheaper- Shriram Life Insurance Online Plans tend to be much cheaper than any other life insurance policy. The purchase price is much lower as the individual has to purchase the policy directly from the company which eliminates the intermediary charges. The lack of commission fee and lower operational cost makes online plans inexpensive.
• Transparency- The policyholder can find every information pertaining the online plan on the company website. From the terms and conditions to the fees and charges, every detail is available online for these policies which ensures complete transparency.
• Convenient- Online plans are much more convenient to apply for and maintain when compared to traditional life insurance policies. The applicant has to go the website and just submit the necessary documents to apply for the plan. Unlike traditional insurance policies, one can apply for online policies without having to visit the bank or company.
• Higher cover- The online plans come with a higher cover owing to the lesser add-on charges to the company. Online plans offer better cover when compared to traditional insurance policies.
• Easy assessment- Finding reviews and feedback for online insurance plans is quite easy. The applicant can look into forums, blogs and even reviews on the company’s website to assess the online plan. One can also check on the company online on blogs or through reviews.
• Quicker- Applying for an online life insurance policy takes lesser time when compared to traditional plans.
• Easier to update details- If the customer has to change or update any details regarding the online life insurance policy, they can easily do so by logging on to the official website of the company and make the changes there following the procedure. The customer does not have to visit the bank to update or change details which in turn, saves time and money.
• Tax benefits- Policyholder can avail tax benefits under online life insurance policies.

List of Online Plans by Shriram Life Insurance Company:

Given below is a list of Online Plans offered by Shriram Life Insurance Company:

Shriram Immediate Annuity Plus Plan:

Shriram Immediate Annuity Plus is an Online Insurance Plan by Shriram Life Insurance Company Pvt Ltd. The plan can be purchased online on the company’s website at comes at a very affordable price. The main aim of the insurance policy is to offer life cover along with a stream of regular income post retirement.

Listed below are the features and benefits of Shriram Immediate Annuity Plus:

• It is an online life insurance policy.
• The policy pays a lump sum amount as death benefit in case of unfortunate death of the insured individual.
• The plans comes with various annuity options:
  • Annuity for life
  • Annuity for life with return of 100% purchase price of death.
  • Annuity for life in intervals of 5 years.
  • Annuity for life increasing at a simple rate of 3% p.a.
  • Annuity for life increasing at a compound rate of 3% p.a.
  • The last survivor will be offered 50% annuity on death of the annuitant in case of joint life cover.
  • The last survivor will be offered 100% annuity on death of the annuitant in case of joint life cover.
  • The last survivor will be offered 100% annuity along with 100% purchase price on death of the annuitant in case of joint life cover.
• The applicant has to be of minimum 18 years of age for joint life cover options.
• The applicant has to be below 85 years of age to be eligible for the plan.
• There is no minimum age for the nominees.
• There is no maximum exit age.
• It is a single premium policy.
• Given below is the minimum annuity for different options:
  • Option 1: Rs.20,340
  • Option 2: Rs.20,106
  • Option 3: Rs.14,415
  • Option 5:
    • For 5 years- Rs.20,328
    • For 10 years- Rs.20,313
    • For 15 years- Rs.20,292
    • For 20 years- Rs.20,274
  • Option 6- Rs.20,208
  • Option 7- Rs.20,109
  • Option 8- Rs.20,085
• Minimum purchase price- The minimum purchase price for the policy is Rs.30,000
• The policy offers tax benefits under different provisions of Indian Income Tax Act, 1961.
• There is no maturity benefit offered under the plan upon maturity of the plan.
• There are no riders available under the plan.

Why you need Shriram Life Online Plans?

There are several reasons as to why one should choose Shriram Life Online Plans:

• The plan is easy to purchase and manage.
• The plan comes with several annuity options.
• The policy offers tax benefits under the plan.
• The policy offers a source of steady source of income for post-retirement.
• The policy is cheaper than other traditional life insurance policies.
• The policy comes with a high cover.
• It is a single premium policy. There is no need to pay premiums every month.