• Shriram Life Insurance Traditional Plans

    Life Insurance
    • 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

    Traditional plans have been a popular choice among insurance takers for the low risk factor which they come with. However, these plans also offer a wide range of benefits like tax benefits, fixed returns on income, safety of investment, risk coverage and more. Traditional plans are one of the most preferred options for individuals who may not have a high-risk appetite and would prefer to have investments which are not linked to market performance. Traditional plans are available in two types – Endowment plans and Whole-life Plans. Shriram Life Insurance offers a number of traditional insurance plans which are categorized under 3 distinct groups and provide a large number of benefits, in addition to the aforementioned ones.

    Benefits of Shriram Life Insurance Traditional Plans:

    • Policyholders are entitled to attractive tax benefits and exemptions.
    • Basic benefits like Death Benefit, Maturity Benefit are provided under this plan.
    • In addition to the aforementioned benefits, these plans also provide additional benefits like Family Support Benefit, Education Support Benefit and more.
    • Calculate your approximate policy premiums with the help of a Premium Calculator which is available on the website.
    • These traditional plans also provide Reversionary Bonus which allows you to not only enhance your savings but also your life cover.
    • Policyholders are provided with multiple premium payment options and can choose any one as per their convenience.
    • Shriram Life also provides life insurance plans which can be purchased online, eliminating the need for the customer to physically visit the branch office.
    • Policyholders can choose to receive benefit amount as flat pay out or in instalments.
    • These traditional life insurance plans are available as limited premium payment and regular premium payment options.
    • Customers can also choose from a wide range of riders which can be taken to enhance the protection provided by the base plan.

    List of Traditional Life Insurance Plans By Shriram Life Insurance:

    Group I:

    Shriram Life Genius Assured Benefit Plan:

    This is a traditional plan which can be the ideal solution providing not only coverage to your family but also provides the funds to ensure your child can realize their dreams. This plan provides guaranteed benefits and offers a unique combination of maturity benefit with life cover with a short payment term of 10 years. Maturity benefit provided under this plan can be taken as lump sum of Sum Assured or as Education Support Benefit in instalments. The comprehensive life cover under this plan includes the Sum Assured amount and additional Benefit (Family Support Benefit and/or Education Support Benefit). This plan comes with two riders – Accident Benefit Rider and Critical illness Cover.

    Shriram New Shri Life Plan:

    This is a non-linked participating endowment plan which not only serves as a systematic option for accumulating savings but also provides coverage to your loved ones, if you may unfortunately no longer be able to do so due to an unfortunate incident. This plan offers Maturity Benefit, Death Benefit and reversionary bonuses. You can also get attractive rebates on choosing a high sum assured and can avail discounts on advance premium payments. This plan offers you the option of receiving benefits in instalments with interest. Premiums can be paid on a yearly, half-yearly, quarterly or monthly basis and the policy term is 10, 15, 20 and 25 years.

    Shriram New Shri Vidya:

    This plan has been designed to ensure that nothing stands in the way of your child’s dreams and provides Survival benefits that can be adjusted as per the requirements of education. It also provides efficient insurance cover to your family. This plan also provides Death Benefit and Maturity Benefit. Add-on riders available with this plan include Accident Benefit Rider, Extra insurance Cover and Critical Illness Cover. Minimum Sum Assured provided is Rs.1,00,000.

    Shriram New Shri Vivah:

    This affordable plan not only provides insurance coverage for you and your spouse but also maturity benefits in addition to regular income. Add-on covers that can be taken with this plan include Critical Illness cover, Extra Insurance Cover and Accident Benefit Rider. Premiums can be paid on a monthly, quarterly, half-yearly and yearly basis while the PPT ranges from 7 years to 20 years, depending on the policy term.

    Shriram New Shri Raksha Plan:

    This is a non-linked participating plan that provides double insurance cover and sum assured upon successful survival till maturity. Key features of this plan include 2x sum assured on the event of death to reduce monetary losses, additional Basic Sum Assured if death occurs after policy term and Reversionary Bonus to boost savings and insurance cover. In addition to the aforementioned riders, this plan also offers Family Income Benefit Rider.

    Plan Name Entry Age Maturity Age Premium
    Shriram Life Genius Assured Benefit 18 – 45 years Max. - 63 years Min. – Rs.21,732 (annual)/Rs.1,865 (monthly); Max – no limit
    Shriram New Shri Life 30 days to 65 years (last birthday) Min. – 18 years Max.- 75 years  
    New Shri Vidya 18 years to 50 years (last birthday) 70 years  
    New Shri Vivah 18 years to 50 years (last birthday) 70 years  
    Shriram New Shri Raksha 18 years to 55 years 75 years  

    Group II:

    Shriram Life Assured Income Plus:

    This is a non-linked, non-participating endowment assurance plan which requires customers to make premium payments for a limited number of five years, where they can receive benefits after maturity, in 5 equated annual instalments. For policyholders up to the age of 50 years are eligible for a minimum life cover of 10x of annualized premium while applicants who are 51 years and above are entitled to a minimum life cover that is 7x of the annualized premium. The maximum policy term stretches to 10 years and premiums can be paid yearly, half-yearly, quarterly and monthly.

    Shriram New Akshay Nidhi Plan:

    This plan is designed to not only provide appropriate life cover but also enables you to realize your financial goals that you may have set for the future. This plan offers several benefits such as periodic Survival Benefits, life cover, reversionary bonuses and attractive rebates on sum assured amounts, discounts on advance premium payments, Terminal Bonus, in addition to Death Benefit and Maturity Benefit. Under the Death Benefit, the Sum Assured provided will be 10x the annual premium if applicant’s age is under 45 years and 7x the annualized premium if applicant is aged 45 years or above. Policyholders can also choose from a range of add-on riders like Accident Benefit Rider, Family Income Benefit Rider, Critical Illness Cover Rider, Extra Insurance Cover Rider.

    Shriram Secure Investment Plan:

    This is a one-time investment and insurance plan which not only provides guaranteed maturity benefit and Death Benefit but also provides life cover. This is an ideal plan to maximize the returns of your lump sum cash surplus. This is a one-time premium payment policy which will acquire a Guaranteed Surrender Value. Other features of this plan include the facility to take a loan (up to 90% of policy Surrender Value), nomination and assignment of policy. Policyholders are also entitled to lucrative tax benefits under the provisions of the applicable tax laws as per the Income Tax Act.

    Shriram Easy Life Cover:

    This is a non-participating, non-linked life insurance plan which has been designed to provide life insurance cover for a short term. Apart from the regular Death Benefit and Maturity Benefit, this plan also comes with tax benefits, Guaranteed Surrender Value and Special Surrender Value. The policy term and premium payment term is 5 years while premiums can be paid annually, semi-annually, quarterly or monthly. Fixed Sum Assured under this plan will be 10x of Annualized Premium.

    Shriram Grameena Suraksha Plan:

    This is a non-linked, non-participating micro insurance term insurance plan which has been designed to enable economically weaker individuals to afford adequate life coverage. This plan comes in 2 options – Pure term insurance and Term Insurance with return on premiums on maturity. This plan provides Death Benefits, maturity Benefits and tax benefits. Policy term for this plan is 10 years or 15 years, which is the same as the premium payment term.

    Plan Name Entry Age Maturity Age Premium
    Shriram Life Assured Income Plus 8 years to 60 years last birthday Max. 70 years last birthday Min. annual premium - Rs.20,000; Max.- Rs.65.10 lakh
    Shriram New Akshay Nidhi 30 days to 60 years last birthday 18 years to 75 years  
    Shriram Secure Inves tment 30 days to 60 years last birthday Max. – 65 years Min. – Rs.40,000 (5 year policy term)/Rs.50,000 (10 years policy term); Max.- No limit
    Shriram Easy Life Cover 13 years to 45 years last birthday (life assured); 18 to 99 years (life proposer) 18 to 50 years Min. Annualized Premium - Rs.6,500
    Shriram Grameena Suraksha 18 years to 50 years last birthday 28 to 65 years Min. Annualized Premium: – Rs.750 (Option I) & Rs.1,400 (Option II) Max. Annualized Premium - Rs.1,680 (Option I) & Rs.4,425 (Option II)

    Group III:

    Shriram Life Secure Plus:

    This is a non-linked, non-participating life insurance plan which has been designed to enable you to ensure your family’s financial stability in times of misfortune. This plan offers a lump sum payment in case of death and also returns premiums paid upon maturity. This is an affordable plan which also comes with a choice of riders like the Accident Benefit Rider, Family Income Benefit Rider and the Critical Illness Cover Rider. Policy term options include 10 years, 15 years and 20 years.

    Shriram Life Family Protect Plan:

    This is also a non-linked, non-participating plan which ensures financial protection of your family if you are no longer around to provide for them. This is an affordable insurance plan which provides the life assured with handsome rebates on choosing a high sum assured. In addition to providing the usual Death Benefit, Survival Benefit and Maturity Benefit, this plan also offers the option of receiving the Death Sum Assured as a lump sum or in instalments. the policy term ranges from 10 years to 25 years, which is the same as the premium payment term

    Shriram Life Cash Back Term Plan:

    This is an affordable cash back term plan which allows you to create a financial cushion not only for yourself but also your loved ones. In the event of untimely death, the plan will provide your loved ones with a lump sum payment to ensure they are financially stable and can repay any outstanding debts. Also, the premiums you pay towards the plan will be returned once the plan has matured. In addition to the Death and Maturity Benefit, this plan also offers other benefits like discounts on payment of advance premiums and additional protection via add-on riders. The fixed policy terms for this plan are 10, 15, 20 and 25 years. The premium payment term varies and is different for each policy term. Premiums can be paid yearly, semi-yearly, quarterly and monthly.

    Shriram Life Assured Income Plan:

    This is a guaranteed income plan which allows you to meet future financial needs like medical care for parents, child’s education, creation of a retirement corpus and more. In addition to providing life cover, this plan also provides assured income on a regular basis after the policy term. Besides providing a Death Benefit and Maturity Benefit, this plan also offers a wide range of other benefits like enhanced protection with add-on riders, multiple premium payment options and tax benefits. The longer your policy term, the higher the income you will stand to receive and the higher your premiums, the higher your returns will be. The plan can be taken for a policy term of either 8 years or 10 years, which will determine the amount of Basic Sum Assured.

    Plan Name Entry Age Maturity Age Premium
    Shriram Life Secure Plus 18 years to 50 years last birthday Max. - 70 years Min. Annualized Premium – Rs.5,000
    Shriram Life Family Protect Plan 18 years to 60 years last birthday Max. - 75 years Min. instalment premium – Rs.4,000 (yearly mode) & Rs.500 (monthly mode)
    Shriram Life Cash Back Term Plan 12 years to 50 years last birthday Max. – 70 years Min. Annualized Premium – Rs.3,000
    Shriram Life Assured Income 30 days to 50 years Max. – 58 years last birthday (8 year policy term); 60 years last birthday (10 years policy term) Min. – Rs.15,000 Max. – Rs.5,00,000

    Why you should buy Traditional Plans from Shriram Life Insurance?

    Shriram Life Insurance, which is a part of the prestigious Group, is one of the leading insurance provider in India. Having commenced operations in the year 2006, Shriram Life Insurance caters to a diverse customer base and offers a wide range of life insurance products which span across categories like child plans, women plans, term plans, endowment plans, online plans, pension plans, micro-insurance plans, savings plans, ULIP plans, traditional insurance plans and more. Shriram Life has also joined hands with Sanlam, South Africa’s second largest insurer to expand insurance penetration in the country and make insurance available and affordable for all.

    *Premiums Vary Based On Age, Location, Plan Term and Other Factors.

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