Shriram Life Term Insurance 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, and more.

Shriram Life offers term life insurance plans which are the most common kind of life insurance plans available in the market. These are life insurance policies that are purchased only for a certain period of time and offers life cover for that duration. The cover expires when the policyholder outlives the policy.

Benefits of Shriram Life Insurance Term Plans:

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

• Cheaper- Shriram Life Insurance Term 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 Term Plans inexpensive.
• Transparency- The policyholder can find every information pertaining to the Term plan on the company website. From the terms and conditions to the fees and charges, every detail is available for these policies which ensures complete transparency.
• Convenient- Term 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 Term policies without having to visit the bank or company.
• Higher cover- The Term Plans come with a higher cover owing to the lesser add-on charges to the company. Term Plans offer better cover when compared to traditional insurance policies.
• Easy assessment- Finding reviews and feedback for Term insurance plans is quite easy. The applicant can look into forums, blogs and even reviews on the company’s website to assess the Term plan. One can also check on the company Termon blogs or through reviews.
• Quicker- Applying for a Term 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 Term 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 Life insurance policies.

List of Term Plans by Shriram Life Insurance Company:

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

Shriram Life Family Protection Plan:

Shriram Life Family Protection Plan is a term life insurance policy by Shriram Life Insurance Company Pvt Ltd. This is an affordable life insurance policy that protects the insured’s family members in case of unfortunate death of the insured. This is a non-linked and non-participating simple insurance policy.

Listed below are the features and benefits of the Policy:

• This is a non-linked and non-participating term life insurance policy.
• The policy offers life cover at a very affordable price.
• The policy offers premium rebates for those who opt for a large sum assured.
• The premium can be paid either monthly or yearly.
• The policy offers a maximum sum assured of Rs.5 crore.
• The policy term ranges between 10 to 25 years.
• The minimum installment amount is Rs.4,000 for yearly premium and Rs.500 for monthly premium.
• The minimum sum assured is Rs.15 lakh for the policy.
• The premium payment term is same as the policy term.
• The policy offers ‘sum assured’ as death benefit upon unfortunate demise of the insured. The sum assured in this case can be defined as the highest of the following:
  • 10 times of the annual premium
  • Maturity amount (0)
  • 105% of the premiums paid during the policy term until death of the insured.
  • Sum assured amount.
• In case of unfortunate death of the insured, the nominee will be paid the death benefit in installments. 50% of the death benefit will be paid as a lump sum amount to the nominee and the remaining 50% of the benefit will be paid in 5 equal annual installments one year after death of the insured. Once the last installment is paid, the policy will be terminated.

Shriram Cash Back Term Plan:

Shriram Cash Back Term policy is a term insurance policy that offers both death benefit and maturity benefit. The plan is affordable and offers additional protection through riders.

Listed below are the features and benefits of the term life insurance Policy:

• The policy is a term life insurance policy that offers both death benefit and maturity benefit.
• The policy is very affordable.
• The policy is named as the ‘Cash Back’ policy as the policy offers maturity benefit once the policy expires.
• The policy comes for a fixed term of 10, 15, 20, and 25 years.
• The policy offers discounts for advance premium payment.
• The policy offers additional protection through riders.
• The premiums will be returned as maturity benefit once the policy matures.
• There are two options for the sum assured on death benefit:
  • The nominee can get 10 times the annual premium (if the insured is less than 45 years) or 7 times the annual premium (if the insured is above the age of 45 years) as the sum assured on death benefit.
  • The nominee can get the basic sum assured.
• All the paid premiums will be returned in the form of maturity benefit upon survival of the insured till the end of the policy term.

Shriram Life Secure Plus Plan:

Shriram Life Secure Plus is a term insurance policy that offers life cover along with financial aid to the family members of the insured in case of unfortunate demise of the insured.

Listed below are the features and benefits of Shriram Life Secure Plus Plan:

• It is a non-linked and non-participating term life insurance policy.
• The policy offers life cover at affordable rates.
• The policy comes for a fixed term of 10, 15, and 20 years.
• The premium payment term is same as the policy term for this policy.
• Minimum annualised premium is Rs.5,000.
• The premium can be paid annually, bi-annually, quarterly or monthly.
• The policy offers death benefit in case of unfortunate death of the insured. The sum assured is the highest of the following:
  • 10 times the annualised premium (if insured is less than 45 years) and 7 times the annualised premium (if insured is above the age of 45 years).
  • Basic sum assured.
  • 105% of the premiums paid.
  • Maturity sum assured.
• The policy also offers maturity benefit upon maturity of the policy. The insured will get a maturity sum that is equal to all the premiums paid till the end of the policy.
• The policy comes with three types of riders that offer additional cover:
  • Accident benefit rider- In case the insured gets into an accident and becomes totally or permanently disabled, the company pays sum assured. The company will waive off further premiums till the end of the policy term in case the insured is permanently and totally disabled due to the accident.
  • Critical Illness Cover rider- The rider offers financial aid to cover medical expenses incurred from a critical illness treatment. The rider offers cover for six major critical illnesses.
  • Family Income Benefit- This rider offers the policyholder a chance to enhance their life cover for an additional premium payment.

Why you need Shriram Life Term plans?

Shriram Life Insurance Company offers three types of term plans for individuals. Each plan is different from the other to cater to different insurance requirements of customers. Each term policy comes with it’s own benefits. There are several reasons as to why one should opt for Shriram Life Term Insurance plans:

• Shriram Life Term Insurance Plans are some of the most inexpensive plans available.
• The insured can avail tax benefits under section 80C and section 10D under the Indian Income Tax Act, 1961 for the above mentioned term insurance policies.
• The policy is very flexible as the insured can choose the policy term according to their insurance needs.
• The term insurance policies offer riders which enhances the life cover and provides financial aid for critical illnesses and other events.