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The Shriram Life Family Protect Plan is a non-linked, non-participating term life insurance plan by Shriram Life that takes care of the policyholder’s family financially in the event of an untoward situation occurring. The policy provides life cover for the policyholder at very affordable rates as well as incentives for high sum assured amounts in the form of premium rebates. With a policy term ranging between 10 and 25 years, individuals can choose a policy term based on their needs and requirement. With a minimum annual premium of Rs.4,000, the policy is affordable for those looking to invest in life cover.
The policy provides a death benefit that can be availed either in a lump sum or in instalments, based on the policyholder’s requirement.
The Shriram Life Family Protect Plan provides basic life cover for a single policyholder provided the below mentioned eligibility criteria are met:
|Minimum entry age||18 years|
|Maximum entry age||60 years|
|Maximum maturity age||75 years|
|Policy term||10 to 25 years|
|Premium paying term||Same as the policy term selected|
The sum assured is the guaranteed amount that the policyholder stands to receive, subject to the policy still being in force and other criteria being met. The sum assured amount for the Shriram Life Family Protect Plan ranges between Rs.15 lakh and Rs.5 crore, with the amount subject to underwriting as per the approved policy.
The premium is the amount payable by the policyholder as a charge for the life cover being provided. The premium amount is calculated based on the sum assured selected by the policyholder, as well as factors such as the policy term, premium paying mode, age and gender of the policyholder among others. The Shriram Life Family Protect Plan has a minimum annual premium amount of Rs.4,000. Policyholders can choose to pay their policy premiums either yearly or monthly. In the case of monthly premiums, the payment is to be done by Electronic Clearance Scheme (ECS) only.
The Shriram Life Family Protect Plan coverage is as follows:
The coverage offered under the Shriram Life Family Protect Plan is mentioned below:
|Death benefit||In the event of the policyholder’s death, the nominee/nominees will receive a death benefit based on the option selected at policy inception. The options are as follows:
|Maturity benefit||The policy does not pay a maturity benefit.|
|Survival benefit||There is no survival benefit paid out under the policy.|
There are no riders or add-on plans under this policy.
The Shriram Life Family Protect Plan provides policyholders with life coverage, enabling them to secure their family’s financial future in the event of their untimely demise. While the policy pays out the death benefit upon the demise of the policyholder during the policy term and while the policy is still in force, there are certain circumstances under which the company would not pay the benefit. The exclusions are as follows:
Additional features and benefits of the Shriram Life Family Protect Plan are mentioned below:
|Free look period||If the policyholder is not satisfied with any of the policy terms, he/she can choose to return the policy and providing behind the return during the free look period without incurring any charges. The free look period is 15 days from the date of receipt of the policy (30 days for distance marketing policies).|
|Grace period||If the policyholder is unable to pay the premium amount within the given deadline, a grace period of 30 days from the due date is provided in case of quarterly, half-yearly and annual premium payments. In the case of monthly payments, the grace period is 15 days.|
|Nomination||The policy allows for nomination during the policy term as per the prevalent rules and provisions.|
|Assignment||The policy allows for assignment, or the transfer of the policy as per prevailing provisions.|
|Lapse of policy||The policy would lapse upon the non-payment of premiums within the grace period.|
|Surrender value||The policy does not acquire surrender value, so no surrender value would be payable.|
|Policy revival||The policy can be revived within a period of 2 years from the date of the last premium being paid. The policy can be revived subject to the following conditions are met:
|Termination of policy||The following would result in the policy terminating:
The Shriram Life Family Protect Plan offers policyholders a number of benefits and advantages. Policyholders can reduce their tax burden by investing in life insurance policies. The tax benefits that policyholders can avail are mentioned below:
The Shriram Life Family Protect Plan provides life cover along with associated benefits and perks. In addition to the perks offered by the policy, Shriram Life offers policyholders a number of other features.
Shriram Life policyholders can look through the company’s range of policies online, with the policy brochure and all relevant information available on the company’s website, making it easier and more convenient to access.
Individuals can calculate the premium payable for particular policies by using the online premium calculator. Additional tools such as the human life calculator are also available.
Policyholders can also pay premiums online, saving them the hassle of visiting a branch office or waiting for cheques to clear. Policyholders looking to pay online can do so through NEFT, standing instructions as well as through debit/credit cards.
Shriram Life Insurance is a life insurance joint venture between the Shriram Group and the South Africa-based Sanlam, a leading insurance services provider. Formed in 2005, the private insurance company has made financial inclusion its focus and has sought to provide its services to segments that have been overlooked, such as the rural segment.
The company provides a range of insurance products that cover everything from ULIP plans to retirement and savings plans, providing every individual with an insurance solution that caters to his or her individual needs.
In addition to a quick claims processing facility as well as round the clock assistance and support, the company has a large presence across the country.
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