Shriram Life Term Insurance Plans

The company is more focused on meeting the insurance requirements of the lower segment of society to benefit them. The products designed and offered by the company are of high quality at affordable rates to meet the pocket and the requirement of the common man. Today, the range of products offered by Shriram Life Insurance include Protection plans in the form of term plans, Child Plans, Savings, and Investment Plans which are available in both conventional or ULIPs form and pension plans. With a wide range of products, the company strives to meet every individual’s insurance-related requirement at a single source.

Note: Know more about what is term life insurance first before reading this article.

Shriram Life Term Plans

Shriram Life Insurance has four varied types of term plans where two plans are meant for groups while the remaining are for individuals. Individual term plans offer the premiums back at the time of maturity so that the amount invested is not wasted. A detailed analysis of the plans is as follows:

Shriram Life Cash Back Term Plan

A term insurance plan which promises the return of premiums paid at maturity. It is a pocket-friendly and easily accessible plan that provides financial security to you and your family. The features of the plan are as follows:

• In case of death of the life insured during the chosen tenure of the plan, the death benefit is paid which is equal to the Sum Assured chosen by the policyholder at the time of inception of the policy
• If the life insured survives till the end of the policy tenure and the plan comes to an end, all the premiums paid by the policyholder during the term of the plan are returned to the policyholder. Thus, on maturity, unlike pure term plans, there is a maturity benefit under the plan.
• The death benefit payable will be higher of 10 times the annual premiums payable under the plan if the insured is aged less than 45 years or 7 times the annual premiums payable under the plan if the insured is aged 45 years and above, the chosen Sum Assured or 105% of total premiums paid whichever is the highest.
• If the policyholder pays premiums in advance, discounts are given on the premium amount
• Additional Riders can be availed under the plan for a more comprehensive coverage option. The company offers three types of riders under the plan which includes Accident Benefit Rider which promises the payment of an additional Sum Assured in the event of accidental death of the life insured. Moreover, the future premiums are waived off if the insured becomes totally and permanently disabled due to an accident. The Family Income Benefit rider pays 1% of the Sum Assured every month for the entire duration of the plan or 10 years whichever is later if the insured suffers total and permanent disability due to an accident. Lastly, the Critical Illness Cover Rider promises the payment of a lump sum amount if the insured is diagnosed with any of the illnesses covered under the scope of the rider during the tenure of the plan
• Premiums can be paid either for the entire duration of the plan under the Regular Pay option or for a limited term which will be lower than the term of the plan.

Eligibility Details

Sample Rates of Premium

The following table illustrates the rate of premium payable by individuals of different ages for coverage of Rs.10 lakhs. The policy tenure and the premium payment tenure are chosen to be 15 years.

**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Group Term Life Insurance Plan

Shriram Group Term Life Insurance Plan is a 1-year renewable group term plan that provides a lump sum of the death benefit in the demise of a member. This term plan is issued to cover the members of a registered group. The features of the plan are as follows:

• The plan is offered as a one-year plan which is renewed at the end of every year
• Groups eligible to avail of the plan are groups like employer-employee groups, associations, or social groups
• The minimum number of members in the group must be 20 if the group is an employer-employee group or 50 for other groups
• The plan is issued in the name of the head of the group as a Master Policy under which the members are covered.
• Any members who have not availed of sick leave for a continuous period of 7 days in the last 6 months from the period in which the application is made can be covered under the scheme
• There is a feature of profit-sharing which reduces subsequent years’ premium if the claim experience of the group is favorable in any year from the viewpoint of the insurer
• In case of the death of the covered member, a death benefit will be paid to his or her nominee or legal heir.
• The death benefit can be availed either as a lump sum benefit where the chosen Sum Assured is paid or as a monthly income benefit where a percentage of the Sum Assured is paid every month for a pre-determined period post the death of the life insured
• Riders can be availed under the plan for comprehensive coverage. The company provides two kinds of riders under the plans which are Shriram Group Critical Illness Rider and Accident Benefit Rider.

Different types of Plans

Term Insurance

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Life Insurance

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List of Term Insurance Companies

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TROP

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Term Insurance For Senior Citizen

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Term Insurance For Spouse

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Term Insurance For Family

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Term Insurance For NRI

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List of Term Insurance Plan

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Life Insurance Corporation of India

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What is Term Insurance?

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Term Insurance Calculator

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1 Crore Term Insurance

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2 Crore Term Insurance

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Eligibility Details

Shriram Group Life Term Insurance in lieu of EDLI

A group insurance plan designed for employer-employee groups where employers are mandated to provide life insurance benefits to their employees which are linked to the Provident Funds under the EDLI scheme. The plan is designed to provide higher benefits to employees through minimal contributions by the employer. The features of the plan are as follows:

• The plan is offered as a one-year plan which is renewed at the end of every year
• An employee who is a member of the Employee Provident Fund Scheme can be covered under the plan
• The plan is issued in the name of the head of the group as a Master Policy under which the members are covered
• A minimum of 20 employees must be there to avail of the plan
• The coverage under the plan is linked to the employee’s average Provident Fund Balance and the total years of service rendered before death
• In case of death of the member, the Sum Assured is paid to the nominee or legal heir of the covered member.
• The employer has to contribute 0.51% of the salary of every employee towards the coverage under the plan.
• The Accident Benefit Rider can be availed with the plan for more comprehensive coverage. The rider promises the payment of an additional Sum Assured in the event of accidental death of the life insured. Moreover, the future premiums are waived off if the insured becomes totally and permanently disabled due to an accident.
• The premium paid by the employer qualifies for tax exemption under Section 37 and the claims received qualify as per Section 10(10D)

Eligibility Details

Shriram Life Secure Plus Plan

A term insurance plan which promises the return of premiums paid at maturity. This plan is specifically designed to ensure the financial security of your family by meeting the uncertainties. The features of the plan are as follows:

• In case of death of the life insured during the chosen tenure of the plan, the death benefit is paid which is equal to the Sum Assured chosen by the policyholder at the time of inception of the policy
• If the life insured survives till the end of the policy tenure and the plan comes to an end, all the premiums paid by the policyholder during the term of the plan are returned back to the policyholder. Thus, on maturity, unlike pure term plans, there is a maturity benefit under the plan.
• The death benefit payable will be higher of 10 times the annual premiums payable under the plan if the insured is aged less than 45 years or 7 times the annual premiums payable under the plan if the insured is aged 45 years and above, the chosen Sum Assured, the return of the total premiums paid till the date of death or 105% of total premiums paid whichever is the highest.
• Additional Riders can be availed under the plan for a more comprehensive coverage option. The company offers three types of riders under the plan which includes Accident Benefit Rider which promises the payment of an additional Sum Assured in the event of accidental death of the life insured. Moreover, the future premiums are waived off if the insured becomes totally and permanently disabled due to an accident. The Family Income Benefit rider pays 1% of the Sum Assured every month for the entire duration of the plan or 10 years whichever is later if the insured suffers total and permanent disability due to an accident. Lastly, the Critical Illness Cover Rider promises the payment of a lump sum amount if the insured is diagnosed with any of the illnesses covered under the scope of the rider during the tenure of the plan

Eligibility Details

Applying for a Term Plan from the Company

The company does not offer an online purchasing facility for its term plans. Individuals wanting to purchase a term plan from the company will have to approach the intermediaries representing the company like agents, brokers, banks, etc. to buy the plan.