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Shriram Life Insurance Company is a joint venture between the Shriram Group with its headquarters in Chennai and Sanlam which is a leading financial services group based out of Cape Town, South Africa. While Shriram holds a stake of 74% of the company, the Sanlam Group has a 26% holding of the insurer. Founded in 2005, the company started its operations in 2006 and made a record of earning a profit for a consecutive period of 3 years.
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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 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:
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:
| Eligibility Parameters | Limits | |||
| Entry Age | Minimum - 12 years Maximum - 50 years | |||
| Maturity (Maximum) | 70 years | |||
| Policy Term | 10 years | 15 years | 20 years | 25 years |
| Premium Payment Term | 5, 10 | 5, 7, 10, 15 | 5, 7, 10, 15, 20 | 5, 7, 10, 15, 25 |
| Sum Assured | Minimum -Rs.2 lakhs Maximum - Rs.20 lakhs | |||
| Premium Amount (Minimum) | Rs 3000 | |||
| Premium Payment Frequency | Yearly, half-yearly, quarterly, or monthly | |||
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.
| Age | 30 years | 40 years | 50 years |
| Premium amount | Rs.16, 700 | Rs.23, 850 | Rs.41, 850 |
**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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:
| Minimum | Maximum | |
| Entry Age | 14 years | 79 years |
| Maturity Age | - | 80 years |
| Policy Term | 1 year yearly renewable | |
| Sum Assured | Rs.5000 for lump sum benefit Rs.500 per month for a monthly benefit | Based on underwriting |
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:
| Minimum | Maximum | |
| Entry Age | 14 years | 74 years |
| Maturity Age | - | 75 years |
| Policy Term | 1 year (Renewable) | |
| Sum Assured | Rs.3,62, 000 | Rs.15,00, 000 |
| Mode of paying the premium | Yearly/Half-yearly/Quarterly or Monthly | |
| Group Size (Minimum) | 20 | |
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:
| Minimum | Maximum | |
| Entry Age | 18 years | 50 years |
| Maturity Age | - | 70 years |
| Policy Term | 10 /15/20 years | |
| Sum Assured | Rs.5 lakhs | Rs.20 lakhs |
| Premium Amount | Rs.5000 | Based on coverage |
| Premium Payment Term | Equal to Policy Term | |
| Premium Payment Frequency | Yearly, half-yearly, quarterly, or monthly | |
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.
Your premium is decided on age at which you buy the policy and remains same, throughout your life
Premiums can increase between 4-8% each year after your Birthday
Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease
Term insurance is one of the most popular forms of life insurance simply because it provides substantial cover at a very affordable rate. Everyone from a junior clerk to a senior magistrate can afford a term plan. However, these plans are better suited to certain people than others. Read on to know more.
If you are wondering whether or not you require a term plan, then you first need to answer a few questions. How many people are dependent on you? What are your savings? Will you be inheriting a lot of money? Does your family have any other source of income? Once you have answers to these questions, you will be able to understand whether or not you would require a term plan.
A person who has dependent family members needs a term plan. A term plan provides financial assistance to the nominees when the policyholder suddenly dies and the monthly income stops. So obviously your wife would need the money to pay for your children’s education and also to run the household.
A person who doesn’t have a lot of savings most definitely needs a term plan. A person who has a lot of money saved can still hope that in his absence his family can use his savings to pay their bills, etc. However, while it is important for a person with savings to also have term insurance, for a person without savings it is mandatory.
When there is no other source of income in the family, having a term plan is a complete must. If due to the death of the lone breadwinner, the income stops, there has to be provision for a regular inflow of funds.
Note: Check out the term life insurance in India and choose one that suits your requirements.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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