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Shriram Life Family Protection Plan is simple non-linked non-participating insurance that caters to the financial needs of a family in the absence of the sole earner. If the policyholder meets with an eventuality, the nominee is paid out the sum assured. The nominee is chosen by the policyholder. With low premium rates, Shriram Life Family Protection Plan is cost-effective.
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
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The table below shows the eligibility criteria of the Shriram Life Family Protection Plan:
|
Parameters |
Details |
|
Entry Age |
18 Years and 60 years |
|
Maximum Maturity Age |
75 Years |
|
Policy Term |
10 years to 25 years |
|
Sum Assured |
Minimum- Rs 15 lakh Maximum- Rs 5 crore |
|
Premium Payment Term |
Same as policy tenure |
|
Premium Payment Mode |
Monthly, Yearly |
Term Plans
Shriram Life Family Protection Plan has plenty of benefits on offer. Some of the benefits are listed below:
In case the life assured passes away while the policy is still in force, the death sum assured will be paid to the nominee. The death benefit can be paid out in two options, lump sum or instalment option.
Upon the demise of the life assured, the nominee will receive the entire sum assured amount if opted for the lump-Sum option, and the policy terminates after the payment.
Upon the demise of the life assured, while the policy is active then the 50% death sum assured is to be paid in a lump sum. The remaining 50% of the death sum assured is paid in five equal yearly instalments; however, beginning after the one year from the demise date of the policyholder. It will be terminated after the payment of the last yearly instalment as soon as the lump-Sum amount is paid.
The policyholder can easily pay the premiums annually or monthly only under NACH modes.
The policyholder has a free look period of 15 days from the receipt of the policy’s documents. Here, the policyholder can send the policy back if he/she does not agree with the terms and conditions.
A grace period of 15 days is available for the customers that have opted for a monthly mode of payment. For the customers that have opted for an annual mode of payment, a grace period of 30 days is allocated. If the life insured dies within the grace period and the premium payment is due, the sum assured will be paid to the nominee, taking into consideration the unpaid premium.
A person can avail of tax benefits subject to the provisions made under the prevailing Income Tax Act.
Note: Tax benefit is subject to changes in tax laws. Standard T&C apply.”
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The following is a list of all the mandatory documents a person needs to provide will purchasing the Shriram Life Family Protection Plan:
Suicide
If the life insured dies due to suicide within 12 months from the commencement of the policy, the nominee is entitled to 80% of the premiums paid until the life insured's death, under the condition that the policy is active. The premiums paid back shall not include the taxes paid by the life insured. Upon successful payout of the premiums, the policy shall terminate.
Note: Check all the best term insurance plan in India.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
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
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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