Term Plan

One of the most primary kinds of insurance plans, Term Life Insurance Plan is considered to be the simplest and the easiest of all the insurance plans. These plans, which are purchased for a fixed duration, ensure that the dependents lead a comfortable life and fulfill their requirements, in case of policy holder's death. Under this plan, family receives the assured corpus in the case of insurer's demise. However, the plan stops if the policy-holder outlives the term.


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Shriram Life Family Protection Plan

Shriram Life Family Protection Plan is a non-linked non-participating insurance plan. This plan caters the needs of the clients who want to protect their families in case of untimely death.

Plan Details



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Cash Back Term

Shriram Life Cash Back Term Plan (UIN-128N045V01) is an affordable, easy-to-obtain financial security net for you and your loved ones. It pays a lump sum payment in case of unfortunate death helping your family to reduce their debts and protecting their financial security.
Plan Details



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Group Term Life Insurance

Shriram Group Term Life Insurance (UIN-128N042V03) is a One Year Renewable Group Term Assurance plan that offers the options of lump sum death benefit in the event of death of a member.

Plan Details

Term Life Insurance Plans:

One of the most primary kinds of insurance plans, Term Life Insurance Plan is considered to be the simplest and the easiest of all the insurance plans. These plans, which are purchased for a fixed duration, ensure that the dependents lead a comfortable life and fulfill their requirements, in case of policy holder's death. Under this plan, family receives the assured corpus in the case of insurer's demise. However, the plan stops if the policy-holder outlives the term.


Why term life insurance plan?

  • Flexibility: Term insurance plans offer a wide array of flexibilities to the consumers. One gets the flexibility to choose the option for payment of premium which can be either single or regular. One also can choose the sum assured and the policy term.
  • Low Cost: Offers you a high cover at a low cost and for a larger period of time. It is considered to be the cheapest kind of insurance.
  • Offers protection against financial burden on the dependents, in case of any unpredictable event.
  • Secures the life of dependents, in terms of financial security, in case of policy-holder's untimely demise
  • Additional benefits: Riders such as, Waiver of Premium and Accidental Death can be added to your term plan as well. One can also choose other benefits in case of Illness and accidental death or permanent disability.
  • Ensure that the future needs of your family and of those dependent on you, are fulfilled on time
  • Tax benefits: Insurer can avail tax benefits under Section 80C and Section 10 (10D) of the Income Tax Act, 1961. He/she can also benefit from the premiums paid for the Critical Illness Benefit as that is also eligible for a deduction under Section 80D

How to choose term insurance plan?

  • Decide on a term of coverage for the insurance plan you are purchasing
  • Do think about the factors such as inflation which can influence premium payment and coverage benefits
  • Also consider factors such as number of people who are dependent on you and their financial stability
  • Factors like mortgages and outstanding loans must be considered as well. For instance, a person who has a home loan must opt for a higher life cover
  • Marital status must be taken into consideration too. Married person with kids should go for a higher cover than the one who is unmarried

How much life cover is required?

The amount of life cover differs with the varying requirements of the insurer and also depends on his/her age. However, it usually should be minimum 20 times of his/her gross annual income.

Key features of the Term Insurance Plans:

  • Age requirement: One needs to be at least of 18 years of age for purchasing a term plan. The maximum age limit is 65 years of age.
  • Policy Term: If you want to opt for a single premium payment then you are required to choose between a policy terms of 5 to 15 years. While in case of monthly premium payment, the policy term is from 5 years to a maximum of 25 years.
  • Plan Selection: There are two choices for selecting the term plan, which are on single life basis and joint life basis.
  • TROP: Term plans don't offer any kind of maturity or survival benefits. Thus, if interested in maturity benefits, then you can opt for Term Return of Premium (TROP).

Best time to choose:

It is always advisable to start early. It is better to buy a term insurance plan as soon as you start earning or have a fixed income.

Things to remember:

Check all the features of the plan before you purchase it. For instance, there can be some exclusion by the insurance companies in their term plans. It is advisable to be aware of all the features and then select the one which is most suitable.



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