Shriram Life Cash Back Term Plan

Shriram Life Cash Back Term Plan is a non-linked and non-participating life assurance plan which comes with a lump sum payment in case of unfortunate death of the policy holder and at the same time the premiums paid towards this policy are returned on maturity.

Benefits of Shriram Life Cash Back Term Plan

Mentioned below are the benefits offered by Shriram Life Cash Back Term Plan

Death Benefit – In case of death of the life assured during the policy term, provided all the due premiums have been paid, till the date of death, sum assured on death will be paid to the nominee/nominees.

The death benefit payable will be the sum assured where sum assured is a higher of 10 times annual Premium if age is less than 45 years and 7 times annual premium if age is 45 years and above OR Basic Sum Assured OR 105% of all premiums paid excluding any extra, rider premium and taxes.

Maturity Benefit - The maturity benefit payable will be all the premiums paid excluding any extras, rider premiums and taxes will be returned.

Riders for additional protection - The plan offers the option of additional protection through riders on payment of additional rider premium. There are 3 riders namely Accident Benefit Rider, Family Income Benefit Rider, Shriram Critical Illness Cover Rider. For limited premium pay policies, the rider cover is offered till the end of premium pay term.

Features of Shriram Life Cash Back Term Plan

Mentioned below are the features of Shriram Life Cash Back Term Plan

Return of Premium post maturity.
Discount on advance payment of premiums.
Affordable rates for insurance cover.
Enhanced protection through rider options - Accident Benefit Rider, Family Income Benefit Rider and Shriram Critical Illness Cover Rider.

Eligibility Criteria

Criteria

Description

Age at Entry

12-50 years

Max. Maturity Age

70 years

Policy Term

Fixed Terms 10|15|20|25 years

Premium Paying Term (PPT)

Policy Term	10 years	15 years	20 years	25 years
PPT	5\|10	5\|7\|10\|15	5\|7\|10\|15\|20	5\|7\|10\|15\|25

Sum Assured

Minimum: Rs. 2,00,000/- Maximum: Rs. 20,00,000/-

Min. Premium

Rs. 3,000/- (Annual Basis)

Mode of Premium Payment

Yearly, Half yearly, Quarterly, Monthly

Premium Details

Premium Payment Mode Where the premiums are paid in other than yearly mode the installment premium would be the annual premium multiplied by the modal factor as given below:

Mode	Factor
Half-Yearly	0.520
Half-Yearly	0.265
Monthly	0.090

Documents Required

The below documents are required to buy Shriram Life Cash Back Term Plan:

Application/Proposal Form
Medical Examination Report/Health Checkup Report
KYC - Proof of ID and Address

Other details of Shriram Life Cash Back Term Plan

Grace Period - A grace period of 30 days is allowed to you from the due date for payment of premiums for all modes. The life cover is active and the death benefit will be payable after deducting due premiums, should the death occur, during the grace period..
Surrender Value - Your policy will acquire a surrender value after all due premiums for at least three full years (two years if the premium paying term is 5/7 years) have been paid.
Nomination Facility - Yes, you can at any time during the policy term make a nomination as per the Section 39 of Insurance Act, 1938. This is amended from time to time to let your nominee receive benefits in the event of your death. In case the nominee is a minor, you shall also appoint a person to receive the policy monies during the minority of the nominee.

Assignment of the policy may be made as per Section 38 of Insurance Act, 1938 as amended from time to time by an endorsement upon the policy itself or by a separate instrument.

Advance Premium - Yes, you have the option to pay all of your premiums within the same financial year in advance at premium discount as approved by IRDAI.
Minor Lives - Minor lives are covered from the 1st policy anniversary.
Tax Benefit - As per Section 80C for the premiums paid and Sec 10(10D) of the Income Tax Act, 1961 for the amount received as death/maturity benefits
Free-look Period - If you are not satisfied with the 'Terms and Conditions' of the policy, the policy can be returned to the Company for cancellation with reasons thereof within 15 days (30 days in the case of business sourced through distance marketing), from the date of receipt of the policy bond.

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