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Shriram Life Term Insurance Plans

Incorporated in 2005, Shriram Life Insurance Company (SLIC) has a network of over 550 offices across India. Shriram Life Insurance Company is a joint venture between Sanlam, a leading financial services group based in Cape Town, South Africa and Primal Group, a global business conglomerate with operations in over 30 countries and Shriram Group.

Note: All information has been sourced from the official website of Shriram Life.

Shriram Life Online Term Plan

Shriram Life Online Term Plan is a Non Linked Non Participating Online Term Life Insurance Plan offered by Shriram Life Insurance Company, which comes with comprehensive coverage and affordable premiums.

Features of Shriram Life Term Insurance

The features of this plan are:

  • Can be easily availed online
  • Offers you the flexibility to choose from multiple Base Options and Optional Cover
  • Affordable - At premiums which start as low as Rs. 7,343 p.a. for Rs. 1 Crore Cover
  • Provides life cover up to the age of 75 years
  • Lower premium rates for women
  • Discount in premium rate in case you opt for a Higher Sum Assured
  • Tax Benefits

Benefits of Shriram Life Term Insurance

The benefits of this plan are:

  • Lump Sum payouts are done immediately at the time of claim settlement to the family
  • Monthly Income is paid to the family from the month of death till the end of the policy term or at least for 10 years, whichever is later
  • The premium for each of the base options will be different for the same Sum Assured
  • “Terminal Illness” and “Waiver of Premium on Total and Permanent Disability due to Accident” are inbuilt in all the Base Options

Death benefit is defined as the highest of:

  • 10 times the annualised premium for all ages
  • Absolute amount assured to be paid on death
  • 105% of the premiums paid till the date of death
  • Guaranteed Maturity sum assured ‘Guaranteed Maturity Sum Assured’ is an absolute amount of benefit which is guaranteed to become payable on maturity of the policy. Under this product, the Guaranteed Maturity sum assured is zero. Absolute amount assured to be paid on death is equal to the sum assured chosen by the policyholder at inception of the policy.

Eligibility Criteria

The eligibility criteria for this plan is:

Criteria / Base OptionLump Sum optionMonthly Income / Lump Sum + Monthly Income
Age at entry18 – 55 years18 – 45 years
Minimum Maturity Age28 years38 years
Maximum age at maturity75 years65 years
Sum Assured RangeRs. 25 lakhs to Rs. 10 Crores (in multiples of Rs. 1 lakh)
Policy Term10 to 57 years20 to 47 years
Premium Payment TermEqual to Policy Term
Minimum PremiumRs. 1,695 per annum
Premium ModeYearly, Half Yearly, Quarterly, Monthly
Terminal Illness CoverEqual to Sum Assured
Critical Illness Cover
Minimum: Rs. 5 lakhs
Maximum: 20% of Sum Assured subject to a limit of Rs. 20 lakhs
Accidental Death Benefit Cover
Minimum: Rs 10 lakhs
Maximum: 100% of Sum Assured subject to a limit of Rs. 1 Crore

Documents Required for Shriram Life Term Insurance

The documents required to buy Shriram Life Online Term Plan are-

  • Application Form
  • KYC - Proof of ID and Address
  • Medical Report, if required
  • Proof of Income
  • Bank Mandate/SIP/SI/Auto Debit Application Form

Exclusions under Shriram Life Term Insurance

Suicide Exclusion: In case of suicide within one year from the policy inception date, 80% of the premiums will be paid to the nominee as death benefit. In case of suicide within one year from the revival date of the policy, if revived, 80% of the premiums paid till the date of death, will be paid to the nominee as death benefit.

Who needs a Term Plan?

A term insurance plan is a specific type of life insurance policy that provides protection for a definite period of time or ‘term’. Any individual who has a family or dependents should purchase a term plan.

FAQs Shriram Life Term Insurance

How to pay premium? What are the modes of payment available?

Premium can be paid via monthly/quarterly/half-yearly/yearly mode. The different modes of paying premium are: Credit/Debit Cards|Net/Online Banking|eWallets|Prepaid Cards|SIP|ECS|Cheque|Direct Deposit|Cash.

How can I check policy status for Shriram life term insurance plans?

You can check the status of your policy by simply logging into your account on the official website of Shriram Life Insurance Company. Once logged in, you can view all the details regarding your policy.

What is the policy renewal process for Shriram life term insurance plans?

You can renew the policy by logging into your account on the official website of Shriram Life Insurance Company. Once logged in, select the renewal option and make the premium payment online. You can also visit any of the branch offices of Shriram Life and pay the renewal premium to renew your term insurance plans.

What is the company's process to settle claim for Shriram life term insurance plans?

In the event of death of Life Assured, the Nominee/beneficiary under the policy may approach the nearest Branch Office and submit the following mandatory documents for registration of Death Claim.

  • Death Intimation Form (available at Branch) / Death intimation letter – including cause of death
  • Death Certificate issued by competent local authority
  • Policy document / proof of having the policy in the name of Life Assured (For eg: Renewal Premium receipts or Renewal premium notice) Supporting documents for processing the claim:
  • Age, ID and Address proof of Nominee/Claimant
  • Age, ID and Address proof of Life Assured
  • Duly filled Claim Forms (Available at Branch/website)
  • Bank passbook of Claimant attested by concerned Bank Manager
  • Copy of FIR attested by concerned Police Authority (in case of unnatural death/ accident)
  • Copy of Post Mortem report attested by concerned Police Authority (in case of unnatural death/ accident)
  • Any other documents as required by Company to process the claim Additional Information:
  • All documents submitted should either be original or photocopies attested by the claimant
  • Based on the circumstances of the claim, Shriram Life Insurance reserves the right to call for additional documents/information.
  • The company also reserves its right to conduct inquiry/independent inquiry/investigation to prove the authenticity of any claim where it is considered necessary.
  • Legal entitlement in case there is no nominee. (Legal heir Certificate)

What is the policy cancellation process for Shriram life term insurance plans?

In order to cancel the term plan, the policyholder is required to visit the branch physically and surrender the plan in writing and submitting the required dully filled forms and documents.

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