Term insurance plans are considered as the most basic form of protection plan and in reality it is the ultimate form of protection against death for the policyholder’s family and loved ones. Term insurance plans provide life cover for a fixed duration of time and in the unfortunate event of the demise of the life assured within the span of cover of the policy, the nominee will receive the death benefit thus ensuring that the policyholder’s family attain financial security and do not have to endure further hardship with financial commitments such as prior loans taken to fall upon them. Most Term insurance plans do however stop providing cover if the life assured survives the policy date. Some policies may provide maturity benefit in the form off returning the premiums paid while some policies do not.

Types of Shriram Life Term Insurance Plans:

1. Shriram Life Cash Back term Plan
2. Shriram Secure Plus Plan

Features of Shriram Life Insurance Term Plans:

1. The insurance policies from Shriram life insurance are affordable and provide the policyholder with peace of mind knowing that if anything were to happen to him/her, their family would be looked after

2. The insurance policies and the premiums to be paid are very affordable thereby allowing people from all walks of life to enjoy their benefits

3. Further discounts to premiums are provided if the policyholder can pay premiums in advance

4. These term insurance policies are among the very few in the market that return all premiums paid upon the life assured surviving the policy i.e. maturity benefit

Shriram Life Term Plan FAQs:

1. Q) Do the Term Insurance plans from Shriram Life insurance offer Suicide exclusions?

A) If for any reason the policyholder commits suicide while being in either a sane or an insane state of mind within a stipulated period of 1 year from the date of inception, then 80% of the premiums paid along with any extra rider premium will be paid to the nominee and if the suicide of the policyholder who may be in either a sane or insane state of mind takes place within 1 year from the date of revival of the policy, then the nominee is paid a value which is higher of either 80% of all premiums including rider premiums paid or the surrender value of the policy

2. Q) Does the policy allow cover for minors?

A) Yes. The policy covers minors but the cover in such instances will kick in only after the first policy anniversary and in the unfortunate event of demise of the minor prior to the first year, the benefit paid will be the refund of all premiums paid to date.

3. Q) Does the policy offer a free look period?

A) The term insurance plans from Shriram Life insurance have a free look period of 15 days for all policies purchased through any other delivery channel apart from distance marketing and for those policies purchased through distance marketing, the free look period is 30 days.

4. Q) What are the deciding factors for premium amount?

A) The deciding factors for the premium amount to be paid is age of the policyholder, the sum assured and the term of the policy and the term of the premium payment. The premiums charged are exclusive of service tax which can be claimed as additional monetary charges applied to the premium amounts

GST of 18% is applicable on life insurance effective from the 1st of July, 2017