Shriram Life Cash Back Term Plan is a simple term insurance plan with a few added advantages. Being a traditional non-linked, non-participating policy, this plan is meant for providing a strong financial buffer for one's family. It can be purchased offline at the branches of Shriram Life, but most of the required forms can be sorted out from the online portal.
The eligibility criteria of this traditional Shriram Life term plan can be mentioned as follows -
All ages mentioned are as per the last birthday.
The basic features of this policy are mentioned in the following points.
Policy Conditions -
General Features -
The benefits of this simple term insurance plan are listed as below -
By paying an annual premium of INR 3000, Mr. X drafted out a plan to have a sum assured of INR 200000. He has chosen a term of 25 years and a regular pay option. Thus, his maturity benefit would be INR 75000.
In case Mr. X passes way, the sum assured amount of INR 200000 will be given to the nominee. One should keep in mind that the rates and figures mentioned are examples only. The insurer will be responsible for any changes in the same.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
The maturity benefit under this plan is basically a return of premiums.
The minimum sum assured should be INR 200000.
The minimum term of the policy is 10 years and the maximum is 25 years
One might have to pay the cess and service tax and these might be separately charged by the insurer.
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