Shriram Life Term Insurance Plans

4 / 5 based on 23 User Reviews
*Please note that the quotes shown will be from our partners

Shriram Life Insurance Company is a joint venture between the Shriram Group with its headquarters in Chennai and Sanlam which is a leading financial services group based out of Cape Town, South Africa. While Shriram holds a stake of 74% of the company, the Sanlam Group has a 26% holding of the insurer. Founded in 2005, the company started its operations from 2006 and made a record of earning a profit for a consecutive period of 3 years. The company is more focused in meeting the insurance requirements of the lower segment of the society to benefit them. The products designed and offered by the company are of high quality at affordable rates to meet the pocket and the requirement of the common man. Today, the range of products offered by Shriram Life Insurance include Protection plans in the form of term plans, Child Plans, Savings and Investment Plans which are available in both conventional or ULIPs form and pension plans. With a wide range of products, the company strives to meet every individual’s insurance related requirement at a single source.

Shriram Life Term Plans

Shriram Life Insurance has four varied types of term plans where two plans are meant for groups while the remaining are for individuals. Individual term plans offer the premiums back at the time of maturity so that the amount invested is not wasted. A detailed analysis of the plans is as follows:

Shriram Life Cash Back Term Plan

A term insurance plan which promises the return of premiums paid at maturity. The features of the plan are as follows:

  • In case of death of the life insured during the chosen tenure of the plan, the death benefit is paid which is equal to the Sum Assured chosen by the policyholder at the time of inception of the policy
  • If the life insured survives till the end of the policy tenure and the plan comes to an end, all the premiums paid by the policyholder during the term of the plan are returned back to the policyholder. Thus, on maturity, unlike pure term plans, there is a maturity benefit under the plan.
  • The death benefit payable will be higher of 10 times the annual premiums payable under the plan if the insured is aged less than 45 years or 7 times the annual premiums payable under the plan if the insured is aged 45 years and above, the chosen Sum Assured or 105% of total premiums paid whichever is the highest.
  • If the policyholder pays premiums in advance, discounts are given on the premium amount
  • Additional Riders can be availed under the plan for a more comprehensive coverage option. The company offers three types of riders under the plan which includes Accident Benefit Rider which promises the payment of an additional Sum Assured in the event of accidental death of the life insured. Moreover, the future premiums are waived off if the insured becomes totally and permanently disabled due to an accident. The Family Income Benefit rider pays 1% of the Sum Assured every month for the entire duration of the plan or for 10 years whichever is later if the insured suffers total and permanent disability due to an accident. Lastly, the Critical Illness Cover Rider promises the payment of a lump sum amount if the insured is diagnosed with any of the illness covered under the scope of the rider during the tenure of the plan
  • Premiums can be paid either for the entire duration of the plan under the Regular Pay option or for a limited term which will be lower than the term of the plan.

Eligibility Details

 

Minimum

Maximum

Entry Age

12 years

50 years

Maturity Age

-

70 years

Policy Term

10 years

25 years

Sum Assured

Rs.2 lakhs

Rs.20 lakhs

Premium Amount

Rs.3000

Based on coverage

Premium Payment Term

5 years

25 years

Premium Payment Frequency

Yearly, half-yearly, quarterly or monthly

 

Sample Rates of Premium

The following table illustrates the rate of premium payable by individuals of different ages for coverage of Rs.10 lakhs. The policy tenure and the premium payment tenure is chosen to be 15 years.

Age

30 years

40 years

50 years

Premium amount

Rs.16, 700

Rs.23, 850

Rs.41, 850

 

Group Term Life Insurance Plan

A term plan which is issued to cover the members of a registered group. The features of the plan are as follows:

  • The plan is offered as a one year plan which is renewed at the end of every year
  • Groups eligible to avail the plan are groups like employer-employee groups, associations or social groups
  • The minimum members in the group must be 20 if the group is employer-employee group or 50 for other groups
  • The plan is issued in the name of the head of the group as a Master Policy under which the members are covered.
  • Any members who has not availed of a sick leave for a continuous period of 7 days in the last 6 months from the period in which the application is made can be covered under the scheme
  • There is a feature of profit sharing which reduces subsequent years’ premium if the claim experience of the group is favorable in any year from the viewpoint of the insurer
  • In case of death of the covered member, death benefit will be paid to his or her nominee or legal heir.
  • The death benefit can be availed either as a lump sum benefit where the chosen Sum Assured is paid or as a monthly income benefit where a percentage of the Sum Assured is paid every month for a pre-determined period post the death of the life insured
  • Riders can be availed under the plan for a comprehensive coverage. The company provides two kinds of riders under the plans which are Shriram Group Critical Illness Rider and Accident Benefit Rider.

Eligibility Details

 

Minimum

Maximum

Entry Age

14 years

79 years

Maturity Age

-

80 years

Policy Term

10 years

25 years

Sum Assured

Rs.5000 for lump sum benefit

Rs.500 per month for monthly benefit

Based on underwriting

 

Shriram Group Life Term Insurance in lieu of EDLI

A group insurance plan designed for employer-employee groups where employers are mandated to provide life insurance benefits to their employees which are linked to the Provident Funds under the EDLI scheme. The plan is designed to provide higher benefits to employees through minimal contributions by the employer. The features of the plan are as follows:

  • The plan is offered as a one year plan which is renewed at the end of every year
  • An employee who is a member of the Employee Provident Fund Scheme can be covered under the plan
  • The plan is issued in the name of the head of the group as a Master Policy under which the members are covered
  • A minimum of 20 employees must be there to avail of the plan
  • The coverage under the plan is linked to the employee’s average Provident Fund Balance and the total years of service rendered prior to death
  • In case of death of the member, the Sum Assured is paid to the nominee or legal heir of the covered member.
  • The employer has to contribute 0.51% of the salary of every employee towards the coverage under the plan.
  • The Accident Benefit Rider can be availed with the plan for a more comprehensive coverage. The rider promises the payment of an additional Sum Assured in the event of accidental death of the life insured. Moreover, the future premiums are waived off if the insured becomes totally and permanently disabled due to an accident.
  • The premium paid by the employer qualifies for tax exemption under Section 37 and the claims received qualify as per Section 10(10D)

Eligibility Details

 

Minimum

Maximum

Entry Age

14 years

75 years

Maturity Age

-

76 years

Policy Term

10 years

25 years

Sum Assured

Rs.132, 000

Rs.500, 000

 

Shriram Life Secure Plus Plan

A term insurance plan which promises the return of premiums paid at maturity. The features of the plan are as follows:

  • In case of death of the life insured during the chosen tenure of the plan, the death benefit is paid which is equal to the Sum Assured chosen by the policyholder at the time of inception of the policy
  • If the life insured survives till the end of the policy tenure and the plan comes to an end, all the premiums paid by the policyholder during the term of the plan are returned back to the policyholder. Thus, on maturity, unlike pure term plans, there is a maturity benefit under the plan.
  • The death benefit payable will be higher of 10 times the annual premiums payable under the plan if the insured is aged less than 45 years or 7 times the annual premiums payable under the plan if the insured is aged 45 years and above, the chosen Sum Assured, the return of the total premiums paid till the date of death or 105% of total premiums paid whichever is the highest.
  • Additional Riders can be availed under the plan for a more comprehensive coverage option. The company offers three types of riders under the plan which includes Accident Benefit Rider which promises the payment of an additional Sum Assured in the event of accidental death of the life insured. Moreover, the future premiums are waived off if the insured becomes totally and permanently disabled due to an accident. The Family Income Benefit rider pays 1% of the Sum Assured every month for the entire duration of the plan or for 10 years whichever is later if the insured suffers total and permanent disability due to an accident. Lastly, the Critical Illness Cover Rider promises the payment of a lump sum amount if the insured is diagnosed with any of the illness covered under the scope of the rider during the tenure of the plan

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

50 years

Maturity Age

-

70 years

Policy Term

10 years

20 years

Sum Assured

Rs.5 lakhs

Rs.20 lakhs

Premium Amount

Rs.5000

Based on coverage

Premium Payment Term

Equal to Policy Term

Premium Payment Frequency

Yearly, half-yearly, quarterly or monthly

 

Applying for a Term Plan from the Company

The company does not offer online purchasing facility for its term plans. Individuals wanting to purchase a term plan from the company will have to approach the intermediaries representing the company like agents, brokers, banks, etc. to buy the plan.

Who Needs a Term Plan?

Term insurance is one of the most popular forms of life insurance simply because it provides substantial cover at a very affordable rate. Everyone from a junior clerk to a senior magistrate can afford a term plan. However, these plans are better suited to certain people than others. Read on to know more.

Who exactly needs a term plan?

If you are wondering whether or not you require a term plan, then you first need to answer a few questions. How many people are dependent on you? What are your savings? Will you be inheriting a lot of money? Does your family have any other source of income? Once you have answers to these questions, you will be able to understand whether or not you would require a term plan.

  • I have a wife and two children. Do I need a term plan?

A person who has dependent family members definitely needs a term plan. A term plan provides financial assistance to the nominees when the policyholder suddenly dies and the monthly income stops. So obviously your wife would need the money to pay for your children’s education and also to run the household.

  • I don’t have a lot of savings. Do I need a term plan?

A person who doesn’t have a lot of savings most definitely needs a term plan. A person who has a lot of money saved can still hope that in his absence his family can use his savings to pay their bills, etc. However while it is important for a person with savings to also have term insurance, for a person without savings it is absolutely mandatory.

  • Neither does my wife nor do my parents work. Do I need a term plan?

When there is no other source of income in the family, having a term plan is a complete must. If due to the death of the lone breadwinner the income stops, there has to be provision for a regular inflow of funds.

Shriram Life Term Insurance Plans - FAQ

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

Shriram Life Insurance Company offers 6 modes of premium payment namely:

  • Cash payment at the branch
  • Payment at the Axis Bank
  • Online Payment
  • NEFT
  • ECS
  • Pay Via Mobile

For the online payment mode, the policyholder can pay via;

  • Credit Card,
  • Debit Card
  • Net banking

2. How can I check policy status for Shriram Life term insurance plans?

To check policy status you can log into the e-portal with your valid credentials.

3. What is the policy renewal process for Shriram Life term insurance plans?

The Shriram Life Insurance company provides facility to renew the policy online.

Step 1: Sign into the e-Portal with policy details

Step 2: Select payment option (Bank, Debit/credit Card) to pay

Step 3: Save/print e-receipt

You can renew your policy via Mobile, please visit e-portal

4. What is the company’s process to settle claim for Shriram Life term insurance plans?

For the claim, the nominee must submit the valid documents along with the claims form at the nearest branch. Upon successful validation of documents the claim is fully settlled within a few days.

5. What is the policy cancellation process for Shriram Life term insurance plans?

Walk into the nearest branch of the Shriram Life insurance company with the policy documents. Surrender them and within a couple of days the refund will be directly credited into your bank.

Shriram Life Term Insurance Plans Reviews

TOTAL REVIEWS (23)
Mankaran
Ajmer
August 26, 2016

Shriram insurance policy

Shriram life insurance provided me term insurance policy. Service is the best i have ever got from any company. Even the behaviour of the staff of the company is very nice. Policy coverage is good, claims are one which can be easily sanctioned.

Himanshu
Kalyanpur
July 12, 2016

Term plan

My term insurance plan is really good with some nice benefits. Premium is less and policy coverage is high. Service is mostly on time and fast too. Claiming is easy procedure due to quick service provided by the staff members.

Leela
Ajmer
June 30, 2016

Average insurance

I buy term insurance plan which has very good terms and conditions. Service provided by the executives is very quick and even web service is so simple to operate anyone can access it easily. Policy cover almost the cases and claims are easily processed by help of executives of the company.

VIBHU
Pune
May 10, 2016

Policy coverage is less

Policy coverage is less around 69% and the premiums are low around 22 K twice a year. Service are good and always on time till now. The claims are cleared easily due to quick response from the executives and staff members. Please improve your policy coverage for better performance. My shriram life term insurance plan is satisfactory for me.

KESHAV
Noida
May 10, 2016

Great Policy

The shriram life term insurance plan i have is great. The policy coverage is high with high claiming amount. The premiums are low and the payback returns are approx. rs.43 L. The service provided by the executives and the staff members is good with nice behaviour. Good investments for future.

SURYAANSH
Jaswant_nagar
May 10, 2016

Coverage Is Good

Great term insurance policy plan i got from shriram life insurance. They has good in facilitate the fast services. Policy coverage is 89% and the claims are good with easy claiming process. The investment is good and it saves taxes also. The behaviour of executives and staff members are very nice.

DHRUV
Mathura
May 10, 2016

Good Investment

Great term insurance policy plan i got from shriram life insurance. They has good speed and responsive for any query and for any help. Policy coverage is 85% and the claims are good with easy claiming process. The investment is good and it saves taxes also. Good investment with tax saving.

SHIVANG
Haridwar
May 10, 2016

Average Plan

The term policy plan i have is not as i expected. The policy coverage is 72% and the claims are less. The premiums are 25 K twice a year. Services is fast and the behaviour of the executives and staff members is good. Some improvement needed in the web site. Manageable policy plan. Please increase the coverage and services.

VIKRAM
Zahirabad
May 10, 2016

Future Security

Shriram life term insurance plan is one of the best policy. The policy coverage is 94% and the claims are good even the the claiming procedure is easy because the service provided by the company members are good and even the web services are even better. The premiums are low and for women get 5% less extra benefits on premiums. Good tax saver too.

CHINTAN
Ratlam
May 10, 2016

Poor Policy

My policy is not good because the service is slow, the policy coverage is less, Claims are not enough, premiums are high, not provided help when needed by the staff members not in the company or either on the call. Not satisfied with this policy. Please improve the service.

PRIYANK
Bulandshahar
May 10, 2016

Awesome Services

Shriram life insurance is one of the perfect insurance providers, i took term insurance policy plan from them. The policy is good in service and it can be buy and accessed online also. The web service is awesome and 5% less for women on premiums. Policy coverage and the claims are high. Due to online facility, it reduces the paper work and the waiting part is erased. I like the plan.

YASH
Laksar
May 10, 2016

Damn Good

My shriram life term insurance plan is wonderful with huge benefits like low premiums and the policy coverage is high 93%. Claims are are good and the payback amount is around Rs.42 L after the policy get mature. Internet services are great with easy interface and vast variety of policies are there with full descriptions. Good future investment with tax savings.

SHUBHANGI
Amritsar
May 10, 2016

Awesome

My shriram life term insurance plan is awesome. The policy coverage is high ~90% and the claims are approx. 39 L after policy get mature. Claims are easily sanctioned because of fast services provided by the executives. Fantastic policy plan which provides good terms and conditions. Daily updates mailed to me timely.

SURESH
Rajkot
May 10, 2016

Responsive Faculty

I got shriram life term insurance plan. The policy plan is above average and the premiums are low. Policy coverage and the claims are high with high payback returns. Services provided by you guys is appreciable with good behaviour of your staff members and the extra good treatment provided by the executives is very nice. I love the terms and conditions.

ABHINAV
Navi_mumbai
May 10, 2016

Manageable Plan

The shriram life term insurance plan i have is not as i expected. The policy coverage is 62% and the claims are less. The premiums are 23 K twice a year. Services are fast and the behaviour of the executives and staff members are good. Some improvement needed in the web site. Good tax saving benefit. Manageable.

KISHAN
Kota
May 10, 2016

Trustable Policy

I purchase shriram life term insurance plan. The policy plan is an average one but the premiums is low with good policy coverage ~86%. This is an online policy plan, easy to buy. The plan has 5% less on premiums for women. Premiums and claims are free from taxes. I like it.

SHRADDHA
Kalyan
May 10, 2016

Above Average

I purchased shrirma life insurance policy and the product is term insurance plan. The premiums are ~Rs.39 K per year. The claims are good and easily sanctioned. Service facilitate by executives and staff members are very nice and fast. The policy saves taxes and it is really very good investment for future. Daily updates are send to me.

PRANAV
Pratapgarh
May 10, 2016

Very Good

Shriram life term insurance plan is wonderful with huge benefits like low premiums and the policy coverage is high 89%. Claims are good and the payback amount is around Rs.38 L after the policy get mature. Internet services are great with easy interface and vast variety of policies are there with full descriptions. Good future investment with tax savings. I like it.

SHASHANK
Mussorie
May 10, 2016

Better Plan

I have term insurance policy plan from shriram life insurance. Policy coverage is good ~85% and the premiums are low approx. 35.6 K. Claiming is easy and the waiting time is very less due to fast and on time services from executives and the staff members. Good future investment.

ADITI
Sultanganj
May 10, 2016

Nice Policy

I have term insurance policy plan from shriram life insurance. The policy is good and the premiums are very less. The best investment and the taxes are also saved. Policy coverage and claims are good and the services is super. Good behaviour shown by executives and staff members.

AARAMBH
Jhalda
May 10, 2016

Wonderful Policy

The shriram life term insurance plan is wonderful with huge benefits like low premiums and the policy coverage is high 92%. Claims are are good and the payback amount is around Rs.29 L after the policy get mature. Internet services is great with easy interface and vast variety of policies are there with full descriptions.

ASHU
Meerut
May 10, 2016

Above Average

The shriram life term insurance plan is good. Policy coverage and claims are high with low investments. The executives and staff members behave well with the customers and providing nice outputs. The daily updates are mailed and texted to me regularly. It saves taxes. Good investment for future.

Mankaran
Agalpur
May 10, 2016

Good

My shriram life term insurance plan is nice. The policy coverage is high and the claims are high too. Claims are easily sanctioned because of fast services provided by the executives. Fantastic policy plan which provides good terms and conditions. Good investments which reduces taxes.