Prices Increasing soon Prices Increasing Soon

Shriram Life Term Insurance Plans

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 in 2006 and made a record of earning a profit for a consecutive period of 3 years.

Read more
Gets ₹1 Cr. Life Cover at just
COVID-19 Covered
The Policybazaar Advantage
Dedicated claim support for family FREE
Upto 10% discount# for buying online
Only certified experts will call you on 100% recorded lines
We are rated~
rating
7.7 Crore
Registered Consumer
50
Insurance Partners
4.2 Crore
Policies Sold

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

By clicking on "View plans" you agree to our Privacy Policy and Terms of use

~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

Life is Unpredictable! Protect your family’s future
Get ₹1 Crore Life cover starting from /month+
+91
Secure
We don’t spam
Check Your Premium Now
Please wait. We Are Processing..
Get Updates on WhatsApp
The Policybazaar Advantage
Policybazaar Advantage Icon
Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
Policybazaar Advantage Icon
100% calls recorded to ensure no mis-selling
We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
Policybazaar Advantage Icon
Exclusive lifetime discount upto 5% for buying online
The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
Policybazaar Advantage Icon
Advisors available in your city
Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
Policybazaar Advantage Icon
Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

The company is more focused on meeting the insurance requirements of the lower segment of 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.

Note: Know more about what is term life insurance first before reading this article.

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. It is a pocket-friendly and easily accessible plan that provides financial security to you and your family. 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 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 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 illnesses 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

 Eligibility Parameters  Limits
Entry Age Minimum - 12 years Maximum - 50 years
Maturity (Maximum) 70 years
Policy Term 10 years 15 years 20 years  25 years 
Premium Payment Term  5, 10  5, 7, 10, 15 5, 7, 10, 15, 20 5, 7, 10, 15, 25
Sum Assured Minimum -Rs.2 lakhs Maximum - Rs.20 lakhs
Premium Amount (Minimum) Rs 3000
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 are chosen to be 15 years.

Age  30 years 40 years 50 years
Premium amount Rs.16, 700 Rs.23, 850 Rs.41, 850

**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Group Term Life Insurance Plan

Shriram Group Term Life Insurance Plan is a 1-year renewable group term plan that provides a lump sum of the death benefit in the demise of a member. This term plan 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 of the plan are groups like employer-employee groups, associations, or social groups
  • The minimum number of members in the group must be 20 if the group is an 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 have not availed of 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 the death of the covered member, a 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 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 1 year yearly renewable 
Sum Assured Rs.5000 for lump sum benefit Rs.500 per month for a monthly benefit Based on underwriting

Life Insurer Details

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 before 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 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 74 years
Maturity Age - 75 years
Policy Term 1 year (Renewable)
Sum Assured Rs.3,62, 000 Rs.15,00, 000
Mode of paying the premium  Yearly/Half-yearly/Quarterly or Monthly 
Group Size (Minimum) 20

Shriram Life Secure Plus Plan

A term insurance plan which promises the return of premiums paid at maturity. This plan is specifically designed to ensure the financial security of your family by meeting the uncertainties. 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 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 illnesses 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 /15/20 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 an 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.

Why buy Term Insurance early?

Your premium is decided on age at which you buy the policy and remains same, throughout your life

Premiums can increase between 4-8% each year after your Birthday

Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease

See how age affects Term Insurance Premiums
See how age affects Term Insurance Premiums
Premium 479/month
Age 25
Age 50
Buy Today & Save Big
View Plans

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.

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

    A person who has dependent family members 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.

  2. 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 mandatory.

  3. 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.

Note: Check out the term life insurance in India and choose one that suits your requirements.

Shriram Life Term Insurance Plans - FAQ

Premium By Age

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

Choose Term Insurance Plan as per you need

Plans starting from @ ₹473/Month*
Term Insurance
1 Crore Term Insurance
Term Insurance
2 Crore Term Insurance
Term Insurance
4 Crore Term Insurance
Term Insurance
5 Crore Term Insurance
Term Insurance
6 Crore Term Insurance
Term Insurance
7 Crore Term Insurance
Term Insurance
7.5 Crore Term Insurance
Term Insurance
8 Crore Term Insurance
Term Insurance
9 Crore Term Insurance
Term Insurance
15 Crore Term Insurance
Term Insurance
20 Crore Term Insurance
Term Insurance
25 Crore Term Insurance
Term Insurance
30 Crore Term Insurance
Term Insurance
15 Lakh Term Insurance
Term Insurance
60 Lakh Term Insurance

Term insurance Articles

  • Recent Article
  • Popular Articles
27 Nov 2024

Is Term Insurance Covered Under 80C?

Yes, term insurance is covered under 80C. Term insurance not

Read more
27 Nov 2024

Secure Your Future with Term Insurance: A Guide...

Chennai, a bustling city of dreams and opportunities, is home to

Read more
27 Nov 2024

How to Apply for National Overseas Scholarship...

When it comes to financial planning, securing your family’s

Read more
26 Nov 2024

Digit Glow Term Life Insurance Plan

Digit Glow Term Life Insurance is specifically designed to meet

Read more
26 Nov 2024

Claim Guarantee in Term Insurance: Assurance with...

A term insurance policy ensures that your family is financially

Read more

Term Insurance Calculator Online : Get Instant...

Term Insurance Calculator [[ Term Insurance Calculator - Calculate your term insurance premium for free Term

Read more

LIC Money-Back Plan - 20 Years Maturity Calculator

LIC Money-Back Plan - 20 Years Maturity Calculator LIC Money Back Plan is no longer available for sale, as the plan

Read more

Best Term Insurance Plan for 1 Crore : Buy Best...

Best Term Insurance Plan for 1 Crore 1 crore term insurance plan provides financial security to your family by

Read more

Claim Settlement Ratio of Term Insurance Plan...

Claim Settlement Ratio (CSR) is an important parameter in the selection of an insurance policy. If you are going

Read more

LIC Policy for Girl Child in India

A LIC policy for a girl child is a plan that combines protection and savings while also providing your daughter

Read more

Shriram Life Term Plans Reviews & Ratings

4.2 / 5 (Based on 28 Reviews)
(Showing Newest 10 reviews)
Rahul
Uttar Pradesh, July 16, 2024
Tata AIA Insurance Plan
Policybazaar made choosing Tata AIA insurance plan easy. The website is user friendly and the process was efficient
Seeta
Maharashtra, July 16, 2024
SBI Life Term Plan
Grateful to Policybazaar for helping me choose the right SBI Life term plan. The process was smooth and the support was excellent
Bapu
Madhya Pradesh, July 16, 2024
ICICI Prudential Insurance
Thank you Policybazaar for making my ICICI Prudential insurance purchase hassle free. The website is user friendly and the support was excellent
Hemant
Rajasthan, July 16, 2024
Tata AIA Experience
Had a great experience buying Tata AIA term insurance on Policybazaar. The website is user friendly and the process was efficient
Arshad
Bangurigaon, March 09, 2021
Got the free quotes
I have availed the free quotes offers when I bought the term insurance plan from the shriram term insurance. All was done from the website of the policybazaar. Quick easy and hassle free. I have checked the quotes and bought accordingly.
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.
Need Help? Request Callback
top
View Plans
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL