Shriram Life Cash Back Term Plan

Key Features of Shriram Life Cash Back Term Plan 

• It is a pure term insurance plan with limited and regular pay premium paying option

• The plan provides insurance coverage at low premium rates 

• Offers return of premium during maturity 

• Availability of Riders that provides additional protection

Benefits of Shriram Life Cash Back Term Plan 

• Death Benefit: In case of the death of the policyholder during the policy tenure, provided all the premiums due have been paid, till the death date sum assured on death will be paid. The nominee gets the highest of the Sum Assured on death: 

  • 10 times of the annual premium 

  • 105 percent of all the paid premiums till the death date 

  • Sum assured 

• Maturity Benefit: In case of the survival of the policyholder till the policy term’s end, all the paid premiums during the policy term will be returned excluding the rider premiums and taxes. 

• Tax Benefit: Get the Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

*Tax benefit is subject to changes in tax laws.

Product Specification:

Details About Premium

Annual premium in Rupees for a policy term and PPT of 15 years

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

Policy Details

• Grace Period: 30 days grace period is allowed for payment of premium in all modes. If policyholder fails to make payment within the grace period, the policy lapses

• Policy Termination or Surrender Benefit: The policyholder is allowed to surrender the policy if 2 / 3 years’ premium has been paid. The Guaranteed Surrender Value is a % of all premiums paid till surrender

• Free Look Period: If you would not be pleased with the coverage and terms and conditions of the policy, you have the option of cancelling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

• Paid-up value and Revival of Lapsed policy: A policyholder can revive a paid-up or lapsed policy within a revival time of 5 years from the date of 1st unpaid premium. This is done by paying all the outstanding premium amounts along with the interest announced by the insurer. 

• Surrender Value: Policy will acquire a surrender value after the payment of all due premiums for at least 2 years. Upon the surrendering of policy, the insured will receive the surrender value, which is more of a special surrender value and guaranteed surrender value. 

Additional Features or Riders

A Policyholder can opt for any of the below-mentioned riders by paying an additional/extra premium amount. The riders can be availed at the commencement of the plan or subsequently on any anniversary of the policy. 

• Accidental Benefit Rider: 100% of the rider sum assured will be paid in case of the death or total and permanent disability. Also, all the future premiums under the policy will be waived off, if the policyholder becomes totally and permanently disabled due to an accident. 

• Family Income Benefit Rider – In case of accidental death or total and permanent disability due to an accident, 1% of the rider sum assured is paid monthly instantly from the last of an accident month for a tenure of 10 years or till the end of a rider tenure, whichever is more. 

• Shriram Life Critical Illness Plus Rider – If the policyholder is suffering from any of the mentioned 24 critical illnesses specified in the policy documents, 100 percent of the rider sum assured on survival of 30 days will be paid, following the 1st confirmed date of diagnosis.  

Premium discounts for advance payment of premiums

Exclusions

In case of suicide committed within 12 months of policy inception only 80% of premiums paid are returned to the nominee but if suicide is committed within 12 months of revival, higher of 80% of premiums paid or the surrender value is payable.

Documents Required

The policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. A medical examination may be required in some cases, based on the sum assured and the age of the person.