Shriram Life Cash Back Term Plan

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Introduction/Overview

Shriram Life cash Back Term Plan is a pure term plan providing affordable coverage and also returning the premiums paid in case the policyholder survives till maturity.

Key Feature

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

Benefits

  • The nominee gets the Sum Assured on death of the policyholder.
  • The Sum Assured on death is higher of 10 / 7 times annual premium depending on  the age or the basic Sum Assured subject to a minimum of 105% of all premiums paid till death
  • In case of maturity the aggregate premiums paid is returned
  • 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.

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

12 years

50 years

Maturity Age (Last Birthday)

-

75 years

Policy Term (PT) in years

10

25

Premium Paying Term (PPT) in years

5, 7, 10, 15, 20, 25

Premium Paying Frequency

Annual, half-yearly, quarterly, monthly

Yearly Premium

3000

No limit

Sum Assured

2,00,000

20,00,000

Details About Premium

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

Age

30 years

40 years

50 years

Sum Assured

10 lakhs

10 lakhs

10 lakhs

Premium

16,700

23,850

41,850

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: 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 canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Additional Features or Riders

  • Premium discounts for advance payment of premiums
  • There are riders available under the plan namely:
  1. Accident Benefit Rider
  2. Family Income Benefit Rider
  3. Shriram Critical Illness Cover Rider

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

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