Shriram Life Cash Back Term Plan

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:
- Accident Benefit Rider
- Family Income Benefit Rider
- 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.