Shriram Life Family Protection Plan

Shriram Life Family Protection Plan is simple non-linked non-participating insurance that caters to the financial needs of a family in the absence of the sole earner. If the policyholder meets with an eventuality, the nominee is paid out the sum assured. The nominee is chosen by the policyholder. With low premium rates, Shriram Life Family Protection Plan is cost-effective.

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5.3 Crore Policies Sold

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₹1 Crore Life cover starting from ₹478/month⁺

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Eligibility Criteria of Shriram Life Family Protection Plan

The table below shows the eligibility criteria of the Shriram Life Family Protection Plan:

Parameters	Details
Entry Age	18 Years and 60 years
Maximum Maturity Age	75 Years
Policy Term	10 years to 25 years
Sum Assured	Minimum- Rs 15 lakh Maximum- Rs 5 crore
Premium Payment Term	Same as policy tenure
Premium Payment Mode	Monthly, Yearly

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 13/day⁺

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day⁺

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day⁺

Benefits of Shriram Life Family Protection Plan

Shriram Life Family Protection Plan has plenty of benefits on offer. Some of the benefits are listed below:

Death Benefit

In case the life assured passes away while the policy is still in force, the death sum assured will be paid to the nominee. The death benefit can be paid out in two options, lump sum or instalment option.
1. Lump-sum Option
  
  Upon the demise of the life assured, the nominee will receive the entire sum assured amount if opted for the lump-Sum option, and the policy terminates after the payment.
2. Instalment Option
  
  Upon the demise of the life assured, while the policy is active then the 50% death sum assured is to be paid in a lump sum. The remaining 50% of the death sum assured is paid in five equal yearly instalments; however, beginning after the one year from the demise date of the policyholder. It will be terminated after the payment of the last yearly instalment as soon as the lump-Sum amount is paid.
Premium Payment Mode

The policyholder can easily pay the premiums annually or monthly only under NACH modes.

The policyholder has a free look period of 15 days from the receipt of the policy’s documents. Here, the policyholder can send the policy back if he/she does not agree with the terms and conditions.
Grace Period

A grace period of 15 days is available for the customers that have opted for a monthly mode of payment. For the customers that have opted for an annual mode of payment, a grace period of 30 days is allocated. If the life insured dies within the grace period and the premium payment is due, the sum assured will be paid to the nominee, taking into consideration the unpaid premium.
Tax Benefits

A person can avail of tax benefits subject to the provisions made under the prevailing Income Tax Act.

Note: Tax benefit is subject to changes in tax laws. Standard T&C apply.”

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Documents Required to Buy Shriram Life Family Protection Plan

The following is a list of all the mandatory documents a person needs to provide will purchasing the Shriram Life Family Protection Plan:

Proof of DOB
Proof of Residence
Identity Proof
Passport Size Photographs
Bank Statement

Exclusion Under Shriram Life Family Protection Plan

Suicide

If the life insured dies due to suicide within 12 months from the commencement of the policy, the nominee is entitled to 80% of the premiums paid until the life insured's death, under the condition that the policy is active. The premiums paid back shall not include the taxes paid by the life insured. Upon successful payout of the premiums, the policy shall terminate.

Note: Check all the best term insurance plan in India.

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FAQs

Q1. Can I surrender the policy if I deem the policy unnecessary?

A. Yes, you’re in all your rights to surrender the policy. Although, no surrender benefit is applicable.
Q2. What documents do I need to submit to revive the policy?

A. A written request and evidence of the insurability of the policyholder must be submitted to the company. Apart from the documents, all the unpaid premiums plus the interest must also be paid.
Q3. Are there any maturity benefits for this plan?

A. The Shriram Life Family Protection Plan offers no benefits on the maturity of the policy.
Q4. Does the nominee have to be an adult?

A. No, if the policyholder deems fit, the nominee could be his/her child as well. A minor or an adult could be a nominee, but if a minor is a nominee, the policyholder must also nominate a person who will receive the monetary benefit till the minor turns into an adult.
How to calculate the term insurance premium online?

Ans: You can easily calculate the term insurance premium online by using the term insurance calculator online tool
What are the benefits of term life insurance?
Ans: Here are 4 common term insurance benefits:
- Low premium rates
- Tax Benefits
- Death Benefit
- Long term coverage

˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

Rs. 400/month is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 400/month (Rs.13/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 230 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 12/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 497/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 487/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 626/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 905/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,267/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. 447/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs.679/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 910/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,374/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,924month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

Women

+Rs. 400/month is Starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 461/month is the starting price for a 1 crore term life insurance for an 24 year-old female, non-smoker, with no pre-existing diseases, cover upto 54 years of age.

1,642/month is the starting price for a 1 crore term life insurance for an 44 year-old female, non-smoker, with no pre-existing diseases, cover upto 74 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

˜ Policybazaar Promise reflects the guarantee offered by insurers. Price assurance is based on certifications shared by insurers with us.