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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+Tax benefit is subject to changes in tax laws. +Standard T&C Apply

++Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines

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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

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:

  1. 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.

  2. 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. 

  3. 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.

  4. 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.”

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.

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