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Shriram Life My Spouse Term Plan

In view of keeping one’s family secure in difficult times and fulfilling long-term goals, Joint Term plans are the best option. It covers both partners, so both of them can avail the benefits. Shriram Life My Spouse Term Plan is an easy and convenient joint term insurance plan which offers affordable premium and life cover for up to 75 years of age.

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Joint Term Plan includes husband and wife both as a primary life assured, secondary life assured, and person availing the insurance.

Key Features of Shriram Life My Spouse Term Plan

  • Extended Protection: Life coversup to 75years.
  • Affordable premium rates for females: 3 years age set back on interest rates for women
  • High Sum Assured Savings:  Allows premium savings if Higher Sum Assured is opted.
  • Additional Protection: Enhance one’s coverage for complete peace of mind with Optional Coverage.

Eligibility Criteria of Shriram Life My Spouse Term Plan

The following are the eligibility criteria of the policy.

Eligibility Criteria


Age at Entry

18-55 years

Minimum Maturity Age

28 years

Maximum Age at Maturity

75 years

Sum Assured Range (Applicable for Primary Life and Secondary Life)

25 Lakh to 10 Crore (in multiple of 1 lakh).

Policy term

10 to 57 years

Premium Payment Term

Equal to the Policy term

Minimum Premium

Rs 3,060 per annum (Cumulative Premium)

Premium Mode

Yearly, Half Yearly, Quarterly, Monthly

If premiums are paid in other than yearly mode, the annual premium will be multiplied by the below modal factors:


Half Yearly








Terminal Illness Cover (available for Primary life and Secondary life)

Equal to Sum Assured

Critical illness Cover (available for Primary life only)

Minimum Rs 5 lakhs

Maximum 20% of Sum Assured subject to a limit of Rs 20 lakh

Accidental Death Benefit cover (available for Primary life only)

Minimum Rs 10 lakhs

Maximum 100% of Sum Assured subject to a limit of Rs 1 Crore

Maturity Benefit


Loan Facility

Not available under this plan

Benefits offered by Shriram Life My Spouse Term Plan

Base Life Cover for Primary Life

In case of the first occurrence of death or diagnosis of Terminal illness of Primary Life where the spouse is alive, Life ‘Primary Death Sum Assured is payable immediately in lump sum to nominees or beneficiaries. The future premiums will be waived off, and the policy will continue with cover for the spouse.

In case the first occurrence of death or diagnosis of Terminal illness of Primary Life where the spouse is not alive, 'Primary Death Sum Assured shall be paid in a lump sum to the nominees and beneficiary.

In the case of Total and Permanent Disability of Primary Life, the premiums due from the date of disability to the end of the policy will be waived, and the policy will continue with full benefits. The policyholder will get back any premiums paid during the disability period, which should be 180 days from the accident date. The death benefit will be paid in case of death in the period as mentioned above.

Base Life Cover for Secondary Life

In case of death or diagnosis of terminal illness of spouse where the Primary Life is alive, 'Secondary Death Sum Assured is payable to Primary Life Assured. The payment of premiums for the spouse will cease, and the policy will continue with cover for primary life.

If the Secondary Death Sum Assured is paid to nominee or beneficiary and policy will be terminated in case of the Secondary Death Sum Assured death.

In the event of Death or Diagnosis of Terminal illness of both lives simultaneously, ‘Primary Death Sum Assured' and 'Secondary Death Sum Assured' shall be paid. The nominee or the beneficiary will get the benefits payable on the death of Life Assured as applicable.

In case of diagnosis of terminal illness, the benefits get payable to the primary Life Assured.

Tax Benefits

Premiums are exclusive of taxes. Tax benefits are available as per prevailing tax laws and subject to changes according to the tax laws from time to time.

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

Additional Rider Benefits offered by Shriram Life My Spouse Term Plan

Critical Illness Cover (Available for Primary Life only)

In the event of any of the covered critical illness, if critical illness benefit is opted, the amount chosen under the benefit shall be paid to Primary Life Assured. The policyholder will continue to pay the premium by reducing the premium for the Critical Illness.If the life assured gets diagnosed with any of the covered illnesses for the first time, after 90 days from the date of risk commencement, the rider pays 100% of the Sum Assured, or the life assured survives for at least 30 days from the date of the first diagnosis.

Accidental Death and Disability Cover (For Primary Life)

In case of death, the Accidental Death Benefit amount will be paid along with the Primary Death Sum Assured to the Life Assured. The policy shall continue to provide coverage for the Secondary Life Assured if he or she is alive. From the date of death of the primary life assured till the end of the policy term, the premiums will be waived.

Premium Illustration

Minimum premium: Rs. 3060 p.a.

Premium can be paid Monthly, Quarterly, Semi-annually, and Annually.

In case the premiums are paid in other than yearly mode, the annual premium will be multiplied by the following modal factors:

  • Semi-annually Modal Factor - 0.5076
  • Monthly Modal Factor - 0.0857
  • Quarterly Modal Factor - 0.2557

Documents Required to Buy Shriram Life My Spouse Term Plan

For KYC, any of these documents is required:

  • Address Proof- Driving license, AADHAAR card, or Passport.
  • Identity Proof- Passport, Pan Card, or AADHAAR CARD, Utility bills.

Process to Buy Shriram Life My Spouse Term Plan

These are the step to buy it online:

  • Visit the company’s website and choose the policy under the term plan category.
  • To buy a new policy, one needs to call Customer care at 1800 103 7401.
  • The insurance agent will explain in detail the policy terms and conditions. He will then fill an application form.
  • The form link will be sent to the applicant’s mobile number to verify the application form.
  • The customer will then need to fill in the bank details, accept the policy conditions, and sign the document.


Step1. Under Base Life Cover, select the Sum Assured as per your requirement.

Step2. For Primary Life only, select the optional covers as per your requirement.

Step3. Select the policy term, Mode of Premium payment, and calculate your combined premium.

You can make a call to Customer care at 1800-3000-6116 if you need any assistance.

Step4. Fill in the Proposal form online and make payment.

You may be required to go to the medical tests.


Suicide Exclusion:

If either of the Primary or Secondary Life dies by suicide, and it happens within a year from the policy risk commencement date, or, from the policy revival date, the beneficiary or the nominee of the policyholder will be eligible to get at least 80% of the total premiums paid till the date of death, on condition that the policy is active.  


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

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