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Shriram Life Smart Protection Plan

Life's uncertainties are unforeseen, and dealing with them may sometimes become difficult, which is why people have to have financial planning. Term plans are the most cost-effective and beneficial financial plans that offer full life cover. Shriram Life offers Smart Protection Plan, which is designed to provide financial security in the event of death with enhanced protection for accidental death and critical illness.

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Further here, we have discussed in details about different aspects of the policy.

Key Features of Shriram Life Smart Protection Plan

  • One time premium payment and avail life insurance for the entire policy term
  • Minimum policy term for 6 years
  • Enhanced protection option under three options:
  • Silver Option: Life Cover
  • Gold Option: Life Cover  with in-built Accidental Death Benefit
  • *Diamond Option: Life Cover with in-built Critical Illness Benefit

Eligibility Criteria of Shriram Life Smart Protection Plan

The following are the eligibility criteria of the policy

Eligibility Criteria


Age at Entry

Minimum: 18 years (age last birthday)

Maximum: 65 years (age last birthday)

                : 59 years (age last birthday) for POS Policies

Maximum Maturity Age

75 Years (age last birthday)

65 years (age last birthday) for POS

Policy Term

Minimum: 6 years

Maximum: 10 years

Premium Paying Term


Minimum Premium (Rs)


Sum Assured

Minimum: Rs. 3,00,000 (for age 40 and below)

Rs. 1,00,000 (for ages above 40 years)

Maximum: Rs. 14, 00,000 subject to Board approved underwriting policy. (Sum assured is in multiples of Rs.1 lakh only; for POS policies, it will be in multiple of Rs. 50,000 only).

Benefits Offered by Shriram Life Smart Protection Plan

Death Benefits:

‘Death Sum Assured’ is described as ‘highest of

  • 10 times the Annualized Premium for all ages.
  • Absolute amount assured at the time of death
  • 105% of the premiums paid till the date of death
  • Guaranteed Maturity Sum Assured.
  • Where

Basic Sum Assured’ means the Sum Assured chosen by the policyholder at the start of the policy.

Single Premium Paid’ here implies a single premium amount without any taxes or rider premium.

Annualized Premium’ means the chosen yearly amount payable by the policyholder, excluding modal premiums loadings and extra underwriting premiums, if any.

There is no Maturity benefit.

The policyholder can choose any of three plans as per his needs. The premium rates will vary according to the plan.

Silver: Life Cover, If the Life Assured’s death occurs within the policy term, ‘Death Sum Assured’ will be paid. After the death benefit has been paid, the policy will be terminated.

Gold: Life Cover with in-built Accidental Death benefit. If the Life Assured’s death occurs within the policy term, ‘Death Sum Assured’ will be paid. If accidental death occurs, an extra benefit that equals the Sum Assured will be paid.

Accidental death will be considered a death due to an accident when all injuries result in Life Assured’s death within 180 days from the date of the accident. If an accident happens before the end of the policy term, but death occurs within 180 days after the end of the policy term, the accidental claim amount will be paid by the company.

Diamond: Life Cover with in-built Critical Illness Benefit:

If Death is first to occur- The policyholder’s nominee gets the ‘Death Sum Assured’ if Life Assured’s death occurs within the policy term. After the payment of the death benefit, the policy will be terminated.

If Critical illness is first to occur: In the incident of any of the covered critical illness, a critical illness benefit of 25% of the sum assured will be paid immediately, and the policy continues for life cover only till the end of the policy term.

If Life Assured’s death occurs during the remaining policy term, 'Death Sum Assured' will be paid after deducting the Critical Illness benefit that was already given earlier. The policy will be terminated after that. The future premiums after the incidence of the covered critical illness will be waived.

There are Six major critical illnesses covered under the in-built Accelerated Critical Illness Benefit –

  • Cancer of specified severity
  • Myocardial Infarction (first heart attack of specified severity)
  • Permanent Stroke
  • Open Chest CABG
  • Kidney Failure Leading to Regular Dialysis
  • Major Organ or Bone Marrow Transplant

Tax Benefit

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.”

Sample Premium Illustration

A 35-year-old man purchases Shriram Life Smart Protection Plan SP with Diamond option. The Sum assured is Rs 5 lakhs, and the policy term is 10 years. In the event of any critical illness, he will receive 25% of Sum Assured, and in case of death, the nominee or the beneficiary will receive 75% of the Sum Assured.

Additional Riders Offered byShriram Life Smart Protection Plan

Critical Illness Care Rider

In case the Life Assured is first diagnosed with any of the covered illnesses any time after 90 days from the date of 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 Rider

In this Rider, the Rider Sum Assured will become payable in the event of the life assured’s death caused by accident or the life assured becomes totally or permanently disabled.

Accidental Death & Disability Income Rider

If Life Assured’s death occurs by accident or the life assured becomes permanently disabled before the end of the rider term, 1% of Rider Sum Assured is paid every month till the end of the rider term or for a period of 10 years, whichever is higher.

Shriram Extra Insurance Cover Rider

At the inception of the policy or at policy anniversary, the policyholder can choose this Rider along with the base plan for a nominal premium*.

  • Premiums under all life insurance riders combined shall not exceed 30% of the base plan premium.


Suicide Exclusion

 The nominee or beneficiary of the policyholder shall be entitled to 80% of the Single Premium paid till the date of death if death due to suicide occurs within 12 months from the date of commencement of risk or the date of revival of the policy.

Exclusion under option Gold

Following are excluded from the benefits- Suicide, attempted suicide or intentional self-inflicted act, suicide by medically sane or insane, taking drugs, alcohol, participation in an illegal or criminal act, war-like operations, invasion, civil commotion, riots, and revolution, participation in any flying activities, or injuries or diseases arising from hazardous sports hobbies or pastimes.

Exclusion under option Diamond

Following are excluded from the benefits- Cancer of specified severity, Other acute Coronary Syndromes, Any type of angina pectoris, Angioplasty and/or any other intra-arterial procedures, Traumatic injury of the brain, Transient ischemic attacks (TIA), vestibular functions, and Other stem-cell transplants, Vascular disease of only the eye or optic nerve.

Documents Required While Buying Shriram Life Smart Protection Plan

For KYC, any of these documents is required:

  • Address Proof- AADHAAR card, or Driving license or passport.
  • Identity Proof-  AADHAAR card, or Passport or Pan card

Process to Buy Shriram Life Smart Protection Plan

These are the step to buy it online:

  • First, choose a policy on the company's website.
  • Call Customer care 1800 103 7401 for a new policy.
  • The agent will explain the terms and conditions of the policy and will fill an application form. The call will be recorded.
  • Then, he will send the link to your mobile to verify the application form
  • You will have to fill in the bank details and accept the policy and sign off.


Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

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

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