Entry Age (years)
Minimum
18
Maximum
50
Maximum Maturity Age (years)
65
Policy Term (years)
Minimum
10
Maximum
47
Sum Assured (Rs)
Minimum
200000
Maximum
2000000
Minimum Premium (Rs)
Yearly
5000
Half-Yearly
3000
Quarterly
2000
Monthly
600
Single
11570
Premium Payment Frequency
Single, Yearly, Half-Yearly, Quarterly, Monthly
Premium Payment Term
Single, equal to policy term
Policy Cover
Cover remains fixed for the tenure of the policy
Other Features
Free Look Cancellation
In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.
Grace Period
You are allowed to pay premiums within 15 days of premium due date for monthly premium payment mode and within 30 days for all other premium payment modes . If a due premium is not received within the grace period, your policy will lapse and the life insurance cover will be terminated.
Lapsed Policy Reinstatement
You may reinstate your lapsed policy within 2 years from date of first unpaid premium by paying due premiums and undergoing underwriting requirements, if any.
Tax Benefits
Section 80C, 10(10D) of the Income Tax Act, 1961 would apply. Premiums paid for Critical Illness Rider may qualify for deduction under Section 80D of the Income Tax Act, 1961.
Exclusions
In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable. Further, no death benefit becomes payable in case insured event takes place while being engaged in any hazardous occupation such as sea diving, mountaineering, hunting etc.
Surrender Value
Allowed after first three policy premiums were paid on time and 3 policy years have elapsed. Guaranteed Surrender Value = 70% * (t/n)*P, where,
t = number of years for which premiums have been paid till date of surrender (for regular premium mode) or the policy duration elapsed till date of surrender (for Single Premium mode)
n = Original policy term
P= Sum of all premiums paid (excluding extra premiums) till date/ Single Premium
Customer Service
Address
Shriram Life Insurance Company Limited 3-6-478, 3rd floor, Ananad Estates, Liberty Road, Himayat Nagar, Hyderabad - 500 029 India
Call On
1800 3000 6116, +91 40 2343 4466
Available Rider(s)
Accident benefit Rider (for Regular and Single premium Policies): covers Death due to accident within 180 days of the accident.
Shriram Critical Illness Rider: It pays the rider sum assured on confirm diagnosis of any of the 6 critical illnesses namely: Cancer, Heart Attack, Stroke, Kidney failure, Coronary Artery Bypass Surgery and Major organ transplant.
Shriram All Cause Total and Permanent Disability Rider: This rider benefit becomes payable in case the policyholder becomes total and permanent disable due to any reason such as illness, disease, injury or surgical operation. The disability should last for a minimum of 180 days to claim the Sum Assured under this rider. It can be opted for at the time of purchasing the cover or at any time during the policy term but the cover will begin from subsequent policy anniversary. This rider Sum Assured will be equal to basic Sum Assured subject to maximum of Rs 25 lakhs.
Rider Conditions
Entry Age (years)
Minimum
18
Maximum
Accident Benefit Rider and Critical Illness Rider: 65 All Cause Total and Permanent Disability Rider: 55
Maximum Maturity Age (years)
Accident Benefit Rider and Critical Illness Rider: 70 All Cause Total and Permanent Disability Rider: 65
Rider Term (years)
Minimum
Accident Benefit Rider: 6 All Cause Total and Permanent Disability Rider and Critical Illness Rider: 5
Maximum
Accident Benefit Rider and Critical Illness Rider: 25 All Cause Total and Permanent Disability Rider: 45
Sum Assured (Rs)
Maximum
Shriram All Cause Total and Permanent Disability Rider: Lower of Base plan insurance or 25 lakh
Rider Premium (Rs)
Rider premiums vary for each policyholder. For instance, if a 30-year old opts for the Accident Benefit Rider for Rs 5 lakh, the annual premium works to Rs 625 and for Critical Illness rider for Rs 5 lakh the premium works to Rs 1300 and Rs 1020 for All Cause Total and Permanent Disability Rider.
