Shriram Group Term Life Insurance Plan 2024 – Are you looking for a term life insurance plan that offers you the best value for your money? If so, you’ll want to consider the Shriram Group Term Life Insurance Plan 2024. This plan offers a number of benefits that are sure to make it a top choice for you and your family. Take a look below to find out more about this plan and how it can benefit you.
Shriram Life Term Plan is an online non-linked, non-participating term life insurance policy that provides complete financial protection for you and your loved ones in the event of unforeseen circumstances. The plan lets you choose from a variety of base options and provides life insurance up to the age of 75.At the policy’s inception, there are two additional coverage options and three base options for the payout of the death benefit and other benefits. Even for a sum assured of INR 1 crore, the plan provides affordable premium rates.
Shriram Group Term Life Insurance Plan 2024
Do you want to maximize your returns on your investment? If so, you’ll want to consider the benefits of a life term plan. Shriram Life is one of the leading providers of life term plans, and they offer a wide range of features that can make sure that you’re getting the most out of your money. In this article, we’ll take a closer look at some of the best features of a life term plan from Shriram Life.
In addition, the plan provides a free-look period during which you can return the policy if you are dissatisfied with its terms and conditions and provide reasons for your dissatisfaction. The free-look period ends 30 days after the policy is received. After deducting the proportionate risk premium for the period cover, stamp duty, and medical exam fees, the premium is refunded.
Shriram Group Term Life Insurance Plan Details
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Best Features of Shriram Life Term Plan
Do you want to maximize your returns on your investment? If so, you’ll want to consider the benefits of a life term plan. Shriram Life is one of the leading providers of life term plans, and they offer a wide range of features that can make sure that you’re getting the most out of your money. In this article, we’ll take a closer look at some of the best features of a life term plan from Shriram Life.
The following are some important characteristics of the Shriram Life Term Plan that set it apart from its competitors:
- The insured has the right to benefit coverages until the age of 75.
- There are three base options available under the plan: lump sum, monthly income, and lump sum plus monthly income.
- Critical Illness Benefit and Accidental Death Benefit are two additional riders designed to address the uncertainties.
- The plan provides terminal illness benefit in addition to death benefit.
- The plan offers nonsmokers lower premium rates and a three-year setback on female lives’ premium rates in comparison to male lives’ premium rates.
- The Total and Permanent Disability benefit of the Shriram Life Term Plan eliminates all future premiums, including those for additional cover, and the plan continues for the remaining term.
- If you choose a high sum assured, you can take advantage of the plan’s “High Sum Assured Discount” to save money on premiums.
- You can choose to make premium payments on a monthly, semiannual, quarterly, or annual basis.
- You have five years from the due date of the first unpaid premium to reinstate your policy and riders for full coverage in the event that they expire.
Benefits of Shriram Life Term Plan
The following are a few notable advantages that come with selecting the Aegon iTerm Plan:
Death Benefits
The nominee can receive the assured’s death benefit in the form of a lump sum, monthly income, or a lump sum plus monthly income upon the assured’s death. The death sum assured is determined by weighing the highest of the following factors:
- ten times the annualized premiums for all age groups.
- Guaranteed base amount.
- 105 percent of all premiums paid up to the time of death.
Terminal Illness Benefit
In the Terminal Ailment Advantage, the guaranteed gets the base total guaranteed given that the arrangement is dynamic as single amount , month to month pay or singular amount + month to month pay. On the date of the terminal illness’s diagnosis, the assured receives the entire amount.
Preferential Premium Benefits
Because the Shriram Life Term Plan encourages a healthy lifestyle, it offers lower premiums to nonsmokers than to smokers. In addition, the plan provides a three-year setback for female assured lives in comparison to male lives.
Optional Cover Benefits
To protect the insured from any unforeseen circumstances, the plan offers two additional coverage options: Critical Illness and Accidental Death Benefit. You can select the plan that best fits your needs and budget. After the optional cover’s assured sum is paid, the additional plan ends and the base plan continues. These coverage options are selected at policy start.
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What is Covered?
Depending on the plan option you select, the Shriram Life Term Plan provides coverage. Based on the benefit payout method selected, there are three versions of the plan:
Lump Sum
Death Benefit
The assured’s death will result in a one-time payment of the assured to the nominee. The policy will end when the sum assured is paid, and the nominee will not receive any more benefits.
Terminal Illness
The assured will receive the assured sum upon diagnosis of the illness if the assured suffers a terminal illness during the policy’s term. The policy is canceled and no more benefits are earned when the sum assured is paid.
Example
Name of the assured | Mr. Chaudhary |
Age | 40 years |
Term of the plan | 45 years ( Coverage upto 75 Years) |
Premium payment term | Equal to policy term |
Sum assured | INR 50 Lakh |
Premium amount for non-smoking male | INR 8,200/- (exclusive of all taxes) per annum |
Benefit Payable
- If Mr. Chaudhary passes away during the policy’s term, the beneficiaries will receive an immediate lump sum of INR 50 lakh.
- If Mr. Chaudhary has a terminal illness, he will receive the base sum assured, which is INR 50 lakh.The policy ends when the benefit is paid, and no more benefits are paid.
Monthly Income
The following benefits are covered under Monthly Income:
Death Benefit
The nominee is entitled to 1% of the base amount assured each month as income if the assured passes away during the policy’s term.
Terminal Illness
The assured will receive 1% of the base amount assured each month as income if the assured has a terminal illness.
Example
Name of the assured | Mr. Chaudhary |
Age | 40 years |
Term of the plan | 45 years ( Coverage upto 75 Years) |
Premium payment term | Equal to policy term |
Sum assured | INR 50 Lakh |
Premium amount for non-smoking male | INR 9,600/- (exclusive of all taxes) per annum |
Benefits payable
- If Mr. Chaudhary passes away during the policy’s term, the nominee will receive 1% of the base amount assured, or INR 0.5 Lakh per month.
- Instead of a lump sum assured, Mr. Chaudhary will receive INR 0.50 lakh each month if he has a terminal illness.
3. Lump Sum + Monthly Income
The following types of coverage Profit are offered under the Lump Sum + Monthly Income
- Death Benefit
The nominee is entitled to 50% of the base amount assured as a lump sum and 50% as monthly income in the event of the assured’s death. The monthly income is determined to be 0.5 percent of the assured base sum.
- Terminal Illness
In the event that the insured suffers a terminal illness, 50% of the base amount is guaranteed as a lump sum and 50% is payable as a monthly income for the following years.
Example
Name of the assured | Mr. Chaudhary |
Age | 40 years |
Term of the plan | 45 years ( Coverage upto 75 Years) |
Premium payment term | Equal to policy term |
Sum assured | INR 50 Lakh |
Premium amount for non-smoking male | INR 10,100/- (exclusive of all taxes) per annum |
Benefits Payable
- If Mr. Chaudhary passes away during the policy’s term, his heirs will receive a lump sum of INR 25 lakh and a monthly income of 25,000.
- Mr. Chaudhary will receive INR 25 lakh as a lump sum immediately and 25,000 rupees per month until the policy matures in the event of his terminal illness.
What is not Covered?
Suicide death is the primary exclusion under the Shriram Life Term plan. The nominee is entitled to 80% of the total premiums paid up until the date of death if the suicide occurs within a year of the policy’s beginning of risk.
Exclusions for Terminal Illness
- any disease that has existed before but was not known to the insurer.
- Disease when there is HIV and AIDS infection.
- Diseases brought on by an attempt to commit suicide within the first year of the policy’s beginning or renewal.
Exclusions for Accidental Death benefit
- Disease when HIV infection is present.
- Injury, death, or disability sustained by oneself as a result of a suicide attempt.
- War, chaos, invasion, terrorism, and other events can all result in death.
- if the life assured has participated in any hazardous activity, such as racing, mountaineering, bungee jumping, or other similar activities.
- The life assured actively participates in riots, strikes, and disputes.
- Accident or injury sustained while flying an airplane
- a person covered for being under the influence of alcohol, drugs, psychotropics, or other substances without a prescription.
- working for organizations such as the military, police, or paramilitary
- Death as a result of engaging in illegal or criminal activity.
- Chemical contaminations, radiation, or a nuclear reaction.
Shriram Life Term Plan Eligibility
Eligibility Criteria for the different variants of Aegon iTerm Plan | Lump Sum | Monthly Income | Lump Sum + Monthly Income |
Minimum Age at Entry | 18 Years | ||
Maximum Age at Entry (In Years) | 55 Years | 45 Years | |
Minimum Age at Maturity | 28 Years | 38 Years | |
Maximum Age at Maturity | 75 Years | 65 Years | |
Minimum Policy Term | 10 Years | 20 Years | |
Maximum Policy Term | 57 Years | 47 Years | |
Premium Payment Term | Equal to Policy Years | ||
Premium Payment Frequency | Annual/ Half-yearly/ Quarterly/ Monthly | ||
Basic Sum Assured | INR 25 Lakh |
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Shriram Life Term Plan Claim Process
The primary objective is to settle all valid claims in the shortest amount of time possible.
The Shriram Life Term Plan’s claim procedure is the same for all claim types, but the required documentation varies.
Claim Process:
- The nominee of the deceased must notify the insurance company of the assured’s death in order to begin the claims process in the event of death.
- As a nominee, you can apply for a claim by filling out the appropriate claims form and providing all relevant information.
- Shriram Life ensures that the claims are settled as soon as possible once the documents and papers are located and verified for authenticity.
Documentation required for Death Claims
- Certificate of death issued by a municipal corporation or other local government entity.
- Copy of hospital records like admission notes, progress reports, test results, and discharge notes, among other things.
The original policies. - Photo ID with the nominee’s name, address, and bank information, as well as proof of age and relationship with the assured.
- Address and proof of identity for the insured
- Claim forms filled with duty.
Documents required for Total Permanent Disability
- Disability intimation letter.
- Complete medical records of the assured.
- Age, address and ID of the assured.
- Disability certificate issued by the medical institute.
- Bank passbook of the assured.
Documents required for Critical Illness
- Complete medical records.
- Age and ID of the assured.
- Critical illness intimation letter.
- Bank passbook of the assured.
Online Mode
By following the steps listed below, you can submit your claim notification to Shriram Life online:
- To begin the online notification process, go to the link.
- Enter the assured’s birthdate and the policy number that was issued at the policy’s inception.
- For a hassle-free settlement, enter the relevant claims details and follow the claim procedure.
Shriram Life Term Plan Riders
The Shriram Life Term Plan comes with two rider options to give you more protection in case things go wrong. The Riders are described in detail below:
- Critical Illness Rider
The insured is shielded from serious illnesses like cancer, third-degree burns, stroke, and Open Chest CABG, among others, by this add-on rider. The assured receives the sum assured in one lump sum, and the base plan continues. This rider covers 23 major illnesses, and the benefit is only paid if it is the first major illness during the policy term.
- Accidental Death Benefit Rider
In the event of an accidental death, this add-on rider provides additional protection. If the death is the result of an accident, the nominee is entitled to the assured sum as a lump sum. The rider benefit will end when the nominee receives the sum assured, and the base policy will continue for the remaining policy terms.
Shriram Life Term Plan Review
The Shriram Life Term Plan provides total coverage against death, critical illness, terminal illness, and total and permanent disability at a low cost. Flexible payout options and coverage for up to 75 years are included in the plan. The Shriram Life Term Plan’s reasonable premiums ensure that the family will not be burdened in your absence. In FY19, Shriram Life Term Plan reported a claim settlement ratio of 85.30%.
In addition, if you are unable to make your premium payment on time, the plan provides a grace period of thirty days (15 days if the payment method is monthly).The first non-payment of the premium due date triggers the grace period.
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