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Shriram Life Family Protection Plan, Policy, Premium and Maturity Calculator

Shriram Life Family Protection Plan, Policy, Premium and Maturity Calculator - The Shriram Life Family Protect Plan is a non-linked, non-participating term life insurance plan by Shriram Life that takes care of the policyholder’s family financially in the event of an untoward situation occurring. The policy provides life cover for the policyholder at very affordable rates as well as incentives for high sum assured amounts in the form of premium rebates. With a policy term ranging between 10 and 25 years, individuals can choose a policy term based on their needs and requirement. With a minimum annual premium of Rs.4,000, the policy is affordable for those looking to invest in life cover.

The policy provides a death benefit that can be availed either in a lump sum or in instalments, based on the policyholder’s requirement.

Eligibility - Shriram Life Family Protection Plan and Policy

The Shriram Life Family Protect Plan provides basic life cover for a single policyholder provided the below mentioned eligibility criteria are met:

Parameters Eligibility
Minimum entry age 18 years
Maximum entry age 60 years
Maximum maturity age 75 years
Policy term 10 to 25 years
Premium paying term Same as the policy term selected

Sum Assured and Premium Range - Shriram Life Family Protection Plan and Policy

Sum Assured:

The sum assured is the guaranteed amount that the policyholder stands to receive, subject to the policy still being in force and other criteria being met. The sum assured amount for the Shriram Life Family Protect Plan ranges between Rs.15 lakh and Rs.5 crore, with the amount subject to underwriting as per the approved policy.

Premium:

The premium is the amount payable by the policyholder as a charge for the life cover being provided. The premium amount is calculated based on the sum assured selected by the policyholder, as well as factors such as the policy term, premium paying mode, age and gender of the policyholder among others. The Shriram Life Family Protect Plan has a minimum annual premium amount of Rs.4,000. Policyholders can choose to pay their policy premiums either yearly or monthly. In the case of monthly premiums, the payment is to be done by Electronic Clearance Scheme (ECS) only.

Plan Coverage - Shriram Life Family Protection Plan and Policy

The Shriram Life Family Protect Plan coverage is as follows:

  • The individual chooses the sum assured amount as per his/her requirement (amount is to be within the parameters mentioned in the plan).
  • The individual then chooses the policy term as per the policy terms mentioned in the policy document.
  • Following this, the individual chooses the premium paying mode (either annual or monthly), based on which the premium amount payable is calculated.

The coverage offered under the Shriram Life Family Protect Plan is mentioned below:

Death benefit
In the event of the policyholder’s death, the nominee/nominees will receive a death benefit based on the option selected at policy inception. The options are as follows:
  • Lump sum- the nominee would receive the death sum assured in a lump sum.
  • Instalment- 50% of the death sum assured would be paid out at the time of the policyholder’s death, with the balance paid out in instalments over the course of 5 years.
Maturity benefit
The policy does not pay a maturity benefit.
Survival benefit
There is no survival benefit paid out under the policy.

Riders/Add-on Plans - Shriram Life Family Protection Plan and Policy

There are no riders or add-on plans under this policy.

Exclusions - Shriram Life Family Protection Plan and Policy

The Shriram Life Family Protect Plan provides policyholders with life coverage, enabling them to secure their family’s financial future in the event of their untimely demise. While the policy pays out the death benefit upon the demise of the policyholder during the policy term and while the policy is still in force, there are certain circumstances under which the company would not pay the benefit. The exclusions are as follows:

  • Suicide- In the event of the policyholder committing suicide within 12 months of the policy inception or 12 months from the date of policy revival, no benefit will be payable. However, 80% of the premiums paid till date of death would be paid to the beneficiary if the policy is still in force.

Other Key Features - Shriram Life Family Protection Plan and Policy

Additional features and benefits of the Shriram Life Family Protect Plan are mentioned below:

Free look period
If the policyholder is not satisfied with any of the policy terms, he/she can choose to return the policy and providing behind the return during the free look period without incurring any charges. The free look period is 15 days from the date of receipt of the policy (30 days for distance marketing policies).
Grace period
If the policyholder is unable to pay the premium amount within the given deadline, a grace period of 30 days from the due date is provided in case of quarterly, half-yearly and annual premium payments. In the case of monthly payments, the grace period is 15 days.
Nomination
The policy allows for nomination during the policy term as per the prevalent rules and provisions.
Assignment
The policy allows for assignment, or the transfer of the policy as per prevailing provisions.
Lapse of policy
The policy would lapse upon the non-payment of premiums within the grace period.
Surrender value
The policy does not acquire surrender value, so no surrender value would be payable.
Policy revival
The policy can be revived within a period of 2 years from the date of the last premium being paid. The policy can be revived subject to the following conditions are met:
  • All outstanding premiums have been paid
  • A written request notifying the company about the policy revival
  • Evidence of insurability is submitted and accepted.
Termination of policy
The following would result in the policy terminating:
  • The death benefit being paid on the demise of the policyholder.
  • Policy not revived during the revival period.

Tax Benefits - Shriram Life Family Protection Plan and Policy

The Shriram Life Family Protect Plan offers policyholders a number of benefits and advantages. Policyholders can reduce their tax burden by investing in life insurance policies. The tax benefits that policyholders can avail are mentioned below:

  • Under Section 80C of the Income Tax Act of 1961, policyholders stand to receive tax benefits on amounts paid towards a life insurance premium.
  • Under Section 10 (10D) of the Income Tax Act of 1961, policyholders can receive tax breaks on the benefits received under a life insurance policy.

Other Benefits - Shriram Life Family Protection Plan and Policy

The Shriram Life Family Protect Plan provides life cover along with associated benefits and perks. In addition to the perks offered by the policy, Shriram Life offers policyholders a number of other features.

Shriram Life policyholders can look through the company’s range of policies online, with the policy brochure and all relevant information available on the company’s website, making it easier and more convenient to access.

Individuals can calculate the premium payable for particular policies by using the online premium calculator. Additional tools such as the human life calculator are also available.

Policyholders can also pay premiums online, saving them the hassle of visiting a branch office or waiting for cheques to clear. Policyholders looking to pay online can do so through NEFT, standing instructions as well as through debit/credit cards.

Shriram Life Term Insurance Plans and Policy

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Shriram Life New Shri Vivah
Shriram Life Pension Plans
Shriram Life Pension Plus
Shriram Life Immediate Annuity Plus
Shriram Life Pension Plans
Shriram Life Term Insurance Plans and Policy
Shriram Life Family Protection Plan
Shriram Life Cash Back Term
Shriram Life Group Term Life Insurance
Shriram Life Group Term Life Insurance in lieu of EDLI
Shriram Life Secure Plus Plan

Shriram Life Savings Plans
Shriram Life Genius Assured Benefit Plan
Shriram New Shri Life Plan
Shriram Life New Shri Vidya
Shriram Life New Shri Vivah
Shriram New Shri Raksha Plan
Shriram Life Assured Income Plus
Shriram New Akshay Nidhi Plan
Shriram Secure Investment Plan
Shriram Ujjwal life
Shriram Ujjwal Life - SP
Shriram Fortune Builder Insurance Plan
Shriram Life Wealth Plus
Shriram Life Assured Income Plan
Shriram Life ULIP Plans
Shriram Life Growth Plus
Shriram Life Ujjwal Life
Shriram Life Ujjwal Life (SP)
Shriram Life Ujjwal Life (SP)
Shriram Life Fortune Builder
Shriram Life Wealth Plus