Term insurance plans are considered as the most basic form of protection plan and in reality it is the ultimate form of protection against death for the policyholder's family and loved ones. provide life cover for a fixed duration of time and in the unfortunate event of the demise of the life assured within the span of cover of the policy, the nominee will receive the death benefit thus ensuring that the policyholder's family attain financial security and do not have to endure further hardship with financial commitments such as prior loans taken to fall upon them.
On Shriram Life Official Website
Updated: 29-05-2024 10:08:15 AM
| Feature | Description |
| Age of Entry | Minimum Age of entry is 12 years as at last birthday
Maximum age of entry is 50 years as at last birthday |
| Age of Maturity | Policy attains maturity at 70 years |
| Policy Term | Fixed Terms of 10 or 15 or 20 or 25 years |
| Premium Paying Term | Minimum term is 5 Years
Maximum Term is 25 Years or Policy Term |
| Premium Paying Mode | Yearly, Half-Yearly, Quarterly and Monthly |
| Premium Amount | Minimum Annualised Premium is Rs 3000 |
| Sum Assured | Minimum Sum assured is Rs 2,00,000
Maximum Sum assured is Rs 20,00,000 |
| Riders | Accident Benefit Rider
Family Income Benefit Rider Shriram Critical Illness Cover Rider |
| Benefits | There is a Death Benefit
The policy also offers Maturity Benefit |
An online pure term plan from Max Life Insurance, this plan is available for purchase through the company’s official portal and has three variants. Its basic features are as follows –
| Feature | Description |
| Age of Entry | Minimum Age of entry is 18 years as at last birthday
Maximum age of entry is 50 years as at last birthday |
| Age of Maturity | Policy attains maturity at 70 years |
| Policy Term | Fixed Terms of 10 or 15 or 25 years |
| Premium Paying Term | Premium payment term equal to policy term |
| Premium Paying Mode | Yearly, Half-Yearly, Quarterly and Monthly |
| Premium Amount | Minimum Annualised Premium is Rs 5000 |
| Sum Assured | Minimum Sum assured is Rs 5,00,000
Maximum Sum assured is Rs 20,00,000 |
| Riders | Accident Benefit Rider
Family Income Benefit Rider Shriram Critical Illness Cover Rider |
| Benefits | There is a Death Benefit
There is a survival or Maturity Benefit |
Yes. The policy covers minors but the cover in such instances will kick in only after the first policy anniversary and in the unfortunate event of demise of the minor prior to the first year, the benefit paid will be the refund of all premiums paid to date.
The term insurance plans from Shriram Life insurance have a free look period of 15 days for all policies purchased through any other delivery channel apart from distance marketing and for those policies purchased through distance marketing, the free look period is 30 days.
The deciding factors for the premium amount to be paid is age of the policyholder, the sum assured and the term of the policy and the term of the premium payment. The premiums charged are exclusive of service tax which can be claimed as additional monetary charges applied to the premium amounts
