Shriram Life Family Protection

Shriram Life Family Protection Plan (UIN: 128N061V01) is a non-linked non-participating insurance plan. This plan caters to the needs of people who want to protect their families in case of untimely death.

KEY FEATURES

  • Premium rebates for large sum assured.

  • Life insurance cover at affordable premium rates.

  • Tax benefits.

KEY BENEFITS

Maturity Benefits

In case of survival of the Life Assured up to a specified period or till the end of the policy term no benefits are payable.

Death Benefits

If the Life Assured dies during the policy term, “Death Sum Assured” as mentioned in the policy will be paid to the nominee or beneficiary as per the option chosen by the policy holder.

Lump sum option:

In case of death of the life assured during the policy term, provided the policy is in force, “Death sum assured” will be paid to nominee or beneficiary, if the policy holder opts for lump sum benefit option and the policy will be terminated.

Installment option:

In case of death of the life assured during the policy term, provided the policy is in force, then 50% of death sum assured will be paid immediately in lump sum to nominee or beneficiary and the remaining 50% of death sum assured will be paid in 5 equal annual installments starting after one year from the date of death of the policy holder. The policy will be terminated after payment of last annual installment.

  • Death sum assured — is defined as the amount which is the highest of:
  • 10 times the annualized premium.
  • Sum assured
  • 105% of the premiums paid till the date of death
  • Minimum Guaranteed sum assured at maturity ( equals zero)

Tax Benefits

Tax Benefits as per prevailing Tax rules

Eligibility

ENTRY AGE

Minimum

18 Yrs

Maximum

60 Yrs

(As on last birthday)

MATURITY AGE

Maximum

75 Yrs

(As on last birthday)

SUM ASSURED

Minimum

Rs. 15 Lakhs

Maximum*

Rs. 5 Crores

* Subject to underwritten policy.

POLICY TERM

10 – 25 Yrs

PREMIUM PAYMENT TERM

10 – 25 Yrs

PREMIUM PAYMENT MODE

  • Yearly
  • Monthly(ECS Mode only)

MINIMUM INSTALLMENT PREMIUM

Rs 4,000/- for yearly and Rs 500 for monthly mode

Calculator

Click this link to calculate you premium.

RIDERS (Add Ons)

No riders available.

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Disclaimer

  • For more details on the risk factors, terms and conditions please read the sales brochure and/or sample policy document on our website carefully and/or consult our advisor.

  • Tax benefits are subject to change as per tax laws. Please consult your tax consultant on tax benefits.

Read the policy document here

Read the brochure here