Shriram Life Family Protection

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