FAQ's related to Shriram Cash Back Term Plan
What is the meaning of the paid-up value in the Shriram Life Cash Back Term Plan?
The Paid-up value is the value the Shriram Life Cash Back Term Plan policy acquires when it is in the reduced paid-up state. If the policy holder stops paying the premiums after two years of the plan and does not pay it even during the grace period, the policy will not lapse. It will continue as a reduced paid-up policy.
How is the death sum assured calculated under the Shriram Life Insurance Cash Back Term Plan with cash back?
The death sum assured is calculated as the highest of the following values under the Shriram Life Insurance Cash Back Term Plan:
- The sum assured that you selected
- 10 times the annualised premium
- 105% of all the premiums paid till the date of demise
How can I calculate the instalment premium of the Shriram Life Cash Back Term Plan?
You can calculate the instalment premium of the Shriram Life Cash Back Term Plan using the following factors -
| Premium Payment Mode | Modal Factor |
| Monthly | 0.0860 |
| Quarterly | 0.2566 |
| Half-yearly | 0.5087 |
What is the free-look period available under the Shriram Life Insurance Cash Back Term Plan?
The free-look period available under the Shriram Life Insurance Cash Back Term Plan is 15 days from policy issuance. During this period, you can cancel your policy and get a refund of the premium if you do not agree with the terms and conditions of the policy.
Who should buy Shriram Life Cash Back Term Plan?
The Shriram Life Cash Back Term Plan is a new-age plan for those who want to ensure the financial security of their family and loved ones and want a maturity benefit.
What is the grace period available under the Shriram Life Insurance Cash Back Term Plan?
The grace period available under the Shriram Life Insurance Cash Back Term Plan is 30 days for all premium payment frequencies except the monthly mode. For the monthly mode, the grace period is 15 days.
What bonus is declared under the Cash Back Term Plan?
There is no bonus under the Cash Back Term Plan. The plan is a protection-oriented plan which provides term insurance coverage and refunds the premiums on maturity.
How is the paid-up value calculated under Shriram Life Insurance Cash Back Term Plan?
The paid-up value is calculated as follows under Shriram Life Insurance Cash Back Term Plan:
- Paid-up Death Sum Assured = (Total Premiums Paid / Total Premiums Payable) X Death Sum Assured.
- Paid-up Maturity Benefit = Total Premiums Paid
What happens if there is no nominee under Shriram Life Insurance Cash Back Term Plan?
If there is no nominee, the demise claim is paid to the legal heirs or beneficiaries under Shriram Life Insurance Cash Back Term Plan.
What amount will I get if I do not pay premiums for two full years under Shriram Life Insurance Cash Back Term Plan?
You will get nothing if you do not pay premiums for two full years under Shriram Life Insurance Cash Back Term Plan. The policy will lapse, and you will lose all benefits.