Premium Components of Shriram Life Cash Back Term Plan

The Shriram Life Cash Back Term Plan covers the risk of premature demise. This risk is calculated using your age, medical history, lifestyle habits, policy details, etc. In the case of premature demise, the plan pays the death sum assured. The risk premium is paid to cover this risk and pay the benefit.

On maturity, the Shriram Life Cash Back Term Plan refunds the premiums you paid during the policy tenure. This acts as a savings corpus for your financial needs, and the premium reflects this saving element under the plan.

There are three optional riders under Shriram Life Cash Back Term Plan. Each rider comes with an additional premium. Thus, if you choose one or more riders, their premium gets added to the premium of the base policy and forms a major component of premium calculation.

The riders are as follows -

• Accident Benefit Rider

Under this rider, the risk of accidental demise and permanent total disablement is covered. If the life insured suffers from any of these contingencies during the rider tenure, an additional benefit is paid in a lump sum. The future premiums are also waived in a disability claim.

• Family Income Benefit Rider

This is another rider that covers accidental demise and disabilities. In the case of an accident claim, the rider benefit is paid in monthly instalments till the end of the chosen policy tenure or for ten years, whichever is later. 

• Shriram Life Critical Illness Plus Rider

Under this rider, twenty-four major illnesses are covered. If the life insured suffers from any of the covered illnesses during the rider tenure, an additional rider benefit is paid in a lump sum. The rider sum assured also increases with loyalty additions during the rider tenure.