FAQ's related to Shriram Life Family Protection Plan

Even if you fail to pay the premium under the Family Life Insurance Plan within the due date, we provide you with a grace period to ensure that you enjoy uninterrupted benefits. A grace period of 30 days will be allowed in the case of yearly premium payments. However, the grace period shall be 15 days in case of monthly premium payments.

Under the Family Insurance Plan, in case the demise of the insured person occurs within the grace period but before the premium is paid, the life cover will still be available. Death benefits would still be paid after deducting the unpaid premium. Such features make this plan the best family insurance policy in India.

In case the premium is not paid before the end of the grace period, then a Health Insurance Policy for family will lapse and no benefits shall be payable under the policy.

The Family Life Insurance Plan can be revived in case it has lapsed due to non-payment of premiums. You can revive the policy within a period of five years from the date of the last missed premium payment. But you need to fulfil the following conditions:

• Submit a written request within a period of five years from the date of the first unpaid premium
• Submit satisfactory evidence of the insurability of the life assured as per the underwriting policy approved by the board
• Pay all the premiums due from the date of the first unpaid premium to the date of revival, together with an interest equal to 9 per cent per annum.

The Shriram Life Family Protection Plan is considered one of the best life insurance policies in India for families. It has been positively reviewed by policyholders.

If you go for a higher sum insured under the Family Life Insurance Plan, then we provide you rebates on the insurance premium:
 

In case you lose a Family Insurance Policy document, an indemnity bond duly notarised must be submitted. A processing fee of ₹100 and stamp duty of ₹0.2 per thousand 'sum assured' will be payable by the policyholder.

After receiving the documents for a Health Insurance Policy for family, you have 15 days to read through the terms and conditions. If you disagree with any of the terms and conditions, you have 15 days to return the policy by expressing your reason. This is referred to as the free-look period. Your cancellation request will be processed and you will receive a refund of the premium within 15 days of receiving the cancellation request.

You are eligible for tax benefits under a Health Insurance Policy for family.

Besides claims, there may be times when the company needs to make payments to policyholders under Family Life Insurance Plans. These circumstances include the following:

• Policy cancellation during free-look period
• Withdrawal
• Surrender
• Request for refund of proposal deposit
• Refund of outstanding proposal deposit

In the above cases, the payment will be made within 15 days from the receipt of the request for payment or receipt of the last necessary document. In case the company fails to do so, then it will be liable to pay a penal interest of 2 per cent above the bank rate. The interest will be paid from the date the request was made or receipt of the last necessary document, whichever is received sooner from the insured person or the claimant.