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Protection Plan

Protection Plan for your Better Future!

Complete Financial Security Starting at ₹300 per month with Shriram Life Protection Plans

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Shriram Life Protection Plans

What are Shriram Life Protection Plans?

Shriram Life Protection Plans are designed to provide financial security and allow coverage against unforeseen contingencies. Life can be unpredictable but we can do our best to take care of our family. The protection plans can help you plan ahead so that your family is well-protected from sudden financial issues in the future

  • Get comprehensive coverage against unexpected events
  • Affordable premiums starting from ₹300 per month
  • Pick inbuilt or optional riders for additional protection
  • Hassle-free claim process
  • Choose from flexible policy options and premium payment terms
  • Claim Tax benefits
Policy Type

Policy Type

Shriram Life Protection Plans

Premium

Premium

Starting from ₹300 monthly  

Death Benefit

Death Benefit

Assured benefits starting from ₹50,000. No maximum limit on the coverage*

What is Covered?

What is Covered?

Coverages vary based on the policy chosen: 

  • Premature demise  
  • Cancer
  • Hospitalisation due to Covid-19

Features and Benefits of Shriram Life Protection Plans

Starting at a low premium cost of just ₹300 per month, Shriram Life Protection Plans have the following features - 

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Assured Benefits

There are assured benefits to provide financial security to policyholders and their families in case of emergencies.   

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Affordable Premium

Shriram Life Protection Plans have low-cost premiums so policyholders can opt for a high sum assured for maximum coverage.  

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Flexible Policy Tenure

Shriram Life Protection Plans feature a tenure ranging from 3.5 months to 57 years so policyholders can choose an option that matches their coverage needs.

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Multiple Coverage Options

There are both individual and group life insurance plans to match the unique needs of different individuals and groups. 

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Grace Period

Shriram Life Insurance provides an additional period for paying the premiums after the due date. 

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Tax Benefits

Tax benefits are available on the premiums paid for Shriram Life Protection Plans. 

Eligibility and Documents Required for Shriram Life Protection Plans

You can apply online for Shriram Life Assured Income Plan. Follow the steps given below to submit your application.

Entry Age Minimum - 12 years (age last birthday) Maximum - 79 years (age last birthday)
Maturity Age Maximum - 80 years (age last birthday)
Policy Tenure Minimum - 3.5 months
Premium Paying Term Minimum - once (single premium) Maximum - Equal to the policy tenure
Sum Assured Minimum - ₹5,000 Maximum - ₹100 crores*
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What is Covered Under Shriram Life Protection Plans?

The various term insurance plans under Shriram Life Protection provide coverages for the premature demise of the life insured. A death benefit is paid to the nominee in case the insured individual passes away during the policy tenure. Health insurance plans cover specific diseases and pay a fixed benefit if the life insured is diagnosed with one of the covered diseases. 

Group protection plans, on the other hand, provide coverage against the risk of premature demise of the policy members.

What is Not Covered Under Shriram Life Protection Plans?

While Shriram Life Protection Plans provide coverage against the risk of premature demise, they do not cover suicides occurring within 12 months of buying or reviving a policy. In such cases, the death benefit shall not be paid. Instead, the insurer shall pay 80-90% of the premium paid thus far, or the surrender value, whichever is higher.

Factors to Consider While Choosing Shriram Life Protection Plans

The following are the factors you would like to consider when buying Shriram Life Protection Plans: 

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Type of Coverage

Shriram Life Protection Plans provides both life and health insurance coverage to individuals and groups. There are group life insurance plans available to protect groups as well. Choose a suitable policy that matches your coverage needs. 

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Sum Assured

Individuals are advised to opt for a sum assured that would provide adequate financial protection in case of unfortunate events. 

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Policy Tenure

Shriram Life Protection Plans provide long-term coverage.

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Premium Paying Tenure and Frequency

There are three premium payment modes – single premium, limited premium, and regular premium. Moreover, the premium can be paid annually, half-yearly, quarterly or monthly. Hence, you have the flexibility of choosing a suitable premium payment term and frequency

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Riders

Shriram Life Protection Plans provide optional riders that can enhance coverage. and provide additional protection.

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Plan Benefits

It is crucial to understand the benefits payable under the chosen protection plan. Please read about the death benefit provided and the mode of payment, i.e., if the funds will be paid in a lump sum, in installments, or a combination of both. 

If the return of premium option is chosen for the protection plan, a maturity benefit will also be paid. For health insurance plans, you are requested to be aware of when claims shall be paid out, and the amount that the insurer shall pay. 

FAQs

What are Shriram Life Protection Plans? 

Shriram Life Protection Plans provide financial protection and security to the insured individual and their family in case of unfortunate events. 

Does Shriram Life Protection Plans provide a maturity benefit?

Most of the Shriram Life Protection Plans do not provide maturity benefits. 

What is the meaning of a premium rebate?

A premium rebate means a discount on the premium payment and it is provided under some Shriram Life Insurance plans if a high sum assured is selected.

What diseases are covered by the health plans that are provided by Shriram Life Insurance?

Two types of health plans are provided by Shriram Life Insurance. One covers cancer and the other covers corona viruses, specifically Covid-19.

Is the death benefit provided by Shriram Life Insurance subject to tax?

The death benefit provided by Shriram Life Insurance does not attract any tax and is treated as a tax-free earning. Tax benefits are subject to change as per tax laws. Please consult your tax consultant on tax benefits.

Testimonials

What our customers say about us

Quotation

I was recently involved in a payout request. They helped me with the smooth process to get the amount.

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Abha

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I have been associated with Shriram for a period of time. They have prompt and friendly service.

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Rasiya

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Shriram life insurance products are worth every penny. I am happy with their service.

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Nagamani

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I am associated with Shriram life insurance for more than a decade. They have a wide-range of policy that will suit everyone's needs.

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Manjunath

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I was recently involved in a payout request. They helped me with the smooth process to get the amount.

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Abha

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I have been associated with Shriram for a period of time. They have prompt and friendly service.

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Rasiya

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Disclaimer

For more details on risk factors, terms, and conditions please read the sales brochure carefully before concluding a sale.  

*Tax Benefits:  
Tax benefits are as per Income Tax Laws & are subject to change from time to time. Please consult your Tax advisor for details.  
You are eligible for Income Tax benefits/exemptions as per the applicable income tax laws in India, which are subject to change from time to time.

IRDAI Regn No: 128  
CIN No : U66010TG2005PLC045616 of the Company

The Trade Logo displayed above belongs to Shriram Value Services Limited (“SVS”) and used by Shriram Life Insurance Company Limited under a License agreement.”

BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS/FRADULENT OFFERS

  • IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.