FAQs on Shriram Life Protection Plans

If you miss paying the premium for a Shriram Life Protection Plan, you are requested to pay the amount within the grace period. However, if the premium is not paid within the grace period, the plan will lapse and the coverage and the associated plan benefits might become invalid. 

However, some protection plans might provide a paid-up value wherein your coverage would continue for a reduced benefit. 

The revival period for Shriram Life Protection Plans is five years from the date of the first unpaid premium. You are requested to revive the policy by paying the outstanding premiums along with interest.

You are required to submit certain documents to the insurance company when buying a Shriram Life Protection Policy. The documents include an application form, identity proof, address proof, age proof and your latest medical reports. 

Shriram Life Protection Plans provide the following Tax benefits*:

• Under section 80C of the Income Tax Act, you can avail of a deduction of the premium paid for the protection plan up to a maximum of ₹1.5 lakhs per annum 
• The death benefit received by the nominee is exempted from tax
• Under Section 10 (10D), the return of premiums received on maturity is also tax-free. 

*Tax benefits are subject to change as per tax laws. Please consult your tax consultant on tax benefits.

You can contact Shriram Life Insurance through their helpline at 1800-300-30000 or mail us at customersupport@shiriramlife.in.

Shriram Life Insurance enables policyholders to change the nominee of a Shriram Life Protection Policy during the tenure of the policy as many times as they want.

It is possible to raise a claim for certain Shriram Life Protection Plans online by visiting our website to raise claims online.

A single premium option is available under some Shriram Life Protection Plans.

If you exit the protection plan during the tenure, you will essentially be surrendering the policy. Most protection plans do not provide a surrender value on such an exit and you could lose the premiums paid as well as the coverage benefits. 

Shriram Life Protection Plans are not affected by market movements or economic conditions. Even when the markets are crashing and the economy is in decline, the death benefit is not affected. You will receive the assured benefit according to the policy terms and conditions.