FAQs on Shriram Life Savings Plans

You can receive the death or maturity benefit as a monthly regular earning under the income benefit option covered in selected Shriram Life Savings Plans. You can also select whether to receive the benefit in a lump sum, as regular earnings or partly in a lump sum and partly as regular earnings.

Under Shriram Life Savings Plans, policyholders who fail to pay their premiums on time are requested to pay them during the grace period provided after the due date expires. 

If your Shriram Life Savings Plan lapses due to non-payment of premiums, you have the option to revive it within five years from the date of the first unpaid premium. Kindly pay the entire outstanding premium along with the interest rate approved by the IRDAI. Upon policy revival, all the benefits under the plan shall be restored. 

The benefit received under Shriram Life Savings Plans can be used as the policy holder pleases. For example, you might use the benefit to meet long-term commitments such as your child's education or their marriage.

The policy holder can choose to get payouts under Shriram Life Saving Plans partly in a lump sum and partly in instalments.

You are free to change the nominee in your Shriram Life Savings Plan during the policy tenure. Kindly fill out and submit a nominee change request form on the Shriram Life Insurance website with an application letter as well as KYC documents of the nominee.

Discontinuation of policy payments can lead to a lapse in coverage. The plan will then act as a paid-up insurance policy with reduced benefits if a certain number of premiums have been paid. 

Policyholders can buy certain Shriram Life Savings Plans online on the insurer's website.

Survival benefit is the benefit paid in case the life insured survives up until the end of the policy tenure. This benefit is paid out periodically and as a fixed percentage of the sum assured.

Premium payments are allowed as a deduction from your taxable income. The deduction limit is ₹1.5 lakhs and it is prescribed under Section 80C of the Income Tax Act.