FAQ's related to Shriram Life Smart Protection Plan SP

If the insured person is still alive when the Shriram Life Smart Protection Plan SP is in effect, the death benefits ordered will lapse, as there are no maturity benefits for this plan. 

The maximum sum assured that you can receive as death sum assured under Shriram Life Smart Protection Plan SP is ₹14,00,000. This is subject to the board-approved underwriting policy.

The Silver life cover will be suitable for you under Shriram Life Smart Protection Plan SP if you only want basic life coverage. This will give you life protection for the chosen term without accident or illness coverage.

The list of illnesses covered under the critical illness cover of Shriram Life Smart Protection Plan SP is as follows:

• Major organ or bone marrow transplant 
• Open heart CABG
• Stroke leading to permanent symptoms 
• Cancer of specified severity
• Kidney failure leading to regular dialysis 
• First heart attack of specified severity

The maximum life protection (in years) that you will get under Shriram Life Smart Protection Plan SP is 14 years. You get extended life coverage while making low and single premium payments. 

You can pay your Shriram Life Smart Protection Plan SP policy premium through online payment modes like credit or debit cards, BHIM UPI, or cash in any Shriram branch. Since this is a single-term payment, you don’t have to apply for e-NACH. 

If you are diagnosed with a critical illness under Diamond coverage of Shriram Life Smart Protection Plan SP, you will receive 25% of the sum assured in lump sum amount.

The surrender value offered in Shriram Life Smart Protection Plan SP is a percentage of the single premium paid. Your surrender value will be calculated based on the following formula.

Surrender value = 80% single premium (outstanding term in months/total number of terms in months).

The minimum sum assured to you under Shriram Life Smart Protection Plan SP if you are above 40 years is ₹1,00,000. But you will get this benefit by making a very low premium payment.

If the life insured passes away during the policy period of Shriram Life Smart Protection Plan SP after receiving 25% of critical illness coverage, their nominee will receive the 75% of the death sum assured in a lump sum amount.