All of us spend time and money to plan for our future and often these decisions are motivated by the desire to secure our loved ones. Anticipating future needs and ensuring that your family continues to lead a respectable life even after you demonstrates responsibility and prudence.
Shriram Life brings you the Online Term Plan (128N072V01) designed to understand and address your future needs.
Enhanced protection using the 3 options for comprehensive cover
Discount in premium rate if you opt for a Higher Sum Assured
Provides life cover up to 75 years
Flexible premiums based on choice of the benefit options
Affordable premiums – as low as Rs. 7,343 p.a. for a cover of Rs 1 Crore (T & C apply)
Lower premium rates for women
Rs. 25 Lakhs
Rs. 10 Crore
Rs. 5 Lakhs
Rs. 10 Lakhs
Rs. 25 Lakhs
Rs. 10 Crore
Rs. 5 Lakhs
Rs. 10 Lakhs
|Claim Type||What you get||Policy Status|
|Death claim||Base option benefits||Plan terminates|
|Death due to accident (if opted for accidental death benefit cover)||Base option benefits and accidental death benefit||Plan terminates|
|Terminal illness||Base option benefits||Plan terminates|
|Total & permanent disability due to accident||All future premiums including premium for optional benefits are waived off||Plan continues for the remaining policy term.|
|Total & permanent disability due to accident||Sum assured under critical illness is paid and corresponding future premium ceases.||Plan continues for the remaining policy term and customer continues to pay reduced premium.|
Provides assistance to Life Assured, in the event of permanent/total disability due to an accident.
Provides a benefit to help cover medical and rehabilitation costs associated with Critical ailments.
A term plan is a specific type of life insurance policy that provides protection for a definite period of time or ‘term’. In the event of the unfortunate demise of the insured person during the specified term, the insurance company pays the beneficiaries of the insured a pre-determined sum of money. Term plans are the most economical plans of all life insurance policies as they provide life cover at cheaper premiums. These however do not provide any maturity benefits.
Level Term Insurance: Most common type where the premium amount and life cover remain constant throughout the term of the policy.
Increasing Term Insurance: The sum assured increases over time; as the life cover increases, it adjusts for inflation, so that the insured person is never underinsured.
Decreasing Term Insurance: The life cover decreases over time at a predetermined rate, with reductions in policy payout typically occurring monthly or annually.
Term Pans with Return of Premium: In this case the total premium amount, after applicable tax deductions, is refunded to the policyholder, if he/she outlives the term of the policy.
Research shows that Online term plans, on an average, are approximately 30% – 40% cheaper than offline term policies bought from an agent or through a broker. This is probably because of zero involvement of intermediaries in the process.
Added perks such as coverage of terminal illnesses and monthly income benefits
Cheaper than offline term plans
Availability of longer term periods of upto 75 years of age
Benefits of riders over and above the optional covers available
Easy & speedy purchase and renewals
Don’t go in for meagre policies –
Your sum assured must be at least 20-30% higher than the sum of all your potential expenses. Time value of money also needs to be accounted for. As the premium difference is not much, there is not point in being penny wise and pound foolish.
Increase in your Premium is not a bad sign –
An increase in premium indicates that you have moved to a high risk category. This is a not a bad thing because it means that the company anticipates a future outflow and is still offering to cover you.
Sooner the better –
A good insurance policy and an affordable premium; both are largely influenced by your age and general health.
Not past your retirement age –
Essentially, a term plan is for your family and the probability that they depend on you financially past this age is low. Since this is not exactly an investment, you need not spend on a term plan longer than absolutely necessary.
Be honest –
The worst thing you can do while buying an insurance is lying about your health, lifestyle or family history. Even if you are not caught in the beginning it will definitely surface when your family decides to claim, which means your family was under a misconception that they were protected.
For more details on the risk factors and the terms and conditions please read the sales brochure and/or sample policy document on our website carefully and/or consult our advisor before concluding the sale
Tax benefits are subject to change as per tax laws. Please consult your tax consultant on tax benefits
* Terms and Conditions Apply