Shriram Term Insurance

term insurance
Protect your loved ones against death, disability and Illness
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 Life is unpredictable and to deal with such uncertainties, you need to get your financial planning right. To have a secured future you need to protect your family from any unforeseen circumstances that may come up. Shriram Life Insurance Company helps you to keep up with your responsibilities towards your family and loved ones and has specially designed term plans to cater to your needs. 

 Shriram Life Insurance Company started its operations in 2006 after being incorporated in 2005 with the Sanlam group. The Sanlam group holds a stake of 23% in the Shriram Life Insurance Company Limited.  The company is now headquartered in Chennai and the group has 2600 branches and over 60000 employees. Shriram life has a network of over 455 offices spread all over the country. The main objective of the company has been to reach out to the common man of India offering cost-effective products and services without compromising on their quality. Their products are customised keeping in mind the needs of the average Indian and this thoughtfulness towards the grassroots levels has made them one of the preferred choices for their customers.

Term Plan and its Types:

A Term Insurance is typically a policy to provide coverage for a specific period of time or ‘term’. According to the policy, in case of untimely/ unexpected death of the insured, the beneficiaries get the payout of the sum insured by the company. Most of these plans do not have any maturity benefits. However, they are the most cost-effective plans as they provide life cover at the cheapest rate of premiums among all life insurance products. The types of term Insurance plans which exist in the market are:

Level Term Insurance policies have the same life cover and the same premium amount throughout the term.

Increasing and Decreasing Term Insurance: In the former plan, the sum insured increases with the life cover to adjust with inflation. It thus ensures that the insured person is adequately covered at all times. For the latter policy, the cover for life decreases with time, with the decrease in policy payout either monthly or annually, at a rate that is predetermined. 

Term plans with Return of Premium: In these kinds of plans, the total premium amount is paid back to the policyholder after deduction of taxes, in case the insured outlives the term.

Popular Shriram Term Insurance Plans:

Shriram Life has a bouquet of term plans which offers a cover for life in lieu of a premium payment over a fixed period of time. In case of the untimely demise of the insured, the beneficiary gets the payment of the sum insured.

  1. Shriram Life Growth Plus Online Term Plan: 

As the name suggests, Shriram Life Growth Plus Online Term Plan is available only online and can be purchased at any point in time from anywhere. This is one of the most affordable options in term plans as far as the premiums are concerned. Shriram Life Online Term Plan is among the most flexible plans with a wide range of Base options and Optional Covers to choose from. This plan has three options available to choose from. They are:

  1. Lump-Sum Option
    In case of the sudden death of the insured or in case of diagnosis of a terminal disease, a lump payout of the sum insured is done by the company in this option. The payment of the lump sum amount is paid immediately to the beneficiary/family, at the time of claim settlement.
  2. Monthly Income Option
    In this option, a fixed monthly payout is made to the beneficiary to the tune of 1% of the sum assured in case of sudden death or diagnosis of a terminal illness of the insured. The beneficiary or family gets the monthly payment from the month of death of the insured till the term of the policy comes to an end or at least for 10 years whichever is later.
  3. Lump-Sum Payment plus Monthly Income Option
    According to the terms of this option, 50% of the sum assured is paid out as a lump sum amount on the death or diagnosis of a terminal illness. The remaining 50% of the sum assured is given as monthly payment to the tune of 0.5% of the sum assured per month to the beneficiary.

Features of the Shriram Life Growth Plus Online Term Plan:

  1. High Sum Assured Discount: 
    Shriram Life offers a discount in premium for plans with a high sum assured. This is a unique feature of such term plans.
  2. Complete Protection
    Shriram Life Online Term plan provides comprehensive coverage and ensures complete peace of mind. You can choose an optional cover in order to enhance your protection as per your requirement. The following Optional Covers are available to make this plan a comprehensive one:
  3. Accidental Death Benefit: 
    According to this additional cover, an additional lump sum amount equal to the sum assured is made by the company in case of accidental death of the insured person. This amount is over and above the base option/ sum assured of the policy. The plan terminates after the pay outpost any such incident.
  4. Critical illness: 
    According to this additional cover, a lump sum amount equal to the Sum Assured is paid to the insured person, in case of being diagnosed with a critical illness. In this plan, the Base option continues without any disruption.
  5. Low Rates of Premium for Women
    This plan offers a lower rate of premium for women. Women get a 3 years setback on rates in this plan.
  6. Variable premium
    The premium of the plan varies depending on the choice of options availed by the policyholder.
  7. Protection for a Long Term: 
    Shriram Life offers long term protection for life till the age of 75 years.

Eligibility Criteria

CriteriaLump-Sum OptionMonthly Income Option / Lump Sum + Monthly Income Option 
Entry Age

Min. 18 years

Max. 55 years

Min. 18 years

Max. 45 years

Maturity Age

Min. 28 years

Max. 75 years

Min.  38 years

Max. 65 years

Policy Term

Min. 10 years

Max. 57 years

Min. 20 years

Max. 47 years

Sum Assured

Min. INR 25 lakhs

Max. INR10 Crore

Min. INR 25 lakhs

Max. INR 10 Crore

Critical Illness Cover

Min. 5 lakhs

Max. 20% of Sum Assured subject to a limit of INR 20 lakhs

Min. 5 lakhs

Max. 20% of Sum Assured subject to a limit of INR 20 lakhs

Accidental Death Benefit Cover

Min. INR 10 lakhs

Max. 100% of Sum Assured subject to a limit of INR 1 Crore

Min. INR 10 lakhs

Max. 100% of Sum Assured subject to a limit of INR 1 Crore

Premium Payment ModeMonthly, Quarterly, Half-Yearly, AnnuallyMonthly, Quarterly, Half-Yearly, Annually
Minimum Premium AmountINR 1695 p.a.INR 1695 p.a.
  1. Shriram Life Cash Back Term Plan:

Shriram Life Cash Back Term Plan is a plan which gives back the total premium paid over the period of the term, at maturity. This plan ideally has maturity benefits and unlike other Term plans promises to pay back the premium amount in case the policyholder/ insured person outlives the term of the plans.

Features of Shriram Life Cash Back Term Plan: 

  1. High Death Benefits:
    Death benefits payable to the beneficiary of the plan would be 10 times more than the total amount paid as premium for the plan over the total tenure when the insured is less than 45 years of age. In case the insured person is 45 years or more in age, then the death benefit would be 7 times more than the total premium paid by the policyholder during the tenure of the term. Death Sum Assured payout is 105% of the total of all premiums paid until death.
  2. Discount on advance premium: 
    If the policyholder pays the premiums in advance, then he is given a discount on the premium paid by him.
  3. Additional Riders: 
    This plan can be made to be a comprehensive cover plan by choosing the various riders which are available along with this plan. There are namely three riders which come with this plan. They are:
    1. Accident Benefit Rider: 
      In case of accidental death of the insured life, an additional amount of Sum Assured is paid to the beneficiary according to this rider. Also, in case the insured is partially or totally disabled in an accident, then the future premiums are waived off, yet the benefits of the policy continue for the insured.
    2. Family Income Benefit Rider: 
      The family receives a monthly payment of 1% of the Sum Assured, in case the insured is totally or partially disabled owing to an accident, for the total tenure of the policy or for 10years, whichever is later.
    3. Critical Illness Cover Rider: 
      A lump-sum payment is made to the insured, in case of diagnosis of a critical illness as listed under this rider during the tenure of the plan.

Eligibility Criteria

CriteriaCash Back Term Option
Entry Age

Min. 12 years

Max. 50 years

Maturity Age

Min. 17 years

Max. 70 years

Policy Term

Min. 10 years

Max. 25 years

Sum Assured 

Min. INR 2 lakhs

Max. INR 20 lakhs

Premium Payment Term

Min. 5 years

Max. 25 years

Premium Payment ModeMonthly, Quarterly, Half-Yearly, Annually
Minimum Premium AmountINR 3000 p.a.

Shriram Life also provides the following Group Term Insurance Plans:

  1. Group Term Life Insurance Plan
  2. Shriram Group Life Term Insurance in lieu of EDLI

Benefits of buying Shriram Term Insurance Plans:

The Shriram Life Term Plans offer a bunch of benefits which makes it stand out among the rest of the other term plans. The benefits of buying Shriram Online Term plans are as follows:

  1. Wide Range of Critical Illness Cover

Shriram Life Term Plans gives a cover for a list of 23 critical illnesses. This really helps to have a vast range of cover for the diagnosis of any such critical illness. This is an optional cover that can be availed by the policyholder on payment of additional premium payment. In case the insured is diagnosed with any of the 23 critical illnesses listed by Shriram Life, then the sum assured for critical illness (minimum amount of INR 5 lakhs and a maximum of 20% of the Sum Assured with a cap at INR 20 lakhs) is paid to the insured, upfront and further premium payment for Critical illness cover ceases to be paid. However, the premium and the conditions for the rest of the plan remain unchanged.

  1. High Limit of Cover:

The maximum limit of cover is very high with a cap at INR 10 crores in Shriram Life Term Plan options. This helps you to customise your plan to the optimum level of coverage as is suited to you.

  1. Long Period of Cover:

Shriram Life Term Plan offers coverage till the age of 75 years, which keeps you protected for a long period of time and thus covers your family protected from any untoward incident that might befall them.

  1. Additional Riders:

Shriram Life Term Plans offer additional riders other than the optional covers provided by the plans. These riders, like the family income benefit, help to expand the coverage of the policy for the insured.

  1. Low and Affordable Premium rates:

The Term Plans at Shriram Life come at an affordable rate of premium and are cost-effective since the benefits of the plans can be maximised at a minimum amount of premium. 

  1. Convenient Modes of Premium Payment:

At Shriram Life, not only are the premiums lower than that of the other similar products in the market but also can be paid at one’s convenience. The mode of premium payment for the Shriram Life Term plans can be made on a monthly, quarterly, half-yearly or annual basis depending on your convenience.

  1. Easy and seamless procedure for Premium payment:

Payment of premium is extremely easy as it can be directly paid online. No agent or agency needs to be involved in the payment of your premium. 

  1. Tax Exemption:

Shriram Life Term Plans provide tax exemption under Section 80C of the Income Tax Act up to a limit of INR 1.5 lakhs per annum. Hence, the purchase of Shriram Life Term plans will extend tax rebate and financial support to the bread earners of the family.

What is Covered By Shriram Life Term Insurance?

Shriram Life Term Insurance Plans extends financial cover to the policyholder or the insured person and his/her family to protect the family in the sudden absence of the policyholder / insured. Let us take a sneak peek at what is covered by Shriram Life Term Insurance Plans.

  1. Death Claim Benefits: 
    In case of the sudden demise of the insured person, Shriram Life Term Insurance Plan pays the amount of sum assured to the beneficiary/nominee of the plan. The payout is made as per the choice made by the policyholder while purchasing the plan either as a lump-sum payment or a monthly payout option to the family. The base plan options are paid out in case of a death claim and the plan terminates.
  2. Accidental Death Benefit (Optional): 
    As per the Accidental death benefit by the policyholder, an additional amount of the sum assured is paid out to the nominee of the plan in addition to the sum assured of the base plan in case of the sudden death of the insured by way of an accident. In such cases, the death benefit claim(base option sum assured) along with the additional sum assured (accidental death benefit) is paid by the company to the nominee of the plan. The plan terminates once the claim is settled.
  3. Accidental Disability (Total or Partial) Benefit: 
    According to this benefit, in case the insured suffers a total or partial disability owing to an accident, then the future premiums for the plan are all waived off by the company. However, the plan and its benefits continue for the rest of the term of the policy.
  4. Terminal Illness Benefit: 
    In case the insured is diagnosed with a terminal disease, the sum assured according to the base option is paid out to the beneficiary which may be used for further treatment for the insured or to take care of the financial burden which can be faced by the family in case of the absence of the insured. The plan terminates once the payout is made to the beneficiary.
  5. Critical Illness Benefit (Optional): 
    In case the insured is diagnosed with any of the 23 diseases which has been listed by the company as a critical illness, then an additional sum assured under critical illness is paid out to the beneficiary of the plan. A further payment of premiums for critical illness ceases. However, the base plan and its premium continue along with other opted riders for the remaining term.
  6. Survival Benefit Option: 
    In some term plans of Shriram Life, there are maturity benefits. In case the insured person survives the term of the plan, the total premium amount excluding the tax, or any extra premium for any rider is paid back to the policyholder at the end of the term.

What is Not Covered By Shriram Life Term Plans?

There are certain exclusions that are not covered by any of the policies of Shriram Term Life Insurance Plans. No claims will be honoured in case of accidental deaths arising out of any of the following exclusions as mentioned in the policy document of the plan. The exclusions are:

  1. Death owing to suicide or self-inflicted injury irrespective of the sanity of the insured
  2. Death owing to involvement in any illegal or criminal activity
  3. Death due to participation in any hazardous/adventurous sports activity or hobby
  4. Death due to driving or involvement in any activity under the intoxication of alcohol or banned drugs
  5. Death owing to a war situation, terrorism, civil war, riot, etc.
  6. Death owing to involvement in activities relating to nuclear weapons.
  7. In the case of terminal diseases, infection owing to the Human Immunodeficiency Virus(HIV) or conditions due to Acquired Immune Deficiency Syndrome (AIDS) are excluded for any claims.
  8. Attempted suicide in the first year from the date of commencement of the risk or revival of policy is excluded for a terminal illness benefit claim.

The above exclusions are strictly adhered to by the company at the time of claim settlement. No exceptions are made to honour claims in case of the above-mentioned exclusions.

How To Apply For Shriram Life Term Insurance

Shriram Life guarantees a five-step policy issuance for its term plans. The issuance and renewal of the policies are extremely easy and customer friendly. Let us take a closer look at the 5 steps of policy purchase and issuance.

Step 1: 
The Base option needs to be selected from the array of products that are extended by Shriram Life. For this, you need to visit the website of Shriram Life at www.shriramlife.com. You can select any one option from all the options available online.

Step 2: 
Once the base option is finalised, you can choose the optional cover. You can either choose anyone, both or none of the optional covers from the options of the accidental death benefit and/or the critical illness benefit.

Step 3: 
At this step, you need to get a quote or calculate your premium depending on your need for coverage under each benefit. The premium of your policy depends upon your age, the sum assured you need, the kind of lifestyle you follow and other parameters. 

Step 4: 
The proposal form needs to be filled diligently. You are expected to fill-up the form with the correct data to the best of your knowledge. Once the form is duly filled, the premium payment needs to be made online as per the mode of payment chosen by you.

Step 5: 
You need to undergo medical tests if required. The team from Shriram Life term Insurance will get in touch with you if such a need arises and will ensure a smooth process for the issuance of your policy.

You may get in touch with the toll-free Online Customer Care Helpline Number 1800-3000-6116 / 1800-103-7401, at any step, in case you need to do so.

Things you Should Know Before You Purchase Shriram Life Term Plans

There are certain things that you should be aware of before you purchase a term plan. They are:

  1. A substantial Sum Assured: 
    You must choose a plan with a sum assured which is at least 20 to 30% higher than your total expenses. There is no point in going for a meagre sum assured of your term plan
  2. Purchase the policy at a young age: 
    The younger your age the possibility of sound health is higher and thus the amount of premium is lower for the maximum benefit of the policy. Hence you should make haste in getting your term plan.
  3. Term Plans are not essentiality beyond your retirement age: 
    It is not a requirement to spend on term insurance beyond your age of retirement as it is not exactly a mode of investment.
  4. You should be absolutely honest about your health conditions, age and other relevant details while purchasing the policy lest your family should face difficulty at the time of claim settlement.

Claim Process for Shriram Life Term Insurance Plans:

In case the need arises for placing a claim, you neither need to call the toll-free Online Customer care Helpline no. 1800-3000-6116 or email at claimsupport@shriramlife.in. The claim support team will assist you in getting the claim settled at the earliest.

 Documents that you need to submit in order to expedite your claims are:

Duly Filled claim form by the nominee along with:

For Natural Death: Death Certificate issued by the authority, statement of the claimant

For Unnatural Death: Death Certificate issued by the authority, FIR, Certificate issued by the medical practitioner, Post Mortem report, Final investigation report by the police.

For Terminal Illness: The terminal illness certified by two individual doctors, specialised in treating such diseases.

Once the documents are submitted and verified by the company to their satisfaction, the claim is processed and settled at the earliest.

Contact Details of Shriram Life Term Insurance :

Website: https://www.shriramlife.com

Registered Office Address: Shriram Life Insurance Company Limited

                                              Ramky Selenium, Plot no. 31 & 32, Beside 

                                               Andhra Bank Training Centre, Financial District,

                                               Gachibowli, Hyderabad, 

                                                Telangana 500032.

Email Id: customercare@shriramlife.in

Toll-free Contact Nos. 1800-3000-6116 / 1800-103-6116 

Phone Nos. +91-40-2300-9400

Review of Shriram Life Term Insurance Plans:

Shriram Life Insurance Company Limited has grown to be a close associate with the common man of India as it is their mission to reach the homes of the average Indian and to cater to their needs by extending financial protection to their families. The term plans offered by Shriram Life have become popular in the market owing to their cost-effectiveness and pocket-friendly options which provide optimum protection to an average Indian household. The steps buying and renewing options of the policy follow very simple and hassle-free steps which can be followed from the comfort of your homes. They provide additional covers and riders along with their base option policies which make their plans even more attractive and customisable for the customers.

Frequently Asked Questions
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