Shriram Life Family Protection

Shriram Life Family Protection

SHRIRAM LIFE FAMILY PROTECTION PLAN
Shriram Life Family Protection Plan is a non-linked non-participating term insurance plan. This plan caters to the needs of people who want to protect their families in case of untimely death.

KEY FEATURES

1. Premium rebates for high sum assured.

2. Life insurance cover at affordable premium rates.

KEY BENEFITS

Maturity Benefits

In case of survival of the Life Assured up to a specified period or till the end of the policy term no benefits are payable.

Death Benefits#

If the Life Assured dies during the policy term, provided the policy is in force, "Death Sum Assured" as mentioned in the policy will be paid to the nominee or beneficiary as per the option chosen by the policy holder.

Lump sum option:

In case of death of the life assured during the policy term, provided the policy is in force, "Death sum assured" will be paid to nominee(s) or beneficiary(ies) if the policyholder opts for lump sum benefit option and the policy will be terminated.

Installment option:

In case of death of the life assured during the policy term, provided the policy is in force, 50% of death sum assured will be paid immediately in lump sum to nominee(s) or beneficiary(ies) and the remaining 50% of death sum assured will be paid in 5 equal annual installments starting after one year from the date of death of the policy holder. The policy will be terminated after payment of last annual installment.

Death sum assured - is defined as the amount which is the highest of:

1. 10 times the annualized premium&.
2. Basic Sum assured
3. 105% of All premiums paid till the date of death