Shriram Life Family Protection Plan

What is the Plan all About?

Shriram Life Family Protection Plan is a non-participating & non-linked insurance plan. This plan ensures financial protection of the family, in case of the unfortunate event of your death. The death benefit is paid via two options as 100% lump sum or 50% in lump sum and the remaining amount in installments.

Key Features

Get comprehensive life cover at reasonable premiums
Multiple payout options to suit your family’s financial needs
Avail premium rebates upon choosing high sum assured

What are the Plan Benefits?

Death Benefit

In case of death of the life insured during the policy term, Death Sum Assured will be paid to the nominee/beneficiary.

Lump Sum Option: If the policyholder chooses the lump sum option, 100% Death Sum Assured will be paid as lump sum and the policy will then be terminated.
Lump Sum + Equal Annual Installments: If the policyholder chooses Installment option, 50% of the Death Sum Assured will be paid as lump sum immediately on death of the life insured and the remaining amount is paid annually in 5 equal installments (starting post 1 year from date of death of the life insured). The policy will then be terminated after payment of last annual installment.

Who can Buy the Plan?

Factor	Minimum	Maximum
Age (as on last birthday)	18 Years	60 Years
Age at Maturity	-	75 Years
Policy Tenure	10 Years	25 Years
Premium Paying Term	Same As Policy Term Years	-
Premium Paying Mode	Monthly & Annually Only	-
Sum Assured	15 Lacs	5 Crores (subject To Underwriting)
Maturity Proceeds	Nil	-

Is any Rider Available with this Plan?

There is no rider available with this plan.

Tax Benefit

The premium payment under the plan is eligible for tax benefits as per Section 80C of the Income Tax Act and the policy proceeds are also entitled for tax benefits as per Section 10 (10D) of the Income Tax Act.

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