Shriram Life Insurance Term Plans

Shriram Life Insurance Term Plans

Shriram Life Insurance Company (SLIC) is a joint venture between the Shriram Group and Sanlam – a leading financial services group based in Cape Town, South Africa. Started in the year 2006, the company has assets worth Rs 6261 crores under management during their previous financial year. With multiple insurance offerings in savings, protection, retirement, micro insurance, ULIP, etc., SLIC has more than one crore customers across India.

Term insurance plans offered by Shriram Life Insurance

  • Shriram Life Smart Protection Plan: A pure term insurance plan that ensures financial security to your family members during unfortunate events of life by providing coverage at an affordable premium. You can enhance the protection by choosing any of the below options: 
  • 1) Silver Option: Life Cover, 

    2) Gold Option: Life Cover with in-built Accidental Death Benefit and, 

    3) Diamond Option: Life Cover with in-built Critical Illness Benefit. 

    With the sum assured of min Rs 1 lakh and a maximum of Rs 14 lakhs and the facility to choose the policy term from 10 to 30 years, the plan provides life cover and optional Accidental benefit or Critical Illness Cover.

  • Shriram Life Smart Protection Plan SP: A single premium plan with the same features as the Life Smart Protection plan. One can choose to pay a single premium and opt for coverage of 6 to 10 years with a sum assured of Rs 3,00,000 (for ages 40 years and below) or Rs 1,00,000 (for ages above 40 years).
  • Shriram Life My Spouse Term Plan: This is a joint life term plan that provides life protection for both husband and wife while providing compensation on death of the life assured to the nominee and continues with the coverage of the second life assured. The death benefit payout can be chosen between a lump sum, periodic, or both. With sum assured from Rs 25 lakhs to Rs 10 crores and the possibility to enhance the protection with terminal illness cover, critical illness cover, or accidental death benefit, this is the best plan for married couples.
  • Shriram Life Cash Back Term: It is a term insurance plan that provides insurance cover at affordable rates but returns all the premiums paid in case of survival of the life assured until the end of the policy term. There are optional riders such as Accident Benefit Rider, Family Income Benefit Rider, and Shriram Critical Illness Cover Rider available for extra protection.
  • Shriram Life Family Protection: The plan aims to provide financial protection to the family in case of the insured’s demise during the policy term with two death benefit options: 
    1) Lump sum and 
    2) 50% lump sum life cover and remaining 50% in five equal annual installments. 
  • Corona Rakshak Policy: This policy is exclusively launched as a fixed benefit COVID-19 plan, which means it shall provide a lump sum benefit in case the insured person is diagnosed with COVID-19 and hospitalized for a continuous period of 72 hours. The policy term can be chosen between 3.5 months, 6.5 months, or 9.5 months with a sum assured of Rs 50,000 to Rs 2,50,000. There are no maturity or death benefits under this plan.

Why choose Shriram Life Insurance Term Plans?

  • Shriram Life Insurance Term plans can be easily availed online.
  • You get the flexibility to opt from various base options and optional covers.
  • The term plans offer life cover up to the age of 75 years
  • Women policyholders can enjoy lower premium rates.
  • Rebates in premium are offered for those opting for high sum assured.
  • Tax Benefits are applicable according to the Income Tax laws.


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