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Shriram Life Money Back Term Insurance Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 

Shriram Life Money Back Term Insurance Plan


Shriram Money Back Term Plan is a Term Plan with Return of Premium option on maturity. It is a Traditional Plan without Bonus facility.


In this plan, premium needs to be paid till the end of the policy tenure. If the Life Insured dies within the Policy Tenure, then the Sum Assured would be immediately paid to the nominee along with all basic premiums paid till death as Death Benefit. However, if the Life Insured survives the entire policy tenure, then the premiums paid would be returned as Maturity Benefit.


This plan has 3 additional riders to enhance coverage.

 

 

Key Features of Shriram Life Money Back Term Insurance Plan

 

  • It is a Term Insurance Policy with Death Benefit and Maturity Benefit
  • The Sum Assured along with all basic premiums paid till date will be paid as Death Benefit if the Life Insured dies within the Policy Tenure
  • When the policy matures, the premiums paid would be returned as Maturity Benefit
  • There are 3 additional rider benefits of Accident Benefit Rider, Critical Illness Cover Rider and All Cause Total and Permanent Disability Rider
  • This plan offers the policyholder to convert the policy to a Whole Life Assurance on the 5th last policy anniversary, corresponding to the specified term, without any evidence of health
  • This plan offers a premium rebate for Large Sum Assured
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Benefits you get from Shriram Life Money Back Term Insurance Policy


Death Benefit – In case of death of the Life Insured, the nominee gets the Sum Assured under the plan along with all premiums paid till date.


Maturity Benefit – All basic premiums paid till date are returned as Maturity Benefit when the policy matures.


Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C.

 

 

Eligibility conditions and other restrictions in Shriram Money Back Term Plan

 

 

Minimum

Maximum

Sum Assured (in Rs.)

2,00,000

20,00,000

Policy Term (in years)

10

47

Premium Payment Term (in years)

Equal to Policy Term

Entry Age of Policyholder (in years)

18

50

Age at Maturity (in years)

-

65

Single Premium (in Rs.)

11570

No Limit

Annual Premium (in Rs.)

5000

No Limit

Payment modes

Single, Yearly, Half-yearly, Quarterly and Monthly

 

 

Additional Features and Benefits of Shriram Life Money Back Term Insurance Policy

 

Riders –There are 3 additional riders are available in this policy

  1. Accident Benefit Rider
  2. Critical Illness Cover Rider
  3. All Cause Total and Permanent Disability Rider

 

 

What happens if?

 

You stop paying the premium - If the policy holder stops paying the premium, then the policy would lapse and all benefits would cease to exist. You can re-instate the policy within 2 years of lapsation by paying up all due premiums with interest.

 

You want to surrender the policy – There are Surrender Benefits under this plan provided at least 3 years’ premiums have been paid. Surrender Benefits are also available to those who have applied for the Conversion Option.

 

You want a loan against your policy – Loan facility is not available under this policy.

 

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