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
There are 3 additional riders are available in this policy
- Accident Benefit Rider
- Critical Illness Cover Rider
- All Cause Total and Permanent Disability Rider
Benefits
In case of death of the Life Insured, the nominee gets the Sum Assured under the plan along with all premiums paid till date.
All basic premiums paid till date are returned as Maturity Benefit when the policy matures.
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
| 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 | - | 65 |
| Single Premium (in Rs.) | 11570 | No Limit |
| Annual Premium (in Rs.) | 5000 | No Limit |
| Payment modes |
Yearly, Half-Yearly, Quarterly and Monthly
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FAQs
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.
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.
Loan facility is not available under this policy.
