Shriram Life New Money Back Term Plan
Shriram Life New Money Back Term Plan is a Non-Participating Term Plan with Return of Premiums on maturity. It is a Traditional Plan without Bonus facility.
Key Features
There are 4 additional riders possible in this plan for which the minimum age is 18 years and the minimum rider coverage is Rs 5000.
- Accident Benefit Rider
- Critical Illness Cover Rider
- All Causes Total and Permanent Disability Rider
- Family Income Benefit Rider
Benefits
In case of death of the Life Insured within the Policy Tenure, the nominee gets the Sum Assured as Death Benefit.
On survival till the end of the policy tenure, all basic premium paid, excluding additional premium, is returned to the policyholder as Maturity 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 and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
How it works
In this plan, premium needs to be paid throughout the policy tenure.
On survival till the end of the policy tenure, all basic premium paid, excluding additional premium, is returned to the policyholder as Maturity Benefit and the policy terminate. However, if the Life Insured dies within the Policy Tenure, the entire Sum Assured is paid to the nominee as Death Benefit and the policy terminates.
There are 4 additional riders possible in this plan. Accident Benefit Rider, Critical Illness Cover Rider, all Cause Total and Permanent Disability Rider and Family Income Benefit Rider.
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 2,00,000 | 20,00,000 |
| Policy Term (in years) |
10, 16, 20, 25
|
30 |
| Premium Payment Term (in years) | Equal to Policy Term | |
| Entry Age of Life Insured (in years) | 12 | 60 |
| Age at Maturity | 22 | 70 |
| Annualized Premium (in Rs.) | 3000 | No Limit |
| Payment modes |
Yearly, Half-Yearly, Quarterly and Monthly
|
|
FAQs
You stop paying the premium before 3 Policy YearsIf the policy holder stops paying the premium before 3 policy years, the policy lapses and all benefits cease. The policy can however be revived within 2 policy years from the due date of the first unpaid premium.
You stop paying the premium after 3 Policy YearsIf the policy holder stops paying the premium after 3 policy years, the policy does not lapse as it is converted to the Paid up Value. All benefits continue upto the extent of the reduced paid up sum assured. The policy can however be revived within 2 policy years from the due date of the first unpaid premium.
You want to surrender the policyThere are surrender benefits under this plan after completion of 3 years.
Guaranteed Surrender Value= (Policy Year of Surrender/Policy Term) * (Total Premiums paid, excluding extra premium and rider premium, if any)
You want a loan against your policyLoan facility is not available under this plan.
