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Shriram Life New Money Back Term Plan
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This plan has been withdrawn by the insurance company and is no longer available for sale.
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.
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.
COMPARE THIS PLAN WITH OTHER TERM PLANS
Key Features of Shriram Life New Money Back Term Insurance Policy
It is a Term Plan with Return of Premium Option
The plan can be taken for a high range of people from 12-60 years
The basic premiums paid till date are paid back to the policyholder on policy maturity as Maturity Benefit
Upon death of the Life Insured within the policy tenure, the Sum Assured is paid to the nominee as Death Benefit
There are 4 additional riders possible in this plan- Accident Benefit Rider, Critical Illness Cover Rider, All Causes Total and Permanent Disability Rider and Family Income Benefit Rider
Benefits you get from Shriram Life New Money Back Term Insurance Plan
Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets the Sum Assured as Death Benefit.
Maturity 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.
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 and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
Eligibility conditions & other restrictions in Shriram Life New Money Back Term Plan
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 PT
Entry Age of Life Insured (in years)
12
60
Age at Maturity (in years)
22
70
Annualized Premium (in Rs.)
3,000
No Limit
Payment modes
Monthly, Quarterly, Half-Yearly and Yearly
Additional Features and Benefits of Shriram Life New Money Back Term Plan
Riders – 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.
You stop paying the premium before 3 Policy Years - If 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 Years - If 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 policy – There 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 policy – Loan facility is not available under this plan.
