Insurance Plans 287 views November 28, 2019

Sriram Life Insurance Term Plan

Future is always unpredictable. Therefore, it becomes necessary to protect ourselves and our family from any unanticipated circumstances. Therefore, a robust insurance plan is always important to cope up with emergency situations. We will talk about term insurance plans in detail in the article below. There are many top life insurance companies in India which provide term insurance plans. However, one needs to be very cautious in choosing the best term insurance plan and policy in India. Shriram Life Insurance Term Plan is considered to be India’s best term insurance policy in India. Let’s find out step by step the followings:

Term Insurance

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  1. How to find the best insurance plan in India
  2. What to consider before buying term insurance?
  3. What are Term Insurance Plans?
  4. Why choose Shriram term insurance plans?

How to find the best insurance plan in India

To find out the best insurance plan in India, the following points must be kept in mind.

  1. Research Online: Always visit the official site of the insurance company.
  2. Prudent Comparison: Compare life insurance plans which will suit your requirement.
  3. Understanding the features: It’s imperative to understand the basic features of the plans.
  4. Select the Plan: Choose the best suitable insurance plan and have a detailed analysis of the plan which includes the amount, coverage, the terms and conditions and the last but not the least, the exclusions.
  5. Go for it: Apply for the plan that you have chosen by filling the correct and accurate details as required in the forms and pay the premium accordingly.

What to consider before applying for Term Insurance in India?

  1. Trustworthiness: It is of utmost important to check the credibility of the insurance company before finalizing the plan.
  2. Claim Settlement Ratio: This ratio indicates the number of settlements that the company processed per 100 claims. So, a higher Claim Settlement Ratio would definitely mean that the company is transparent and dependable.
  3. Reasonable Premium: Plans with higher coverage with an affordable premium should be the “mantra” to proceed further.
  4. Choices: Several choices are available that will help one to choose accordingly.
  5. Solvency Ratio: A very critical aspect to understand whether the insurance company is capable enough to meet the entitlements without becoming insolvent.
  6. Hassle-free and top-class service: A vital point to consider as servicing the customers without hassle is the key to building a business and bring success.

What are Term Insurance Plans?

A Term Insurance Plan is considered to be a Life Insurance Plan which offers an all-inclusive financial coverage in lieu of premium paid to the beneficiary or the recipient of the policy for a definite period. In case of the unfortunate death of the insured individual during the stated term, the beneficiaries are being paid a predetermined amount of money.

Term plans are the utmost cost-effective and reasonable plans amongst all life insurance policies which gives a full cover at an affordable premium. Buying a Term Plan at a young age helps to build a good corpus which will help in the future. Point to note here is that there are no maturity benefits available under term plans.

Why choose Shriram Life Insurance Term Plan?

Shriram Life Insurance company of India provides various Life Insurance plans namely, Endowment Plans, Unit Linked Plans (ULIPs), Pension Plans, Money Back Plan, however, when we talk about Terms Insurance Plans, Shriram life Terms Insurance plans stand out amongst all the types of term insurance plans in India, currently available. Let’s see how.

Low and affordable premiums:

Shriram provides term insurance plans with the least premium which in turn helps the common people to afford the same without any burden.

Various Plans available:

The company understands the need for the mass to have a wide range of choices that need to be made available in the market. And hence, the below types of Term Insurance Plans which the company offers namely and are the best term insurance plan in India.

  1. Shriram Life Level Term Insurance Plan: The name itself implies where the amount of premium paid and the life coverage stays fixed during the policy term.
  2. Shriram Life Increasing Term Insurance Plan: To fight against inflation and to keep the insured amount safe and protected, with the rise in life cover the sum assured rises with time.
  3. Shriram Life Decreasing Term Insurance Plan: Here typically the life cover comes down over a period of time a prearranged proportion together with a decrease in paying out the policy either monthly or yearly.
  4. Shriram Life Term Plans with Return of Premium: Post the relevant tax deductions, the total amount of the premium is being reimbursed to the policyholder if the person outlasts the term of the policy.
  5. Shriram Life My Spouse Term Plan: The Plan offers a much lesser premium rate to the women. It provides a life coverage till 75 years with much-advanced protection. The company offers a privileged rate of premium for maintaining a good and healthy life.

Online Term Insurance Plans:

Shriram Life Online Term Plans are very easy and helps the common man to avoid the brokerage and charges of an agent. It provides a very low-priced premium amount example: Rs 7343 annually to get a cover of Rs 1 Crore. The plan offers a life cover till 75 years. Improved and advanced protection with the options for a complete and all-inclusive cover. With a higher sum assured, a good discount is also offered by the company.

There are 6 types of online term insurance plans namely:

  1. Shriram Life Comprehensive Cancer Care Plan
  2. Shriram Life Genius Assured Benefit Plan
  3. Shriram Life Assured Income Plus Plan
  4. Shriram Life Online Term Plan
  5. Shriram Life Growth Plus Plan
  6. Shriram Life Assured Advantage Plus Plan

Critical Illness Rider:

The company provides critical illness rider at a much cheaper rate which helps to cover the additional expenses with respect to medicinal and rehabilitation expenses which are there in case of critical illnesses.

Top #3 things-to-know about Shriram Life Insurance Term Plan

A very simple claim process: The company provides a very simple and hassle-free term insurance claim process which makes the life of a nominee easier in handling the claims thereby providing faster financial security to self and family.

Trained Professionals: The Company has highly trained professionals who help the insured in the nest possible way with their expert knowledge.

Freelook period: A definite period offered by the company to refund the amount; in case the insured person is not happy with the policy after purchasing the same.

How Buying Term Insurance Plan Will Make Family Safe?

The primary motive of buying a Term Insurance is to provide strong financial protection to the family in case of any unforeseen circumstances. This protection can help the family in numerous ways like mentioned below:

1). Monetary Safety and Security: There are many costs or expenses which are a must to run a family. For example, the cost of education/ higher education, cost of daily expenses, cost of medicines due to ill-health, loan repayment etc.

2). Flexibility – Various offline and online plans are available in the market which makes it easier to choose. The plans can be changed and tailored as per the need of the insured person.

Why buy Term Insurance online?

Following are the reasons which are important to note why to buy Online Insurance Term Plans.

  1. Low Premium
  2. Sum Assured
  3. Assessment
  4. Dependability & Consistency
  5. Online Portal

Pros and Cons of Term Life Insurance Policy

There are certain advantages and disadvantages of Term Life Insurance Policy. First, even though the premiums are much lower, it only gives death benefit. Secondly, it’s a good option for a definite period. Third, a term life policy is very simple, but as soon as the term ends it stops the coverage and one has to buy another policy. Last, a term life policy can be cancelled easily, however with old age then it becomes a bit difficult to protect term life insurance.

Conclusion

From the above article, we can conclude that a good insurer Like Shriram Life Insurance Company not only provides financial security but also keeps in mind the various requirements of the people at every stage of an insurance plan. This makes life much easier and fear of unforeseen incidents is reduced to lead a happy and stress-free life.

FAQs

What are the documents needed to buy term insurance plans?

The documents needed to term insurance plans from Shriram Life Insurance are:

  1. Proof of Identity
  2. Proof of Address
  3. Proof of Income
  4. Other Documents (if required by the insurer)

Do term insurance plans also offer joint policies for spouses?

Yes, the top insurance companies do provide the joint policies for spouses and so does Shriram Life.

Do I need to buy term insurance even if I am not married?

It would definitely be an added advantage to buy term insurance even if you are not married, as the coverage will help in future.

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