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Savings Plan

Savings Plan for your Better Future!

Save Big for Your Future and Keep your Loved Ones Protected with Shriram Life Savings Plans starting at just ₹500 per month

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    Easy Claim Process
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FAQs on Shriram Life Savings Plans

Can I get the death or maturity benefit under Shriram Life Savings Plans as monthly regular earnings? 

You can receive the death or maturity benefit as a monthly regular earning under the income benefit option covered in selected Shriram Life Savings Plans. You can also select whether to receive the benefit in a lump sum, as regular earnings or partly in a lump sum and partly as regular earnings.

Can I pay the premiums for the Shriram Life Savings Plans after the due dates?

Under Shriram Life Savings Plans, policyholders who fail to pay their premiums on time are requested to pay them during the grace period provided after the due date expires. 

What will happen if my savings plan lapses due to non-payment of premiums?

If your Shriram Life Savings Plan lapses due to non-payment of premiums, you have the option to revive it within five years from the date of the first unpaid premium. Kindly pay the entire outstanding premium along with the interest rate approved by the IRDAI. Upon policy revival, all the benefits under the plan shall be restored. 

Can I use the benefit received under Shriram Life Savings Plans for my son's marriage?

The benefit received under Shriram Life Savings Plans can be used as the policy holder pleases. For example, you might use the benefit to meet long-term commitments such as your child's education or their marriage.

Can I receive the payout under Shriram Life Saving Plans partly in a lump sum and partly as earnings?

The policy holder can choose to get payouts under Shriram Life Saving Plans partly in a lump sum and partly in instalments.

How do I change my Shriram Life Savings Plan nominee?

You are free to change the nominee in your Shriram Life Savings Plan during the policy tenure. Kindly fill out and submit a nominee change request form on the Shriram Life Insurance website with an application letter as well as KYC documents of the nominee.

What will happen if I discontinue the premium payments for Shriram Life Savings Plans?

Discontinuation of policy payments can lead to a lapse in coverage. The plan will then act as a paid-up insurance policy with reduced benefits if a certain number of premiums have been paid. 

Can I buy the Shriram Life Savings Plans online?

Policyholders can buy certain Shriram Life Savings Plans online on the insurer's website.

What is the survival benefit offered under Shriram Life Savings Plans?

Survival benefit is the benefit paid in case the life insured survives up until the end of the policy tenure. This benefit is paid out periodically and as a fixed percentage of the sum assured.

What is the tax benefit on the premiums paid?

Premium payments are allowed as a deduction from your taxable income. The deduction limit is ₹1.5 lakhs and it is prescribed under Section 80C of the Income Tax Act. 

Disclaimer

For more details on risk factors, terms, and conditions please read the sales brochure carefully before concluding a sale.  

*Tax Benefits:  
Tax benefits are as per Income Tax Laws & are subject to change from time to time. Please consult your Tax advisor for details.  
You are eligible for Income Tax benefits/exemptions as per the applicable income tax laws in India, which are subject to change from time to time.

IRDAI Regn No: 128  
CIN No : U66010TG2005PLC045616 of the Company

The Trade Logo displayed above belongs to Shriram Value Services Limited (“SVS”) and used by Shriram Life Insurance Company Limited under a License agreement.”

BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS/FRADULENT OFFERS

  • IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.