Shriram Life Family Protection Plan

Death Benefit If the life assured dies during the policy term, “Death Sum Assured” as mentioned below will be paid to the nominee(s) or beneficiary (ies) as per the option chosen by the policyholder.

Lump sum option

In case of death of the life assured during the policy term, provided the policy is in force, “Death sum assured” will be paid to nominee(s) or beneficiary (ies), if the policyholder opts for lump sum benefit option and the policy will be terminated.

Installment option

In case of death of the life assured during the policy term, provided the policy is in force, then 50% of “Death sum assured” will be paid immediately in lump sum to nominee(s) or beneficiary (ies) and the remaining 50% of “Death sum assured” will be paid in

a) 5 equal annual instalments

  or

b) 60 equal Monthly Instalments.

Installments will start from one year after the date of death of the policyholder. The policy will be terminated after payment of last instalment.

Death sum assured — is defined as the amount which is the highest of:

• 10 times the annualized premium^&.
• Basic Sum assured
• 105% of All premiums paid till the date of death