Keep your loved ones safe with Shriram Life Family Protection Plan
When will a Health Insurance Policy for family lapse?
In case the premium is not paid before the end of the grace period, then a Health Insurance Policy for family will lapse and no benefits shall be payable under the policy.
What are the policyholder reviews of the Shriram Life Family Protection Plan?
The Shriram Life Family Protection Plan is considered one of the best life insurance policies in India for families. It has been positively reviewed by policyholders.
Are there any rebates available if I go for a higher sum insured under the Family Life Insurance Plan?
If you go for a higher sum insured under the Family Life Insurance Plan, then we provide you rebates on the insurance premium:
|Sum Assured Band (In ₹)||Rebate per ₹1,000 of Sum Assured|
|100,00,000 and above||0.55|
What will happen if I lose a Family Insurance Policy document?
In case you lose a Family Insurance Policy document, an indemnity bond duly notarised must be submitted. A processing fee of ₹100 and stamp duty of ₹0.2 per thousand 'sum assured' will be payable by the policyholder.
What is the free-look period under a Health Insurance Policy for family?
After receiving the documents for a Health Insurance Policy for family, you have 15 days to read through the terms and conditions. If you disagree with any of the terms and conditions, you have 15 days to return the policy by expressing your reason. This is referred to as the free-look period. Your cancellation request will be processed and you will receive a refund of the premium within 15 days of receiving the cancellation request.
Am I eligible for tax benefits under a Health Insurance Policy for family?
You are eligible for tax benefits under a Health Insurance Policy for family.
How long does Shriram Life take to issue payments under Family Life Insurance Plans?
Besides claims, there may be times when the company needs to make payments to policyholders under Family Life Insurance Plans. These circumstances include the following:
- Policy cancellation during free-look period
- Request for refund of proposal deposit
- Refund of outstanding proposal deposit
In the above cases, the payment will be made within 15 days from the receipt of the request for payment or receipt of the last necessary document. In case the company fails to do so, then it will be liable to pay a penal interest of 2 per cent above the bank rate. The interest will be paid from the date the request was made or receipt of the last necessary document, whichever is received sooner from the insured person or the claimant.