Shriram Life Flexi Shield Plan - FAQ's

It is a customizable, non-linked, non-participating term insurance plan that offers life cover along with multiple in-built benefits. It provides multiple plan options to suit different life stages.

Flexi shield is a comprehensive plan that is designed to adapt to your unique needs at every stage of life. With a range of flexible coverage options, customizable features, and multiple rider benefits.

Shield: This is a basic term cover that provides pure life insurance protection with no survival benefit.
Cash Back Shield: This variant provides life cover and returns 100% of the premiums paid if you survive the term.
Life Stage Shield: This option provides dynamic coverage that increases during earning years and it is reduces post-retirement age, making it ideal for evolving responsibilities.
Smart Shield: This variant combines a high accidental death benefit (75% of Sum Assured) in the early years and transitions to full life cover in later years. This split gives higher protection during early working years.

No, The plan option must be chosen at inception only and cannot be altered anytime during the policy term.

For Shield, Cash Back Shield and Life Stage Shield options: 

The Death Benefit is defined as the highest of the following: 

• 10 times of Annualized Premium; or

• Sum assured on Death 

For Smart Shield Option:

During the Initial Period (first 3 policy years or until the life assured attains age 50, whichever is later): 

In the case of death other than accident, the “Death Benefit” is defined as the highest of: 

• 10 times of Annualized Premium 

• 25% of Basic Sum assured 

the case of death due to an accident, the “Death Benefit” is defined as the highest of: 

• 10 times of Annualized Premium 

• 100% of Basic Sum assured 

After Initial Period (after completion of 3 years or after age 50, whichever is later): 

In the case of death, the “Death Benefit” is defined as the highest of: 

• 10 times of Annualized Premium 

• 100% of Basic Sum assured 

However, the death benefit shall be at least 105% of total premiums paid up to the date of death

The plan has following in-built options;
i. Accelerated Terminal Illness with waiver off premium
50% of Basic SA paid upfront if diagnosed with terminal illness. Future premiums waived off. Policy continues.
ii. Instant Claim Payout
Partial death benefit paid within 1 working day of claim intimation. Balance paid after final assessment.
iii. Auto Shield (Premium Holiday)
Defer premium payments for up to 12 months without lapse. Full coverage continues.
iv. Special Exit
Cancel policy after 25 years and receive 100% of total premiums paid.
v. Staggered Benefit
Nominee receives death benefit as lump sum, instalments, or combination.

The plan has following optional benefits;
i. Increasing Sum Assured
Sum Assured increases annually at 5% or 10% until age 50 or double the initial SA (whichever earlier).
ii. Decreasing Sum Assured
Sum Assured reduces by 25% or 50% at selected retirement age (50–75).
iii. Life Goal
Increase SA on key life events (marriage, birth of child, home loan, etc.).

Yes, you can choose between a lump sum or a staggered payout (monthly or annual) over 5 or 10 years.

Only the Cash Back Shield variant has the maturity benefit. If you survive till end of the policy term, 100% of the premiums paid (excluding extra, rider, and loadings) will be paid.

Auto Debit Booster
For each payment through NACH mode, policyholders will be eligible to receive 1% of premium as the discount i.e. each premium paid through NACH will be 99% of the original annualized premium. Policyholders will not be eligible for this discount if premiums paid through non-NACH mode even after successful NACH registration due to any reason.
Female Discount 
The Premium rates applicable to female life will be based on the premium rate of 3 years younger male.

Yes, you can choose from Regular Pay, or Limited Pay options. Premiums can be paid yearly, half-yearly, quarterly, or monthly.

Yes, alteration of the premium payment frequency is allowed during the policy term.

If a premium is not paid within the grace period, the policy will lapse. It can be revived within five years by providing proof of insurability and paying all due payments with interest

The grace period is 30 days for yearly, half-yearly, and quarterly premium payment modes, and 15 days for the monthly mode.

No, loans are not available under this plan.

Your policy cancellation value gets acquired immediately upon payment of Premiums for at least 1 full year and after completion of first policy year in case of LP. In all other cases, the Policy lapses on Premium discontinuance without any value.
Policy cancellation value (if acquired) shall be payable:
•    Upon death of the Life Assured during revival period, or 
•    At the end of the Revival Period if the Policy is not revived

Yes they are 4 optional riders to choose from