Better Coverage, Flexible Payouts and Easy Purchase with Shriram Life Online Term Plan
Premium Components of Shriram Life Online Term Plan
The premium of the Shriram Life Online Term Plan is calculated after considering the different coverage details that you have selected and your mortality risk. It consists of different components which are as follows:Risk Premium Component
Risk Premium Component
The Shriram Life Online Term Plan is a protection-oriented term plan that covers the risk of a premature demise. A risk premium is charged for this coverage.
Inbuilt Cover Premium Component
The Shriram Life Online Term Plan gives two additional inbuilt coverage features. One is the terminal illness cover wherein the plan benefit is paid on diagnosis of a terminal illness. The other is the premium waiver cover which is allowed on accidental total and permanent disability. For these inbuilt covers, an additional premium is charged under the plan.
Optional Cover Component
The Shriram Life Online Term Plan also provides two optional covers that you can add to your base policy. These covers, if selected, incur additional premiums. The available covers are as follows -
- Accident Death Benefit
If the life insured passes away in an accident during the policy tenure, the optional cover pays an additional benefit in a lump sum.
- Critical Illness
There are 23 illnesses covered under this benefit. If the life insured suffers from any of the covered illnesses during the policy tenure, the critical illness benefit is paid in a lump sum.
Rating Component for Female Lives
The Shriram Life Online Term Plan gives lower premiums for female lives. Females are rated down 3 years on their age in premium calculation. This rating down reduces the premium outgo.
Premium rebates are also provided if you choose a high sum assured. The rebate reduces the premium rates and is also an important component of premium calculation.