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Shriram Life Smart Protection Plan Pemium Components
The premium payments under the Shriram Life Smart Protection Plan can be divided into the following components:
Insurance Cover
This portion of the premium goes towards financially protecting the family in case of the unexpected demise of the insured person. The silver option of the Shriram Life Smart Protection Plan comes with a life cover.
Risk Coverage
Each policy holder's life has different dangers and risks involved. And as a result, the premium fee amount is calculated by the insurer based on these dangers. Age and health-related factors can affect your level of risk.
Sum Assured
If the life assured passes away while the policy is in effect, the beneficiary will receive the amount assured as a death benefit. The primary benefit of this plan is the death benefit.
Critical Illness Cover
This portion of the premium goes towards both unexpected demise and unexpected demise due to any specified critical illness. If demise occurs first, the death sum assured will be paid to the nominees or the beneficiaries. However, if a critical illness is diagnosed first, then the critical illness benefit of 25% of the sum assured will be paid immediately. The policy will continue for the life cover only till the end of the policy tenure. Upon the demise of the insured person during the rest of the policy tenure, the death sum assured minus the critical illness benefit already paid will be paid and the policy will be terminated. The diamond option of the Shriram Life Smart Protection Plan comes with a life cover along with a critical illness cover. The critical illnesses covered include the following:
- Cancer of a specified severity
- Myocardial infarction
- Open-chest coronary artery bypass graft (CABG)
- Kidney failure requiring regular dialysis
- Stroke resulting in permanent symptoms
- Major organ/bone marrow transplant
Accidental Death Cover
This portion of the premium goes towards both unexpected demise and unexpected demise due to an accident. In case of unexpected demise, the death sum assured will be paid to the nominees or the beneficiaries. However, in case of demise due to an accident, in addition to the death sum assured, an additional benefit equal to the death sum assured will be paid. The gold option of the Shriram Life Smart Protection Plan comes with a life cover along with an accidental death cover.
Disclaimers
- Diamond option is not applicable for POS
- provided all the premiums are paid and the policy is in force.
# Risk cover starts from the date of commencement of policy for all lives including minors. In case of a minor life, the policy will vest on the Life Assured on the attainment of age 18 years.
All ages mentioned above are age last birthday.
The minimum premium amounts are exclusive of taxes and levies as applicable.
For more details on risk factors, terms and conditions, please read the Product Prospectus carefully and/or consult Financial Consultant before taking a decision.
Please refer to the Product Prospectus for complete details of the product
IRDAI Regn No. 128
CIN: U66010TG2005PLC045616
For more details on risk factors, terms and conditions, please read the sales prospectus carefully before concluding a sale.
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT 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.
The Trade Logo displayed above belongs to Shriram Value Services Limited (“SVS”) and used by Shriram Life Insurance Company Limited under a License agreement.”
ARN - SLIC/Elec/July 2024/84
