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Smart Protection Plan SP

Get Life protection with lower premiums and different coverage options Shriram Life Smart Protection Plan SP

Get Life protection with lower premiums and different coverage options Shriram Life Smart Protection Plan SP

  • Self
  • Spouse
  • Child
  • Grand Child
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FAQ's related to Shriram Life Smart Protection Plan SP

What happens if the insured person is still alive when the Shriram Life Smart Protection Plan SP is in effect?

If the insured person is still alive when the Shriram Life Smart Protection Plan SP is in effect, the death benefits ordered will lapse, as there are no maturity benefits for this plan. 

What is the maximum sum assured that I can receive as death sum assured under Shriram Life Smart Protection Plan SP?

The maximum sum assured that you can receive as death sum assured under Shriram Life Smart Protection Plan SP is ₹14,00,000. This is subject to the board-approved underwriting policy.

What coverage is suitable for me under Shriram Life Smart Protection Plan SP if I only want basic life coverage?

The Silver life cover will be suitable for you under Shriram Life Smart Protection Plan SP if you only want basic life coverage. This will give you life protection for the chosen term without accident or illness coverage.

What is the list of illnesses covered under the critical illness cover of Shriram Life Smart Protection Plan SP?

The list of illnesses covered under the critical illness cover of Shriram Life Smart Protection Plan SP is as follows:

  • Major organ or bone marrow transplant 
  • Open heart CABG
  • Stroke leading to permanent symptoms 
  • Cancer of specified severity
  • Kidney failure leading to regular dialysis 
  • First heart attack of specified severity

What is the maximum life protection (in years) will I get under Shriram Life Smart Protection Plan SP?

The maximum life protection (in years) that you will get under Shriram Life Smart Protection Plan SP is 14 years. You get extended life coverage while making low and single premium payments. 

How can I pay my Shriram Life Smart Protection Plan SP policy premium?

You can pay your Shriram Life Smart Protection Plan SP policy premium through online payment modes like credit or debit cards, BHIM UPI, or cash in any Shriram branch. Since this is a single-term payment, you don’t have to apply for e-NACH. 

What if I am diagnosed with a critical illness when I am covered with Diamond coverage of Shriram Life Smart Protection Plan SP?

If you are diagnosed with a critical illness under Diamond coverage of Shriram Life Smart Protection Plan SP, you will receive 25% of the sum assured in lump sum amount.

What is the surrender value offered in Shriram Life Smart Protection Plan SP?

The surrender value offered in Shriram Life Smart Protection Plan SP is a percentage of the single premium paid. Your surrender value will be calculated based on the following formula.

Surrender value = 80% single premium (outstanding term in months/total number of terms in months).

If I am 50 years old, what will be the minimum sum assured under Shriram Life Smart Protection Plan SP?

The minimum sum assured to you under Shriram Life Smart Protection Plan SP if you are above 40 years is ₹1,00,000. But you will get this benefit by making a very low premium payment.

What if a life insured passes away during the policy period of Shriram Life Smart Protection Plan SP after receiving 25% of critical illness cover?

If the life insured passes away during the policy period of Shriram Life Smart Protection Plan SP after receiving 25% of critical illness coverage, their nominee will receive the 75% of the death sum assured in a lump sum amount.

Disclaimer

For more details on risk factors, terms, and conditions please read the sales brochure carefully before concluding a sale.  

*Tax Benefits:  
Tax benefits are as per Income Tax Laws & are subject to change from time to time. Please consult your Tax advisor for details.  
You are eligible for Income Tax benefits/exemptions as per the applicable income tax laws in India, which are subject to change from time to time.

IRDAI Regn No: 128  
CIN No : U66010TG2005PLC045616 of the Company

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