Withdrawn Plan - Shriram Life Flexi Shield Plan(UIN – 128N098V01)
What is Shriram Life Flexi Shield Plan?
Shriram Life Flexi Shield Plan (UIN – 128N098V01) is a Promise of Security for You and Your Loved Ones
Life is unpredictable, but your family’s financial security doesn’t have to be. Shriram Life Flexi Shield is a comprehensive term 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, it empowers you to build a plan that fits your lifestyle and financial goals. Whether you are securing your family’s future, planning for unforeseen events, or seeking long-term financial security, it gives you the freedom to choose how you protect what matters most and ensures that your loved ones remain protected no matter what the future holds.
Features of Shriram Life Flexi Shield Plan
Comprehensive Protection - Coverage against Death, Critical Illnesses, Woman specific critical illnesses
Flexibility to choose from 4 plan variants based on your needs
Option to get cover for Whole of life.
Acceleration of 50% of base sum assured on diagnosis of terminal illness
Inbuilt waiver of premium on terminal Illness
Option to receive death benefit as lumpsum and/or instalments
Option to defer premium payment by up to 12 months with Auto Shield Option
Special exit option to receive 100% of your premiums paid under specific conditions.
Option to get your Total Premiums Paid back as Maturity benefit
Lower premium for Female lives
Instant claim pay out on claim intimation.
Enhance your protection through our comprehensive riders
Option to increase cover at chosen rates
Option to decrease cover at chosen rates, from chosen age
Option to increase cover at various Life stages with Life Goal option
Flexible policy term and premium payment options
Tax benefits as per prevailing tax laws
Key Benefits of Shriram Life Flexi Shield Plan
Benefits Under the Plan
Death Benefit:
In case of death of the life assured within the policy term, provided the policy is in force,
1. Shield/Cash Back Shield Options: “Death Sum Assured” is paid to the nominee and the policy terminates.
2. Life Stage Shield Option – “Death Sum Assured” is paid to the nominee and the policy terminates. The Death Sum Assured payable will correspond to the Sum Assured attained at the time of death, in accordance with the dynamic coverage pattern of the policy.
3. Smart Shield Option - Death Sum Assured” is paid to the nominee and the policy terminates.
The Death Sum Assured payable will be based on the composition of the Sum Assured applicable at the time of death, as outlined below:
• During the Initial Period (first 3 policy years or up to age 40, whichever is later):
The Death Benefit will be equal to the Life Cover Sum Assured (25% of Base Sum Assured) in case of natural death, or the combined amount of Life Cover Sum Assured and Accidental Death Benefit Sum Assured (100% of Base Sum Assured) in case of death due to an accident.
• Post Initial Period (after completion of 3 years or after age 40, whichever is later):
The Death Benefit will be equal to 100% of the Base Sum Assured, regardless of the cause of death, as the Life Cover Sum Assured transitions to full coverage and the Accidental Death Benefit ceases.
Death benefit payable, on death of the Life Assured, during the policy term after the date of commencement of risk, but before the stipulated Date of Maturity provided the policy is in-force shall be “Sum Assured on Death”.
For Regular premium and Limited premium payment policy, “Sum Assured on Death” is defined as the highest of:
• 10 times of Annualised Premium
• 105% of All Premiums Paid.
• Absolute amount assured to be paid on death.
For Single premium policy, “Sum Assured on Death” is defined as the higher of:
• 1.25 times of Single Premium
• 105% of All Premiums Paid.
• Absolute amount assured to be paid on death.
In case the life assured passes away after a valid claim has already been made under the “Early Payout on Terminal Illness” benefit, the Death Benefit will be reduced by the amount already paid under this terminal illness claim.
Settlement options
At the time of policy inception, the policyholder may choose how the Death Benefit is to be disbursed to the nominee - either as a lump sum payout or as a staggered benefit paid out over a pre-determined period. This flexibility allows you to structure the benefit to suit your family's financial needs.
Maturity Benefit
Shield/Life Stage Shield/Smart Shield Options – Not Applicable
Cash Back Shield – An amount equal to 100% of the Total Premiums Paid shall be payable at the end of policy term, provided the life assured survives till maturity and the policy is not terminated earlier..
Optional Benefits
Increasing Sum Assured
Sum Assured increases annually at 5% or 10% until age 50 or double the initial SA (whichever earlier).
Decreasing Sum Assured
Sum Assured reduces by 25% or 50% at selected retirement age (50–75).
Life Goal
Increase SA on key life events (marriage, birth of child, home loan, etc.).
Inbuilt Benefits
Accelerated Terminal Illness with waiver off premium
50% of Basic SA paid upfront if diagnosed with terminal illness. Future premiums waived off. Policy continues.
Instant Claim Payout
Partial death benefit paid within 1 working day of claim intimation. Balance paid after final assessment.
Auto Shield (Premium Holiday)
Defer premium payments for up to 12 months without lapse. Full coverage continues.
Special Exit
Cancel policy after 25 years and receive 100% of total premiums paid.
Staggered Benefit
Nominee receives death benefit as lump sum, instalments, or combination.
Additional Discounts
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 annualised 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.
Eligibility
| Parameters | Minimum | Maximum |
| Age at entry* | 18 years | Shield with increasing and decreasing Life Cover/Life Stage Shield : 45 years Other options:65 years |
| Age at maturity* | RP - 23 years LP - 33 years | 85 years & Whole Life: 100 years |
| Premium Payment Type | Regular Pay and Limited Pay | |
| Basic Sum Assured | Rs. 10,00,000 | No Limit subject to Board approved underwriting policy (BAUP) |
| Premium Payment Mode | Yearly/ Half- Yearly/ Quarterly/ Monthly | |
| Policy Term (in Years) | Regular Pay | Limited Pay | ||
| Minimum | Maximum | Minimum | Maximum | |
| 5 | 67 Whole Life: 82 | 15 | 67 Whole Life: 82 | |
| Premium Payment Term (in Years) | Regular Pay | Limited Pay | ||
| Minimum | Maximum | 10 | ||
| 5 | 67 Whole Life: 82 | |||
*Any reference to age is as on last birthday | The plan option can be selected only at inception of the policy | For PoS, the Basic Sum Assured shall be in multiples of INR 50,000
Riders
| Name | Description |
|---|---|
| Accident Benefit Rider (UIN 128B001V03) | In case of death or total and permanent disability due to an accident during the rider term, we will pay 100% of the rider sum assured. Also, if the life assured becomes totally and permanently disabled in an accident, we will waive off all the future premiums under the policy. |
| Family Income Benefit Rider (UIN 128B002V03) | In the event of accidental death or if the life assured becomes totally and permanently disabled due to an accident within the rider term, 1% of the rider sum assured is payable every month immediately from the end of the month of accident for a guaranteed period of 10 years or till the end of the rider term whichever is higher. |
| Shriram Extra Insurance Cover Rider – (UIN 128B009V03) | In case of death of the life assured during the rider cover term, the sum assured under the rider will be paid to the nominee(s) or beneficiary (ies). |
| Shriram Critical Illness Plus Rider (UIN 128B016V02) | If you are diagnosed to be suffering from any of the 24 specified Critical Illnesses, we will pay 100% of the rider Sum Assured on survival to 30 days following the date of the first instance of confirmed diagnosis. |
| Shriram Life Critical Illness Woman Rider (UIN 128B032V01) | The critical illness woman rider ensures financial security tailored to women’s health needs. |
