Quick Overview
Most people hesitate before buying term insurance for one simple reason: "What if nothing happens to me? I will lose all the money I paid."
It is a fair concern, one that the Shriram Life Cash Back Term Plan aims to address.
You buy a term plan, pay your premiums for the chosen policy term, and if you survive that period, you get back every rupee you paid as the base premium. Your family is also fully covered during the entire term, so if something does happen to you, they get the full death benefit.
In this review, we walk you through what the plan covers, its key features, eligibility and premium details, how to file a claim, and whether this plan makes sense for you.
What Is the Shriram Life Cash Back Term Plan?
Shriram Life Insurance Company Limited is a joint venture between the Shriram Group and Sanlam, a South African financial services company. The company was established in 2005.
The Cash Back Term Plan (UIN: 128N045V04) is a non-linked, non-participating product. Let us break down what that actually means for you:
- Non-linked: Your plan has nothing to do with the stock market. Your benefits do not go up or down based on market performance.
- Non-participating: You do not receive any bonuses. What is promised at the start is what you get.
In simple terms, you pay premiums, and your family is covered if you pass away. If you survive the full term, all your base premiums come right back to you.
Key Features, Plan Options & Benefits
Optional Riders (Add-On Covers)
Three riders are available at an extra premium:
- Accident Benefit Rider: Pays an additional lump sum if the insured dies or suffers permanent total disability due to an accident. Future premiums are also waived in case of disability.
- Family Income Benefit Rider: Similar accident and disability coverage, but the benefit is paid as monthly installments rather than a lump sum.
- Critical Illness Plus Rider: Pays 100% of the rider sum assured if the insured is diagnosed with any of 24 listed critical illnesses and survives at least 30 days after diagnosis.
Premium Details, Eligibility & How to Buy
Premiums are calculated based on your age, gender, sum assured, policy term, and premium paying term. Since a portion of your premium funds is allocated to the maturity benefit (the return of premiums), this plan costs more than a pure term plan offering the same coverage.
Eligibility at a Glance
How to Buy
You can apply online from their official website in four steps:
- Enter your details
- Verify your mobile number
- Choose your premium details
- Complete the purchase
The plan can also be bought offline at any Shriram Life branch.
For more Shriram Life Insurance policy details, download the Shriram Life Cash Back Term Plan brochure directly from the official website.
Claim Process & Is This the Right Term Plan for You?
How to File a Claim
You can initiate a claim online through Shriram Life’s Claim Center.
- Visit the Claim Center and click “Intimate Claim.”
- Select the claim type and choose death from the dropdown.
- Fill in the insured person’s details and the death event details. The product page also says doctor details may be asked where relevant.
- Enter the claimant’s personal and bank details.
- Upload the required documents, such as the death certificate, claim forms A, B, C, and E as applicable, hospital or medical records where relevant, proof of relationship, the original policy bond, and bank proof.
- For accidental or unnatural death, Shriram may also ask for the FIR, post-mortem report, final police investigation report, and a newspaper clipping if available.
- Submit the claim online and track the status updates.
For death claims, contacting the nearest Shriram Life Insurance branch as soon as possible is recommended to expedite processing.
Is This the Right Plan for You?
Why Choose Ditto for Term Insurance?
At Ditto, we’ve assisted over 8,00,000 customers with choosing the right insurance policy. Why customers like Vijay below love us:
- No-Spam & No Salesmen
- Rated 4.9/5 on Google Reviews by 15,000+ happy customers
- Backed by Zerodha
- Dedicated Claim Support Team
- 100% Free Consultation
Confused about the right term insurance? Speak to Ditto’s certified advisors for free, unbiased guidance. Book your call or WhatsApp us now, slots fill up fast!
Conclusion
The Shriram Life Cash Back Term Plan is a solid product for buyers who want the peace of mind that comes with some guaranteed return. But if we talk about the insurer, they operate on a very small scale (₹1,764 crore in annual business volume, average in FY 2022-25, compared to the industry average of ₹17,459 crore). Here are the actionable steps we suggest:
- Get a quote for the Cash Back Term Plan for your age and desired sum assured.
- Compare it side by side with a pure term plan offering the same cover.
- Calculate the premium difference and what that amount would grow to in a mutual fund or Fixed Deposit (FD) over the same period.
Consider this plan only if you specifically want a guaranteed premium return and are comfortable paying more for that feature. If your priority is maximum life cover at the lowest cost, a pure term plan will usually be the better fit. Check out our guide on the best term insurance plans in India.
Disclaimer: Shriram Life Insurance is not a partner insurer of Ditto. All the data for the article has been taken from publicly available sources, the insurer’s website, and policy documents.
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