Shriram Life Online Term Plan Review 2026

Shriram Life Online Term Plan

Shriram Life's direct-to-customer term plan. What sets it apart is the payout shape: as well as a lump sum, it offers a monthly income option that pays 1% of the sum assured every month, and a combination that pays part as a lump sum with 0.5% monthly on top. The income runs from the month of death to the end of the term, with a floor of ten years.

Read from Shriram Life Insurance Company Limited's own policy wording and prospectus. Last checked against those documents on 26 July 2026. The wording you are issued is the contract.

01The detail

Online Term Plan in one table

Claim settlement ratio

98.2%FY 2024–25

Meets the recommended 93%

Complaints per 10,000 claims

13.43

Above the recommended limit of 10

Insurer	Shriram Life Insurance Company Limited
Sum insured	Set at purchase, subject to the insurer's underwriting.
Entry age	18 to 55 years on the lump-sum option. 18 to 45 years on the monthly income and lump sum plus monthly income options.
Cover runs to	Up to 75 years on the lump-sum option. 65 years on the two monthly income options.

Claim settlement and complaint figures are IRDAI-published and held centrally by nyvo, not taken from the insurer's marketing.

02Cover

What Online Term Plan does, and what it does not

Term insurance is a narrow product, so the useful question is not how this plan scores against a benchmark but what it pays for and what it leaves out. Both lists come from Shriram Life's own documents.

What this plan does

01Three payout shapes lump sum, monthly income, or a combination of both

02Monthly income pays 1% of the sum assured each month, for at least 10 years

03Bought online, direct from the insurer

What it does not do

01Maturity benefit nothing is paid if you survive the term

03Exclusions

Online Term Plan exclusions: what the plan will not pay for

Every policy carries exclusions, and they are the clauses people read for the first time at claim stage. These are the ones worth knowing before you buy.

Not coveredIndicative, not exhaustive. Your policy wording is the contract.

01Suicide within 12 months of policy commencement or revival the payout is limited to a return of premiums, per the standard clause. Read the policy wording for the exact percentage.

04The honest bit

Where Online Term Plan falls short

No plan is right for everyone, and a page that only lists strengths is not much use to you. These are the gaps we would raise on a call before recommending it.

Worth knowing before you buyNone of these are dealbreakers on their own. They are the trade-offs this plan asks you to accept.

01The monthly income option looks generous but it is the same money spread thin. 1% of the sum assured monthly over ten years returns 120% of cover in nominal terms, with no allowance for what inflation does to a fixed payment over a decade. A lump sum your family invests themselves is usually the stronger choice.

02Shriram Life draws 13.43 complaints per 10,000, averaged over 2022-25 – well above the best in class, though far short of the worst.

03Its settlement ratio of 98.2% is at the lower end of the life market, where most insurers now sit between 98.5% and 99.6%.

04No maturity benefit. Survive the term and nothing comes back.

05FAQs

Online Term Plan questions, answered

How much cover does Online Term Plan offer?

Set at purchase, subject to the insurer's underwriting.

Who can buy Online Term Plan?

Entry to Online Term Plan runs from 18 to 55 years on the lump-sum option, and from 18 to 45 on the two monthly income options. Cover can run to age 75 on the lump-sum option, or 65 with monthly income. What you are actually offered still depends on your income, health and any cover you already hold.

What does Online Term Plan not cover?

Like every term plan, Online Term Plan excludes suicide within 12 months of policy commencement or revival – the payout is limited to a return of premiums, per the standard clause. Read the policy wording for the exact percentage. The policy wording you are issued is the contract.

06Source documents