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.
The things that decide it
Online Term Plan in one table
| Insurer | Shriram Life Insurance Company Limited |
|---|---|
| Sum insured | Set at purchase, subject to the insurer's underwriting. |
Claim settlement and complaint figures are IRDAI-published and held centrally by NYVO, not taken from the insurer's marketing.
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 - it is what it pays for and what it leaves out. Both lists come from Shriram Life's own documents.
- Three payout shapes - lump sum, monthly income, or a combination of both
- Monthly income pays 1% of the sum assured each month, for at least 10 years
- Bought online, direct from the insurer
- Maturity benefit - nothing is paid if you survive the term
What this 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 covered
Indicative, not exhaustive. Your policy wording is the contract.
- 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.
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 buy
None of these are dealbreakers on their own. They are the trade-offs this plan asks you to accept.
- The 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.
- Shriram Life draws 13.43 complaints on the owner's 2022-25 table - well above the best in class, though far short of the worst.
- Its 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%.
- No maturity benefit. Survive the term and nothing comes back.
Read it from the insurer
We summarise. The policy wording is the contract, and it is the only document that settles a dispute. These links go to the insurer's own pages.
Is Online Term Plan the right plan for you?
A salaried, IRDAI-certified NYVO advisor will look at what you already have, tell you where this plan fits and where it does not. Free, and with no obligation to buy.
Book a free call →NYVO is an IRDAI Registered Corporate Agent (Composite), licence number CA1085. This page is general information about a product, not personal insurance advice. Plan terms are summarised from the insurer's documents – the policy wording governs.
