Shriram Group Term Life Insurance Surrender
Shriram Group Term Life Insurance surrender value is an amount which you receive from the insurance company in case you want to terminate your policy before maturity. Usually for a regular premium policy, you can get surrender value if you have paid Shriram Group Term Life Insurance Premium for three continuous years. Surrender value is also known as cash surrender value or cash value.
Shriram Group Term Life Insurance Bonus
Shriram Group Term Life Insurance bonus is an additional or extra sum given to a policyholder. When an insurance company makes profits then it shares the profits in the form of bonus with the life insured. Insurance policy bonus includes terminal bonus, reversionary bonus, interim bonus etc. Bonus, if available, can also be considered as one of the Shriram Group Term Life Insurance benefits. No bonus is provided for this insurance plan.
Reversionary bonus is the one that is based on performance of the insurance policy. You'll get terminal bonus upon termination i.e. maturity of the policy. Dates of terminal bonus are usually announced by the insurance company. If the maturity date of your policy lies within two terminal bonus dates then in its stead, you get an interim bonus.