Group Life Insurance Plans

To reach its business goals and to create a niche for itself, every organization needs a hard working and efficient set of employees. However, to get them give their best for the company, it is pivotal to take care of their requirements as well. An effective way to offer financial and health securities to employees and their families, an organization's greatest assets, is by offering a suitable life insurance to them.

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Shri Sahay (AP)

Shri Sahay-AP is an Annual Premium Group Insurance Plan that will give life cover for socially weaker sections of population. "Socially Weaker Section"© includes self employed workers such as agricultural laborers, bidi workers, carpenters etc. and persons who live below the poverty line. The premium is payable annually and life cover will be available throughout the policy term.
Plan Details



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Shriram Life Group Superannuation Plan

Shriram Life Group Superannuation Plan a non linked non participating variable fund based plan which can be taken by you to manage pension fund for your employees. The account can be maintained at an individual member level or at Master Policyholder level.
Plan Details



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Shri Sahay (SP)

Shri Sahay is a Micro Insurance plan that will give life cover for socially weaker section. "Socially Weaker Section" includes self employed workers such as agricultural laborers, bidi workers, carpenters etc. and persons who live below the poverty line. The premium is payable only once but life cover will be avaliable throughout the policy term.
Plan Details



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Group Life Protector (SP)

Shriram Group Life Protector Plan (UIN 128N044V01) a non-linked, non-participating group life insurance plan that provides protection in case of unfortunate death of the insured member of the group.
Plan Details

Group Life Insurance Plans:

To reach its business goals and to create a niche for itself, every organization needs a hard working and efficient set of employees. However, to get them give their best for the company, it is pivotal to take care of their requirements as well. An effective way to offer financial and health securities to employees and their families, an organization's greatest assets, is by offering a suitable life insurance to them.

Group Life Insurance Plans are the type of insurance that provides cover to a group of individuals under a single contract. In these insurance plans, which are usually offered under the employee benefit package, the primary policy owner is the employer. Here, entire premium or in some case, the major part of it, is paid by the employer or the company. Group Insurance plans are renewed on yearly basis and offer coverage, either equal or one or two times of the salary of the employee/group member.

Types of Group Insurance plans:

Primarily, group Insurance plans are divided into types - Group Term Insurance based products and Fund Management based products.

Group Term Life Insurance: This type of group insurance plan offers a large corpus to the beneficiary, in case of insured member's death during the covered period. This plan is usually offered for a period of one year that is renewed every year. The premiums to be paid are fixed based on various factors such as deaths in organization and the average range of employees' ages.

Group Gratuity Plan: This type of plan comes under the fund management group insurance. Under Group Gratuity Plans, employees receive gratuity when they retire from their post or resign from the organization after completing a minimum of 5 years of service.

Group Investment Linked Insurance Plan: This plan offers benefits of both investment and protection plans to the group members. It offers the option of market linked investments too and thus can be referred to as group unit linked plans as well.

Group Leave Encashment Scheme: Under this scheme, the employer can fund Leave encashment liability which are payable to the employees. These plans can be both linked as well non-linked in nature.

Group Critical Illness Rider: Along with the group insurance plan, this rider, if opted separately, offers financial support in case of any medical emergency or critical illnesses.

Group Mortgage Redemption Assurance Scheme: This plan offers a life cover for those employees who have taken a loan.

Eligible Groups for group Insurance Plans: For a group insurance policy there needs to be a group of people who are together for a common reason or under a same organization. Groups of individuals who can be covered under a this type of insurance policy can be categorized in following types:

  • Employer- Employee Group
  • Creditor- Debtor Groups
  • Professional Groups
  • Miscellaneous Groups

Why Group Life Insurance Plans:

  • Offers financial stability to the employees or members of group or union
  • One of the crucial ways of retaining efficient employees in the organization
  • Offers insurance at comparatively lower rates, allowing people at large, to secure their life financially Helps employers and groups in meeting their statutory obligations
  • Cost effective: The cost is much lower for group insurance when compared to the similar insurance plans, if taken individually.
  • Tax benefits: Offers tax benefits for the employers as well as to the employee in some cases Offers cover to even those employees or group members who are uninsurable under individual insurance plans

Things to be careful of:

One thing that every policyholder should be aware of is that the group insurance plan ceases to exist once you leave the organization or the group. It is effective only until the termination of your employment and until the stipulated tenure of the plan. If interested, the employee can get it transferred as an individual insurance plan. However, the coverage premiums tend to be higher than the premiums of the same kind of individual policy.

The manager of the group or association, who is given the master policy, is required to disclose administrative or any other kind of charges that are above the premiums charged by the insurance company and are being collected by the company from the employees.

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