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Shriram Life Group Traditional Employee Benefits Plan
What is Shriram Life Group Traditional Employee Benefits Plan?
Shriram Life Group Traditional Employee Benefits Plan (UIN: 128N054V02) is a non-linked, non-participating group savings insurance plan. It is similar to the gratuity and leave encashment that is provided to employees by their employers.
- You can buy the Shriram Life Group Traditional Employee Benefits Plan online
- Receive a capital assurance on the fund under management
- Enjoy a minimum interest rate of 0.1% a year for the entire term of the policy
- Both the employee and employer can enjoy tax benefits
- This is a good option for all employers who do not have a scheme at present, as well as those who are looking for a switchover, and those who want more than one insurer
- Get assured earnings plus tax benefits under the Shriram Life Group Traditional Employee Benefits Plan
Policy Type
Employee Benefits Plans
Policy Tenure
Annually renewable
Mode
Yearly
Minimum Premium Payments
₹1,00,000 per policy
Maturity Age
76 years
Minimum Group Size
10 employees
Features and Benefits of Shriram Life Group Traditional Employee Benefits Plan
Affordable Premium
The cover amount for the plan is fixed at ₹1,000 per member.
Rider Benefits
A benefit payable on a specified event under the rider and allowed as an add-on benefit.
Interest Earnings
A minimum non-zero positive interest rate of 0.1% a year for the entire term of the policy
Regular interest rate declared annually
Simple Eligibility Criteria
Any organisation with 10 employees can buy this plan.
Easy claim and grievance process
The claim process is hassle-free.
How to Claim for Shriram Life Group Traditional Employee Benefits Plan
You can submit death claims, disability claims, cancer care claims and critical Illness claims for your Shriram Life Group Traditional Employee Benefits Plan online on our website by following simple steps provided below.
Step 01
Come to the claim center, select intimate claim Button
Step 02
Choose in the dropdown Request Type - death
Step 03
Fill the details of insurer, death event, details of doctor who declared death (Doctor -Non mandatory)
Step 04
Fill the personal and bank details of claimants and upload the documents
Documents to be uploaded
- Death certificate issued by Local Body/Municipal Body
- Nominee bank passbook
- Postmortem report
- Claim form B
- Claim form A
- Policy Document
- Hospital Summary/Hospital records
- Nominee ID proof (ID proof /address Proof)
- FIR/ Panchnama/ Inquest Report and final investigation report
- Upload Signature of claimant
- Copy of driving license if Life Assured was driving the vehicle at the time of accident (applicable if Rider is opted)
- NEFT mandate form
- Claims form C and E wherever applicable
Eligibility and Required Documents for Shriram Life Group Traditional Employee Benefits Plan
| Who is Eligible? | Both the employers and the employees of organisations |
|---|---|
| Minimum Group Size | 10 employees |
| Minimum Age of Entry | 14 years |
| Maximum Age of Entry | 75 years |
| Maximum Exit Age | 76 years |
What does the Shriram Life Group Traditional Employee Benefits Plan cover?
Shriram Life Group Traditional Employee Benefits Plan is for all employers, whether or not already covered. In case of the demise of a member, the group policyholder gets an amount to be able to pay employee benefits as per the scheme rules. This amount will be debited from the policy account subject to the maximum available in the policy account and life insurance cover of ₹1,000.
Download Documents for Shriram Life Group Traditional Employee Benefit Plan
You can easily find all policy-related documents online. Visit www.shriramlife.com. Go to the download section on the policy page and download the policy document, brochure and presentation.
Employers and employees are eligible members of the Shriram Life Group Traditional Employee Benefits Plan.
FAQs
What are the types of group employee benefit plans?
There are many types of group insurance plans such as Group Term Life Insurance, Group Travel Insurance, Group Personal Accident Insurance and Group Health Insurance.
What is applicable under group insurance?
Group insurance covers several participants in the same product. For example, it provides the same level of insurance coverage to all members of a group.
What is the basic principle of employee group insurance?
Employee group insurance provides coverage to many people under one contract. It is known as the single master contract or master policy.
What other benefits do I get by buying the Shriram Life Group Traditional Employee Benefits Plan?
The Shriram Life Group Traditional Employee Benefits Plan comes with many benefits – an easy online application process, quick reach to customer support, a dedicated grievance redressal cell, an online premium calculator and the facility to pay the premium via net banking, credit card or debit card.
Why should I buy the Group Traditional Employee Benefit Plan from Shriram Life Insurance?
Shriram Life Insurance has many years of valuable experience in the insurance industry and has over 528 branches across India. We have more than 14 million satisfied policyholders at present.
Testimonials
What our customers say about us
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