Shriram Life New Group Gratuity

Shriram Life New Group Gratuity (UIN: 128L043V01) a unit linked, non-participating group insurance plan that offers a comprehensive solution to fund the gratuity liability in a cost-effective manner and also avail applicable tax benefits.

KEY FEATURES

  • Absolute transparency.

  • Choice of unit linked funds.

  • Switching option between the funds.

  • Premium redirection.

  • Optional life insurance cover.

  • Assistance with annual actuarial valuation of the Gratuity liabilities.

KEY BENEFITS

Insurance Benefits

The insurance benefits shall be paid within one month of receipt of the valid claim forms from the policyholder to the nominee directly by SLIC. However, the policyholder shall be required to assist SLIC in reaching and payment of benefits to the nominee.

Death Benefits

Lump sum life insurance cover opted along with the gratuity benefit as per the Group policy holder’s scheme rules shall be payable in the event of death of the member. The gratuity payment liability of Shriram Life is limited to the policy holder’s fund value.

Payment of gratuity benefits :

The gratuity benefits shall be paid out of the policyholders’ unit fund as and when the policyholder requests for payment.

ELIGIBILITY

ENTRY AGE

Minimum

14 Yrs

Maximum

74 Yrs

(As on last birthday)

Maturity AGE

Maximum

75 Yrs

(As on last birthday)

Cover

Minimum

Rs. 1,000 Per Employee

minimum group size

  • 20 Employees

policy term

1 Yr

(Annually Renewable)

Premium payment mode

  • Yearly
  • Half-yearly
  • Monthly
  • Quarterly

RIDERS (Add Ons)

No riders available.

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Disclaimer

  • For more details on the risk factors, terms and conditions please read the sales brochure and/or sample policy document on our website carefully and/or consult our advisor.

  • Tax benefits are subject to change as per tax laws. Please consult your tax consultant on tax benefits.

Read the policy document here

Read the brochure here