About the Plan
Shriram Life Sujana (UIN: 128N086V01) is a non-linked and non-participating group credit life micro insurance product. The product aims to provide financial security to the families of members of groups having lender-borrower relationship, in case of death.
How It Works
Any lending organization like Micro Finance Institution (MFI), Self-Help Group (SHG), Co-operative Banks, Non-Government Organizations (NGO) can be a master policyholder.
On receipt of an application with the details of members of group to be covered along with the full premium and if the same is accepted by the Company, the master policy is issued by the Company to the master policyholder.
The cover shall reflect the pattern of the loan schedule.
The insurance cover shall not exceed the loan amount granted/loan outstanding at the time of proposal.
The policy term shall be equal to the loan tenure/outstanding loan tenure as applicable.
The product offers cover on the following basis – Single life, Joint Life and Multiple Borrowers
Plan available in 3 types of premium paying terms – Single, Regular and Limited
Plan offers cover in 3 options –
Level cover, Annually Reducing cover and Monthly Reducing cover
Discounting in premium available for Joint life and Multiple life cover; based on age
- No maturity benefit is available
- Level Cover: Insurance cover chosen at inception
- Annual Reducing Cover: Insurance cover as applicable in the year of death
- Monthly Reducing Cover: Insurance cover as applicable in the year of death
- Regular Premium – Nil
- Single Premium: 75% *Single Premium*(1-t/T)*(Current cover amount/ Initial cover amount)
- Limited Premium: 70%*Total Premiums paid*(Npaid / Npayable-t/T)*(Current cover amount/ Initial cover amount)
6 Mths to 5 Yrs
Regular and Limited
Premium paying term
- Single: Single
- Limited: 2 years
- Regular: 5 years
As per the maximum sum assured
Regular and Limited
Rs. 750 per annum per member
For more details on the risk factors and the terms and conditions please read the sales brochure and/ or sample policy document on our website carefully, and/ or consult our advisor before concluding the sale.
Tax benefits are subject to change as per tax laws. Please consult your tax consultant on tax benefits.
Read the policy document here