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


Maturity Benefits

  • No maturity benefit is available

Death Benefits

  • 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
Apart from the benefit mentioned above, the plan offers another benefit –
Surrender Benefit:
  • 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)
t – No. of months elapsed
T – Cover term in months
Npaid – No. of months for which premium is paid
Npayable – No. of months for which premium is payable
*For more details please refer the product Brochure




18 Yrs


73 Yrs

(As on last birthday)

Maturity AGE


18 Yrs


75 Yrs

sum assured


Rs. 1,000

Per Member


Rs. 2,00,000

Per Member

Policy Term


6 Mths to 5 Yrs

Regular and Limited

5 Yrs

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

Note: The premium payment mentioned above is maximum premium. Minimum premium as per the minimum sum assured



  • 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

Read the brochure here