Employee Benefits Plan For Your Better Future!
Shriram Life Employee Benefit Plans - The Perfect Solution for Your Employees' Financial Needs
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Shriram Life Employee Benefits Plan
What is Shriram Life Employee Benefits Plan
Shriram Life Employee Benefit Plans are insurance plans designed for organisations to provide financial security to their employees. These plans are affordable and ideal for both small and large sized organizations.
- Provide insurance protection to your employees
- Customise the coverage as per your organisational needs
- Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book.
- Tax benefits are available for the employer as well as the employees
- An assured corpus is paid to the employee
- Pension and gratuity payments are simplified
- Optional riders are available for enhanced coverage
Policy Type
Shriram Life Employee Benefit Plans
Premium
Depends on the plan and the group size (Minimum 10 employees)
Maturity Benefit
Assured benefit on maturity depending on the plan selected
Death Benefit
Assured benefits starting from ₹1,000 per employee
Maturity Age
76 years (age on last birthday)
Features and Benefits
The following are the features and benefits of Shriram Life Employee Benefit Plans, that vary from plan to plan:
Insurance Coverage
Shriram Life Employee Benefit Plans provide insurance protection to the covered employees. In the case of a premature demise, an assured benefit is paid to the nominee.
Savings Creation
Depending on the plan, Shriram Life Employee Benefit Plans pay a corpus to the employees on their exit from the group.
Enhanced Coverage with Riders
Organisations have the choice to opt for optional riders at minimal additional premiums. These riders help enhance the scope of the policy and are available with specific plans.
Gratuity and Pension Payments
The gratuity and pension payments get assured with Shriram Life Employee Benefit Plans.
Market-Linked Returns
The Shriram Life New Group Gratuity is a unit-linked plan that generates market-linked returns on the contributions.
Tax Benefits
Employers can claim the premium paid as a business expense and get tax exemption on the same. For employees, benefits under some of the Shriram Life Employee Benefit Plans are tax-free.
Eligibilty and Documents Required
*Subject to the company's Board-approved underwriting policy and reinsurance capacity.
| Entry Age |
Minimum - 14 years (age last birthday) Maximum - 75 years (age last birthday) |
| Maximum Maturity Age | 76 years (age last birthday) |
| Policy Tenure | 1 year |
| Premium Paying Term | Single Premium |
| Sum Assured |
Minimum - ₹1,000 per employee Maximum - No limit* |
Coverages Under Shriram Life Employee Benefit Plans
Shriram Life Employee Benefit Plans cover the premature demise of the employee during the coverage tenure of one year. If the employee passes away, a fixed death benefit is paid to the nominee.
Furthermore, some plans also provide a maturity benefit. Employees receive a benefit if they leave the service for any reason except demise. Under some plans, a gratuity or pension amount is also paid to compensate the employees as per prevalent employment laws.Some plans do not cover suicides occurring within a year of joining the scheme or revival. In such cases, 80% of the mortality charges and the applicable gratuity amount are refunded.
Factors to Consider While Choosing Shriram Life Employee Benefit Plans
When buying a Shriram Life Employee Benefit Plan, organisations interested in group plans need to consider the following factors:
Type of Policy
There are different types of Shriram Life Employee Benefit Plans. Selecting a suitable plan depending on their coverage needs. For insurance protection of employees, the term insurance plan options might prove suitable. On the other hand, for securing the payment of a pension, gratuity or superannuation, there are other plan options to consider.
Statutory Regulations
As per statutory regulations, employers are required to pay gratuities and pensions to their employees. Here choosing the relevant plans to fulfil these obligations is very essential.
Employees Covered
It is important to assess the number of employees to be covered under the selected Shriram Life Employee Benefit Plan, because the premium shall depend on the number of employees covered. Moreover, depending on the plan, a minimum of 10 or 20 employees are required to buy the coverage.
Coverage
Shriram Life Employee Benefit Plans provide coverage starting from ₹1,000 per employee. There is no maximum coverage limit under some plans.
Premium Amount
Checking the premium payable for the chosen plan and assessing its suitability before buying the coverage is also important.
Optional Riders
Shriram Life Employee Benefit Plans come with optional riders. Depending on the plan chosen, riders can be selected for wider coverage.
FAQ's
What are Shriram Life Employee Benefit Plans?
Shriram Life Employee Benefit Plans are types of group insurance plans designed to provide financial security and protection to employees of an organisation and their families.
Who can buy Shriram Life Employee Benefit Plans?
Any organisation that wishes to set up a scheme for gratuity, leave encashment, superannuation or provident fund for their employees and has a minimum of 10 employees in the organisation can buy Shriram Life Employee Benefit Plans.
I have a small organisation with 15 employees. Can I buy Shriram Life Employee Benefit Plans?
Shriram Life Employee Benefit Plans are suitable for both small and large organisations. Since some plans require a minimum employee count of 10, you can buy such plans for your employees.
What is the meaning of the grace period?
The grace period is an additional period allowed for premium payment after the due date has expired. The grace period allows payment of the due premium without incurring any interest cost. Moreover, the coverage also remains active during the grace period.
What is the tenure of Shriram Life Employee Benefit Plans?
Shriram Life Employee Benefit Plans are available for one year after which they can be renewed to continue coverage.
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