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Shriram Life Group Term Life Insurance Plan
What is Shriram Life Group Term Life Insurance Plan?
Shriram Life Group Term Life Insurance Plan (UIN: 128N042V04) provides life insurance benefits to all the employees of an organisation. Both the employer and the employees can receive the benefits.
- Buy Shriram Life Group Term Life Insurance Plan online in simple and easy steps
- Premiums paid by the employer provides uniform coverage to all the employees
- Riders available to provide additional protection
- Premium payment is allowed as a business expenditure to the employer
- Payment of claims is tax-free
- In the event of the unfortunate demise of the employee, the nominee is eligible to receive the sum assured
Policy Type
Protection Plans
Policy Tenure
One Year (Annually renewable)
Minimum Sum Assured
5000 per member
Maturity Age
80 years
Features and Benefits of Shriram Life Group Term Life Insurance Plan
Employee Orientation
If you are an employee of a company, you are insurable under Shriram Life Group Term Life Insurance Plan.
Additional Coverage with a Rider
The rider offers enhanced coverage in case of policy holder's accidental demise or disability.
Premium Payment Modes
The premiums can be paid on a yearly, half-yearly, quarterly or monthly basis.
Linked to ED
It is linked to employees' average Provident Fund balance and total service before demise.
Available to all Employees
All employees are uniformly covered under the plan irrespective of their salary levels and service.
How to claim for The Shriram Life Group Term Life Insurance Plan?
You can submit death claims, disability claims, cancer care claims and critical Illness claims for your Shriram Life Group Term Life Insurance 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 Documents Required for the Shriram Group Term Life Insurance Plan
| Eligibility Criteria | Limits |
|---|---|
| Age Criteria |
Entry Minimum: 14 years (age last birthday) Maximum: 79 years (age last birthday) |
| Maximum Maturity | Age 80 years (as of last birthday) |
| Policy Term | One year(Annually Renewable) |
| Premium Paying Term | Equal to the chosen policy term |
| Premium Mode | Yearly, half-yearly, quarterly, monthly |
| Sum Assured |
Minimum: ₹ 5,000per member for lump sum benefit Maximum: Depends on Company’s Board approved underwriting policy |
What does the Shriram Life Group Term Life Insurance Plan cover?
Shriram Life Group Term Life Insurance Plan provides coverage to all company employees. In the event of the demise of an employee, the master policy holder will be paid the sum assured. The nominee of the employee is entitled to receive this amount. The premium payment can be made by selecting one of the many payment modes offered under the Shriram Group Term Life Insurance Plan. The riders offer accident and disability benefits. Additionally, the employer can set up an administrator.
Download Documents for Shriram Life Group Term Life Insurance
The policy-related documents have been provided online on the website for the convenience and ease of our customers. Simply visit our website: www.shriramlife.com. Go to the 'Download' section on the 'Policy' page and download the policy document, brochure and presentation.
Frequently asked questions
Why should I buy the Shriram Life Group Term Life Insurance Plan?
You should buy the Shriram Life Group Term Life Insurance Plan because it uniformly covers employees of a company, where the employees are provided with a life cover irrespective of their salary levels.
Is the premium payment made by my company a taxable requisite for Shriram Life Group Term Life Insurance Plan?
The premium payment made by your company is not a taxable prerequisite for you if you insured under Shriram Life Group Term Life Insurance
What can I include in the Shriram Life Group Term Life Insurance Plan?
Shriram Life Group Term Life Insurance Plan is an insurance cover taken by the employer for his/her employees.
Can I buy the Shriram Life Group Term Life Insurance Plan?
If you are an employee of a company with a minimum of 20 employees, you are insurable under Shriram Life Group Term Life Insurance Plan. You should be a member of the Employees Provident Fund Scheme.
Can I buy any riders under Shriram Life Group Term Life Insurance Plan?
You can buy an accident rider under Shriram Life Group Term Life Insurance Plan.
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