Premium Components of the Shriram Life Group Term Life Insurance Plan

There are different modes of payment allowed, such as half-yearly, quarterly and monthly payments. For half yearly, the factor for payment is 0.5085, for quarterly the factor is 0.2564 and for the monthly payment mode, it is 0.0859.

The accident and disability rider is allowed to members aged between 18 to 65 years of age, inclusive at inception or any subsequent annual renewal date. This rider is payable in the event of the demise of the insured or their total and permanent disability due to an accident.

The premium paid is not a sum fixed uniform sum but is dependent on the industry to which the company belongs, the geographical region it is located in and other determinants.

The premium payment is made by the employer. Therefore, the employer has to inform about all the exits so that the premium is refunded accordingly to exiting the members. For the new members, the Shriram Life Insurance company must be informed along with the details of the premium for the remaining term on a monthly basis.