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Shriram Life Micro Insurance Plans
What are Shriram Life Micro Insurance Plans?
Shriram Life Micro Insurance Plans are financial protection plans that provide complete coverage against premature demise at affordable premiums. There are various types of individual and group offerings plans included in this category.
- Stay protected during the policy tenure
- Choose different coverage options based on your requirements
- Pick flexible premium payment terms and frequencies
- Group insurance coverage for the rural population
Policy Type
Shriram Life Micro Insurance Plans
Premium
Starting from ₹750 per annum per member
Policy Term
Minimum 6 months policy term
Death Benefit
Ranging from ₹1,000 to ₹2,00,000 (per member)
Features and Benefits
Shriram Life Micro Insurance Plans include the following features:
Insurance Protection
Individuals are covered against the risk of premature demise during the policy tenure.
Multiple Coverage Options
There are both individual and group life insurance plans to match the needs of different individuals. Under group insurance plans, there is a facility for level and reducing coverage options.
Refund of Premiums
The premiums are refunded on maturity under certain plans included in Shriram Life Micro Insurance plans
Grace Period
In case of a regular premium policy if you have missed a premium payment within the due date, a grace period of 15 days to 30 days is allowed depending on your plan. There is no grace period for a single premium policy
Choice of Policy Tenure
The tenure of your policy can be selected from a minimum of 6 months to maximum 15 years for Shriram Life Micro Insurance Plans depending upon the plan you have opted.
Surrender Value
This benefit is paid if the policy holder exits the policy before the tenure expires. The surrender value is available only under certain plans included in Shriram Life Micro Insurance.
Eligibility and Documents Required
The table below shows the eligibility criteria for Shriram Life Micro Insurance Plans:
| Entry Age | Minimum - 18 years (age last birthday) Maximum - 73 years (age last birthday) |
|---|---|
| Maturity Age (age last birthday) | Minimum - 18 years (age last birthday) Maximum - 75 years (age last birthday) |
| Policy Tenure |
Minimum - 6 months |
| Premium Payment | Minimum - Single Premium Maximum - 15 years |
| Sum Assured |
Minimum - ₹1000 |
What is Covered under Shriram Life Micro Insurance Plans?
Shriram Life Micro Insurance Plans cover the risk of a premature demise. If the policy holder passes away during the policy tenure, their family receives an assured benefit. This benefit is called the death benefit and is defined as the death sum assured.
Factors to Consider while Choosing Shriram Life Micro Insurance Plans
When buying a Shriram Life Micro Insurance Plan, here are some factors that you would like to consider:
Coverage Variant
There are different types of Shriram Life Micro Insurance Plans. You are requested to choose a policy that perfectly matches your needs. If you want coverage for yourself, you may select the individual plan. Meanwhile, group plans are suggested to those looking for financial security to the families of an unorganised group or affinity group members in case of death.
Sum Assured
Individuals are requested to pick an optimal level of sum assured, which would provide adequate financial protection to their family.
Premium Payable
You are requested to check the suitability of the premium amount so that you can easily pay the premium during the policy tenure.
Premium Payment Mode And Frequency
Shriram Life Micro Insurance Plans provide different premium payment frequencies (depending upon the plan) like monthly, annually, quarterly or half-yearly. Moreover, a single, limited or regular premium can be paid based on the plan chosen.
Policy Tenure
The policy tenures offered under various Shriram Life Micro Insurance Plans starts from 6 months and can go up to 15 years. You are requested to pick the most suitable tenure for maximum coverage.
FAQ's
What is a micro insurance plan?
A micro insurance plan is specially designed to protect those who are financially weak and living in rural areas. Micro insurance is affordable and has a low sum assured.
Who can buy Shriram Life Micro Insurance Plans?
Shriram Life Micro Insurance Plans are designed for people living in rural areas.
Do Shriram Life Micro Insurance Plans provide a maturity benefit?
The Maturity benefit is available only under Shriram Life Grameena Suraksha Plan.
What are the two options under the Shriram Grameena Suraksha plan?
Shriram Grameena Suraksha plan provides two life cover options, which include pure term insurance and term insurance with returns of premiums on maturity.
Is it good to save with the Shriram Life Micro Insurance Plans in India for future benefits?
Shriram Life Micro Insurance Plans can be a good option when it comes to saving money as they provide affordable coverage.
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