Features and Benefits of Shriram Life Micro Insurance Plans

Shriram Life Micro Insurance Plans are very affordable, with premiums starting as low as ₹750 onwards per member per year. The maximum premium is not too high either and goes up to ₹17,800 for the individual plan, which is the Shriram Life Grameena Suraksha Plan.

There are different coverage options under Shriram Life Micro Insurance Plans. The individual plan provides term insurance protection during the policy tenure. 

With group insurance plans, insurance protection is allowed during the policy tenure. These plans also offer a reducing cover option wherein a loan can be linked to the policy for assured repayments. 

Shriram Life Micro Insurance Plans offers a minimum policy tenure of 6 months to maximum 15 years depending upon the plan you have selected. 

Shriram Life Micro Insurance Plans provide flexibility in premium payments based on the plan type and offerings. Premiums can be paid annually, half-yearly, quarterly or monthly so that it is affordable. 

For the group plans, a grace period of 30 days is allowed for payment of premiums in the case of half-yearly and quarterly modes, and 15 days for payment of premiums in the case of monthly mode. However, under Shriram Life Sujana this feature is not applicable for single premium policy.

Under the individual plan, a grace period of 15 days for monthly mode and 30 days for all other modes is allowed from the due date for premium payments.