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Shriram Life New Group Gratuity Plan
What is Shriram Life New Group Gratuity Plan?
Shriram Life New Group Gratuity (UIN: 128L043V01) is an insurance plan that looks out for the interest of your company and its employees. The plan offers a comprehensive solution to fund gratuity liability in a cost-effective manner while providing tax benefits.
- Buy Shriram Life New Group Gratuity in just a few simple steps
- Get affordable premiums with high sum insured
- Choose from multiple unit-linked funds
- Switch between funds as per your preference
- Claim for optional life insurance coverage
- Get assistance with an annual actuarial valuation of gratuity liabilities
- Avail guaranteed benefits plus tax benefits under Shriram Life New Group Gratuity plan
- Employers who can benefit from this plan include those who want to set up a gratuity fund, those with a self-managed gratuity fund, and those who want to transfer their scheme from another life insurance company to Shriram Life.
Policy Type
Employee Benefits Plans
Policy Term
1 year (Annually Renewable)
Minimum Cover
₹1,000 (per employee)
Maturity Age
75 years
Features and Benefits of the Shriram Life New Group Gratuity
Transparent Fund Management
Enjoy absolute transparency with the plan with detailed information on the contributions, fund performance, and more.
Investment Options
Choose from a range of unit-linked funds and switch between them according to your changing financial needs.
Premium Redirection
Redirect your premiums to better meet your financial goals.
Optional Life Cover
Get additional peace of mind with an optional life insurance cover to protect your loved ones.
Actuarial Valuation Assistance
Get assistance with the annual actuarial valuation of the gratuity liabilities.
Comprehensive Solution
This plan provides a cost-effective solution to fund gratuity liability and avail tax benefits.
How to Claim for Shriram Life Group Gratuity
You can submit death claims, disability claims, cancer care claims and critical Illness claims for your Shriram Life Group Gratuity 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 Shriram Life New Group Gratuity
| Age Criteria | Minimum: 14 years (age last birthday) Maximum: 74 years (age last birthday) |
|---|---|
| Maximum Maturity | Age: 75 years (age last birthday) |
| Policy Term | 1 Year (Annually renewable) |
| Premium Payment Mode | Yearly, Half-yearly, Quarterly, Monthly |
| Eligible Groups | Employer-employee groups |
| Minimum Life Insurance Cover | Minimum: ₹1,000 Maximum: No limit, subject to underwriting considerations as per Board approved underwriting policy and reinsurance capacity |
| Contribution | As per the Actuary's certificate in accordance with AS-15 submitted by the Group policyholder |
What does the Shriram Life New Group Gratuity cover?
The Shriram Life New Group Gratuity plan provides life insurance coverage and gratuity benefits to the policyholder. The coverage amount is flexible and there are additional benefits through a Critical Illness Rider. The plan offers a retirement/disability/withdrawal benefit, a death benefit, and payment of gratuity and insurance benefits. The policyholder makes an initial contribution, followed by regular contributions, and pays mortality charges for the life insurance cover. The gratuity benefits are paid out of the policyholders' unit fund and the insurance benefits are paid directly to the nominee.
Download Documents for Shriram Life New Group Gratuity
At Shriram Life, we prioritize the convenience and comfort of our customers. All policy-related documents can be easily accessed online through our website www.shriramlife.com. Simply visit the policy page, navigate to the download section, and obtain the policy document, brochure, and presentation with ease.
FAQs
What is the premium amount for the Shriram Life New Group Gratuity policy?
The premium amount for the Shriram Life New Group Gratuity policy will vary based on the sum assured, age, policy term and premium payment term selected by the policyholder.
What is the policy term for the Shriram Life New Group Gratuity policy?
The policy term for the Shriram Life New Group Gratuity policy will be as per the policyholder's agreement.
Is there a grace period for premium payments on the Shriram Life New Group Gratuity policy?
A grace period of 30 days is allowed for half-yearly and quarterly modes. For monthly mode, it is 15 days. However, for the yearly mode, there is no grace period. If the premium is not paid within the grace period, the Shriram Life New Group Gratuity policy will lapse.
What are the riders available for the Shriram Life New Group Gratuity policy?
You can enhance the coverage of your Shriram Life New Group Gratuity policy by opting for riders such as Shriram Group Critical Illness Rider.
How can I revive a lapsed Shriram Life New Group Gratuity?
You can revive the Shriram Life New Group Gratuity within the policy term of one year by paying the mortality charges based on the employer's data and other revival requirements as per the Board approved underwriting policy.
Testimonials
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