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New Group Gratuity Plan

Your Ultimate Guide to Shriram Life New Group Gratuity Plan

Your Ultimate Guide to Shriram Life New Group Gratuity Plan

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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.

Features and Benefits of the Shriram Life New Group Gratuity

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Transparent Fund Management

Enjoy absolute transparency with the plan with detailed information on the contributions, fund performance, and more.

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Investment Options

Choose from a range of unit-linked funds and switch between them according to your changing financial needs.

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Premium Redirection

Redirect your premiums to better meet your financial goals.

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Optional Life Cover

Get additional peace of mind with an optional life insurance cover to protect your loved ones.

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Actuarial Valuation Assistance

Get assistance with the annual actuarial valuation of the gratuity liabilities.

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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.

claim life insurance
  • 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
After submission, you will be receiving instant notifications and updates regarding the processing status of the claim. Please note that clear document records will ensure quick claim processes. For death claims, we would request you to please reach out to us as soon as possible and initiate the claim process. For processing death claims faster, we request you to please reach out to your nearest Shriram Life Insurance branch.
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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
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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

What our customers say about us

Quotation

I was recently involved in a payout request. They helped me with the smooth process to get the amount.

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Abha

Quotation

I have been associated with Shriram for a period of time. They have prompt and friendly service.

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Rasiya

Quotation

Shriram life insurance products are worth every penny. I am happy with their service.

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Nagamani

Quotation

I am associated with Shriram life insurance for more than a decade. They have a wide-range of policy that will suit everyone's needs.

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Manjunath

Quotation

I was recently involved in a payout request. They helped me with the smooth process to get the amount.

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Abha

Quotation

I have been associated with Shriram for a period of time. They have prompt and friendly service.

Profile

Rasiya

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Disclaimer

For more details on risk factors, terms, and conditions please read the sales brochure carefully before concluding a sale.  

*Tax Benefits:  
Tax benefits are as per Income Tax Laws & are subject to change from time to time. Please consult your Tax advisor for details.  
You are eligible for Income Tax benefits/exemptions as per the applicable income tax laws in India, which are subject to change from time to time.

IRDAI Regn No: 128  
CIN No : U66010TG2005PLC045616 of the Company

The Trade Logo displayed above belongs to Shriram Value Services Limited (“SVS”) and used by Shriram Life Insurance Company Limited under a License agreement.”

BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS/FRADULENT OFFERS

  • IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.