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Shriram Life Sujana Plan
What is Shriram Life Sujana?
Shriram Life Sujana (UIN: 128N086V01) is a non-linked and non-participating group credit life micro-insurance product that provides insurance protection in cases of lending transactions.
- Buy the Shriram Life Sujana plan online in just a few simple steps.
- Coverage till the age of 75 years.
- Multiple cover options available.
- Multiple premium payment options are available.
- Low minimum group size starting with just five members.
- Get assured income plus tax benefits under Shriram Life Sujana.
Policy Type
Microinsurance Plans
Policy Term
Single premium policy: 6 months to 5 years
Regular and limited premium policies: 5 years
Minimum Premium
As per the minimum sum assured
Maturity Age
75 years
Features and benefits of Shriram Life Sujana
Insurance for Lender-Borrower Relationships
Shriram Life Sujana protects the family members of the people engaged in lender-borrower relationships.
Long Cover
The cover under the Shriram Life Sujana extends to over 75 years.
Low Group Size
Being a group insurance plan, the minimum group size required is only 5 members.
Affordable Premiums
The premiums are quite affordable under Shriram Life Sujana.
Multiple Cover Options
Multiple cover options are available like regular, reducing monthly, reducing annually etc.
Multiple Premium Payment Options
Multiple premium payment options are available like single premium, regular and limited premium etc.
How to Claim for Shriram Life Sujana
You can submit death claims, disability claims, cancer care claims and critical Illness claims for your Shriram Life Sujana 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 Shriram Life Sujana
| Eligibility Criteria | Limits |
|---|---|
| Age Criteria | 18 years to 73 years |
| Maximum Maturity | 18 years to 75 years |
| Policy Term | Single premium policies: 6 months to 5 years Regular and limited premium policies: 5 years |
| Premium Paying Term | Single Limited – 2 years Regular – 5 years |
| Cover Option | Single & Limited: Level, Reducing Annually and Reducing Monthly Regular: Level |
| Premium Mode | Yearly, Half-yearly, Quarterly, Monthly |
| Annual Premium | As per the sum assured |
| Minimum Sum Assured | ₹1,000 per member |
| Maximum Sum Assured | ₹2,00,000 per member |
What does the Shriram Life Sujana cover?
Shriram Life Sujana provides long insurance coverage till the age of 75 years. It can be used by various institutions for providing insurance coverage and financially protecting the loved ones of the insured person. In case of the demise of the insured person, the nominees or the beneficiaries of the insured person will receive the sum assured as specified under the plan.
Download Documents for Shriram Life Sujana
All the policy-related documents are easily available online on the website for the comfort and ease of all our customers. You can simply visit our website www.shriramlife.com. go to the download section on the policy page and download the policy document, brochure and presentation.
FAQ's
What is the purpose of Shriram Life Sujana?
Shriram Life Sujana is a group insurance plan that relieves the families of the borrowers from the debt repayment responsibilities of the insured person in case of his unexpected demise
Who can buy Shriram Life Sujana?
Shriram Life Sujana can be provided to the members of the following institutions:
- Non-Governmental Organisations
- Self Help Groups
- Micro Finance Institutions
- NBFC-MFIs regulated by the RBI
- District Co-operative Banks licensed by the RBI
- Regional Rural Banks
- Urban Cooperative Banks
- RBI regulated Scheduled Banks like PSU banks, private banks and small finance banks’
- Housing Finance Companies regulated by NHBs
- State Cooperative Banks
- Primary Agricultural Cooperative Societies
- Other Cooperative Societies registered under the Cooperative Societies Act
- Credit societies providing loans to unorganized groups
- Any other lender borrower groups providing loans to unorganized groups
What is the meaning of the master policy holder under Shriram Life Sujana?
Lending organisations like microfinance institutions, regional rural banks, self-help groups or any of the above institutions can be the master policy holders of the Shriram Life Sujana.
What is the amount of coverage that I can get under the Shriram Life Sujana?
The amount of insurance covered under the Shriram Life Sujana should not exceed the loan amount granted or the loan amount outstanding at the time of proposal of this insurance. You can find more Shriram Life Sujana details in the policy brochure.
Testimonials
What our customers say about us
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