Shriram Group Term Life Insurance Plan(Discontinued / Withdrawn Plan)

Shriram Group Term Life Insurance (UIN-128N042V01)is a One Year Renewable Group Term Assurance plan that offers the options of lump sum death benefits or monthly income benefits in the event of death of a member.

Shriram Group Term Life Insurance is an affordable, easy-to-obtain financial security net for you and your loved ones. It pays a lump sum payment in case of unfortunate death helping your family to reduce their debts.

KEY FEATURES

  • Easy to set up and administer the schemes at alow cost.

  • Insurance cover for all members of the scheme with one policy docuument issued to the policy holder.

  • Minimal underwriting based on simple insurability conditions.

  • Profit sharing, if any, to the group members in the form of reduction in subsequent years’ renewal premium, if the claim experience is good.

  • Additional protection through Shriram Group Critical Illness Rider and Accident Benefit rider on payment of additional premium.

KEY BENEFITS

Insurance Benefits

Lump sum benefit option:

  • The sum assured chosen by the member of the group policy at policy issue / renewal / during the policy term will be paid as lump sum to the nominee / legal heir as applicable. in the event of the death of the member. The master policy holder will facilitate the claim process. The cover can be uniform for all the members of the group or graded for different classes of the membership. For example, employer and employee groups can choose this benefit as a multiple of monthly salary of the member.

Monthly income benefit option:

  • The sum assured chosen by the member of the group policy at policy issue / renewal will be equal to the level monthly instalment at the time of commencement / renewal of the scheme multiplied by the payment period in months. The sum assured and the monthly income benefit can be uniform for all members of the group or graded sum assured and monthly income benefit for different classes of the membership. Monthly income benefits in payment will continue irrespective of whether the scheme is renewed.

Death Benefits

Lump sum benefit option: If the member dies, the sum assured will be paid to the nominee / legal heir as applicable.

Monthly income benefit option: if the member dies, the monthly income benefits will be paid to the nominee / legal heir as applicable from the 1st of the month following the month of death till the end of benefit payment period / retirement age whichever is applicable.

In case of death of the nominee while the monthly benefits are being paid, the remaining monthly installments will be paid to the legal heir. No further benefits will be paid after the retirement age or after the end of the benefit payment period whichever is applicable.

  • Sense of security to their families and increase in productivity at work.
  • Tax benefits and benefit proceeds may be available as per prevailing Income Tax laws.

The benefits not available under this policy are Surrender Benefit, Loans and Maturity Benefits.

Eligibility

ENTRY AGE

Minimum

14 Yrs

Maximum

79 Yrs

(As on last birthday)

MATURITY AGE

Maximum

80 Yrs

(As on last birthday)

MinimumPolicy Term

1 Yr

annually renewable

Minimum Group Size

20 for employer employee groups and 50 for other groups

Premium

Minimum

Rs. 2.5 Lakhs

Maximum

No Limit*

*subject to underwriting considerations as per Board approved underwriting policy

SUM ASSURED

Minimum

Rs. 5,000 per member for lump sum benefit

Maximum

Depends on Company’s Board approved underwriting policy

Calculator

Click this link to calculate you premium.

RIDERS (Add Ons)

No riders available.

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Disclaimer

  • For more details on the risk factors, terms and conditions please read the sales brochure and/or sample policy document on our website carefully and/or consult our advisor.

  • Tax benefits are subject to change as per tax laws. Please consult your tax consultant on tax benefits.

Read the policy document here

Read the brochure here