Shriram Group Term Life Insurance Plan

Key Features

• It is a yearly renewable pure term insurance plan
• The plan can be availed by groups like employer-employee, associations, and social sector groups
• A Master Policy held by the group’s head is issued covering the members for a pre-determined amount.
• Members are classified into different groups as per their occupations
• Any member can be covered if he/she is in good health and has not availed a sick leave of more than 7 days in the 6 months preceding application
• Profit-sharing is allowed which lowers subsequent premiums in case of good claim experience

Benefits

• The nominee gets the Sum Assured on the death of the policyholder during the term of the plan
• Alternatively, monthly income for a predetermined period can also be paid to the nominee in case of death if it is chosen by the member on policy inception
• Income tax benefit on the premium paid by the members as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act

Product Specification:

Policy Details

• Grace Period: 15 days grace period is allowed for payment of premium in monthly mode and 30 days in other modes.
• Policy Termination or Surrender Benefit: The policy cannot be surrendered.
• Free Look Period: If you would not be pleased with the coverage and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Additional Features or Riders

This group insurance plan offers additional protection through the below-mentioned riders upon payment of additional premium:

• Accidental Death and Disability Rider: The sum assured under this rider is paid in case of disability or death of the insured because of an accident. Here, total and permanent disabilities are considered. 

Exclusions

• In the case of a non-employer employee association, if the policyholder commits suicide within one year of policy inception, 80% of the premium paid is refunded. However, in the case of employee-employer schemes, the suicide exclusion is not applied. 

Documents Required

The policyholder has to fill up an 'Application form/ proposal form' with accurate medical history along with the details of every group member.