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Shriram Group Term Life Insurance Plan

Shriram Group Term Life Insurance Plan is a pure term plan designed specifically for groups providing insurance benefits to its members at a minimal cost. This is a one-year renewable group term insurance plan that provides the option of lump-sum death benefit option in case of death of the member of the group.

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Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
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In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

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:

 

Minimum

Maximum

Entry Age (Last Birthday)

14 years

79 years

Maturity Age (Last Birthday)

-

80 years

Size of the group

20 members for employer-employee groups otherwise 50 members

No limit

Premium Payment Frequency

Annual, half-yearly, quarterly, monthly

Sum Assured

5000 per member in a lump sum

500 per member per month in monthly benefit option

Depends on the insurer's underwriting principles

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.

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