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.
- 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 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
- The nominee gets the Sum Assured on 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 so 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.
Entry Age (Last Birthday)
Maturity Age (Last Birthday)
Size of the group
20 members for employer-employee groups otherwise 50 members
Premium Payment Frequency
Annual, half-yearly, quarterly, monthly
5000 per member in lump sum
500 per member per month in monthly benefit option
Depends on insurer’s underwriting principles
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
- There are 2 riders of Accident Benefit Rider and Group Critical Illness Rider for increased protection
- If the policyholder commits suicide within one year of policy inception, 80% of the premium paid is refunded
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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