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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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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

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day⁺

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day⁺

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day⁺

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

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⁺Standard T&C Applied

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.

Note: Check all the best term insurance plan in India.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.

˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

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+All savings provided by insurers as per IRDAI approved insurance plan. Standard T&C apply.

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