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.

Read more
Get ₹1 Cr. Life Cover at just ₹411/month*
No medical
checkup required
Save more with
upto 10% discount**
Covers
COVID-19
Tax Benefit
Upto Rs. 46800
Life Cover Till Age
99 Years
8 Lakh+
Happy Customers

*Tax benefit is subject to changes in tax laws.

**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Get ₹1 Cr. Life Cover at just ₹411/month*
No medical checkup required
Save more with upto 10% discount**
Covers COVID-19
+91
View plans
Please wait. We Are Processing..
Get Updates on WhatsApp
By clicking on "View plans" you agree to our Privacy Policy and Terms of use

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.

premiumbyage
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 0 Reviews)
Newsletter
Sign up for newsletter
Sign up our newsletter and get email about term plans.

Term insurance articles

Recent Articles
Popular Articles
Term Insurance Plan for COVID-19

20 Oct 2021

COVID-19 or coronavirus disease is a highly contagious disease...
Terminal Illness Benefit in Term Insurance

20 Oct 2021

The terminal illness diagnosis can have a devastating impact on...
How Can You Select a Cancer Insurance Plan?

20 Oct 2021

Over the years, several individuals are getting diagnosed with...
What is Direct Term Life Insurance?

20 Oct 2021

Traditionally, buying a term insurance policy involves various...
Is Rs.1 Crore Term Insurance Cover Enough for You?

20 Oct 2021

Nowadays, a large number of people are happy with the 1 Crore...
Types of Deaths Covered & Not Covered by Term Life Insurance
Types of Deaths Covered and Not Covered by Term Insurance When it comes to securing the future of your loved ones or...
Why Medical Test is Important in Term Insurance
Why Medical Test is Important in Term Insurance ‘No medical tests required’, you will find this clause blatantly...
10 Questions You Should Ask Before Buying Term Insurance
10 Questions You Should Ask Before Buying Term Insurance There are various doubts faced by customers when it comes...
Term Insurance for NRI in India
Term insurance offers financial protection to the family of the insured in case of demise. Every bread-earner...
6 Reasons Why Term Insurance is a Must Buy
6 Reasons Why Term Insurance is a Must Buy Life is short and one can never foretell what the future holds. To make...
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL