Shriram Group Life Protector Plan (SP)

This affordable from offers protection to the insured member(s) by providing monetary benefit in case of death to the beneficiary. It is a term-only plan which is non-linked and non-participating. For those of you looking for a premium cover at low premium, this is the ideal plan to remain insured.

Eligibility Conditions for Shriram Group Life Protector Plan (SP):

Minimum entry age 18 years
Maximum entry age 68 years
Minimum age at maturity N.A
Maximum age at maturity 70 years

Key Features of Shriram Group Life Protector Plan (SP):

Plan type Non-participating, non-linked term insurance plan
Plan basis Individual and group
Premium paying terms N.A
Policy term 2 to 30 years
Maturity benefits Depends on the cover amount chosen. Rs.5,000 per member to Rs.100 crores per member
Premium payment frequency Yearly, half yearly, quarterly and monthly
No Medicals Medical check will be required on case to case basis
Free-look period

15 days for manually purchased policy

30 days for policies purchased through distance marketing

Policy revival The premium payment should be received before conclusion of the grace period
Alterations The policy allows alteration of premium paying frequency
Nomination Nomination is accepted under this policy
Sum Assured

Minimum:Rs.5,000 per member

Maximum: Rs. 1 crore

Policy coverage Death benefit only

Benefits/Advantages of Shriram Group Life Protector Plan (SP):

Group cover

This term insurance plan not only offers cover for individuals, but also for groups consisting of family members. If you’re looking for an affordable plan which offers protection to family under a single umbrella, this is the right plan.

Single premium payment

Unlike other types Life of insurance policy such as the endowment plan, the premium payment is one time as per the schedule. All you need to remember is one premium payment date.

Death Benefit

The chief goal of this term insurance plan is to offer high death benefit to the beneficiaries in case of death of the insured member(s) at low premium. For those of you looking to ensure financial security for your loved ones at less cost, this is the ideal plan.

Flexibility to structure the cover

On the basis of needs of the group, the cover can be altered. The options available are monthly reducing, annual reducing and level cover.

Tax benefits

The premium paid towards the insurance is deductible from the income under prevailing Income Tax Laws.


At present, there are no riders available under this policy.

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GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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