Shriram Group Life Protector Plan (SP)
Shriram Group Life Protector Plan (SP) 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. This affordable plan offers protection to the insured member(s) by providing monetary benefit in case of death to the beneficiary.
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.
Riders
At present, there are no riders available under this policy.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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