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  • Shriram Life Group Term Life Insurance Plan

    Shriram Life Insurance

    Shriram Life Group Term Life Insurance is a one year group term assurance plan that offers the option of a lump sum death benefit to the nominee in case of the unfortunate death of a member. The plan is renewable.


    Eligibility Criteria for Shriram Life Group Term Life Insurance

    Listed below is the eligibility criteria for Shriram Life Group Term Life Insurance

    Eligibility factor Eligibility criteria
    Minimum age at the time of entry 14 years at last birthday
    Maximum age at the time of entry 79 years at last birthday
    Maximum age at maturity 80 years at last birthday
    Policy term I year. The plan can later be renewed.
    Premium payment mode Monthly, quarterly, half yearly, yearly
    Minimum basic sum assured Rs. 5,000 per member in the group
    Maximum basic sum assured There is no cap on the maximum sum assured in this policy.
    Minimum group size 20 members for employer-employee group 50 members for non employer-employee groups

    Key Features of Shriram Life Group Term Life Insurance

    Listed below is the eligibility criteria of Shriram Life Group Term Life Insurance

    Type Term Assurance
    Basis Group
    Policy terms 1 year
    Premium payment term 1 year
    Premium payment mode Monthly, Quarterly, bi annually, annually
    Classification of members into different groups

    Class A: Middle and Junior Management and executives who do not perform manual work

    Class B:White Collar office workers

    Class C:Blue Collar workers who are involved in manufacturing, building and construction

    Class D:Semi skilled Blue Collar workers

    Class E:Members who perform manual labour in low hazardous industries

    Class F:Members who perform manual labour in low to medium hazardous industries

    Class G:Members who perform manual labour in medium to high hazardous industries

    Death benefit In case of death of insured, sum assured will be paid in lump sum as death benefit. The sum assured amount will be paid to the nominee assigned by that member.
    Maturity benefit The plan does not offer any maturity benefit
    Lump sum benefit The plan does not offer any lump sum benefit
    Free look period 15 days
    Policy loan The plan does not offer any kind of loan facility
    Grace period Grace period is not applicable for this policy
    Policy cover Death benefit
    Renewal The policy can be renewed every year for a term of 1 year
    Nomination The insured can make a nomination any time before the maturity of the policy or the termination of the policy.
    Tax benefits The policy qualifies for tax benefits under section 80c of the Income Tax Act, 1961

    Benefits of Shriram Life Group Term Life Insurance

    Listed below are the benefits of Shriram Life Group Term Life Insurance

    • Death benefit- Death benefit is paid in the form of sum assured in case of the unfortunate death of the insured. The payment will be paid as a lumpsum amount.
    • Rider benefit- The plan offers an additional rider that will offer the insured the option of enhancing the life cover.
    • Tax benefits- The policy qualifies for tax benefits under the Indian Income Tax Act, 1961.
    • Can be easily purchased online
    • Hassle free application process

    Riders

    The plan offers an additional rider, ‘Accident Benefit Rider’ which will offer compensation in case of total or partial dismemberment and death due to accident.

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