Shriram Shri Sahay (AP) Plan

It has often been observed that the economically and socially weaker sections of society have a disadvantage when it comes to life insurance, with limited products at their disposal. is an insurance plan which has been designed keeping their special requirements in mind. An Annual Premium (AP) scheme, it offers protection to groups which fall under the socially weaker section of the society, ensuring that they can continue with their work without having to worry about what the future holds for them.

Eligibility Criteria for Shriram Shri Sahay (AP)

The following basic criteria have to be met in order to enjoy protection under this plan.

Minimum entry age 18 years
Maximum entry age 60 years
Minimum age at maturity NA
Maximum age at maturity 65 years
Minimum premium NA

Key Features of Shriram Shri Sahay (AP)

Shriram Shri Sahay comes with a number of attractive features, some of which are highlighted in the table below.

Plan type with Annual Premium Payment
Plan basis Group
Policy term

Minimum – 5 years

Maximum – 15 years

Premium payment term Annual payment equivalent to policy term
Maturity benefit NA
Premium payment frequency Annually
Loan Loans cannot be availed against this policy
Surrender value No surrender value will be paid
Free look period Policyholders can return a policy within 15 days of purchase, subject to certain terms and conditions
Alterations NA
Grace period A 30 day grace period is provided to pay premiums
Lapse Policies whose premium is not paid within 30 days will lapse, with no benefits and protection available
Sum assured Minimum  - Rs 5,000

Maximum – Rs 50,000

Policy coverage Death Benefit

Benefits/Advantages of Shriram Shri Sahay (AP)

The key benefits of Shriram Shri Sahay (AP) are mentioned below.

  • Affordable – Shriram Shri Sahay (AP) has been designed keeping the needs of a certain section of the population, ensuring that premiums are affordable and cheap.
  • Income tax benefits – Policyholders can claim benefits under Section 80C of the Income Tax Act, helping them reduce their tax liability during a fiscal year.
  • Simple eligibility – This plan can be availed by groups with different backgrounds, with no strict regulation regarding the number of members who can avail protection.
  • Death benefit – In the event of demise of a member of the group (while the policy is in place), a sum assured will be paid to the nominee of the member.
  • Flexibility – Members can choose a term and sum assured which matches their financial aspirations.
  • Protection – This plan affords protection to the neglected section of our population, bringing them under the insurance fold.
  • Ease of use – This plan can be purchased without hassles, offering protection minus complicated paperwork.

Working of Shriram Shri Sahay (AP)

Designed to offer insurance services to socially weaker sections of the population, Shriram Shri Sahay (AP) is a plan which is easy to purchase and implement. The working of this plan can be better understood by taking the example of Mr. Rana, a small time businessman who has a silk farm. Rana runs the business with 25 other members from his village, each contributing a meagre amount towards maintaining the farm. He decides to purchase a Shri Sahay (AP) policy for his group, choosing to secure each member for Rs 25,000.

He chooses a policy with a 10 year term, paying an annual premium towards maintaining this policy. This premium is collected from the team, distributing the burden of payments equally. Let us consider the following scenarios to see how Shri Sahay (AP) works.

Scenario 1: One of the members in the group, Ramesh, who is a manual labourer in the silk farm passes away 5 years after the plan is purchased. The group had maintained all payments, ensuring premiums were always paid on time. In this case, Ramesh’s nominee (wife) will receive a death benefit which is equal to the sum assured, i.e. Rs 25,000. The policy will continue to offer protection to other members of the group until it reaches maturity.

Scenario 2: The silk farm continues to do good business, with all members staying healthy and active during the policy term. The Shriram Life insurance policy matures after 10 years, in which case no maturity benefit will be paid. The policy ceases to be active and members will have to purchase a new policy to stay protected in the longer term.

Premium Payment

Shri Sahay (AP) is an annual premium payment plan, which implies that groups are expected to pay the premium every year, for the entire policy term. Policies whose premium is not paid within the grace period every year will lapse, with no protection provided in this case.


Shri Sahay (AP) can be enhanced by choosing additional riders, albeit at an additional cost. This plan currently comes with one single rider, the Accident Benefit Rider (AP), which provides protection against accidental death and partial/permanent total disability resulting due to an accident. An additional sum assured will be paid in the event of such untoward incident.

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