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  • Shriram Shri Sahay (SP) Plan

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    Insurance penetration in India is among the lowest globally, with a vast section of the population failing to protect themselves through insurance. Shri Sahay (SP) is a specialised product designed to offer insurance cover to members from the socially weaker section of our society. This plan comes with a Single Premium option, wherein members are protected for the entire policy term by paying a single premium.

    Eligibility Criteria for Shriram Shri Sahay (SP)

    The basic eligibility requirements for this plan are highlighted in the table below.

    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 (SP)

    The primary features of this single pay plan are mentioned in the table below.

    Plan type Micro Insurance Scheme
    Plan basis Group
    Policy term 5 years (Minimum)
    Premium payment term Single premium
    Group size Minimum – 20 members
    Maturity benefit NA
    Death benefit Sum assured will be paid to nominee in event of demise of member
    Premium payment frequency Single premium to be paid at time of joining
    Loan No loan facility
    Surrender value Policy will not acquire surrender value
    Free look period Members can choose to return a policy within 15 days of purchase, provided they are unsatisfied with the terms and conditions
    Alterations NA
    Grace period Single premium policy, no provision for grace period
    Lapse Policy will be in force after single premium is paid. No lapse possible
    Sum assured

    Minimum – Rs 5,000

    Maximum – Rs 50,000

    Policy coverage Death benefit

    Benefits/Advantages of Shriram Shri Sahay (SP)

    Some of the key benefits offered by Shri Sahay (SP) are mentioned below.

    • Ease of purchase – Shri Sahay (SP) has been designed to be simple to purchase and use, with limited paperwork and red-tape.
    • Eligibility – This plan is open to members from the weaker section of the society, providing them a platform to insure themselves.
    • Affordable – Shri Sahay (SP) can be purchased at affordable premiums, catering to the financial requirements of its target audience. A single premium ensures that members are protected for the entire policy term without incurring repeated expenses.
    • Income tax gains – Members are eligible to claim tax benefits on the premium paid, subject to prevailing rules under Section 80C of the Income Tax Act.
    • Death benefit – Nominees will receive a death benefit equivalent to the sum assured on the death of a member.
    • Additional protection – Members can add riders to increase the protection offered under the plan.
    • Flexible – Members can choose a sum assured which matches their current financial requirement.

    Working of Shriram Shri Sahay (SP)

    Shriram Shri Sahay (SP) is a single premium plan which offers cover to members from the neglected sections of our society. It is a simple plan which has been designed to offer ease of use to members. Its working can be understood through the example of Mr. Ram and his village. Ram is the Sarpanch of a small village which manufactures beedi. A total of 30 members work in a unit, with Ram deciding to purchase this policy to provide protection to them.

    He chooses a policy with a 5 year term, with the sum assured being Rs 25,000. Each member contributes a specific amount to pay the premium. Being a single premium plan, this amount is paid at the time of purchase, with the policy continuing to be in force after this payment. The following scenarios can help us understand how Shri Sahay (SP) works under different circumstances.

    Scenario 1: Two members of the group, Harsh and Ramu pass away three years into the policy. In this case, both their nominees will receive Rs 25,000 each. This amount is equal to the sum assured opted under the plan. The other members stay protected for the entire term of the plan, until it reaches maturity.

    Scenario 2: No one from the group passes away during the policy term. In this case, the policy will expire after 5 years, with no maturity benefit payable. Members can choose to purchase a new policy to enjoy extended protection.

    Premium Payment

    This is a single premium payment plan, wherein members need to pay the premium only once, at the time of purchasing the policy.


    Members can choose to enhance the protection offered under this Shriram Life Insurance plan by paying for a rider. The Accident Benefit Rider offers cover against death and total/permanent disability due to an accident. In the event of a member passing away due to an accident, his/her nominee will receive an additional sum assured.

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

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