Shriram Life Group Plans

Shri Sahay (AP)

This is a yearly premium group insurance option that provides cover for life for those who come from socially weaker backgrounds.

Benefits

1. Premium is to be paid annually.
2. Life cover is available throughout the policy tenure.
3. The plan is economical and obtaining the plan is hassle-free.
4. In case of death of insured, his/her family receives a lump sum payment.
5. Customers can also procure an accidental benefit rider wherein the nominee of the insured will receive an additional assured sum upon death or permanent disability of the insured due to an accident.

Shri Sahay (SP)

This micro insurance plan focuses on providing insurance cover for socially weak sections of society.

Benefits

1. Customers will have to pay a single premium and can avail cover throughout the policy tenure.
2. In case of death of insured, his/her nominee will receive an assured lump sum amount.
3. Policyholders can acquire an accidental benefit rider wherein the nominee of the insured will receive an additional assured sum upon the insured's death or permanent disability due to an accident.
4. A free look period of 15 days is also available.

Group Term Life Insurance Plan

This plan by Shriram Life is a single year group term assurance plan that is renewable.

Benefits

1. In case of untimely demise of insured, his/her nominee will receive an assured lump sum benefit.
2. Customers will also receive tax benefits.
3. In case of death or permanent disability of insured due to an accident, nominee(s) will receive additional assured sum.
4. A free look period of 15 days is available with this policy.

Group Life Protector (SP)

This is a non-participating, non-linked group plan that assures protection in case of untimely demise of the insured in the group.

Benefits

1. Customers will have to make a single premium payment.
2. Policyholders can avail tax benefits when they avail this plan.
3. Based on the needs of the group, the cover can be decided for either level cover, monthly reducing cover or annual reducing cover.
4. Customers can procure a free look period when they avail this plan.

New Group Gratuity

The New Group Gratuity Plan is a non-participating, unit linked plan that offers solutions to provide funds to gratuity liability in an economical manner.

Benefits

1. This plan offers complete transparency and also flexibility to switch between various fund options.
2. Customers have a choice of unit linked funds and also an optional insurance cover.
3. In case of untimely death of the insured, his/her nominee will receive an assured death benefit.
4. Customers will also receive assistance with the yearly actuarial valuation of all gratuity liabilities.

Term Life Insurance in lieu of EDLI

Regardless of the salary level, PF balances and services, this plan provides life insurance for all employees of a company. One Master Policy is assigned to the employer and provides insurance benefits for all its employees.

Benefits

1. The employer has to provide @0.51 percent of the salary towards EDLI.
2. In case of untimely demise of the insured, his/her nominee will receive a lump sum payment.
3. All claim payments are free from taxes.
4. Employer's premium payment will not be treated as a perquisite to employees.
5. Employer's premium payment may be looked as a business related expense.
6. The account is quick and hassle free to set up and administer.

Tips

Life insurance ensures that a financial protection is provided in cases of unfortunate events. While buying an insurance plan, customers must not opt for the first option that they find but must research and look around as much as possible. This is because every plan comes with different benefits and features. Customers must keep in mind their financial requirements and abilities before opting for a particular plan.

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