Shriram Group Life Protector Plan is a non-participating, non-linked, group life insurance plan that provides financial security to your family in case of an unfortunate event like demise of the policyholder of the group. This plan can be structured according to the financial needs of the group. Hence, the plan has two options- Level Cover, Monthly Reducing, and Annual Reducing. This plan is not only affordable but it has a hassle-free process to buy it as well. The premium paid for this plan will be deducted from the employee's income but it will provide tax benefits to them.
If a customer wishes to purchase the Group Life Protector SP Plan Plan, he/she will have to fulfill certain eligibility conditions with respect to his/her age and the amount of coverage required. The eligibility criteria are as detailed below:
|Minimum Entry Age||A minimum age of 18 years as on the last birthday|
|Maximum Entry Age||A maximum age of 65 years age as on the last birthday.|
|Maximum Exit Age||A maximum age of 70 years as on the last birthday.|
|Premium Paying Term||Single|
|Minimum Cover Term||2 years|
|Maximum Cover Term||30 years|
|Minimum number of people in the group||50 members|
|Eligible Groups||Associations, organizations, and societies that are vulnerable to the risk of default in repaying loans owing to death of the policyholder. These categories include co-operative banks, multinational banks, public sector banks, NBFCs, small scale money-lending organizations, high-end banks and other mid-level private banks.|
Sum assured: The minimum cover available under this plan is Rs.5,000 per member whereas the maximum cover available is Rs.100 crore per member that will be subject to the approval of the board. Following are the three cover plans that are available under this group insurance plan:
Payment of premium under this plan: The payable premium under this plan varies according to the age of the member, the group that the member belongs to, and the cover term. The member has the liberty to pay the premium directly or their employer can pay an aggregate premium to the insurance company.
The other key features of the Shriram Group Life Protector SP Plan are described as below:
Tax rules are subject to change from time to time. So, you should consult a tax advisor to understand the latest tax rules, before investing in the plan.
Buying a policy from Shriram Life Insurance has its own benefits:
Shriram Life Insurance was established in 2005 and it started business in 2006. With more than 2600 branches and 14,50,000 customers, the Shriram Group has created a quite a reputation for itself. In the last 7 years, it has emerged as one of the strongest and most profitable life insurance company in India. Over the last 9 years, the Shriram Group has grown at with a CAGR of over 40%. The head office of the Shriram group is situated in Belville near Cape Town in South Africa.
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