Shriram Group Life Protector (SP) Plan

• Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
• Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
• Do more with plans that offer pure protection, retirement planning and investment options

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.

Eligibility - Who is Shriram Group Life Protector SP Plan for?

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:

Sum Assured and Premium Range - What you get and what it costs?

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:

• Monthly reducing cover option: Under this option, the insurance cover reduces on a monthly basis according to the benefit planned at an interest rate fixed in the beginning.
• Annual reducing cover option: The insurance cover remains the same throughout the year and is deducted annually as per the benefit planned at an interest rate fixed at the beginning of the plan.
• Level Cover Option: This insurance cover option remains the same throughout the cover term.

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.

Plan Coverage - What the Shriram Group Life Protector SP Plan covers?

• The death benefits offered under this plan includes monthly, annual, and level deduction of cover. There are no maturity and survival benefits available under this plan.
• Tax Benefits: Policyholders can avail tax benefits under Section 10(10D) and Section 80C of the Income Tax Act, 1961. The tax laws are subjected to change from time-to-time and therefore, customers are advised to consult a tax advisor before purchasing the plan.

Exclusions - What the Shriram Group Life Protector SP Plan doesn’t cover?

• Suicide Exclusion - Irrespective of the sanity of the life assured, if he/she commits suicide within 1 year from the inception of the policy or within 1 year from the revival date, the policy will terminate immediately. The nominee or the beneficiary will receive 80% of the premium paid.

Other Key Features – Free Look Period, Surrender Values, Grace Period etc.

The other key features of the Shriram Group Life Protector SP Plan are described as below:

• Free-look period: If the policyholder disagrees with any of the provisions in the policy documentation, he/she can return the same back to the insurer stating relevant reasons for the objection. The policy should be returned back within the free-look period of 15 days. The free-look period for policies that were bought through online sales, telephonic purchase, or any other distance marketing channel is 30 days. The insurer will then refund the paid premiums after the deduction of charges for stamp duty and medical examination.
• Surrender Value: The insurance cover will fetch surrender value from the beginning of the cover. Any member will have the freedom to surrender cover after prepayment of loan. 90% of the single premium will be paid as a surrender value.

Tax Benefits – How you can save with the Shriram Group Life Protector SP Plan?

• Premiums paid towards the Shriram Group Life Protector SP Plan are eligible for tax benefits under Section 80C of the Income Tax Act.
• The annuity payout from the policy is eligible for tax benefits under Section 10(10D) of the Income Tax Act.

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.

Other Benefits - How you can save with the Shriram Group Life Protector SP Plan?

Buying a policy from Shriram Life Insurance has its own benefits:

• Customers can easily check their policy status online by logging into their Shriram Life Insurance account at the insurer’s website. The account also enables policyholders to do the following:
  • Make online premium payment
  • View the value of the plan
  • Switch funds
  • Revive the policy
  • Update contact details
  • Make enquiries through the E-box facility
  • Take print-outs of the fund statements, portfolio statements, and tax certificates.
• It is also possible to contact the insurer through email or by calling the customer care number, 1800-3000-6116.
• Customers can register to the SMS alert facility offered by the insurance company to receive timely updates from the insurer.
• Customers can make premium payments through Net Banking, e-Wallets, debit cards, or credit cards. It is also possible to pay premiums by visiting the insurer’s branch office.
• The insurance company has a dedicated grievance redressal cell to acknowledge complaints or grievances raised by customers.
• The Shriram Life Insurance website offers its customers online calculators that enable them to identify the amount of life cover they require and the corresponding premiums.

Why you should buy the Shriram Group Life Protector SP Plan?

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.