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Shriram Life Group Insurance Plans

Group insurance plans are becoming popular day by day in India. Group insurance is an insurance that is specifically designed for a particular group of people in the society. For example: Group insurance plans for employees working under one employer, teachers working in government schools, doctors, or members of a particular society. When an insurance company rolls out a group insurance plan, they will be able to lower the premiums as their sales ratio picks up.

Shriram Life Insurance is one of the leading group insurance providers in India. It is the only insurance company that recorded profits in the initial three years from the time it was set-up. Shriram Life Insurance started their business in the year 2006. Since then, they haven’t failed to introduce innovative insurance products for their customers across the country. From insurance plans specially designed for women and children to saving and ULIP plans, they offer it all.

Benefits of Shriram Life Insurance Group Plans:

  • The group insurance plans offered by Shriram Life Insurance provide financial stability to members of a group.
  • Mostly, the premiums for these group insurance plans are more affordable than individual policies.
  • Some of the group insurance plans are designed for the socially weaker sections of the society like farmers. This helps in improving the financial condition and the standard of living among the economically backward section of the society.
  • In many policies, the insured enjoys benefits like death benefit, maternity benefit, bonuses, and other perks.
  • The group insurance plans offered by Shriram Life Insurance are easy and simple to understand.

List of Group Insurance Plans provided by Shriram Life Insurance:

The Group Insurance Plans offered by Shriram Life Insurance are divided into Group I, Group II, and Group III. The group insurance plans available under Group I are:

Shriram Shri Sahay (AP) Plan:

The main objective of this group insurance plan is to help the socially backward people in the society. Any self-employed individuals like farmers, workers in a factory, carpenters, and people below the poverty line can buy this Annual Premium Group Insurance Policy. The premium for this plan is payable once in a year and the insured person can enjoy the benefits throughout the term of the policy. One of the serious problems faced by the economically weaker people is debt. When an earning member of the family dies, the onus of the debt falls on the family. To help people who suffer from these issues, Shriram Life Insurance, under this plan, offers a lump sum amount in the event of the death of the life insured.

Benefits and Features of Shri Sahay (AP) Plan:

Criteria Eligibility
Minimum Entry Age 18 years
Maximum Entry Age 60 years
Maximum Maturity Age 65 years
Policy term 5 years to 15 years
Sum Assured Rs.5,000 to Rs.50,000

Other features:

  • Policyholders will get accident benefit rider under this plan. If this rider is active, in the event of the death of the insured or if the life insured is totally or permanently disabled as a result of an accident, additional amount will payable in lump sum.
  • Policyholders will get a grace period of 30 days every month to make the missed payment.
  • No loan facility is available under this plan.
  • Surrender value is not payable under this plan.
  • The policyholder will get 15 days of free look period within which the policy can be returned to the insurer is the policyholder does not agree to the terms and conditions of the policy.

Shriram Life Group Superannuation Plan:

This plan is suitable for employers who are looking to set-up pension funds for their employees. This non-linked, non-participating, and variable fund-based plan can be bought by an individual or by the employer as a master policyholder.

Benefits and Features of Shriram Life Group Superannuation Plan:

Criteria Eligibility
Minimum Size of The Group 10 employees
Minimum Entry Age 14 years
Maximum Entry Age 75 years
Maximum Maturity Age 76 years

Other features:

  • The term of the policy can be renewed every year.
  • The minimum and maximum contribution will be as per the actuary’s certificate.
  • Death Benefit will be paid immediately in the event of the death of the life insured.
  • If the policyholder or the master policyholder surrenders the policy, total policy account value less minus surrender charges, if any is payable.
  • If the plan is a pooled account, policyholders get retirement benefit. The retirement benefit amount payable is the amount that is decided by the master policyholder as per the policy rules.
  • No add-on riders are available under this plan.

Shriram Shri Sahay (SP) Plan:

This is a micro insurance plan that aims at protecting the socially weaker section of the society financially. To make things easy for the insured person, the premium needs to be paid only once but the insured will be covered throughout the term of the policy. Under this plan, in the event of the death of the insured, a lump sum amount will be paid to the nominees.

Benefits and Features of Shri Sahay (SP) Plan:

Criteria Eligibility
Minimum Entry Age 18 years
Maximum Entry Age 60 years
Maximum Maturity Age 65 years
Policy term 5 years
Sum Assured Rs.5,000 to Rs.50,000

Other features

  • 30 days grace period is available under this plan.
  • The policyholder will get 15 days of free look period within which the policy can be returned to the insurer is the policyholder does not agree to the terms and conditions of the policy.
  • The policyholder has to pay the premium only once and the cover will be active throughout the policy term.

Shriram Group Life Protector Plan (SP) Plan:

This is a group insurance policy which protects a member of the group financially. This non-linked, non-participating group insurance plan offers a lump sum amount if the insured person dies during the term of the policy.

Benefits and Features of Shriram Group Life Protector Plan:

Criteria Eligibility
Minimum Entry Age 18 years
Maximum Entry Age 68 years
Maximum Maturity age 70 years
Policy term 2 years to 30 years
Minimum policy cover Rs.5,000 per member
Maximum policy cover Rs.100 crores per member, subject to approval
Minimum size of group 50 members

Other features:

  • This plan can be customised by the policyholder. According to the policyholder’s needs, he/she can choose monthly reducing cover, level cover, or annual reducing cover.
  • The policyholder should pay one premium payment for this policy.
  • Tax benefit is available under this policy.
  • From the date of commencement of the policy, surrender value will be accumulated under this policy.
  • The policyholder can surrender the policy to prepay the loan or voluntarily. In such case, the surrender value payable will be 90% multiplied by single premium multiplied by factor. The factor is calculated by dividing the total outstanding cover by the cover term.

The Insurance Plans available under Group II are:

Shriram Jana Sahay Plan:

This group insurance plan is specially designed to keep the members of unorganized groups financially secure. In the event of the death of the policyholder, lump sum amount will be paid to the family.

Benefits and Features of Shriram Jana Sahay Plan:

Criteria Eligibility
Minimum Entry Age 18 years
Maximum Entry Age 65 years
Minimum Term of the Policy 1 Year
Sum Assured Rs.5,000 to Rs.2,00,000
Premium Payment Mode Annually, half-yearly, quarterly, and monthly

Other features:

  • This plan can be renewed annually.
  • This policy can be taken by members of NGOs, banks that are approved by the RBI, agricultural societies, SHGs, and many such groups.
  • This plan cannot be purchased by an individual but has to be bought by the master policyholder.
  • In case of death of the insured person, the sum assured will be payable immediately in lump sum to the nominees or beneficiaries.
  • Please note that there is no maturity or surrender benefit under this plan.
  • For half-yearly and quarterly premium payment terms, the grace period is 30 days. The grace period is 15 days for monthly mode. There is no grace period for yearly mode.
  • The premium is not paid within the grace period, the policy will lapse.
  • The policyholder can revive a lapsed policy by paying the total outstanding premiums with 9% interest within one year from the date of last missed payment.

Shriram Group Term Life Insurance:

This policy can be brought by any group. It is designed to offer lump sum amount to the insured person in the event of his/her death.

Benefits and Features of Group Term Life Insurance Plan:

Criteria Eligibility
Minimum Entry Age 14 years
Maximum Entry Age 79 years
Maximum Maturity Age 80 years
Policy term One year renewable policy
Minimum Sum Assured Rs.5,000 per member
Maximum Sum Assured No limit. Subject to approval from the Board.
Minimum size of group 20 member if employer 50 members for other groups

Other features:

  • in the event of the death of the life insured, death benefit, which is a lump sum amount will be payable to the nominees or legal heir.
  • For extra protection, policyholders can add additional covers like accident benefit rider.
  • The policyholder will get 15 days of free look period within which the policy can be returned to the insurer is the policyholder does not agree to the terms and conditions of the policy.

Shriram New Group Gratuity Plan:

This is an exclusive group insurance plan that is offered by Shriram Life Insurance. This group insurance plan is unit-linked and non-participating. This plan makes sure that the insured person plans and funds his/her gratuity in a systematic manner.

Benefits and features of New Group Gratuity Plan:

Criteria Eligibility
Minimum Entry Age 14 years
Maximum Entry Age 74 years
Maximum Maturity Age 75 years
Policy Term Renewable every year
Premium Payment Frequency Annually, half-yearly, quarterly, and monthly
Minimum Size of the Group 20 employees
Minimum Life Insurance Cover Rs.1,000 per member

Other features

  • Policyholders have an option to choose unit-linked funds.
  • Additional life insurance cover is available under this plan.
  • Policyholders can add Critical Illness Rider add-on with this cover.
  • Tax benefits are available for this plan.
  • The policyholder can request for gratuity benefits anytime during the policy term. Such benefits will be paid from the unit fund of the policyholder.
  • For half-yearly and quarterly premium payment terms, the grace period is 30 days. The grace period is 15 days for monthly mode. There is no grace period for yearly mode.

The Insurance Plans available under Group III are:

Shriram Group Term Life Insurance in Lieu of EDLI:

This policy can be bought by an employer and can be used to protect all their employees under one single policy. If the group size is small and the salary paid to each employee is high, insurer will be able to offer low premiums under this plan. The insurance coverage under this plan is directly linked to the employee’s total work experience and the average Provident Fund balance. Under this plan, both employers and employees contribute towards the premium. Mostly, employees will be required to pay 0.51% of their salary towards the insurance coverage.

Benefits and Features of Shriram Group Term Life Insurance in Lieu of EDLI:

Criteria Eligibility
Minimum Entry Age 14 years
Maximum Entry Age 74 years
Maximum Maturity Age 75 years
Sum assured Minimum sum assured is Rs. 3,62,000 Maximum sum assured is Rs.15,00,000
Policy Term One year renewable policy
Minimum Size of The Group 20 members
Premium Payment Frequency Annually, half-yearly, quarterly, and monthly

Other features:

  • Policyholders can add accident benefit rider for extra protection. This add-on pays a lump sum amount to the nominees/beneficiaries, legal heir of the insured person, in the event of the death of the insured.
  • The benefits received under this insurance plan is tax-free.
  • The policyholder will get 15 days of free look period within which the policy can be returned to the insurer is the policyholder does not agree to the terms and conditions of the policy.
  • This Policy can be bought by an employer to an employee who is working in their organisation and is registered with the Employee Provident Fund Scheme.
  • No grace period is given for yearly premium payment mode.
  • 30 days of grace period is given for half-yearly and quarterly premium payment modes and 15 days grace period is given for monthly mode.
  • Please note that the policy with lapse if the premium is not paid within the grace period.
  • A lapsed policy can be revived by paying the total outstanding premium with charges, if any within one year from the date of the last missed payment.

Shriram Life Group Traditional Employee Benefit Plan:

This is a non-unit linked, non-participating, and variable insurance plans for groups. This policy promises guaranteed returns to the insured person at an interest rate of 1% p.a throughout the term of the policy.

Benefits and Features of Shriram Life Group Traditional Employee Benefit Plan:

Criteria Eligibility
Minimum Entry Age 14 years
Maximum Entry Age 74 years
Maximum Maturity Age 76 years
Contribution The minimum initial contribution is Rs.1,00,000 per policy.
Policy Term One year renewable policy
Minimum Size of The Group 10 employees
Premium Payment Frequency Yearly

Other features:

  • Tax benefits are available for both employers and employees under the Shriram Life Group Traditional Employee Benefit Plan.
  • Additionally, at the end of every quarter, interest credits will be accumulated under the policy.
  • The policyholder has an option to surrender the policy. If it is surrendered within three years from the date of issue of the policy, surrender value will be payable. The surrender value will be equal to the policy account value minus surrender charges, if any less market value adjustments, if any.
  • There is no maturity benefit under the Shriram Life Group Traditional Employee Benefit Plan.

Shriram Life Pradhan Mantri Jeevan Jyoti Bima Yojana:

This is the last insurance plan available under Group III. Shriram Life Pradhan Mantri Jeevan Jyoti Bima Yojana is a non-linked and non-participating group insurance plan that can be renewed every year. This plan is offered to any individual who holds a savings bank account with any bank in India. In case of the death of the insured person, the nominees or beneficiaries will get a lump sum amount as death benefit.

Benefits and Features of Shriram Life Pradhan Mantri Jeevan Jyoti Bima Yojana:

Criteria Eligibility
Minimum Entry Age 18 years
Maximum Entry Age 50 years
Maximum Maturity Age 55 years
Sum Assured The minimum and maximum sum assured is Rs.2,00,000 per member.
Policy Term One year renewable policy
Minimum Size of The Group 50 members
Premium Payment Frequency Yearly

Other features:

  • Only individuals with an active savings bank account with any bank can buy a Shriram Life Pradhan Mantri Jeevan Jyoti Bima Yojana plan.
  • Maturity benefit, loan facility, and surrender benefit are not available under this plan.
  • The policyholder will get 15 days of free look period within which the policy can be returned to the insurer is the policyholder does not agree to the terms and conditions of the policy.
  • Please note that the policy with lapse if the premium is not paid within the grace period.
  • A lapsed policy can be revived by paying the total outstanding premium with charges, if any within one year from the date of the last missed payment.

Why do you need Shriram Life Insurance Group Plans?

If you are still asking yourself why you need to buy a group insurance plan from Shriram Life Insurance, the answer is it is one of the reputable and leading life insurance providers in India. All group insurance products offered by Shriram Life Insurance are specially designed to address problems faced by a particular group of people in the society. It helps employers increase their retention rate by offering high-quality insurance products to their employees. All the insurance policies offered by the Shriram Life Insurance Company are fairly priced which makes it economical. Whether you are looking for protection plans or endowment plans, Shriram Life Insurance Company offers it all. With more than 528 branches which are strategically placed across the country, Shriram Life Insurance Company has touched millions of lives in the last few years. 

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