Shriram Life Group Superannuation Plan

Shriram Life Group Superannuation Plan is a group plan offered by Shriram Life Insurance for employers who want to invest pension fund in a good insurance cum investment plan. The account can be maintained either by the master policyholder or an individual member. With this plan, you can effectively manage your employee's liabilities. Under this plan, you get the following benefits:

• Effective management of superannuation liabilities.
• Guaranteed benefits on individual and group superannuation fund.
• Minimum guaranteed interest rate of 1% p.a. for full policy term.
• Get extra interest credits at the end of every quarter.
• Get tax benefits on employer and employee contribution and benefits.

To set up the scheme, submit master proposal form along with a copy of Trust Deed or Scheme rules and employees data. Make payment towards scheme liabilities and once the proposal is accepted, you (employer or trustee) will become the master policyholder.

Eligibility - Who is the Shriram Life Group Superannuation Plan for?

Listed below are the eligibility factors you must meet to purchase Shriram Life Group Superannuation Plan:

Minimum group size	10 employees
Entry age	14 to 75 years
Exit age	Maximum 76 years

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

The contribution/premium amount, Policy Term and Sum Assured for Shriram Life Group Superannuation Plan are as follows:

Policy Term	Renewable annually
Premium Payment Mode	Yearly
Contribution	As per the actuary's certificate

Plan Coverage - What the Shriram Life Group Superannuation Plan covers?

This is how Shriram Life Group Superannuation Plan works:

The initial contribution is made by the master policyholder. A separate policy account will be maintained to record receipts and payments with respect to this product. Scheme-wise policy accounts will also be maintained for each scheme held by the members. In the case of Defined Contribution Scheme, individual member policy account will be maintained. Under this plan, you get the following benefits:

• Additions: Extra interest credits will be added to the account at the end of each quarter in the form of:
  • A minimum floor rate of 1% p.a. for full policy term.
  • After the minimum floor rate is credited, non-zero positive additional interest rate will be credited to the balance of the policy account value.
• For individual member accounts (Defined Contribution Schemes):

Event	Benefits payable terms	Benefits
Death	Immediately on demise of a member	Higher of policy account value or assured benefit
Retirement	On retirement of a member	Higher of policy account value or assured benefit
Surrender	On policy surrender by master policyholder	Total Policy Account value minus surrender charge and Market Value Adjustment
Withdrawal	Immediately on withdrawal	Policy account value in respect to the member

Assured benefit equal to 101% of contributions received in respect to each members is applicable on individual accounts.

• For pooled superannuation account (Defined Benefit Schemes):

Event	Benefits payable terms	Benefits
Death	Immediately on demise of a member	Amount requested by the master policyholder
Retirement	On retirement of a member	Amount requested by the master policyholder
Surrender	On policy surrender by master policyholder	Total Policy Account value minus surrender charge and Market Value Adjustment
Withdrawal	Immediately on withdrawal	Amount requested by the master policyholder

Assured benefit equal to 101% of contributions received in respect to the scheme (after all benefits under the plan are paid) is applicable to total superannuation fund.

Charges:

Listed below are the various charges applicable to Shriram Life Group Superannuation Plan:

• Surrender Charge: 0.05% surrender charge of the policy account value will be levied, subject to a maximum of Rs.5 lakhs if the policy is surrendered within the 3rd renewal.
• Fund Management Charge: This charge is determined based on the policy account value at the end of every quarter, time of death, retirement, surrender or withdrawal.

Policy Account Value	Fund Management Charge
Rs.1 lakh to Rs.50 lakhs	0.75% p.a.
Above Rs.50 lakhs to Rs.1 crore	0.70% p.a.
Above Rs.1 crore to Rs.10 crores	0.65% p.a.
Above Rs.10 crores to Rs.50 crores	0.45% p.a.
Above Rs.50 crores to Rs.100 crores	0.35% p.a.
Above Rs.100 crores	0.30% p.a

Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

Listed below are the key features of Shriram Life Group Superannuation Plan:

• Free-look period: From the date of receipt of the policy document, you are given 15 days to review the terms and conditions of the policy. If you have any objection to the terms and conditions, you have the option to return the policy.
• Policy renewal: Master policyholder has to submit a written declaration on every annual renewal date about the funding status of the scheme. Zero contribution is acceptable only when the funding status of the scheme is in surplus. This has to be validated by an actuary's certificate.
• Surrender: If policy is surrendered before 3rd renewal, surrender value will be paid (policy account value minus surrender charges and market value adjustment). No surrender charge is levied if policy is surrendered after 3 years.
• Termination: Policy will be terminated upon mutual agreement by the insurer and the group policyholder or payment of surrender value.

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

Under Shriram Life Group Superannuation Plan, employers get the following tax benefits:

• Tax deductions on contributions made by employees to the superannuation fund under Section 80C of the Income Tax Act, 1961.
• Tax deductions on contributions made by employer to the superannuation fund (up to Rs.1 lakh).

Other Benefits – How you can save with the Shriram Life Group Superannuation Plan?

There are several other benefits of purchasing group insurance plans from Shriram Life Insurance such as:

• Online application: You can purchase insurance policies offered by Shriram Life Insurance online through the company website.
• Customer support: You can mail to onlinesupport@shriramlife.in for insurance related queries.
• Premium calculator: Online premium calculator available on the company website is useful for easy premium calculations.
• Premium payment: Premium payments can be made via netbanking, credit or debit card.
• Grievance redressal: For complaints and grievance redressal, the company has a dedicated grievance redressal cell, call toll-free number 1800 3000 6116.

Why should you buy Shriram Life Group Superannuation Plan from Shriram Life Insurance?

Following are the reasons why you should buy Shriram Life Group Superannuation Plan from Shriram Life Insurance:

• Shriram Life Insurance won 'Best Life Insurance Company' award in private sector in 2016.
• It also won 'The Indian Insurance Award' for best non-urban coverage in 2016.
• The company has over 528 branches across the country and caters to over 14 million customers.
• The company has experience managing over Rs.1020 crores in revenue.