Shriram Jana Sahay is a term micro-insurance plan that is offered by Shriram Life for a group of individuals. It is a non-participating plan that is non-linked in nature. It can be renewed on a yearly basis. With this plan, members of unorganised groups as well as members of affinity groups will get protection. The dependents of any of these group members will get a benefit when the member dies.
This plan is given to members of self-help groups, micro-finance institutions (MFI), NBFCs, regional rural banks, District Co-operative Banks licensed by Reserve Bank of India, Urban cooperative banks, State cooperative banks, Non-Governmental Organizations (NGOs), RBI regulated NBFC-MFIs, primary agricultural cooperative societies, and more.
With the Shriram Jana Sahay, each member will get insurance cover ranging from Rs.5,000 to Rs.2 lakh. The master policyholder will be required to give full information about the eligible members who can enjoy the policy benefits when the premiums are paid. Let us take a look at the eligibility criteria that will need to be met to apply for Shriram Jana Sahay:
|Minimum entry age||18 years (as on last birthday)|
|Maximum entry age||65 years (as on last birthday)|
|Maximum cover cease age||66 years|
Sum assured is described as the amount of money that is paid to the policyholder once the policy period gets over. The Shriram Jana Sahay is an economically priced plan that can be obtained by anyone for reliable financial security. You will receive a good sum assured when you choose this plan. Let us take a look at the details regarding the sum assured and premium range for this plan:
|Premium||The premium will depend on the age of the policyholder, the group that the policyholder is a part of, and the sum assured.|
|Sum assured||This will depend on the age of the policyholder and the group that the policyholder is a part of. You can contact your insurance advisor for full information about the sum assured for this plan before you apply for the policy. The plan pays a lump sum benefit when the policyholder dies. This lump sum benefit will assist the policyholder’s nominee in minimising the debts.|
|Minimum sum assured||Rs.5,000|
|Maximum sum assured||Rs.2,00,000|
|Premium payment mode||Once in a year, once in 6 months, once in 4 months, and once a month. The conversion factor differs for each payment mode. For the half-yearly mode, the conversion rate is 0.5082. For the quarterly mode, the conversion rate is 0.2562. For the monthly mode, it is 0.0859.|
|Minimum policy period||1 year|
Premiums vary based on age, location, plan term and other factors.
The Shriram Jana Sahay offers extensive life cover to the members of a certain group. The key benefit offered by this plan is the death benefit. Let us take a look at the following table to understand what this plan covers:
|Type of benefit||Features of the benefit|
|Death benefit||When a group member passes away, the sum assured that is promised to the policyholder will be paid to the beneficiary or the nominee. It can be the sum assured according to the policy issue, entry, or renewal. For the full policy period, the sum assured will be flat for 1 year.|
This plan does not give a maturity benefit or surrender benefit. Under the Shriram Jana Sahay, the master policyholder should make certain that a member nominates another individual to obtain the benefits on behalf of the group member when the policyholder dies. In this plan, the master policyholder will take care of completing the claim process.
Generally, insurance plans come with certain exclusions. Exclusions are elements that will not be covered by the insurance plan. This plan has a suicide exclusion. When any of the group members commits suicide, whether sane or insane, in 1 year after taking the policy, then 80% of the premiums will be provided to the nominee or beneficiary on behalf of the insured group member. You can get in touch with your insurance advisor to get full information about the exclusions that come with this particular plan.
The Shriram Jana Sahay offers an assortment of other insurance benefits. Let us take a look at the other salient characteristics of this plan:
|Grace period||This plan comes with a grace period of 30 days for quarterly and half-yearly modes. If you have chosen a monthly mode, you will get a grace period of 15 days.|
|Policy revival||When you do not pay your renewal premium within the grace period, your policy will expire. You can revive this expired policy in 1 year by paying your premiums from your first unpaid premium date until the revival date. You will have to pay an interest of 9% p.a. and other prices if charged.|
|Free look period||The Shriram Jana Sahay is given with a free look period. With this particular facility, you can review the features and terms of this plan and then decide if you want to continue with the plan or not. The free look period is given for 15 days. If you are not too satisfied with this plan, you can give back the plan to the company by stating valid reasons.|
|Lender-borrower schemes||If the lender-borrower scheme has been selected, the individual member belonging to the group policy or scheme will give the authority to Shriram Life Insurance Company to pay the unsettled loan amount to the master policyholder. This payment will be done by subtracting the claim proceeds that need to be paid if any of the contingencies occurs.|
|Entry of new members or exit of members||When any member who is already in the group plans to quit, he or she will get back the premium that has been already paid during the withdrawal year. After this, the cover will terminate. When a new eligible member joins the group, he or she will get cover from the entry date once the premium has been paid for the remaining policy period.|
Most insurance plans offer good tax benefits. You can consult your insurance advisor to know if you will save on taxes when you take the Shriram Jana Sahay.
Let us take a look at the other benefits of this plan:
Shriram Life Insurance is working towards establishing its reach across the entire nation in both cities as well as rural areas. The company has excellent insurance plans for the urban as well as rural individuals. When you take the Jana Sahay from Shriram Life Insurance, you can be assured that you’re unorganised or affinity group will have great financial security as well as life cover. It will also help the group in upholding the objective of the group proficiently. You can count on the organisation to provide you with prompt and trouble-free claims solutions. Moreover, Shriram Life Insurance has won several awards for its diligent services. Some of the awards include ‘The Bizz Americas 2016 Award’, ‘Best Non-Urban Coverage’, Best Life Insurance Company, and more!
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