Shriram Life New Group Gratuity Plan is a unit linked non-participating group insurance plan offered by Shriram Life Insurance. Employers can get the following benefits under this plan:
Listed below are the eligibility factors you must meet to purchase Shriram Life New Group Gratuity Plan:
|Eligible groups||Employer-employee groups|
|Group size||Minimum 20 employees|
|Entry age||14 to 74 years old|
|Exit age||Maximum 75 years old|
The contribution amount, Policy Term and Sum Assured for Shriram Life New Group Gratuity Plan are as follows:
|Policy Term||Renewable annually|
|Premium Payment Mode||Yearly, half-yearly, quarterly or monthly|
|Life Cover||Minimum Rs.1,000 per member to maximum no limit|
|Contribution||As per the Actuary's certificate submitted by the policyholder in accordance with AS-15|
This how Shriram Life New Group Gratuity Plan works:
|Fund name||Asset allocation||Objective||Returns|
|Group Protector||Equity related - not more than 30% Debt, money market instruments, and cash - not less than 70%||Steady flow of income expected||Low to medium|
|Group Guardian||Equity related - not more than 50% Debt, money market instruments, and cash - not less than 50%||Balanced expected returns||Medium|
|Group Elevator||Equity related - not more than 60% Debt, money market instruments, and cash - not less than 40%||High expected returns||Medium to high|
Pay an additional premium for Shriram Group Critical Illness Rider and get enhanced protection under Shriram Life New Group Gratuity Plan.
Shriram Life New Group Gratuity Plan doesn't cover death by suicide. If a member commits suicide within 1 year from policy commencement or revival date, 80% of the mortality charges as well as gratuity benefit will be paid to the nominee.
Listed below are the key features of Shriram Life New Group Gratuity 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. For policies purchased through distance marketing, the free-look period is 30 days. The fund value will be paid after deducting mortality charge, medical examination charge, etc.|
|Grace period||A grace period of 15 days for monthly mode and 30 days for half-yearly and quarterly modes is applicable under this plan. If mortality charges aren’t paid within the grace period, then life cover and insurance benefits aren’t payable. There is no grace period for annual mode.|
|Policy revival||Policy can be revived within the policy term of 1 year by paying the mortality charges and submitting a written request for revival.|
|Alterations||Change of payment mode and life cover amount can be made at annual renewal date.|
|Policy termination||Policy will be terminated under the following conditions:
|Membership termination||A membership can be terminated from the group plan under the following conditions:
Under Shriram Life New Group Gratuity Plan, you can get the following tax benefits:
There are several other benefits of purchasing group insurance plans from Shriram Life Insurance such as:
Listed below are the various reasons why you should buy Shriram New Group Gratuity Plan from Shriram Life Insurance:
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