The Shri Sahay – AP from Shriram Life Insurance Company Limited is a yearly premium group insurance policy that offers life cover to the weaker sections of society. These sections include self-employed individuals such as carpenters, bidi workers, agricultural labourers, etc. It also include individuals who fall below the poverty line. Premium payments towards this scheme should be made on an annual basis and the life cover will be provided for the whole of the policy term.
The Shri Sahay – AP is a relatively cheap and easily available plan that offers financial security for the policyholder as well as his/her loved ones. The plan provides a lump sum amount in the event of the untimely and unfortunate demise of the policyholder, thereby ensuring that the family of the individual is financially secure even in troubled times.
The Shriram Shri Sahay – AP can be availed by the economically weaker sections of society. However, to purchase the plan, there are some criteria that must be met. Following are the eligibility criteria for those who wish to purchase the Shriram Shri Sahay – AP:
|Minimum Entry Age||18 years|
|Maximum Entry Age||60 years|
|Maximum Maturity Age||65 years|
|Minimum Policy Term||5 years|
|Maximum Policy Term||15 years|
When purchasing the Shriram Shri Sahay – AP, individuals must select an amount for which they would like to insure the lives under the policy. Following are some of the important details regarding the sum assured under the SHriram Shri Sahay – AP:
|Minimum Sum Assured||Rs.5,000|
|Maximum Sum Assured||Rs.50,000|
|Death Benefit||In case of the demise of an individual when the Shriram Shri Sahay – AP is still active, the nominee or beneficiary will be entitled to the sum assured under the plan.|
Shriram Accidental Benefit Rider (AP): In case of the unfortunate and untimely demise of the life assured, or an event which leaves the life assured totally or permanently disabled as a result of an accident when the policy term is still active, this rider will ensure that an additional sum assured is paid out to the nominee or beneficiary of the life assured.
The Shriram Shri Sahay – AP will not pay out any benefits to the nominee or beneficiary of the life assured in case the individual commits suicide within a year from the date on which the policy was received.
Following are some of the other key features of the Shriram Shri Sahay – AP:
|Grace Period||In case a customer fails to make a premium payment on time, he/she will receive a grace period of 30 days to ensure that the due premium is paid.|
|Lapse||In case a plan lapses due to non-payment of premiums and the premium is not paid even by the completion of the grace period, no benefits will be payable under the Shriram Shri Sahay – AP.|
|Free Look Period||In case a customer is not satisfied with the terms and conditions of the Shriram Shri Sahay – AP, he/she can return the policy to the company with 15 days from which they received the same.|
The Shriram Shri Sahay – AP is a great investment option for individuals who fall in the economically weaker sections of society. It is also a good choice because Shriram Life Insurance Company Limited is home to over 21,000 insurance advisors who have the experience as well as the expertise to ensure that customers have all the help they need to purchase an insurance plan that will best suit their own unique requirements. The company also 160 branches across India and a customer service team that works round the clock to ensure that any problems or queries you may have regarding the insurance policies are sorted out in a quick and hassle-free manner.
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