Shriram Shri Sahay (SP) Plan is a microinsurance plan offered by Shriram Life Insurance for small investors, belonging to the lower socio-economic background 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.
Listed below are the eligibility factors you must meet to purchase Shriram Shri Sahay (SP) Plan:
|Minimum Age at Entry||18 years|
|Maximum Age at Entry||60 years|
|Maximum Age at Maturity||65 years|
Shri Sahay (SP) is an affordable, easy-to-obtain financial security net for you and your loved ones. It pays a lump sum payment in case of unfortunate death helping your family to reduce their debts.
|Minimum group size||20 employees.|
|Minimum Sum Assured||Rs.5,000.|
|Maximum Sum Assured||Rs.50,000.|
Sum Assured varies by group size:
|Group||No. of Persons to be covered||Sum Assured in respect of each member|
|A||20-49||Rs.5,000 - Rs.9,000.|
|B||50-99||Rs.5,000 - Rs.9,000.|
|C||>=100||Rs.5,000 - Rs.9,000.|
|D||20-49||Rs.10,000 - Rs.19,000.|
|E||50-99||Rs.10,000 - Rs.19,000.|
|F||>=100||Rs.10,000 - Rs.19,000.|
|G||20-49||Rs.20,000 and above.|
|H||50-99||Rs.20,000 and above.|
|I||>=100||Rs.20,000 and above.|
The contribution/premium amount, Policy Term and Sum Assured for Shriram Shri Sahay (SP) Plan are as follows:
|Minimum Policy Term||5 years.|
|Premium Payment Mode||Single Payment.|
|Premium Amount||As much as the Sum Assured calls for.|
Shriram Accident Benefit Rider (SP): This is single premium rider that benefits those Life Assureds who opted for it at the time of commencement of the base policy. It covers victims of unfortunate accidents, both in case of death and permanent disability. The rider can be chosen by paying a nominal premium amount for it.
If a Shriram Shri Sahay (SP) Life Assured dies as the result of an unforeseen accident, or they suffer permanent and total disability as the result of that accident, then the benefit payable under this rider is equal to the rider Sum Assured.
|Minimum Age at Entry||18 years.|
|Maximum Age at Entry||60 years.|
|Rider Premium Amount||Rs.3.70 per Rs.1,000 Sum Assured.|
Occupation exclusion: People engaged in dangerous occupations such as mountaineering, water diving, any kind of racing and hunting are excluded from the purview of this plan.
Rider exclusion: Benefits will be excluded under the rider if the accident is caused either as a direct or indirect result of any of the following actions, unless beyond control:
Suicide: If the policyholder commits suicide any time during the policy term starting from the policy commencement date, no death benefit will be paid under this policy.
Listed below are the key features of Shriram Shri Sahay (SP) Plan:
Under Shriram Shri Sahay (SP), employers get the following tax benefits:
There are several other benefits of purchasing group insurance plans from Shriram Life Insurance such as:
Following are the reasons why you should buy Shri Sahay (SP) Plan from Shriram Life Insurance:
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