Shriram Shri Sahay (SP) Plan

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.

Eligibility - Who is the Shriram Shri Sahay (SP) Plan for?

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

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

Sum Assured:

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.

Premium Payment:

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.

Riders / Add-On Plans – Additional coverage under the Shriram Shri Sahay (SP) Plan:

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.

Rider Eligibility:

Minimum Age at Entry	18 years.
Maximum Age at Entry	60 years.
Rider Premium Amount	Rs.3.70 per Rs.1,000 Sum Assured.

Exclusions - What the Shriram Shri Sahay (SP) Plan doesn’t cover?

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:

• Self-injury and suicide attempt, whether under the influence of insanity or not.
• Under the effects of alcohol/drugs/narcotics or any other substance not been prescribed by or taken according to the prescribed dosage of a registered doctor.
• Any accident where the policyholder is participating in aeronautics or aviation activities other than as passenger in a commercial flight.
• Injuries caused by participating in any form of civil war, riot, war, rebellion, invasion, insurrection, whether declared or undeclared.
• Any injury due to participating in any hazardous sport/competition like any type of race, parachuting, mountaineering and paragliding.
• Committing a criminal offence or any law-breaching activity or any activity with criminal intent.

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.

Other Key Features of Shriram Shri Sahay (SP) Plan:

Listed below are the key features of Shriram Shri Sahay (SP) 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 Shri Sahay (SP) Plan?

Under Shriram Shri Sahay (SP), employers get the following tax benefits:

• Tax deductions on contributions made by the members under Section 80C of the Income Tax Act, 1961.
• Tax deductions on death benefit received by the nominees of the members under Section 10D of the Income Tax Act, 1961.

Other Benefits - How you can save with the Shriram Shri Sahay (SP) 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 Shri Sahay (SP) Plan from Shriram Life Insurance?

Following are the reasons why you should buy Shri Sahay (SP) 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.