Shriram Grameena Suraksha Plan is a micro-insurance term plan that is very affordable. It is a non-participating and a non-linked plan. You can go for a pure term assurance plan or a term assurance plan with a refund of premiums when your policy matures. This plan is designed specifically for the economically weaker sections of the society.
This plan offered by Shriram Life Insurance caters to the insurance requirements of people living in rural areas. It provides great financial assurance for your family when something unfortunate happens to you. With this plan, you will be able to procure death benefit, tax benefits, and maturity benefit. Let us take a look at the eligibility criteria that needs to be met while applying for the Shriram Grameena Suraksha Plan:
|Minimum entry age||18 years as on last birthday|
|Maximum entry age||50 years as on last birthday|
|Minimum maturity age||28 years|
|Maximum maturity age||65 years|
|Policy period||10 or 15 years|
The Shriram Grameena Suraksha Plan offers death sum assured for Option 1 and Option 2. If you have taken Option 2, you will get maturity sum assured.
|Minimum sum assured||Option 1: Rs.25,000 Option 2: Rs.17,000|
|Maximum sum assured||Rs.50,000|
|Premium paying term||This will be the same as the policy period.|
|Minimum annualised premium||Option 1: Rs.750 Option 2: Rs.1,400|
|Maximum annualised premium||Option 1: Rs.1680 Option 2: Rs.4425|
Premiums vary based on age, location, plan term and other factors.
The plan offers extensive coverage for both death and policy maturity under two options. Let us take a look at what this plan covers:
|Type of benefit or sum assured||Features of the benefit|
|Death sum assured||When the policyholder dies, the nominee will get basic sum assured, 105% of the premiums that have been paid till the policyholder dies, maturity sum assured, or [10 times the annualised premium for someone who is less than 45 years old and 7 times the annualised premium when the policyholder is aged 45 years and higher], whichever is higher. This feature is given along with both Option 1 and 2.|
|Maturity sum assured||This feature is given with Option 2. This will be the sum of every premium that has been paid. These premiums do not include taxes and additional premiums. The taxes comprise education cess and service tax. Under Option 1, the maturity sum assured is not available.|
|Death benefit||When the policyholder dies during the policy period, the nominee will receive life cover, stamp duty if any, and medical expenditures.|
Generally, insurance plans come with certain exclusions. Exclusions are certain aspects that are not covered by a particular insurance plan. When you are applying for the Shriram Grameena Suraksha Plan, you can contact your insurance advisor for full information about what the plan does not cover.
The Shriram Grameena Suraksha Plan comes with a wide range of advantages that will keep you and your beloved family members financially safe. Let us take a look at the other important characteristics of this plan:
|Free look period||With the free look period that comes for 15 days (30 days if you have taken the plan via distance marketing), you can review the terms and details of the policy and then make a decision if you want to retain your policy or not. If you do not want to retain your policy, you can give it back to the company by giving effective reasons.|
|Revivals||If your policy has expired or is paid up, you can revive it if you want. You will need to revive it within the revival period of 2 years after you have not paid the first premium.|
|Surrender value||With Option 2, you can cancel your policy and get a surrender value if you have paid your premiums fully for 3 years. Your guaranteed surrender value will be expressed as a percentage of premiums and this will be paid without the additional premium.|
|Grace period||You will be provided with a grace period of 30 days. During this period, you can pay the premiums that you would have missed paying before the due date.|
|Alterations||The Shriram Grameena Suraksha Plan permits you to make alterations to the plan details. Under this plan, you can minimise the sum assured and modify your payment frequency.|
|Assignment||With this feature, you can move the rights and title of your policy according to Section 38 of the Insurance Act, 1938.|
|Nomination||You can nominate another person to obtain your death benefit according to the Section 39 of the Insurance Act, 1938.|
Generally, payment of insurance premiums will provide a policyholder with tax benefits and tax deductions. While applying for the Shriram Grameena Suraksha Plan, you can check with your insurance advisor if you will be receiving tax benefits.
Let us take a look at the other salient advantages of this plan:
Shriram Life Insurance is a remarkable private life insurance provider that has a brilliant track record of many years in serving millions of people. This organisation aims to extend its reach even to the commoners of the society. Shriram Life Insurance gives insurance plans without classifying individuals according to their strata or income levels. With the Grameena Suraksha Plan from the company, even the low-income groups of the country can have access to good insurance coverage. Shriram has user-friendly and simple processes for policy application and claim settlements. This characteristic of the company will encourage the underprivileged individuals to apply for an elementary insurance plan as insurance is extremely important for being financially independent when uncertain incidents occur.
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