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  • Shriram Grameena Suraksha Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    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.

    Eligibility – Who is the Shriram Grameena Suraksha Plan for?

    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

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

    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.

    Plan Coverage – What the Shriram Grameena Suraksha Plan covers?

    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.

    Exclusions – What the Shriram Grameena Suraksha Plan doesn’t cover?

    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.

    Other Key Features – Free-look Period, Surrender Values, Grace Period, etc.

    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.

    Tax Benefits – How you can save with the Shriram Grameena Suraksha Plan?

    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.

    Other Benefits – How you can save with the Shriram Grameena Suraksha Plan?

    Let us take a look at the other salient advantages of this plan:

    • You can contact the company by dialling the toll-free number at 1800-3000-6116 for instant support.
    • You can fill the enquiry form that is available on the website of Shriram Life Insurance. After you submit this form, you will receive a call from a representative. You can get your queries clarified and you can take help to apply for a policy.
    • You can renew your premiums online by visiting the company’s website. You can choose to login or you can utilise the Quick Pay option.
    • The company accepts premium payments through net banking, credit cards, and debit cards.
    • The risk factors for each plan is clearly mentioned in the official website of the company.
    • The company has a help desk facility on its website with drop-down options including call support option, policy renewal option, meet an advisor option, branch locator option, and grievance redressal option.

    Why should you buy the Grameena Suraksha Plan from Shriram Life Insurance?

    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.

    This Insurance Company has not partnered with BankBazaarInsurance.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.