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Shriram Life Group Life Protector Plan (SP)

UIN 128N044V04

A non-linked non-participating group Pure Risk Premium life insurance plan Give your customers’ family Peace and Happiness, not Debts and Worries

Your institution has been helping customers financially by providing services to meet their needs like dream home, children education, owning a car etc. However, you may have concerns like what if something happens to any customer who has borrowed from you. You can now move a step forward in building your bonds with your loyal customers and help your customers ensure that their assets are passed to their family without burden of debts. Shriram Life presents Shriram Life Group Life Protector Plan (SP) (UIN128N044V04), a non-linked non-participating group Pure Risk Premium life insurance plan that provides protection in case of unfortunate death of the insured member of the group.

WHO SHOULD BUY THIS PLAN?

Shriram Group Life Protector Plan 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.

KEY FEATURES

Cover can be structured according to the needs of the group:

  • Monthly reducing cover
  • Annual reducing cover
  • Level cover
  • Single premium payment
  • Moratorium Option
  • Insurance coverage on single, Joint life and multiple borrowers

Eligibility

ELIGIBILITY GROUPS

Institutions, societies and associations exposed to the risk of default on loan repayment as a result of death. This includes: Non -Government Organisations (NGOs), Self-Help Groups (SHG),Micro Finance Institution (MFI),RBI regulated NBFC-MFIs, District Cooperative Banks licensed by Reserve bank of India, Regional Rural Banks, Urban Co-operative Banks, RBI regulated Scheduled Banks- PSU and Private Banks, Small Finance Banks, Housing Finance Companies regulated by NHB, State Co-operative Banks, Primary agricultural Co-operative Societies, Other Co-operative Societies registered under Co-operative Societies Acts, Any other Credit Societies offering loans to unorganised groups, Any other Lender borrower groups offering loans to unorganised groups

ENTRY AGE

Minimum

18 Yrs

Maximum

69 Yrs



(As on last birthday)

MATURITY AGE

Maximum

70 Yrs

(As on last birthday)

COVER TERM

Minimum

1Years

Maximum

30Years

PREMIUM PAYMENT OPTIONS

Single Premium

MINIMUM GROUP SIZE

50Members

MINIMUM COVER

Minimum

Rs.5,000 Per member

Maximum

Rs.100crores Per member

* subject to the board approved underwriting policy.

RIDERS (Add Ons)

No riders available.

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Disclaimers:

  • For more details on the risk factors, terms and conditions please read the sales brochure and/or sample policy document on our website carefully and/or consult our advisor.

  • Tax benefits are subject to change as per tax laws. Please consult your tax consultant on tax benefits.