FAQs on Shriram Life Employee Benefit Plans

Shriram Life Employee Benefit Plans provide a grace period of 15 days for monthly premium payment modes and 30 days for half-yearly and quarterly premium payment modes within which you can pay all the due premiums of the plan. 

Shriram Life Employee Benefit Plans can be revived within one year from the first unpaid premium by paying the outstanding premiums. 

Shriram Life Employee Benefit Plans are group insurance policies that can be brought in a minimum group size of 10 employees. An employee individually cannot buy Shriram Life Employee Benefit Plans.

The premium paid under Shriram Life Employee Benefit Plans is tax deductible subject to a maximum of ₹1.5 lakhs per year under Section 80C of the Income Tax Act.  

Shriram Life Employee Benefit Plans have various charges applicable as per the terms and conditions of the plan. There is a mortality charge for the insurance cover, fund management charges for unit-linked plans, surrender charges and more.

You can buy Shriram Life Employee Benefit Plans online by visiting the official website of Shriram Life Insurance. 

New members can join Shriram Life Employee Benefit Plans subject to the terms and conditions of the types of employee benefit plans. New members are allowed to join on the 1st of the following month.

The free-look period is the period provided to the policy holder to return the policy if the terms and conditions are not satisfactory. Shriram Life Insurance provides a free look period of 15 days from the date of receiving policy documents.

Only unit-linked insurance plans allow top-up premiums payments, that too subject to the approval of the insurance company. Shriram Life New Group Gratuity is the only unit-linked employee benefit plan which can allow the top-up facility.

Shriram Life Employee Benefit Plans do not provide concessions. You have to pay the due premium depending on the coverage and policy details selected.