FAQ's related to Shriram Grameena Suraksha Plan

After you receive the Shriram Life Grameena Suraksha Plan documents, you have a period of 15 days, also known as the free-look period, from the date of issuance of the policy to go through the terms and conditions. In case you disagree with any of the terms and conditions, you can return the policy within 15 days by stating the reason for doing so. Your cancellation request shall be processed and you will receive a refund if you have paid any Suraksha insurance premiums within 15 days of receipt of the cancellation request.

If you misplace a Suraksha Insurance Policy document, you will need to submit a duly notarised indemnity bond. After you pay the processing fees of ₹100 and a stamp duty of ₹0.2 per thousand 'sum assured', we will issue a duplicate policy document.

You are eligible for tax benefits under the Suraksha Insurance Policy.

When it comes to paying the premium under the Suraksha Insurance plan, you receive a grace period of 15 days in the case of monthly premium payment mode and 30 days for other premium paying modes.

Your Suraksha insurance policy will lapse if the renewal premium is not paid by the end of the grace period and the policy has not attained the surrender value.

If your Suraksha Insurance Premium policy has lapsed due to non-payment of the premium, it can be revived within five years from the date of the first unpaid premium. No benefits will be paid on a lapsed policy during the revival period, but after the revival, it will be restored to its full value.

You cannot take a loan against the Suraksha Insurance Premium policy.

You will have to pay additional GST charges on the Suraksha Insurance premium.

This depends on your choice and preferences. If you want a lower premium, then you can buy a pure term insurance plan. But if you want your premium amounts to be refunded, then you can select a policy with a 'return of premiums' option.

The full amount of the premiums you paid under the Suraksha insurance premium plan will be refunded if you have selected the 'return of premium' option.