FAQs for Shriram Life Group Life Protector SP

Under the level cover option of Shriram Life Group Life Protector Plan SP, the life insurance cover remains level and it shall not exceed the loan amount. Further, the coverage term is equal to the loan amount.

Under the monthly reducing cover option of Shriram Life Group Life Protector Plan SP, the life insurance cover reduces each month as per the benefit schedule as per the rate of interest fixed at the time of inception. The reduced cover amount shall not be less than the sum assured.

The life insurance cover will remain level during the year. It will reduce annually as per the benefit schedule at a rate of interest fixed at the time of inception. The reduced cover shall not be less than the sum assured.

You have a period of 15 days from the date of issuance of the Shriram Life Group Life Protector Plan SP policy to go through the terms and conditions. In case you disagree with any of the terms and conditions, you get a period of 15 days to return the policy by stating your reason for doing so. This is known as the free-look period. Your request for cancellation of the policy shall be processed for a refund of the premium and you will receive the same within 15 days of receipt of the cancellation request. 

The minimum age under the Shriram Life Group Life Protector Plan SP is 18 years. Hence, this policy does not cover minors.

A minor can be a nominee under the Shriram Life Group Life Protector Plan SP.

Shriram Life Group Life Protector Plan SP has been reviewed as one of the best group life protector policy by the policy holders. It comes with affordable premiums, long life cover and low minimum member requirements.

As Shriram Life Group Life Protector Plan SP is a single premium payment policy, it cannot lapse due to non-payment of premium.