Get Affordable, Extensive
Coverage with the
Shriram Life Group Life
Protector Plan SP
Premium Components for Shriram Life Group Life Protector SP
The Shriram Life Group Life Protection SP policy is a group insurance policy with single, joint and multiple borrowers.
Joint Life/Multiple Borrowers Coverage
This policy is for joint borrowers and families to protect multiple members with a single premium payment and policy. In the case of the joint life coverage, whoever meets with demise first will receive the death sum assured and the benefit ceases on the second life. In multiple borrowers' coverage, more than two members can be covered and the life coverage will be active even after the first policy holder's demise. Depending on the age and tenure of each member, the sum assured and premium payment will be decided.
- You can structure the coverage based on the following three options available.
- Monthly Reducing Cover: Every month, the life coverage value reduces at a fixed interest rate selected by you.
- Annual Reducing Cover: The life coverage reduces here too, but annually. The coverage stays the same for a year and reduces by the end of the year.
- Level Coverages: In this option, the coverage value doesn't reduce till the end of the policy.
You can use the moratorium period option too. During this period, the life coverage won't reduce even if you have selected reducing covers. You can choose this period for a minimum of 6 months to 7 years.
This product doesn't include maturity, paid-up, or survival benefits. If you surrender the policy for loan prepayment reasons, you can get 90% of the single premium payment made.
This plan gives life protection to single, joint or multiple group members. But it doesn't include extended rider protection benefits.