Show That You Care for Your
Employees With Shriram Life
Group Superannuation Plan
Premium Components for Shriram Life Group Superannuation Plan
The Shriram Life Group Superannuation Plan helps employers save retirement funds for their employees with good interest rates. The detailed premium components of this plan are as follows-
Superannuation Liability Management
Shriram Life Group Superannuation Plan is for employers who don't have this scheme or want to switch to a different insurance provider. They can maintain their superannuation funds and provide their employees with assured benefits in the form of retirement funds. The employers can maintain a policy account where defined contributions of employees are maintained.
Guaranteed Interest Rate
A non-zero, positive interest rate of 0.1% will be added to the funds every year at the end of the financial quarter. This is a guaranteed benefit and there won't be any changes in the interest % till the end of the policy. The interest helps you build up the retirement fund for your employees steadily.
Regular Interest Rate
The company decides on a positive, non-zero interest rate which gets added to the funds along with the above-assured benefit. This interest rate is added at the end of every financial year which will be also disclosed on the company's website
Death and Retirement Benefits of Employees
If the employee retires or passes away, the funds will be instantly released and given to their family. This assured benefit will be dependent on the scheme rules chosen by the employer. This is also applicable to the surrender or exit of the policy by the employer.
If the employer maintains individual member accounts, then this assured benefit will be equal to an amount that's higher than the total policy value in respect of the member.
If the employer maintains pooled accounts, then the assured benefits for the cases like demise, retirement, surrender and exit will be decided by the master policy holder (employer).