Get All-Round Coverage for
Your Employees with Shriram
Life Group Traditional
Employee Benefits Plan
FAQ's related to Shriram Life Group Traditional Employee Benefits Plan
What is a group traditional benefit?
A group traditional benefit usually includes fixed income, risk cover, safety and tax benefits. Unlike term life insurance, the group traditional benefit provides insurance coverage to the policyholder for their entire life.
What is a group employee benefit plan?
A group employee benefit plan typically covers a group of people with a single insurance policy. Such plans are bought by employers who want to provide cover to their employees.
How many employees do I need to apply for a group traditional employee benefit?
The minimum number of employees you need to apply for a group traditional employee benefit differs from one plan to the other, and can range from seven to 10 employees. A minimum of 50 members might be required for a few other plans.
Why do employers offer group employee benefits?
Group employee benefits are part of overall compensation and they provide the same level of coverage to all the members of the group. By doing so there is no need to buy an insurance plan for each employee.
How does group employee insurance work?
Group employee insurance is uniform for all the members of the group and it is offered at competitive premium payment rates. The management of funds for employee benefits will be done by Shriram Life Insurance.
Is there any loan facility available under the Shriram Life Group Traditional Employee Benefits Plan?
Group policyholders and scheme members are not entitled to take any loan under the Shriram Life Group Traditional Employee Benefit Plan.
What is the biggest advantage of having group insurance?
The biggest advantage of having group insurance is that costs are low compared to other health insurance policies because there is a pool of policyholders participating in the group plan.
How many types of employee group insurance are available?
There are two types of employee group insurance: non-contributory and contributory
What are the tax advantages I can claim by selecting the Shriram Life Group Traditional Employee Benefits Plan?
Under the Shriram Life Group Traditional Employee Benefits Plan, you can claim tax benefits according to the prevailing tax laws. You can take the help of your tax consultant to understand more about such benefits.
When will I receive annual interest credit under the Shriram Life Group Traditional Employee Benefits Plan?
You can get annual interest credit at the end of the financial year under the Shriram Life Group Traditional Employee Benefits Plan.