Kick-start Your Journey to
Financial Security with
Shriram Life Jana Sahay
What coverages are offered by Shriram Life Jana Sahay?
The Shriram Life Jana Sahay policy provides the following coverages:
The policy has specific provisions for lender-borrower schemes administered by entities like banks, NBFCs, housing finance companies, small finance banks, etc. In case of the demise of a group member during the policy tenure, the outstanding loan balance amount will be paid to the master policyholder by deducting it from the claim amount. The balance, if any, will be paid to the nominee or legal heir.
In case the lender-borrower scheme is not administered by any of the specified entities, the entire claim amount will be settled in favour of the insured member's nominee or beneficiary.
In case of the demise of a group member during the policy tenure, the sum assured will be paid to the nominee or beneficiary. The sum assured remains constant for the entire policy tenure of one year.
New Members and Exits
New eligible members can be added to the policy from their entry date after the proportionate premium for the remaining months has been paid. If a member leaves the group, the premium will be refunded and the cover will cease. The premium refunded will be 85% of the proportionate premium for the remaining period of cover.
The master policyholder is responsible for providing the complete details of eligible members along with the payment of the premium. The master policyholder should also ensure that the insured members nominate their nominees or beneficiaries. They will receive the benefits in case of the policyholder's demise. The master policyholder will facilitate the claim process.