Shriram Group Term Life Insurance (UIN-128N042V01)
SHRIRAM GROUP TERM LIFE INSURANCE PLAN(DISCONTINUED / WITHDRAWN PLAN)
Shriram Group Term Life Insurance (UIN-128N042V01)is a One Year Renewable Group Term Assurance plan that offers the options of lump sum death benefits or monthly income benefits in the event of death of a member.
Shriram Group Term Life Insurance is an affordable, easy-to-obtain financial security net for you and your loved ones. It pays a lump sum payment in case of unfortunate death helping your family to reduce their debts.
Easy to set up and administer the schemes at alow cost.
Insurance cover for all members of the scheme with one policy docuument issued to the policy holder.
Minimal underwriting based on simple insurability conditions.
Profit sharing, if any, to the group members in the form of reduction in subsequent years’ renewal premium, if the claim experience is good.
Additional protection through Shriram Group Critical Illness Rider and Accident Benefit rider on payment of additional premium.
Lump sum benefit option:
Monthly income benefit option:
- The sum assured chosen by the member of the group policy at policy issue / renewal / during the policy term will be paid as lump sum to the nominee / legal heir as applicable. in the event of the death of the member. The master policy holder will facilitate the claim process. The cover can be uniform for all the members of the group or graded for different classes of the membership. For example, employer and employee groups can choose this benefit as a multiple of monthly salary of the member.
- The sum assured chosen by the member of the group policy at policy issue / renewal will be equal to the level monthly instalment at the time of commencement / renewal of the scheme multiplied by the payment period in months. The sum assured and the monthly income benefit can be uniform for all members of the group or graded sum assured and monthly income benefit for different classes of the membership. Monthly income benefits in payment will continue irrespective of whether the scheme is renewed.
Lump sum benefit option: If the member dies, the sum assured will be paid to the nominee / legal heir as applicable.
Monthly income benefit option: if the member dies, the monthly income benefits will be paid to the nominee / legal heir as applicable from the 1st of the month following the month of death till the end of benefit payment period / retirement age whichever is applicable.
In case of death of the nominee while the monthly benefits are being paid, the remaining monthly installments will be paid to the legal heir. No further benefits will be paid after the retirement age or after the end of the benefit payment period whichever is applicable.
- Sense of security to their families and increase in productivity at work.
- Tax benefits and benefit proceeds may be available as per prevailing Income Tax laws.
The benefits not available under this policy are Surrender Benefit, Loans and Maturity Benefits.
|ENTRY AGE||Minimum 14years Maximum 79Years (Age last birthday)|
|MATURITY AGE||Maximum 80 Years (Age last birthday)|
|SUM ASSURED||Minimum Rs.5,000per member for lump sum benefit Maximum Depends on Company’s Board approved|