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Shriram Group Term Life Insurance
Shriram Group Term Life Insurance

HDFC Life Group Unit Linked Pension Plan
HDFC Life Group Unit Linked Pension Plan



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Shriram Group Term Life Insurance
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HDFC Life Group Unit Linked Pension Plan

Shriram Group Term Life Insurance and HDFC Group Unit Linked Pension

1 Details
1.1 Insurance Provider
Shriram Life Insurance Company
HDFC Standard Life Insurance Company Limited
1.2 Claim Settlement Ratio
1.2.1 Settlement Ratio (2015-16)
51.21%
Rank: 23 (Overall)
65.55%
Rank: 20 (Overall)
1.2.2 Settlement Ratio
LIC Bhagya Laks..
67.00%
Rank: 15 (Overall)
91.00%
Rank: 7 (Overall)
Edelweiss Tokio My Life Plus
1.2.3 Settlement Ratio (2013-14)
LIC New Jeevan ..
67.69 %
Rank: 23 (Overall)
94.01 %
Rank: 3 (Overall)
DHFL Pramerica Family Income
1.3 Type
Group Life Insurance Plan
Group Life Insurance Plan
1.4 Status
In-force
In-force
1.5 Online
10% Group Life Insurance Plans Life insurance plans have it !
10% Group Life Insurance Plans Life insurance plans have it !
1.6 Eligibility
1.6.1 Min Entry Age
AEGON Religare ..
14 years
Rank: 13 (Overall)
18 years
Rank: 17 (Overall)
Bajaj Allianz Cash Assure
ADD ⊕
1.6.2 Max Entry Age
ICICI Pru Immed..
79 years
Rank: 7 (Overall)
74 years
Rank: 9 (Overall)
Reliance Classic Plan 2
ADD ⊕
1.6.3 Min Vesting Age
Canara HSBC Sma..
15 years
Rank: 4 (Overall)
Not Available
Rank: N/A (Overall)
Shriram Secure Investment Plan
ADD ⊕
1.6.4 Max Vesting Age
Bharti AXA Life..
80 years
Rank: 7 (Overall)
75 years
Rank: 12 (Overall)
LIC New Children Money Back Plan
ADD ⊕
1.7 Policy Term
1.7.1 Min Term
Edelweiss Tokio..
1 years
Rank: 1 (Overall)
5 years
Rank: 3 (Overall)
HDFC Life New Group Unit Linked Plan
ADD ⊕
1.7.2 Max Term
TATA AIA Fortun..
1 years
Rank: 38 (Overall)
25 years
Rank: 20 (Overall)
HDFC Life New Group Unit Linked Plan
ADD ⊕
1.8 Returns
1.8.1 Min Sum Assured
Aviva Life Shie..
₹ 5000
Rank: 3 (Overall)
Not Available
Rank: N/A (Overall)
ICICI Pru Immediate Annuity Plan
1.8.2 Min Sum Assured (Variable)
Not Applicable
Not Available
1.8.3 Max Sum Assured
IDBI Federal Lo..
Not Available
Rank: N/A (Overall)
Not Available
Rank: N/A (Overall)
Kotak Gratuity Plus Group Plan
1.8.4 Max Sum Assured (Variable)
No Limit
Not Available
1.9 Group Plan
99% Group Life Insurance Plans Life insurance plans have it !
99% Group Life Insurance Plans Life insurance plans have it !
1.9.1 Group Type
Employer-Employee, Non Employer-Employee
Employer-Employee
1.9.2 NEE Size
Metlife Group T..
50
Rank: 1 (Overall)
Not Available
Rank: N/A (Overall)
Reliance Traditional Group Employee Benefit Plan
1.9.3 EE Size
Metlife Complet..
20
Rank: 5 (Overall)
10
Rank: 6 (Overall)
HDFC Group Term Insurance
2 Premium
2.1 Minimum Premium
2.1.1 Min Premium
Kotak Preferred..
Not Available
Rank: N/A (Overall)
Not Available
Rank: N/A (Overall)
HDFC Life Group Credit Protect Insurance Plan
2.1.2 Min Premium (Variable)
Depends on sum assured, group type and the size of the group
Not Applicable
2.2 Maximum Premium
2.2.1 Max Premium
Metlife Traditi..
Not Available
Rank: N/A (Overall)
Not Available
Rank: N/A (Overall)
HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana
2.2.2 Max Premium (Variable)
No Limit
Not Applicable
2.3 Payment Options
Regular Pay, Single Pay
Regular Pay
2.4 Regular Modes
Annual, Monthly, Quarterly, Semi-Annual
Annual
2.5 Top Up
Not Allowed
Not Allowed
2.5.1 Top Up Value
Kotak Invest Ma..
Not Available
Rank: N/A (Overall)
Not Available
Rank: N/A (Overall)
Pension Plus
3 Loan And Benefits
3.1 Loan
5% Group Life Insurance Plans Life insurance plans have it !
5% Group Life Insurance Plans Life insurance plans have it !
3.2 Surrender
66% Group Life Insurance Plans Life insurance plans have it !
66% Group Life Insurance Plans Life insurance plans have it !
3.2.1 Surrender Value
Not Applicable
Not Applicable
3.3 Benefits
3.3.1 Tax
94% Group Life Insurance Plans Life insurance plans have it !
94% Group Life Insurance Plans Life insurance plans have it !
3.3.2 Tax Benefit Amount
Tax benefits under this plan are available as per the provisions of the Income tax Act.
Applicable as per tax laws.
3.3.3 Service Tax
Not Applicable
Applicable
3.3.4 Maturity
11% Group Life Insurance Plans Life insurance plans have it !
11% Group Life Insurance Plans Life insurance plans have it !
3.3.5 Maturity Benefit Amount
Not Applicable
Not Available
3.3.6 Death
91% Group Life Insurance Plans Life insurance plans have it !
91% Group Life Insurance Plans Life insurance plans have it !
3.3.7 Death Benefit Amount
Sum Assured will be paid to the nominee
Benefit is payable in accordance with the scheme rule of the employer; subject to maximum of the Fund Value or Assured Benefits
3.3.8 Annuity
12% Group Life Insurance Plans Life insurance plans have it !
12% Group Life Insurance Plans Life insurance plans have it !
3.4 Bonus
Not Available
Not Available
4 Provisions
4.1 Renewal
76% Group Life Insurance Plans Life insurance plans have it !
76% Group Life Insurance Plans Life insurance plans have it !
4.1.1 Renewal Period
Bajaj Allianz R..
2 years
Rank: 3 (Overall)
1 years
Rank: 4 (Overall)
HDFC Life Group Unit Linked Pension Plan
4.2 Riders
4.2.1 Accidental Death
25% Group Life Insurance Plans Life insurance plans have it !
25% Group Life Insurance Plans Life insurance plans have it !
4.2.2 ADBR Description
Available as an optional cover
Not Applicable
4.2.3 Critical Illness
17% Group Life Insurance Plans Life insurance plans have it !
17% Group Life Insurance Plans Life insurance plans have it !
4.2.4 CI Description
Not Applicable
Not Applicable
4.2.5 Term Rider
No Group Life Insurance Plans Life insurance plans has it !
No Group Life Insurance Plans Life insurance plans has it !
4.2.6 TR Description
Not Applicable
Not Applicable
4.2.7 Permanent Disability
20% Group Life Insurance Plans Life insurance plans have it !
20% Group Life Insurance Plans Life insurance plans have it !
4.2.8 PD Description
Available as an optional cover
Not Applicable
5 Terms and Conditions
5.1 Grace Period
LIC Jeevan Raks..
15 Days
Rank: 2 (Overall)
30 Days
Rank: 1 (Overall)
HDFC Group Term Insurance
ADD ⊕
5.2 Free Look Period
Mera Term Plan
15 Days
Rank: 2 (Overall)
15 Days
Rank: 2 (Overall)
Reliance Online Term
ADD ⊕
5.3 Exclusion On Base Policy
Suicide Clause
Suicide Clause
5.4 Charges
5.4.1 Premium Allocation
27% Group Life Insurance Plans Life insurance plans have it !
27% Group Life Insurance Plans Life insurance plans have it !
5.4.2 Premium Allocation Charge
Not Available
There is no premium allocation charge
5.4.3 Policy Administration
14% Group Life Insurance Plans Life insurance plans have it !
14% Group Life Insurance Plans Life insurance plans have it !
5.4.4 Policy Administration Charge
Not Available
Not Available
5.4.5 Fund Management
27% Group Life Insurance Plans Life insurance plans have it !
27% Group Life Insurance Plans Life insurance plans have it !
5.4.6 Fund Management Charge
Not Available
The daily unit price includes the fund management charge of 1.25% per annum charged daily, of the fund's value.
5.4.7 Mortality
26% Group Life Insurance Plans Life insurance plans have it !
26% Group Life Insurance Plans Life insurance plans have it !
5.4.8 Mortality Charge
Not Available
Mortality charge will be based on sum at risk
5.4.9 Switching
Not Allowed
Allowed
5.4.10 Switching Charge
Reliance Group ..
Not Available
Rank: N/A (Overall)
₹ 40
Rank: 3 (Overall)
SBI Life Kalyan ULIP Plus
5.4.11 Partial Withdrawal
Not Allowed
Allowed
5.4.12 Partial Withdrawal Charge
Kotak Invest Ma..
Not Available
Rank: N/A (Overall)
Not Available
Rank: N/A (Overall)
Aviva Live Smart Plan
5.4.13 Premium Redirection
Not Allowed
Not Allowed
5.4.14 Premium Redirection Charge
Kotak Invest Ma..
Not Available
Rank: N/A (Overall)
Not Available
Rank: N/A (Overall)
SBI Life Kalyan ULIP Plus
5.5 Group Members
5.5.1 Addition
Allowed
Not Allowed
5.5.2 Deletion
Allowed
Not Allowed
5.6 Medical Examination
43% Group Life Insurance Plans Life insurance plans have it !
43% Group Life Insurance Plans Life insurance plans have it !

Compare Shriram Group Term Life Insurance and HDFC Group Unit Linked Pension

Compare Shriram Group Term Life Insurance and HDFC Group Unit Linked Pension on basis of policy details, premium details, eligibility etc. Shriram Group Term Life Insurance is provided by Shriram Life Insurance Company. HDFC Group Unit Linked Pension is provided by HDFC Standard Life Insurance Company Limited. Both these policies come under Group Life Insurance Plans. Online buying option is not available for first insurance policy and online buying option is not available for second policy.

Minimum entry age for Shriram Group Term Life Insurance is 14 years and maximum entry age for the same policy is 79 years. Similarly for HDFC Life Group Unit Linked Pension Plan, minimum entry age is 18 years and maximum entry age is 74 years. Depending upon the selected plan, the premium amount and payment options may be different. Premium is the amount you pay to the insurance company in exchange of life cover. Premium payment option/s for former policy: Regular Pay and Single Pay and premium payment option/s for latter policy: Regular Pay. In regular pay mode, you are supposed to pay this money at fixed intervals throughout the policy term whereas for limited pay mode, you are supposed to pay money only for a limited number of years.

Benefits of Shriram Group Term Life Insurance and HDFC Group Unit Linked Pension

Benefits of Shriram Group Term Life Insurance and HDFC Group Unit Linked Pension consist of maturity benefit, tax benefit, death benefit etc. Some Shriram Group Term Life Insurance and HDFC Life Group Unit Linked Pension Plan Provisions are made for a policy holder. Loan is one such provision. For first plan, a person cannot apply for loan and second plan does not provide loan facility. Following are the benefits under these insurance policies.

For Shriram Group Term Life Insurance:

  • Tax benefit: Available.
  • Maturity benefit: Not Available.
  • Death benefit: Available.

For Shriram Group Term Life Insurance:

  • Tax benefit: Available.
  • Maturity benefit: Available.
  • Death benefit: Available.

If the policy has tax benefit, it means that the premium you pay for the policy is eligible for deduction in tax returns along with a part of money you receive on maturity of the policy. If the policy has death benefit, in event of death of the policy holder, all the money paid as premium shall be returned to his family. Even bonus is added to this money for some policies. Thus his family can stay financially secure. Maturity benefit is the money you get at the end of the policy term. This is the total of all the premiums you have paid along with applicable bonus.

Provisions under Shriram Group Term Life Insurance and HDFC Group Unit Linked Pension

Provisions under Shriram Group Term Life Insurance and HDFC Group Unit Linked Pension mainly include policy renewal and different types of riders. For Shriram Group Term Life Insurance, policy renewal is allowed Policy renewal is allowed for HDFC Life Group Unit Linked Pension Plan. Different riders such as accidental death benefit rider, critical illness rider etc. are provided for an insurance policy. Riders are special clauses in an insurance policy that cover cases when you won't be able to pay premium. Accidental death benefit rider is available for first policy and it is not available for second policy.Critical illness rider is not available for former policy and it is not available for second policy.Term rider is not available for first insurance policy and this rider is not available for second policy.

Terms and Conditions For Shriram Group Term Life Insurance and HDFC Group Unit Linked Pension

Terms and conditions for Shriram Group Term Life Insurance and HDFC Group Unit Linked Pension includes the grace period, free look period, exclusions, riders etc. for both the policies. Grace period can be utilized for paying unpaid premiums. Grace period of plan 1 is 15 Days whereas for plan 2, it is 30 Days. Free look period for these insurance plans is 15 Days.

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