Shriram Life Insurance Company Limited is a joint venture between the Shriram Group and South African based life insurance firm Sanlam Group.
Incorporated in 2005, the company has a distribution network of 630 branches and over 75,000 agents all across India. It offers a variety of insurance plans, catering to the diverse needs of their customer base and prides itself in efficient capital utilisation and low operational costs.
One of the key features of Shriram Life Insurance is its focus on the rural market and economically weaker sections of society, generating more than 40% of its business through these segments.
Key Highlights of Shriram Life Insurance
Claim Settlement Ratio
Claim-settlement ratio of 60.24% for year 2015-2016
96.70% Grievances Settled for year 2015-2016
To be eligible for Shriram Life Insurance
You should be at least 18 years old
You should be less than 65 years old
You should be either Salaried, Self- employed, a professional or have your own business
Shriram Life Insurance at a Glance
A maximum tenure of 25 years
Min Sum Assured: Rs 2 Lakh
Max Sum Assured: Rs 20 Lakh
Specific exclusions: Suicide within the first 12 months
Documentation needed to apply for an Shriram Life Insurance
- 1. Identity Proof
- 2. Age Proof
- 3. Income Proof
- 4. Address Proof
- 5. PAN Number
Shriram Life Insurance Plans Details
- Shriram Child Plans:
As a parent it always worries you to think about your child’s future if you were not there to take care of him/her. To cater to this need the company offers two plans aimed at protecting your children’s financial interests:
- New Shri Vidya :If you are worried about ensuring your child’s education then this is the plan for you because it provides maturity benefits meant specifically for that purpose. The plan’s death benefits include the chosen sum assured and a monthly income that makes sure your family has no financial burdens.
- New Shri Vivah :As the name suggests, this plan targets those who are looking to secure funds for their child's marriage. This plan offers the chosen sum assured and a monthly income as death benefits and a sum assured and other bonuses as maturity benefits.
- Shriram Combi Life Insurance Plans:
These plans, as the name suggests, are a combination of the traditional life insurance plan and other additions that increase the coverage customers get from these plans. The plans offered under this scheme are:
- Star Shri Family Care :This policy provides policyholders and their families with the unique advantage of having a life insurance policy that also acts as a health insurance policy. It provides both health and life coverage. The life insurance part of the policy provides life cover under the conditions of a term insurance policy.
- Star Shri Individual Care :This is an insurance policy that can be taken by an individual and provides policyholders the dual benefits of health and life coverage via a pure term insurance policy.
- Shriram Life Insurance Term Plans:
If all you want is an insurance plan that provides life insurance cover for a premium that does not hurt the pocket then you should consider a term insurance plan. The ones offered by Shriram Life Insurance are:
- Cash Back Term :This is a term insurance that offers, as its maturity benefits, a return of the premiums paid towards insurance cover. In addition to the TROP it also offers various riders that can be used to enhance the protection provided under this plan.
- Group Term Life Insurance:This is a group term insurance plan that can be renewed every year. It provides the benefits of a term insurance plan to an entire group of people with minimum group sizes ranging from 20 to 50 members.
- Group Term Life Insurance in lieu of EDLI :This is a term life insurance scheme that can be used to replace the mandatory EDLI scheme. Under this scheme the members of the group receive life insurance cover of upto Rs. 5 lakhs. They can even enhance this cover by adding the accident rider to the policy.
- Shriram Endowment Life Insurance Plans:
These are plans that are designed to give policyholders that benefits of a life insurance policy, a savings plan and tax benefits. The plans offered are:
- New Shri Life :This is a non-linked participating endowment plan that provides reversionary bonuses and regular premium pay options along with providing a life insurance cover. It can also be enhanced through various riders that can be added onto this policy.
- New Shri Raksha :This is a life insurance policy that offers double the sum assured as the death benefit while the policy is in effect. Once the policy matures it offers whole life cover along with maturity benefits like payment of the sum assured and all other accrued bonuses as applicable.
- New Shri Vidya :This is a policy that is designed to make sure that your child’s education needs are met. It does so by providing death benefits like sum assured and reversionary and terminal bonuses. It also offers survival bonuses and maturity bonuses as applicable.
- New Shri Vivah :This is a plan that has been devised to suit the needs of a parent worried about their child's marriage. To address this need, the plan offers the policyholder death benefits and maturity benefits like the sum assured along with reversionary and terminal bonuses as applicable.
- Shriram Group Life Insurance Plans:
These are plans that can be taken by a group of people or by companies looking to secure the future of their employees. The plans offered here are:
- Shri Sahay (AP) :This is a group insurance plan that has been designed to bring the benefits of an insurance policy to the weaker sections of society like workers and labourers. This plan also offers the options for riders that can enhance the insurance cover provided.
- Shri Sahay (SP): This is a micro insurance plan that is meant to provide life cover for the weaker segments of the society. It even offers accident riders that can help expand the coverage of this policy.
- Group Term Life Insurance :This is a term life insurance that is meant for groups. It offers the members of the group a choice between death benefits paid in a lump sum or paid as a monthly income.
- Group Life Protector (SP) :This is a group insurance plan that offers the members a choice of level cover or monthly reducing cover or even an annually reducing insurance cover.
- New Group Gratuity :The New Group Plan is a unit linked plan that offers the choice to redirect premiums, choose funds to invest in and in the case of employers, a chance to prepare for gratuity liabilities.
- Group Term Life Insurance in lieu of EDLI :This is a group insurance plan that can be used in place of the mandatory EDLI scheme. It offers life insurance coverage for the group along with other benefits that can be defined by the master policyholder.
- Shriram Investment Life Insurance Plans:
These are plans that are designed to provide the policyholder with life insurance cover and a means to increase their wealth. The plans offered under this scheme are:
- Wealth Plus :This is a unit linked insurance plan that offers the policyholder the chance to watch their wealth grow and get insurance cover at the same time. It also offers the chance to reduce risks by allowing you to switch between funds and make partial withdrawals when the need for liquidity arises.
- Fortune Builder :This is a single premium ULIP that is targeted at people who have irregular incomes. It also allows the insured to invest across various assets and make partial withdrawals that can be helpful when there is a need for instant funds.
- Ujjwal Life :This is a unit linked plan that offers the opportunity to pay in regular premiums and offers maturity benefits that can amount to the value of the funds at the time of maturity.
- Ujjwal Life (sp) :This is a single premium ULIP that offers the dual benefits of insurance coverage and returns on premiums. The insurance company invests a part of the premiums paid under this plan in various market instruments with a view to earn returns on them. It offers great benefits like payment of the sum assured along with the value of the funds.
A lot of people feel that they are not in a position to buy life insurance because of financial constraints.To make sure that they too can buy life insurance the company offers:
- Shri Sahay (AP) :This is an insurance plan that is meant to provide life insurance opportunities to the weaker segments of the society like workers in agriculture, labourers, etc. It can also be coupled with an accident benefit rider which greatly enhances the cover provided by this policy.
- Shri Sahay (SP) :This is a micro insurance plan that will provide lump sum payments to the nominee in the unfortunate event of the insured’s death. It also offers the option to add on a rider for accident benefit which helps enhance the cover provided.
As the name suggests, these are life insurance policies that can be bought online in a fraction of the time it would take to do it the old fashioned way. The policies offered are:
- Guaranteed Return Plan for Online
- Guaranteed Wealth Preserver Plan for Online
These are life insurance plans that offer the policyholder the option to retire in peace with a steady income. The plans offered under this scheme are:
- Immediate Annuity
The Immediate Annuity scheme is a traditional participating life insurance plan provides the benefits of cash inflow by providing payments to the policyholder at regular intervals.
Protection life insurance plans make sure that when you see the future of your family without you, you see a financially stable family. The plans offered are:
- Cash Back Term :This is a term insurance plan that can be taken at affordable prices and ensures that the financial future of the family is secure even if you are not there. It also offers various riders that can be used to enhance the cover along with a return of premium facility.
- Group Term Life Insurance :This is a term insurance plan that can be taken by any group. It offers a policy that can be renewed every year. It is a low cost option to providing insurance cover for a group and can also be couple with the accident benefit rider to enhance the insurance cover.
- Group Term Life Insurance in lieu of EDLIThis is group term insurance plan that can be used to replace the required EDLI scheme. Under this plan each member of the group gets life insurance cover that can be renewed each year along with the option of improving the cover using riders.
These policies offer the policyholder the advantages of the traditional life insurance with the added advantages of long term savings. The policies offered under this scheme are:
- New Shri Life :This is a life insurance plan that offers attractive rebates on the sum assured, choices between limited and regular premium payments, tax benefits and reversionary bonuses.
- New Shri Vidya :This plan offers death benefits like payment of the sum assured along with provisions for a monthly income. The plan also offers the policyholder maturity and survival benefits like reversionary and terminal bonuses.
- New Shri Vivah :This is an insurance plan that has no limit on the sum assured under this scheme. It offers the policyholder various death and maturity benefits and can be enhanced by using various riders compatible with this scheme.
- New Shri Raksha :This is a life insurance policy that can even pay out twice the sum assured as death benefit (conditions apply). It also offers various riders that can be used to enhance the cover provided by this policy.
- New Akshay Nidhi :The New Akshay Nidhi plan not only offers death benefits but also maturity that could be the various bonuses accrued on the policy. In addition to this it also provides enhanced cover through various riders that can be selected to work with this policy.
- Guaranteed Return :This is an affordable insurance plan that offers the insured a sum assured along with guaranteed maturity benefits.
- Secure Investment :This is an insurance policy that requires only one investment which goes to offering you life insurance cover along with guaranteed maturity benefits.
- Ujjwal Life :This is a unit linked plan with a regular premium payment scheme that provides life insurance cover and allows your wealth to grow through investments in the markets.
- Ujjwal Life (sp) :This plan offers the policyholder the chance to invest in a unit linked life insurance plan via a single premium.
- Fortune Builder :This plan, as the name suggests, offers benefits of an insurance policy and a growth in wealth through market linked returns. It also offers partial withdrawals along with survival and maturity benefits.
- Wealth Plus:The Wealth Plus plan is a unit linked insurance policy that offers short premium paying terms and options to switch funds to mitigate risks. It also allows the policyholder to pay top-up premiums.
- Guaranteed Wealth Preserver :This plan offers guaranteed maturity benefits along with death benefits provided under this policy. The plan can also be coupled with various riders to enhance the cover provided by it.
- Online Guaranteed Wealth Preserver :This is a plan that provides a death benefit that can be 10 time a single premium paid. It also does not force a commitment to pay premiums regularly and offers the chance improve the protection offered by providing various riders with this policy.
Shriram Life Insurance FAQs:
- Q. What is the grievance redressal process with Shriram Life Insurance?
A. . In order to raise a complaint or grievance, one must contact the company via the phone, email or by visiting their office.
- Q. What if the Shriram officials are not able to satisfactorily resolve my grievance?
A. . In case there is no one at Shriram Finance who seems to be able to provide you with a satisfactory resolution to your problem within 15 days, you can contact the Insurance Ombudsman.
- Q. What is the grace period in which I can make my premium payments after the due date?
A. There is a grace period of 30 available for quarterly, half-yearly, and yearly payment options in which premium payments must be made in full. The grace period is 15 days in the case of monthly payment option.
- Q. What if I fail to pay my premiums even after the grace period?
A. In case you don’t pay your outstanding premium even after the due date, the policy will lapse and benefits will cease.
- Q. Can a lapsed policy be revived?
A. Yes, in most cases with Shriram Life Insurance policies, the plan can be revived subject to the payment of all outstanding premiums with interest and penalties (if any). Revival is at the discretion of Shriram Life Insurance Co. Revival must be made within 5 years of the first unpaid premium.
- Q. To whom is my death claim amount paid through a Shriram Life Insurance Policy?
A. The death claim is payable to:
- The nominee that you’ve named in your policy.
- Your legal heir, in case no nominee has been named.
- In case the nominee is a minor, the death claim is paid to the appointee.
- If there is a registered assignment, the assignee will get the death claim.
- Under a HUF clause, the Karta will be eligible for the death claim.
- Under the MWP Act, the Trustee will be eligible for the death claim.
- Q. Where can I find the claim forms that need to be filled in for a benefit pay-out from Shriram Life Insurance Co.?
A. The forms for all the claims will be available with Shriram Life Insurance.
- Q. How do I switch between funds?
A. To be able to switch between funds, you will have to fill up the appropriate forms that can be gotten from Shriram Life Insurance.
- Q. What is the policy renewal process with Shriram Life Insurance Co.?
A. To renew the policy you can get in touch with the company via that phone. You can even renew the policy online too.
- Q. What is the process to cancel the policy?
A. In order to cancel an in-force policy, you will have to visit your nearest Shriram Life Insurance Co. Branch with your identification documents and your policy documents. Approach an executive and surrender the policy, it will take a few working days for the refund of the premiums or any other dues to get credited back into your account.
News About Shriram Life Insurance
New Assured Income Plus plan from Shriram Life Insurance
Shriram Life Insurance has launched Assured Income Plus, an endowment assurance plan under which insurers have to pay premiums only for five years.
They will receive the benefits of the policy in five equal instalments after maturity. If the insurer dies before the end of the policy term but after paying up all premiums, the nominee(s) will receive the assured amount in lump sum.
If the insurer dies before instalments are given out but after completing the policy term, the amount will be paid in five instalments to the nominee(s). This non-linked, non-participating policy offers a life cover of at least 10 times the annualised premium for persons up to the age of 50, and minimum 7 times the annualised premium for persons aged 51 and above. The product intends to help customers achieve long-term goals with short-term investments.
19th January 2016
Shriram Life Secure Plus – a new life insurance product by Shriram Life
Shriram Life Insurance Company, one of the leading private life insurance providers in India, recently launched Shriram Life Secure Plus – a non-linked, non-participating term life insurance plan. The new life plan is available at affordable rates and policyholders can buy it by paying lower premiums.
The Shriram Life Secure Plus plan is designed to cater to the needs of those people who look for life insurance coverage at affordable rate. The plan offers comprehensive insurance coverage and returns the premiums at maturity. The Shriram Life Secure Plus also offers maturity benefits, provided the plan is continued till maturity which is equal to the total premiums paid.
Policyholders can also get tax benefits on the premiums paid and rebate on higher sum assured. The Shriram Life Secure Plus pays a lump sum amount as death benefit, in case the life assured dies within the policy tenure. The minimum entry age of a policyholder needs to be 18 years and maximum 50 years for availing this policy. The policy terms are 10, 15 and 20 years. Policyholders can choose to pay their premiums on yearly, half-yearly and quarterly basis. The policy accepts a minimum sum assured of Rs.5, 00,000 and a maximum of Rs.20, 00,000. Celebrating the company’s 10th year of operations in India, Shriram Life Insurance Company has offered a onetime bonus of Rs. 10 on per Rs.1000 sum assured for all its participating products.
8th September 2015
Banks to be a new channel for Shriram Life’s products
In a bid to increase its growth through reach and customer base, the decade old private insurer Shriram Life is planning to put its banks’ tie-up to use.
With a one-side discussion already being over, the insurance company is waiting for a reply from the banks on the possible advancement of plans. Though a few banks have shown interest in the proposal, Shriram Life is waiting for the green due from a regulation that will allow banks to sell policies of different companies. With a few new products already in the pipeline, the insurer is confident that a forthcoming pension plan from them will add much value to banking customers.
24th August 2015
Shriram Life Insurance Announced Promising Results for Q1, 2015
Shriram Life Insurance, a subsidiary of Shriram Group made an announcement on their Q1 results that ended on June 30,2015 on Thursday. It is vital to note the company is the only private insurance company to have been able to make profits in the first year of its operations and three consecutive years of operations at a stretch.
The company experienced grown lead by retail distribution network that is said to be strong. The growth was at 129% for 55,000 policies calculated up to the end of the quarter as compared to 24,000 sold in the prior year, during the same period. The Q1 results have brought Shriram Life among the top 6 Private Life Insurers in the India.
CEO and Whole Time director of SLIC, Manoj Jain commented, “This exponential increment in Policy count is attributable to expansion made in last couple of years; where we added more than 200 branches in Tier III and Tier IV cities of the country. These expansion efforts are in line with Shriram group philosophy of Inclusive growth. SLIC shall continue taking life insurance to the section where it is needed the most the AAM AADMI.”
He also mentioned that the profit after tax (PAT) statistics for the company which rose by 42% y-o-y at Rs.17 crores at the end of the Q1 compared to Rs.12 Crores for the same quarter the prior year is healthy.
Some of the other key statistics of the life insurance company from the Q1 results include:
- Profit before tax rose by 54% to Rs. 20 crores, against Rs. 14 Crores in the corresponding quarter of the previous year.
- Accumulated Profit was at Rs. 312 Crores, against Rs. 245 Crores in the corresponding quarter of the previous year.
- New Business Premium increased by 52% to Rs. 115 Crores as against Rs. 76 Crores in the corresponding quarter of the previous year.
- Individual business revenue grew by 38%, while the overall industry experienced a fall by 8% in individual business revenue.
SLIC also won the MMA award for Management Excellence in Services Sector, last year and the Indian Insurance Award for Best Insurance Company for Non-Urban Coverage – Life Insurance.
14th August 2015
Shriram Life Insurance bags MMA Award for Managerial Excellence
In another major accolade for the Shriram Life Insurance Company, the firm got honored with the MMA Award for Managerial Excellence, 2015. MMA recognized Shriram Life Insurance in multiple areas which include customer centric product delivery, financial inclusion and business growth.
Shriram Insurance Company is focused at selling life insurance products to customers in India. The company has been the most consistent life insurance performer in recent years. It has the unique distinction of operating profitably in 9 out of its 10 years of operation. The company is dedicated to spreading life insurance awareness and launching insurance products that cater to various sections of society.
9th July 2015
The award for the ‘Best insurance company for non-urban coverage- Life Insurance’ goes to Shriram Life Insurance!
Shriram Life Insurance belonging to the Shriram group won the award for the ‘Best insurance company for non-urban coverage- Life Insurance’ at the Indian Insurance awards. The Indian Insurance awards organized by Fintelekt aims to reward the achievements of life insurance companies in India. The award recognized Shriram Life Insurance’s effort to provide quality life insurance to those in rural and semi-urban areas.
The company also recently won an award by ABP News BFSI awards for the best life insurance company in the insurance sector.
2nd July 2015
Shriram Life to open 75 new offices
Shriram Life Insurance is expecting a 25% growth in new business and plans to add 75 new offices in the western and northern India. The Shriram Life Insurance CEO, Manoj Jain stated that they are confident of a 20-25 per cent growth in the current financial year. Shriram Life Insurance business premium increased to Rs.498 crore in the year 2015 by a 28 percent from the previous year.
The branches will extend in Uttar Pradesh, Bihar, Odisha, Jharkhand, Madhya Pradesh, Maharashtra, Punjab and Gujarat. Manoj Jain also added that the company identified the western and northern markets as the most business potential regions and that they will continue to consolidate in the southern market.
Shriram Life Insurance was incorporated in the year 2005. It is based in Hyderabad and has over 460 branches and 190 of these branches are in South India. But, about 40% of the company’s business comes from North India through the incredibly good branch network.
The company is also partnering with gold loan and micro-finance firms to reach out to the population in the rural India. Out of the 1.9 lakh policies that were sold by the company in 2014; 85,000 to 90,000 policies were from the rural markets.
Manoj Jain also said that the company has made profit in 9 out of the 10 years. And that it is the only private life insurer who has made profit in the first three consecutive years and the only private insurer to achieve the distinction.
Manoj also added that the company has been able to perform so well because of the efficient use of capital and their low cost of operation.
30th June 2015
Shriram Life Insurance Company’s earnings go up in the last financial year.
Shriram Life Insurance Company recently announced its annual results for the financial year 2015. The life insurance company has a pre-net plus of 103 crore during the financial year ending March 31, 2015. The firm announced its profit of Rs. 80 crore in March 2015 post paying tax. The company's operational efficiency has been the major factor behind this growth of profit.
Shriram Life Insurance Company is by now one of the top nine insurance companies in India. The company has been successful in reaching to the lower and lower middle segment of the country and in exceeding the minimum social and rural regulatory norms. The company had a great year in terms of policy count in the last financial year. It could sell 1 .91 lakh policies in the past financial year which is a growth of 38% over the previous year.
The company is committed to ensure prosperity to its stakeholder as well. Recently, it announced a maiden dividend of 9% for its stakeholders. Celebrating the completion of its 10 years of operations in India, the company has declared a special onetime bonus for all the participating policies which are effective at 31st March 2015. Going forward, the company has plan to expand its operations to states like UP, Odisha, Bihar, MP, Maharashtra, Gujarat and Punjab.
22nd June 2015
Shriram Life Insurance Co. Enhances Product Portfolio with 3 New Offerings
Shriram Life Insurance Co. (SLIC), which recorded growth of 26% for the fiscal year 2014-2015 (as of January 2015), launched three new life insurance plans aimed at providing policyholders the dual benefits of protection and returns.
These new products are expected to boost business in the run-up to the financial year-end, which is a time marked by taxpayers investing in tax-saving options. The three new plans comprise a guaranteed wealth protection plan, employee plan and a life protection plan.
SLIC is a joint venture between the Indian-based Shriram Capital Ltd. and the South African financial services major Sanlam. The two partners have initiated talks to increase Sanlam’s stake in order to enhance capital funds to fuel expansion.
Although more than adequately solvent, the life insurance major plans to divert funds raised from Sanlam’s stake enhancement towards business expansion which will include opening new branches and launching new plans.
16th March 2015
Good news for pensioners in the Budget 2015
Finance minister Arun Jaitley delivered good news for pensioners in the budget 2015 with the introduction of a new pension scheme and other tax incentives. The government’s National Pension Scheme will get a boost from this plan. Insurance and mutual fund players aren’t very happy with the special attention given to the NPS. The deduction limit in the pension product has been increased to Rs. 1.5 lac from Rs. 1 lac. A new pension scheme, the Atal Pension Yojana has been launched wherein a defined pension will be provided based on the person’s contribution. The finance minister has come up with the idea of setting up a Senior Citizen Welfare Fund aimed at securing the pensioner’s finances.
9th March 2015