Shriram Life Insurance

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.

  

  19 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.

  

  8 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.

  

  24 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:

  1. Profit before tax rose by 54% to Rs. 20 crores, against Rs. 14 Crores in the corresponding quarter of the previous year.
  2. Accumulated Profit was at Rs. 312 Crores, against Rs. 245 Crores in the corresponding quarter of the previous year.
  3. New Business Premium increased by 52% to Rs. 115 Crores as against Rs. 76 Crores in the corresponding quarter of the previous year.
  4. 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.

  

  14 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.

  

  9 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.

  

  2 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.

  

  30 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.

  

  22 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.

  

  16 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.

  

  9 March 2015