Shriram Life Insurance Company is a well-known insurance company in India which provides various types of products such as simple protection plans, plans which offers both protection and savings, etc. which you can buy depending on your various needs.
Shriram Life Insurance Company Limited commenced operations in 2006 following its incorporation in 2005 as a joint venture between Sanlam Group – a life insurance company based out of South Africa, and the Shriram Group – an Indian conglomerate with as many as 25 companies. Shriram Life Insurance Company Limited holds the distinction for being the only private life insurance provider to record profits in its first three years of business, and in comparison with industry peers following ten years in the business,Shriram Life Insurance has come to be known as India’s most profitable life insurer.
Shriram Life Insurance Company Limited has grown tremendously in recent years, and currently boasts over 630 branches in addition to more than 75,000 insurance agents across the country. The company has an impressive portfolio of insurance plans to ensure that the needs and requirements of a diverse customer base are met. Shriram Life Insurance Company Limited concentrates primarily on the economically weaker sections of society and rural markets, thereby generating in excess of 40% of its business via these segments.
Benefits of Shriram Life Insurance:
Shriram Life Insurance Company Limited is among the most respected and largest financial services providers in the country. The company aims at delivering top-notch products and services to ensure that the financial Stability of a family won't be upset in case of the untimely and unfortunate demise of its customers. The number of insurance plans designed by the company will help you find one that best suits your requirements in little to no time. The company also has a lot of experience with regards to chit funds, commercial vehicle financing and other kinds of financial services. The large number of insurance agents that work with Shriram Life Insurance Company Limited are certain to add to the ease with which you can find the best possible life insurance policy.
Different Types of Life Insurance Policies Offered by Shriram Life Insurance:
Shriram Life Insurance Company Limited offers a variety of life insurance policies under different categories. Following are the different categories and the plans available under them:
| Individual Plans | Microinsurance Plans | Shriram Grameena Suraksha Plan |
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| Investment Plans |
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| Retirement Benefits |
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| Protection Plans |
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| Savings Plans |
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| Group Plans | Microinsurance Plans |
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| Special Plans | Shriram Life Pradhan Mantri Jeevan Jyoti Bima Yojana | |
| Protection Plans |
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| Employee Benefits Plans |
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| Online Plans |
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Individual Plans Offered by Shriram Life Insurance:
Plans under ‘Individual Plans’ can be purchased by individuals only, either for themselves or for their family members, according to their requirements and needs. Plans have been categorised into multiple subparts under ‘insurance plans’.
Microinsurance Plans:
| Type of the Plan | Minimum and maximum age of entry | Basic sum assured | Premium payment term (PPT) | Policy term |
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| Shriram Grameena Suraksha Plan |
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Minimum sum assured:
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The policy is offered for a premium payment term of 10 years and 15 years | The plan is offered for fixed terms of 10 and 15 years |
Investment Plans:
| Type of the Plan | Minimum and maximum age of entry | Basic sum assured | Premium payment term (PPT) | Policy term |
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| Shriram Life Growth Plus V2 |
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Single or Regular | The policy is offered for a term of 10 years to 20 years |
| Shriram Life Fortune Builder |
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Minimum basic sum assured (for single premium):
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Single premium only | The policy is offered for fixed term of either 10, 15, or 20 years |
| Shriram Ujjwal Life (SP) |
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Minimum basic sum assured (for single premium):
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Single premium only | The policy is offered for a fixed term of 10 years |
| Shriram Ujjwal Life |
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Minimum basic sum assured:
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Fixed premium payment term (PPT) of 10 years | The policy is offered for a fixed term of 10 years |
| Shriram Life Wealth Plus |
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Basic sum assured is provided to the insured’s family as a death benefit along with value of the units in the Life Assured’s unit account, top up fund value, and top up sum assured (if applicable) |
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The policy is offered for a term of either 10 years or 15-25 years |
Retirement Benefits:
| Type of the Plan | Minimum and maximum age of entry | Basic sum assured | Premium payment term (PPT) | Policy term |
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| Shriram Life Pension Plus V2 |
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Monthly payouts are provided by the insurer during the retirement period of the insured |
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The policy is offered for terms of 10, 15 to 35 years |
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| Shriram Life Immediate Annuity Plus |
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Instead of basic sum assured, the annuitant/policyholder receives annuities on a regular basis from the insurer | Single premium payment term (PPT) available | The policy will remain valid and in force for the entire lifespan of the annuitant and will only cease to exist upon the death of the annuitant |
Pure Protection Plans:
| Type of the Plan | Minimum and maximum age of entry | Basic sum assured | Premium payment term (PPT) | Policy term |
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| Shriram Easy Life Cover |
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The available premium payment term (PPT) is 5 years | The policy is offered for a fixed term of 5 years |
| Shriram Life Smart Protection Plan |
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No premium payment terms available | The policy is offered for a term of 10 to 30 years |
| Shriram Life Secure Plus Plan |
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The sum assured provided by the insurer is subject to Board approved underwritten policies:
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The policy offers a 10, 15, or 20 years premium payment term (PPT) | The policy is offered for fixed terms of either 10, 15, or 20 years |
| Shriram Life Cash Back Term |
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The sum assured provided by the insurer is subject to Board approved underwritten policies:
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The policy is offered for fixed terms of 10, 15, 20, and 25 years |
| Shriram Life family Protection |
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The sum assured provided by the insurer is subject to Board approved underwritten policies:
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The policyholder can choose a premium paying term (PPT) of 10 to 25 years under the policy | The policyholder can choose a policy term between 10 years and 25 years |
Savings Plans:
| Type of the Plan | Minimum and maximum age of entry | Basic sum assured | Premium payment term (PPT) | Policy term |
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| Shriram Life Assured Advantage Plus |
For option I:
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For option I:
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Premium paying term (PPT) available under the policy is single premium | The policy is offered for a fixed term of 10 years |
| Shriram Life Genius Assured Benefits Plan |
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The policy is offered for a fixed premium paying term (PPT) of 10 years | The policyholder can choose a policy term between 10 years and 18 years |
| Shriram Life POS Guaranteed Endowment Plan |
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PPT options available are Regular Premium Payment and Single Premium Payment | The policyholder can choose a policy term between 10 years and 20 years |
| Shriram Life Secure Investment |
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Available premium paying term (PPT) under the plan is single premium only | The policy is offered for fixed terms of either 5 years or 10 years |
| Shriram Life Assured Income Plan |
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For an 8-year policy term:
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Available premium paying terms (PPT) are 8 years and 10 years | The policy is offered for fixed terms of 8 years and 10 years |
| Shriram Life New Akshay Nidhi |
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Available premium paying terms (PPT) under the plan are 15, 20, and 25 years | The policy is offered for fixed terms of 15 years, 20 years, and 25 years |
| Shriram Life Assured Income Plus |
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Minimum sum assured:
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The policy offers a premium paying term (PPT) of 5 years | The policy is offered for a fixed term of 10 years |
| Shriram Life New Shri Raksha |
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The policy is offered for fixed terms of 10, 15, 20, and 25 years |
| Shriram Life New Shri Life |
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The policy is offered for fixed terms of 10, 15, 20, and 25 years |
| Shriram Life New Shri Vidya |
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The policy is offered for fixed terms of 10 years, 15 years, 20 years and, 25 years |
| Shriram Life New Shri Vivah |
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The policy is offered for fixed terms of 10 years, 15 years, and 20 years |
Group Plans Offered by Shriram Life Insurance:
The group plans offered by Shriram Life Insurance are essentially offered by employers to their employees in an organisation. Group plans provide a uniform and fixed insurance cover to all employees.
Microinsurance Plans (Group)
| Type of the Plan | Minimum and maximum age of entry | Basic sum assured | Premium payment term (PPT) | Policy term |
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| Shriram Life Jana Sahay |
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No premium paying terms available under the plan | The plan is offered for a fixed minimum policy term of one year |
| Shriram Life Shri Sahay (SP) |
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No premium paying terms (PPT) available under the plan | The policy is offered for a fixed minimum term of 5 years |
| Shriram Life Shri Sahay (AP) |
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No premium paying terms (PPT) available under the plan |
The policy is offered for:
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Special Plans:
| Type of the Plan | Minimum and maximum age of entry | Basic sum assured | Premium payment term (PPT) | Policy term |
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| Shriram Life Pradhan Mantri Jeevan Jyoti Bima Yojana |
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No premium paying terms (PPT) available under the plan | The policy is offered for a fixed term of one year post which it can be renewed on a yearly basis |
Protection Plans:
| Type of the Plan | Minimum and maximum age of entry | Basic sum assured | Premium payment term (PPT) | Policy term |
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| Shriram Life Group Life Protector (SP) |
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Total sum assured is the total cover offered to each member under the plan which is:
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No premium paying terms (PPT) available under the plan |
The policy is offered for:
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| Shriram Life Group Term Life Insurance Plan |
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No premium paying terms (PPT) available under the plan | The policy is offered for a minimum term of one year post which it can be renewed on a yearly basis |
Employee Benefits Plans:
| Type of the Plan | Minimum and maximum age of entry | Basic sum assured | Basic sum assured (minimum and maximum) | Premium paying term (PPT) |
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| Shriram Life Group Traditional Employee Benefit Plan |
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The cover amount offered under the plan is Rs.1,000 per member | No premium paying terms (PPT) available under the plan | |
| Shriram Life New Group Gratuity |
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The minimum cover offered under the plan is Rs.1,000 per member/employee | No premium paying terms (PPT) available under the plan | |
| Shriram Life Group Superannuation Plan |
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Members under the plan receive annuities either after they retire or upon death of the individual according to scheme rules | No premium paying terms (PPT) available under the plan | |
| Shriram Life Group Term Life Insurance In Lieu Of EDLI |
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No premium paying terms (PPT) available under the plan |
Online Plans:
| Type of the Plan | Minimum and maximum age of entry | Basic sum assured | Premium payment term (PPT) | Policy term |
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| Shriram Life Growth Plus |
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Minimum sum assured -
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The policy is offered for either 10 years or 15-20 years |
| Shriram Life Online Term Plan |
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Sum assured will be in the multiple of lakh:
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The plan is offered for a minimum fixed term of 10 years and a maximum fixed term of 57 years |
| Shriram Life Assured Income Plus |
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The plan is offered for a fixed premium paying term (PPT) of 5 years | The plan is offered for a fixed policy term of 10 years |
| Shriram Life Genius Assured Benefit Plan |
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The plan is offered for a fixed premium paying term (PPT) of 10 years | The plan is offered for a policy term of 10 years to 18 years |
| Shriram Life Comprehensive Cancer Care Plan |
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Sum assured will be in the multiple of lakhs:
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The policy is offered for premium paying terms (PPT) of 10 years, 15 years, and 20 years | The policy is offered for fixed tenures of 10 years, 15 years, and 20 years |
How to Claim Insurance with Shriram Life Insurance Company Limited?
Following is a step by step procedure to go about the claims process with Shriram Life Insurance Company Limited:
- Intimation of Claim:
- Filling Forms:
- Receiving Claims:
In case of the death of the insured individual, the nominees or beneficiaries will have to make an intimation of the claim to the insurance company by visiting the closest branch or approaching an agent authorised by Shriram Life.
Once you have intimated the company regarding the claim, you will have to download the Claim Form from the company’s website and fill in all the details as required before submitting the same to the company along with any documents requested. The documents requested may include the original Shriram Life Insurance policy document, an identity proof of the nominee, the original death certificate of the insured individual, and other documents that may requested based on the nature of claim and the cause of death.
Once you have submitted all the relevant documents, the company will validate your documents and settle the claims within a few days.
Go through the policy bond to ensure that you have a relatively easy and hassle-free claims experience.
Shriram Life Insurance Claim Settlement Ratio:
| Year | 2017-18 | 2016-17 | 2015-16 | 2014-15 | 2013-14 |
| Total Premium in Crores | 1497.04 | 1207.94 | 1022.11 | 734.66 | 594.24 |
| Claim Settlement Ratio | 80.23% | 63.53% | 60.24% | 65.66% | 67.69% |
Documents Required for Purchasing Shriram Life Insurance:
Following are the documents you will have to submit to Shriram Life Insurance Company Limited if you wish to purchase a life insurance policy:
- ID Proof
- Age Proof
- Income Proof
- Address Proof
- PAN Number
How to Check Shriram Life Insurance Policy Status?
The status of a Shriram Life insurance policy can be checked online by visiting www.shriramlife.com and clicking on the ‘Customer Service Option’ at the top of the company’s home page. You will be redirected to a new page where you will have two options, viz. Support Enquiry and Sales Enquiry. Click on Support Enquiry and fill in the required details in the window that appears. The details include personal information like name, email address, mobile number, policy number, etc.
Once you have submitted the Enquiry Form, details such as the policy status, premium due date, premium dues, last premium received, etc. will appear on screen. You can find the Enquiry Form at http://www.shriramlife.com/existing-customers-contact-us.
The status of a Shriram Life insurance policy can also be checked via SMS, call and email. To check the status of a policy via SMS, type STAT policynumber and send it to 8179696969.
To check the status of a Shriram life insurance policy via call, the toll free number you will have to dial is 1800-3000-6116.
To check the status of a Shriram Life insurance policy via email, contact customercare@shriramlife.in.
Shriram Life Insurance Online Payment:
Individuals who prefer to make their premium payments online rather than visiting a branch of the company can do so by visiting the company’s official website. All you have to do is visit http://shriramlife.com/login.jsp and enter your client ID or policy number along with your date of birth and hit Submit after which you will be redirected to a page where you will have to verify your policy details before selecting the payment mode from Credit Card / Net Banking options. If you are using the net banking option, you will have to login with your net banking user ID and password to access your bank account and make payments. If you are using a credit card to make payments, you will have to enter such details as the name on the card, the 16-digit card number, the three-digit CVV and the expiry date after which you will receive the e-receipt that serves as the premium deposit acknowledgment.
Shriram Life Insurance Premium Calculator:
To access the Shriram Life premium calculator, visit http://www.shriramlife.in/slp/PremiumCalculator.aspx and select the plan for which you wish to compute premiums. Once you select the plan, you will be redirected to the next page where you will be requested to enter other details such as your date of birth, your age, the policy term, the sum assured, and other optional riders and hit calculate to know how much premium is applicable to a particular policy.
Shriram Life Insurance Customer Care:
Customer care is in integral part of every organization that deals closely with people. Shriram Life Insruance, one of India’s leading insurance provider, fully understands that and has established a dedicated system of providing customer support to all their policyholders. In addition to providing a bouquet of life insurance policies, Shriram Life offers stellar customer support service via their toll free helpline number, can be reached via email. In addition to this, customers can also SMS on the designated number and execute simple policy related requests via SMS.
Know More About: Shriram Life Insurance Customer Care Number
Shriram Life Insurance Frequently Asked Questions:
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What is the grievance redressal process with Shriram Life Insurance?
In order to raise a complaint or grievance, one must contact the company via the phone, email or by visiting their office.
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What if the Shriram officials are not able to satisfactorily resolve my grievance?
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.
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What is the grace period in which I can make my premium payments after the due date?
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.
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What if I fail to pay my premiums even after the grace period?
In case you don’t pay your outstanding premium even after the due date, the policy will lapse and benefits will cease.
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Can a lapsed policy be revived?
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.
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To whom is my death claim amount paid through a Shriram Life Insurance Policy?
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.
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Where can I find the claim forms that need to be filled in for a benefit pay-out from Shriram Life Insurance Co.?
The forms for all the claims will be available with Shriram Life Insurance.
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How do I switch between funds?
To be able to switch between funds, you will have to fill up the appropriate forms that can be gotten from Shriram Life Insurance.
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>What is the policy renewal process with Shriram Life Insurance Co.?
To renew the policy you can get in touch with the company via that phone. You can even renew the policy online too.
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What is the process to cancel the policy?
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.
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How do I cancel my Shriram Life insurance policy?
To cancel your Shriram Life insurance policy, all you have to do is visit the nearest branch of the company along with your original policy bond and surrender it to the officials, and the company will refund your money after deducting certain fees within a few days.
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How do I renew my Shriram Life insurance policy?
For renewal of life insurance policies, you will have to contact the company’s customer care and complete the entire process online.
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Can I revive a lapsed life insurance policy?
Yes, most life insurance policies offered by Shriram Life can be revived once they lapse. The policyholder will have to pay all the outstanding premiums along with penalties (if any) and interest. However, the final decision regarding the revival of a life insurance policy is at the discretion of Shriram Life Insurance Company Limited. Also, any lapsed policies must be revived within the first five years of the first unpaid premium.
