Shriram Life Insurance

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:

Shriram Life Insurance Child Plans:

Child plans from Shriram Life Insurance Company Limited have been designed to ensure that parents who invest fixed amounts on an annual basis will receive benefits upon maturity of contract. Usually, these policies mature when the child attains a particular age, mostly 18 years, and the funds made available upon maturity can help in meeting expenses related to the future of the child, such as higher education or marriage. Following are the two child plans offered by Shriram Life Insurance Company Limited:

1. 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.
2. 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 Term Insurance Plans:

Term life insurance plans are among the most basic types of insurance plans that can be bought for a fixed period of time to ensure that your dependents are financially secure to meet their daily as well as long-term requirements and lead a comfortable life in case of the unfortunate and untimely demise of the policyholder. The sum assured is paid out to the family of the policyholder in case of his / her demise. Following are the term insurance plans offered by Shriram Life Insurance Company Limited:

1. 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.
2. 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.
3. 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.
4. Family Protection Plan: The Family Protection Plan from Shriram Life Insurance is a non-participating, non-linked insurance policy that allows you to protect the financial security of your family in case of your accidental death.
5. Secure Plus Plan: The Secure Plus Plan from Shriram Life ensures that the financial security of your loved ones is protected to meet any uncertainties in case of your unfortunate and untimely death.

Shriram Life Insurance Savings Plans:

Shriram Life Insurance Company Limited has made available a number of savings plans to its customers. These plans are ideal for individuals who would like to save money for future use such as education of children, marriage expenses, potential health concerns, etc. Following are the savings plans you can purchase from Shriram Life Insurance:

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.
6. 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.
7. Assured Income: The Assured Income plan from Shriram Life enables customers to meet their multiple financial requirements, such as children’s education, elderly parent’s care, retirement, etc. This guaranteed income plan helps in meeting cash flow requirements to enhance the quality of life for the customer and his / her family.
8. Assured Income Plus: The Assured Income Plus plan from Shriram Life is a non-participating, non-linked endowment assurance plan that allows individuals to pay premiums for a period of five years, after which they will receive benefits in five equal yearly instalments after the policy has matured.

Shriram Life Unit Linked Insurance Plans:

Shriram Life Insurance offers unit linked insurance plans to its customers wherein a percentage of the money paid by the policyholder will be utilised to offer the insurance cover while the remaining amount will be invested in a set of instruments selected by the customer. Unit linked insurance plans are ideal for attaining life insurance coverage while also allowing your money to grow at the same time. Following are the unit linked insurance plans offered by Shriram Life:

1. 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.
2. 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.
3. 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.
4. 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.
5. Growth Plus: The Growth Plus from Shriram Life provides for both savings as well as life cover via market linked returns. Customers who opt for this plan will find that there are several choices with regards to flexibility of investment, fund classes and premium payment.

Shriram Life Pension Plans:

Shriram Life Insurance Company Limited has made available three pension plans for individuals who would like to lead a comfortable life post their retirement. In order to enjoy your golden years without depending on someone else for your daily requirements as well as medical expenses, if any, it is essential to invest in a pension plan. Following are the three options you can choose from:

1. Pension Plus: The Pension Plus policy from Shriram Life Insurance Company Limited enables customers to meet their retirement objectives by creating a large corpus on vesting for investment as it helps customers in availing a steady regular income for life.
2. Immediate Annuity: The Immediate Annuity policy from Shriram Life is a traditional participating life insurance scheme that offers a series of regular payments until the death of the policyholder, and the purchase price is returned to the nominees in case of the untimely and unfortunate demise of the nominee.
3. Immediate Annuity Plus: The Immediate Annuity Plus plan from Shriram Life is a non-participating and non-linked single premium plan that offers an income stream to the policyholder after his / her retirement until his / her untimely and unfortunate death.

Shriram Group Life Insurance Plans:

Shriram Life offers group insurance plans to employer-employee groups to ensure that the health and financial securities of employees are protected. Following are the various group life insurance plans made available by Shriram Life:

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.
6. 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.
7. Jana Sahay: The Jana Sahay life insurance plan from Shriram Life is a non-participating and non-linked group term insurance plan that can be renewed annually. This plan offers financial coverage to the families of individuals of affinity groups or unorganised groups in case of the death of the individual.
8. Group Traditional Employee Benefit Plan: The Group Traditional Employee Benefit Plan from Shriram Life is a non-participating and non-linked group variable insurance plans that offers financial security to the individuals who are part of employer-employee groups.
9. Pradhan Mantri Jeevan Jyoti Bima Yojana: The Pradhan Mantri Jeevan Jyoti Bima Yojana plan from Shriram Life is a non-participating and non-linked group term insurance policy that comes with a one year renewability option and offers life insurance cover for individuals who possess a savings bank account with any bank or financial institution.

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:

1. Intimation of Claim

   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.

2. Filling Forms

   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.

3. Receiving Claims

   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:

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:

1. ID Proof
2. Age Proof
3. Income Proof
4. Address Proof
5. 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 STATpolicynumber 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 [email protected].

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 Frequently Asked Questions:

1. 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.

2. 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.

3. 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.

4. 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.

5. 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.

6. 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.

7. 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.

8. 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.

9. 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.

10. 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.

11. How do I cancel my Shriram Life insurance policy?

A. 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.

12. How do I renew my Shriram Life insurance policy?

A. For renewal of life insurance policies, you will have to contact the company’s customer care and complete the entire process online.

13. Can I revive a lapsed life insurance policy?

A. 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.