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  • Shriram Life Insurance

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    Plan Benefits

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    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.


    Key Highlights of Shriram Life Insurance

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    Claim-settlement ratio for Shriram Life Insurance

    Claim Settlement Ratio

    Claim-settlement ratio of 60.24% for year 2015-2016

    Occupation eligibility for Shriram Life Insurance

    Grievances Resolved

    96.70% Grievances Settled for year 2015-2016


    To be eligible for Shriram Life Insurance

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    Minimum age for Shriram Life Insurance

    You should be at least 18 years old

    Maximum age for Shriram Life Insurance

    You should be less than 65 years old

    Occupation eligibility for Shriram Life Insurance

    You should be either Salaried, Self- employed, a professional or have your own business


    Shriram Life Insurance at a Glance

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    Maximum tenure of Shriram Life Insurance

    A maximum tenure of 25 years

    Maximum sum assured for Shriram Life Insurance

    Min Sum Assured: Rs 2 Lakh
    Max Sum Assured: Rs 20 Lakh

    Exclusions for Shriram Life Insurance

    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

    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.
    Plan Basic Sum Assured Policy Term (Tenure)
    Shriram Life New Shri Vidya Rs.1 lakh 10 years / 15 years / 20 years / 25 years
    Shriram Life New Shri Vivah Rs.1 lakh 10 years / 15 years / 20 years

    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.
    Plan Basic Sum Assured Policy Term (Tenure)
    Shriram Life Cash Back Term Rs.2lac 10 years / 15 years / 20 years / 25 years
    Shriram Life Group Term Life Insurance Rs.5,000 per member (minimum group size is 20 for employer-employee groups and 50 for other groups) One year (renewable yearly)
    Shriram Life Group Term Life Insurance in lieu of EDLI Rs.3.62 lakhs One year (renewable yearly)
    Shriram Life Family Protection Plan Rs.15 lakhs 10 years to 25 years
    Shriram Life Secure Plus Plan Rs.5 lakhs 10 years / 15 years / 20 years

    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.
    Plan Basic Sum Assured Policy Term (Tenure)
    Shriram Life New Shri Life Rs.50,000 10 years / 15 years / 20 years / 25 years
    Shriram Life New Shri Vidya Rs.1 lakh 10 years / 15 years / 20 years / 25 years
    Shriram Life New Shri Vivah Rs.1 lakh 10 years / 15 years / 20 years
    Shriram Life New Shri Raksha Rs.1.5 lakh 10 years / 15 years / 20 years / 25 years
    Shriram Life New Akshay Nidhi Rs.1.5 lakhs 15 years / 20 years / 25 years
    Shriram Life Secure Investment Rs.49,600 for five-year policy term, and Rs.77,000 for 10-year policy term 5 years / 10 years
    Shriram Life Ujjwal Life 10 x Annualised Premium for individuals under 45 years of age, and 7 x Annualised Premium for individuals who are 45 years and above 10 years
    Shriram Life Ujjwal Life (SP) 125% of Single Premium for individuals under 45 years of age, and 110% of Single Premium for individuals who are 45 years and above 10 years
    Shriram Life Fortune Builder 125% of Single Premium for individuals under 45 years of age, and 110% of Single Premium for individuals who are 45 years and above 10 years / 15 years / 20 years
    Shriram Life Wealth Plus n/a 10 years / 15 to 25 years
    Shriram Life Assured Income 8 x Annualised Premium if the policy term is 8 years, and 10 x Annualised Premium if the policy term is 10 years 8 years / 10 years
    Shriram Life Assured Income Plus Rs.1.5 lacs for individuals under 50 years of age, and Rs.3 lacs for individuals who are 51 years or above 10 years

    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.
    Plan Basic Sum Assured Policy Term (Tenure)
    Shriram Life Ujjwal Life 10 x Annualised Premium for individuals entering under 45 years of age, and 7 x Annualised Premium in case the individual is 45 years or more at the time of entry. 10 years (fixed)
    Shriram Life Ujjwal Life (sp) 125% of Single Premium in case the individual is under 45 years at the time of entry, and 110% of Single Premium in case the individual is 45 years or more. 10 years (fixed)
    Shriram Life Fortune Builder 1.25 x Single Premium for individuals under 45 years at the time of entry, and 1.10 x Single Premium for individuals who are 45 years or older. 10 years / 15 years / 20 years (fixed)
    Shriram Life Wealth Plus n/a 10 years / 15 to 20 years
    Shriram Life Growth Plus In case of Single Premium Policies: 1.25 x Single Premium in case the entry age is under 45 years, and 1.10 x Single Premium in case the entry age is 45 years or more. In case of Limited and Regular Premium Policies: 10 x Annualised Premium in case the entry age is under 45 years, and 7 x Annualised Premium in case the entry age is 45 years or more. Single: Rs.55,000 Limited: Rs.4,20,000 Regular: Rs.2,10,000 10 years, 15 to 20 years

    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.
    Plan Entry Age Policy Term (Tenure)
    Shriram Life Pension Plus Minimum: 20 years last birthday; Maximum: 65 years last birthday 10 years, 15 years to 35 years
    Shriram Life Immediate Annuity Minimum: 40 years last birthday; Maximum: 75 years last birthday n/a
    Shriram Life Immediate Annuity Plus Minimum: 0 years; Maximum: 75 years last birthday Whole Age

    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.
    Plan Basic Sum Assured (per member) Policy Term (Tenure)
    Shriram Life Shri Sahay (AP) Rs.5,000 5 years to 15 years
    Shriram Life Shri Sahay (SP) Rs.5,000 5 years
    Shriram Life Group Term Life Insurance Rs.5,000 1 year (renewable yearly)
    Shriram Life Group Life Protector (SP) Rs.5,000 2 years to 30 years
    Shriram Life New Group Gratuity Rs.1,000 1 year (renewable yearly)
    Shriram Life Group Term Life Insurance in lieu of EDLI Rs.3,62,000 for whole group 1 year (renewable yearly)
    Shriram Life Jana Sahay Rs.5,000 1 year (renewable yearly)
    Shriram Life Group Traditional Employee Benefit Plan Rs.1,000 1 year (renewable yearly)
    Shriram Life Pradhan Mantri Jeevan Jyoti Bima Yojana Rs.2,00,000 1 year (renewable yearly)

    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:

    Total Premium in Crores (2014-15) Total Premium in Crores (2013-14) Claim Settlement Ratio (2014-15) Claim Settlement Ratio (2013-14)
    734.66 594.24 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:

    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. 

    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:

      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.

      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

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    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

    Shriram Life Insurance Reviews

  • Page 1 of 2 1 2
    • Shriram Life Life Insurance
      "Should increase the benefits"
      0.5 4.0/5 "Great!"
      Yearly I used to pay the amount of Rs. 20,000, with the period of ten years. After the period I would be getting only 1.95,000 + interest. I make payment by cheuqe, it the basic benefits of accidental coverage and tax coverage but I am not satisfied with this policy, My cousin is working there, he have refereed it.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Apr 05, 2017
    • Shriram Life Life Insurance
      "Ontime delivery"
      0.5 3.5/5 "Pretty good"
      I have life insurance policy with the Shriram life insurance company and it been referred by my friend and the coverage value is around 35 lakh Rupees after 20 years of time. Premium is around 10948 Rupees per annum. Customer service is fine one with them and I used to dealt with them through their agent. Its a kind of hassle free policy.
      Was this review helpful? 0
      , salem
      Reviewed on Mar 18, 2017
    • Shriram Life Life Insurance
      "Life insurance"
      0.5 5.0/5 "Blown Away!"
      I have opted for the life insurance of SHIRRAM through online. The best part about their customer support is they are calling at the scheduled time and followup was done appropriately,. I am holding this policy since 2015 and they are basically customer satisfactory,
      Was this review helpful? 1
      , new delhi
      Reviewed on Sep 15, 2016
    • Shriram Life Life Insurance
      "Need to explore"
      0.5 4.0/5 "Great!"
      I have life insurance policy with Shriram life insurance company and am paying around 9000 Rupees per annum. The returns would be around 3.5 lakh Rupees and I dealt with them through my brother, who is an employee over there. I dint seen any drawback with them.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jun 06, 2016
    • Shriram Life Life Insurance
      "Very poor "
      0.5 3.0/5 "Satisfactory"
      The service provided was not with Shriram service.I am not having any satisfaction in the service.They have not intimated about the Insurance process with the customer.The plan benefits are less with shriram.The tenure period of the Insurance is around 10years
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 13, 2016
    • Shriram Life Life Insurance
      "Life time coverage."
      0.5 5.0/5 "Blown Away!"
      The service provided was good and I have not faced any drawbacks in the service.They provide 3times of the assured at time of maturity.I make the payments in yearly manner.The tenure period of the plan is for 12years with shriram Life coverage services.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 06, 2016
    • Shriram Life Life Insurance
      "Better"
      0.5 5.0/5 "Blown Away!"
      I have taken the life insurance policy with Shriram life insurance company and I been with them from the last eleven years of time. Customer service is good with them, also I am paying around 3360 Rupees for every quarter of the year. Policy coverage value is around 18 lakh Rupees.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Mar 28, 2016
    • Shriram Life Life Insurance
      "Satisfied"
      0.5 1.5/5 "Bad"
      I have got the life insurance policy with the Shriram insurance company, also it will provide the coverage for health too, also the premium is around 3500 Rupees per annum. I can say its a smooth process and I need to pay the premium for ten years of time. Policy coverage value is around 50 lakh Rupees.
      Was this review helpful? 0
      , tiruchirapalli
      Reviewed on Mar 28, 2016
    • Shriram Life Life Insurance
      "Not satisfied..."
      0.5 1.0/5 "Really Bad"
      Representative is not fine. I open the life insurance at one of the branches and first time the service was better. Later I have not got better response. When I went second time to renew the plan, no one was there to help me. Customer service is not appreciable. Policy benefits are very good at Shriram Life.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jan 29, 2016
    • Shriram Life Life Insurance
      "Service is not up to the mark "
      0.5 4.0/5 "Great!"
      Shiram is good in the life insurance plan but the customer service is very bad because the response is not up to the mark. I have taken a life plan for the tenure of 10 years after the maturity will get the lump sum amount. Accidental and natural death coverage is given. Payment options is flexible.
      Was this review helpful? 0
      , dindigul
      Reviewed on Jan 05, 2016
    • Shriram Life Life Insurance
      "Super"
      0.5 5.0/5 "Blown Away!"
      I am having the life insurance policy with the Shriram life insurance company and am paying the premium as 15000 Rupees per year of time. I need to pay it for ten years of time and its I will get the returns on specified term period.
      Was this review helpful? 1
      , salem
      Reviewed on Dec 31, 2015
    • Shriram Life Life Insurance
      "Best plan "
      0.5 3.5/5 "Pretty good"
      Shriram life is giving different plans and more offers comparing with lic. I have taken life insurance with the tenure of 15 yeas. Premium is use to be paid every year. In case any unfortunate take place to the insure the plan will be continued and double the maturity will be given to the family members.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 16, 2015
    • Shriram Life Life Insurance
      "Good Company "
      0.5 3.0/5 "Satisfactory"
      From shriam life insurance i have taken two life insurance policies for the tenure of 15 years. Policy coverage offered is double the sum assured in case of unfortunate take place . We have to pay the payment in the service center were as now they have improve the best by connecting with axis bank. My friend is the agent so he gives the best service.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 30, 2015
    • Shriram Life Life Insurance
      "Well equipped life insurance company.."
      0.5 5.0/5 "Blown Away!"
      It is a small company and profitable company. Well equipped company. Basically as for the Ulip the Shriram Life is good. They are giving long term and short term policies to people. I have AIP, assured income plan, it is pure guaranteed plan where deposit for 10 years and get benefit for next 10 years.
      Was this review helpful? 0
      , agra
      Reviewed on Nov 04, 2015
    • Shriram Life Life Insurance
      "Quite less in premium.."
      0.5 4.0/5 "Great!"
      Plan benefits are fine where Shriram Life is good in sum assured. I have sri raksha plan where I need to pay quarterly and at the time of maturity the sum assured will be one lakh. Shriram is good in coverage and they have very good payment options as we can pay through branch and online.
      Was this review helpful? 1
      , sambalpur
      Reviewed on Oct 14, 2015
    • Shriram Life Life Insurance
      "I closed It"
      0.5 2.0/5 "Expected more"
      Compared with other insurance companies SHRIRAM LIFE has collected high premium amount for the life insurance policies. One of my friend was working in that company so took an life insurance money back policy through him. Totally it for 15 years but I closed it within 6 months because of high premium.
      Was this review helpful? 2
      , tirupati
      Reviewed on Oct 06, 2015
    • Shriram Life Life Insurance
      "Good services"
      0.5 4.0/5 "Great!"
      I am very happy with the services of Shriram life. I have taken my life insurance with them. They are offering attractive offers. They offer some offers like trips out side the country. The premium is on a yearly basis. The tenure is for ten years.
      Was this review helpful? 0
      , khammam
      Reviewed on Sep 30, 2015
    • Shriram Life Life Insurance
      "Not recommendable..."
      0.5 1.0/5 "Really Bad"
      I took a life insurance policy in one private company but I tried closing that so the Shriram Life mentioned that they would take over the plan and after one year it can be closed. I called the customer support of Shriram to close the plan whereas they asked me to continue for 11 years. Customer support executives are not professional and polite to the customer. I never got any response about my life insurance plan till now so I will not recommend people for this company.
      Was this review helpful? 1
      , noida
      Reviewed on Sep 14, 2015
    • Shriram Life Life Insurance
      "Very good offers"
      0.5 4.0/5 "Great!"
      Shiram life insurance is very good it was taken for a period of 10 years the amount which I have got is 50k and I am promised that I will get 20 times more than the amount which I have invested. Payment options is good. Premium is good and its a long term insurance plan . I am holding this insurance of a period of 4.5 years and this was taken through the Branch.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Sep 05, 2015
    • Shriram Life Life Insurance
      "Poor service"
      0.5 1.0/5 "Really Bad"
      I am having the life insurance with the Shriram life insurance company. The customer service is very poor. They are not yet contacted me for anything, even the branch people also not responding well. I would like to suggest unless they improve the services, they will be vanished from the market.
      Was this review helpful? 1
      , vellore
      Reviewed on Aug 25, 2015
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