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Shriram Life Insurance: Overview
Shriram Life Insurance commenced operations in 2006. Synonymous with its efficient use of capital and low operational costs, SLIC has remained true to the Group's philosophy of financial inclusion. A joint venture between Sanlam and Shriram Group, SLIC aims to offer life insurance plans and solutions that cater to a wider demographic. Shriram Life Insurance Company has a strong network of 4050 branches across India. The company offers a diverse basket of financial products and solutions targeted mainly at the underbanked and unbanked segments of India's population. It is among the largest financial services conglomerates, managing assets worth Rs 2.08 lakh crore (as of December 2023).
Shriram Life Insurance ensures to look after your insurance needs by offering:
- Financial stability
- Accumulation of assets
- Structured investing
- Retirement planning
Features of Shriram Life Insurance
Here are the key features of Shriram Life Insurance:
- Solvency Ratio: The solvency ratio of the company helps an individual ascertain its ability to meet long-term financial obligations. The Solvency Ratio of Shriram Life Insurance Company for 2021-22 is 2.2. As per the IRDAI, every life insurer must maintain a solvency ratio of 1.5.
- Claim Settlement Ratio: Shriram Life Insurance has a claim settlement ratio of 97.42%, as per IRDA reports 2022-23. The claim settlement ratio indicates the number of claims settled by insurance companies out of the total claims received in a particular financial year.
- Annual Premiums: The company's annual premiums, as per IRDAI, are Rs. 2,349.60 Crores, showcasing its growth over the years.
Exclusions of Shriram Life Insurance Plans
- Death due to a pandemic such as COVID-19 or Ebola will not be covered by the company.
- Death due to indulging in any type of adventure sports.
- Death due to consumption of any type of drugs and alcohol.
- Death due to any pre-existing disease not disclosed at the start of the policy.
- If a policyholder commits suicide during the first 12 months after obtaining the insurance, the nominee receives no death benefit. The nominee receives the premiums paid up to the incident date or the policy's surrender value, whichever is greater.
Benefits of Shriram Life Insurance Plans
Shriram Life Insurance Plans offer multiple benefits, providing a plethora of advantages.
Death Benefit
Upon the unfortunate demise of the life insured during the policy term, Shriram Life Insurance pays the death benefit, which is the highest of the following: 10 times the annual premiums, guaranteed death benefit, or 105% of total premium paid.
Maturity Benefit
Once the life insured survives the entire policy tenure, Shriram Life Insurance pays the guaranteed maturity benefit to the nominee.
Tax Benefit
Premiums paid for Shriram Life Insurance plans are eligible for tax benefits as per the Income Tax Act, 1961.
Secure and Authentic
Shriram Life Insurance is among the most trusted insurance companies in India, offering clients peace of mind and confidence regarding the security of their funds.
Types of Shriram Life Insurance Plans
Shriram Life Insurance provides policies designed to meet different goals, risk profiles, and income needs. You can choose a plan based on savings, protection, or long-term security.
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Term Insurance Plans
Pure protection plans providing high life cover at affordable premiums. For example: Shriram Life Smart Protection Plan
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Savings and Endowment Plans
Policies that combine life cover with disciplined savings. For example: Shriram Life Assured Income Plan
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ULIP Plans
Market-linked plans providing life cover with investment exposure. For example: Shriram Life Early Cash Plan
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Child Insurance Plans
These plans primarily focus on funding a child's education and future, while ensuring life cover for the parent. For example: Shriram Life New Shri Vidya Child Plan
Critical Illness Cover Under Shriram Life Insurance
Critical illness cover under Shriram Life Insurance offers financial protection if you are diagnosed with a serious and listed medical condition. This rider pays you a lump sum amount after diagnosis, regardless of actual treatment expenses. It covers illnesses such as cancer, heart attack, stroke, kidney failure, and organ transplant, as per the rider. Coverage depends on the specific rider chosen and policy conditions.
Riders Available with Shriram Life Insurance Plans
| Name of the Rider | Benefits |
|---|---|
| Shriram Life Critical Illness Plus Rider | This rider provides coverage against 24 critical illnesses mentioned in the policy brochure. |
| Shriram Long-Term Care Rider | This rider provides some part of the policy's death benefit each month to use for long-term expenses. |
| Shriram Accident Benefit Rider | Offers benefits in case of the policyholder's death due to an accident. |
Documents Required to Purchase a Shriram Life Insurance Policy
Here is the list of documents required to buy Shriram Life Insurance Plans:
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Photo ID Proof
Photo ID Proof (any one): Passport, Aadhaar card, PAN card, Driving license.
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Age Proof
Age Proof (any one): Passport, Aadhaar card, PAN card, Driving license.
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Address Proof
Address Proof (any one): Utility bill, passport, voter ID, ration card.
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Medical Records
Medical Records (if requested).
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Income Proof
Income Proof (any one): Bank statement, last three months' salary slips (for salaried individuals).
How to Calculate Premiums
- Visit Shriram Life Insurance Company's official website and scroll to the end of the page.
- Click on the 'Buy Online' tab (under Popular Links).
- Click on the 'Know More' tab.
- Click on the 'Calculate' tab at the top right corner.
- Fill in the required details and click 'Calculate'. A payment confirmation will be sent to your registered email address upon successful payment.
How to File Shriram Life Insurance Claims?
Every claimant/nominee is assigned a dedicated Claims Relationship Officer to assist through the entire process. The life insurance claim settlement process at Shriram Life Insurance involves the following three steps:
Online Process
1. Claim Intimation
Inform the company about the incident via email ([email protected]), toll-free number (1800-103-6116), online claim form on its website, or by visiting the nearest branch. A claim reference/intimation number will be provided upon successful registration.
2. Document Submission
Submit the necessary documents requested by the insurer to process the claim.
- For natural death: death claim form, death certificate, original policy documents, claimant's identity and residence proof, medical records, and nominee's account details.
- For accidental death: the same documents along with FIR and post-mortem report.
3. Claim Settlement
Once Shriram Life Insurance receives your claims, they will verify all the details. They may also request additional documents if required. Shriram Life will send you a claim reference number after verifying the submitted documents.
Offline Process
Shriram Life Insurance claims can also be reported by visiting a local branch office. Visit their website to locate the nearest branch. Submit the essential documents at the branch for claim processing.
How to Port Your Policy
- Fill out the form at the top of this page with the necessary details.
- Select your income and city, then click 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click 'Buy this plan'.
- Select the policy term, premium period, and riders (if required), then proceed to payment. A payment confirmation will be sent to your registered email address upon successful payment.
