ShriRam Life Insurance

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About Shriram Life Insurance

Shriram Life Insurance commenced operations in 2006. Synonymous with its efficient use of capital and low operational costs, SLIC has been true to the Group's philosophy of financial inclusion. A JV between Sanlam and Shriram Group, SLIC's aim is 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. Shriram Life Insurance company offers a diverse basket of financial products and solutions targeted mainly at the underbanked and unbanked segments of India’s population. The insurers are among the largest financial services conglomerates managing assets worth Rs 2.08 lakh crore (As of December 2021).

Key Features of Shriram Life Insurance

Before buying a Shriram Life Insurance policy, it is important to have a thorough insight into the company’s performance. Not only will it help you to analyze the company’s performance, but will also protect your family against any further stress at the time of claim settlement. In the below section, we have discussed the Shriram Life Insurance features. Take a look.

  • Solvency Ratio
    The solvency ratio of the company helps an individual ascertain the company's ability to meet its long-term financial obligations. The Solvency Ratio of Shriram Life Insurance Company for 2021-22 is 2.2. As per the IRDAI, it is mandatory for every life insurer to maintain a solvency ratio of 1.5.
  • Claim Support
    The claim settlement ratio of the company showcases the company’s claim-settling ability of insurance company. Shriram Life Insurance holds a reliable claim-settling process with a CSR of 82.39%. (CSR as per IRDAI report of the year 2021-22).
  • Annual Premium
    The annual premium of the company showcases its growth in the past years. As per the IRDAI, the annual premiums of Shriram Life Insurance company is Rs. 2,349.60 Crores.
Shriram Life Insurance Key Features

Plans Offered by Shriram Life Insurance

  1. Shriram Life Protection Plans

    A term return of premium policy is a term insurance plan that refunds the premium paid for the cover in case the insured party survives the policy period. These plans are increasingly becoming popular as the policyholder gets the money they have invested in the term insurance plan at the end of the policy period.

    Plan Entry Age Maturity Age Max. Sum Assured
    Smart Protection Plan Minimum Age:- 18 years
    Maximum Age:- 65 years
    75 years 14 Lakhs
    Smart Protection Plan SP Minimum Age:- 18 years
    Maximum Age:- 65 years
    75 years 3 Lakhs
    My Spouse Term Plan Minimum Age:- 18 years
    Maximum Age:- 55 years
    75 years 10 Crores
    Corona Raksha Policy Minimum Age:- 18 years
    Maximum Age:- 65 years
    NA 2.5 Lakhs
    Saral Jeevan Bima Minimum Age:- 18 years
    Maximum Age:- 65 years
    70 years 25 Lakhs
    Cash Back Term Minimum Age:- 12 years
    Maximum Age:- 50 years
    70 years 20 Lakhs
    Family Protection Minimum Age:- 18 years
    Maximum Age:- 60 years
    75 years 5 Crore
  2. Shriram Life Savings Plan

    Plan Entry Age Maturity Age Max Sum Assured
    Early Cash Plan Minimum Age:- 3 years
    Maximum Age:- 55 years
    70 years No Limit, Subject to Board approved underwriting policy
    Assured Income Plan Minimum Age:- 30 days
    Maximum Age:- 60 years
    70 years No Limit, Subject to Board approved underwriting policy
    New Akshay Nidhi Minimum Age:- 30 Days
    Maximum Age:- 50 years
    70 years No Limit, Subject to Board approved underwriting policy
    Assured Income Plus Minimum Age:- 8 years
    Maximum Age:- 65 years
    75 years No Limit, Subject to Board approved underwriting policy
    Super Income Plan Minimum Age:- 25 years
    Maximum Age:- 50 years
    75 years 10 times annualised premium
    New Shri Life Minimum Age:- 30 days
    Maximum Age:- 60 years
    75 years No Limit, Subject to Board approved underwriting policy
    Golden Premier Saver Plan Minimum Age:- 0 years
    Maximum Age:- 60 years
    75 years No Limit, Subject to Board approved underwriting policy
    POS Assured Savings Plan Minimum Age:- 3 years
    Maximum Age:- 55 years
    65 years Death Sum Assured of ₹ 10 Lakhs
    Assured Advantage Plus Minimum Age:- 8 years
    Maximum Age:- 60 years
    70 years No Limit
    New Shri Vidhya Minimum Age:- 18 years
    Maximum Age:- 50 years
    70 years No Limit, Subject to Board approved underwriting policy
    Premiew Assured Benefit Minimum Age:- 30 days
    Maximum Age:- 50 years
    70 years NA
    Genius Assured Benefit Plan Minimum Age:- 18 years
    Maximum Age:- 45 years
    63 years No Limit, Subject to Board approved underwriting policy
  3. Shriram Life Investment Plans

    Shriram Life Investment plans are a savings-oriented Unit Linked Insurance Plan which offers both life cover and savings through market-linked returns.

    Plan Entry Age Maturity Age Max. Sum Assured
    Fortune Builder Minimum Age:- 0 years
    Maximum Age:- 65 years
    70 years No Limit, Subject to Board approved underwriting policy
    Growth Plus Minimum Age:- 30 days
    Maximum Age:- 60 years
    70 years NA
    Wealth Plus Minimum Age:- 7 years
    Maximum Age:- 60 years
    70 years No Limit, Subject to Board approved underwriting policy
  4. Shriram Retirement Plans

    Pension plans also known as retirement plans are investment plans that let you allocate a part of your savings to accumulate over a period of time and provide you with a steady income after retirement.

    Plan Entry Age Max. Annuity Policy Term
    Pension Plus Minimum Age:- 20 years
    Maximum Age:- 65 years
    No Limit, Subject to board approved underwriting Policy Whole Life
    Immediate Annuity Plus (Online Plan) Minimum Age:- 0 years
    Maximum Age:- 85 years
    NA 10, 15 to 35 years
    Saral Pension Minimum Age:- 40 years
    Maximum Age:- 80 years
    No Limit, Subject to board approved underwriting Policy Whole Life

Life Insurance Companies

Compare and buy the most suitable Life Insurance Plan from the below-mentioned IRDAI-approved Life Insurance companies.

Claim Settlement Process of Shriram Life Insurance?

Shriram Life Insurance Company makes the claim process easier and less complicated. policyholders have access to both online and offline methods of claim resolution. A nominee must go to the claim intimation page on the insurer's official website in order to notify them of a claim. Complete all the necessary fields and provide the claims department with the needed paperwork. You can also report the claim and provide the accompanying paperwork to the closest office branch. After the claims staff has evaluated the claim paperwork, the claimant is given the promised settlement. As previously mentioned, the nominee must provide the following paperwork when filing a claim: Required Documents Original policy records a passing.

The nominees are required to submit the following documents at the time of making a claim:

  • Original Policy Documents
  • Death certificate issued by the local authorities
  • Death intimation form
  • Claim Supporting Documents
  • ID proof
  • Age proof
  • Address Proof
  • Duly filled claim application form
  • Nominee’s passbook
  • FIR and post-mortem copy attested by the police authority, in case of an accidental death

Shriram Life Insurance Company Contact Address

Shriram Life Insurance Company Limited, Ramky Selenium, Plot No: 31 & 32, Beside Andhra Bank Traning Centre, Financial District, Gachibowli, Hyderabad, TG, India – 500032.

Toll-free - 1800-3000-6116
Phone - +91-40-2300-9400

Life Insurance Articles

Life Insurance FAQs

Life Insurance FAQsSeptember, 2021

Shriram Life Insurance: FAQ's

1. How can I get a duplicate hard copy of my Shriram life insurance policy document?

You have to visit any nearest Shriram Insurance company Branch along with these below-mentioned documents:

  • Notarized copy of an indemnity bond printed on stamp paper of INR 100/-. Cheque/ Demand Draft of INR 100/- (towards reprint charges) in favour of Shriram Life Insurance Company Limited.

2. Can we add or delete the rider from the Shriram Life Insurance plan?

You can add rider only at the time of purchasing the policy and remove it during the policy term as per the choice coinciding with the policy anniversary.

3. In the case of more than one nominee, what are the documents we need to submit?

You need to submit the KYC documents of all the nominees along with the documents that are required for the death claim.

4. How can I pay the premium of the policy offered by Shriram Life Insurance Company Limited?

You can pay the policy premium of Shriram Insurance Compay through any of the below modes:

  • Cash/Cheque/DD at nearest Shriram Insurance Company Branch
  • Online (by Net Banking, Credit Card, Debit Card, UPI, Wallets, NEFT)
  • Online on Shrimithra Mobile App (by Net Banking, Credit Card, Debit Card, UPI, Wallets, NEFT)
  • Over the counter of ICICI Bank, Axis Bank, Common Service Centers (CSC)
  • Through UPI digital apps (Google Pay, PhonePe, BHIM, Amazon Pay, iMobile, Payzaap, MobiKwik, etc)

5. What are the documents required for making a claim?

Required documents for making a death claim are:

  • Filled-up claim forms
  • Death Certificate
  • Original Policy document
  • Deeds of assignments/ re-assignments (if any)
  • Form of discharge executed and witnessed (Since the inception of NEFT payments, Discharge form requirement has been stopped)
  • Complete Bank Details of the Beneficiary.
  • Other documents such as hospital certificate, First Investigation Report, post mortem report, etc can be required in case of accidental death.

6. Can I cancel my Life Insurance policy offered by Shriram Life Insurance Company?

You can cancel your Shriram Insurance company policy within 15 days from the date of receipt of the original policy document. If your policy is purchased through distance marketing then you have 30 days to cancel it.

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