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varun saxena
Written By:
varun

varun saxena

Term & Life Insurance

I am a passionate content writer with over three years of experience in the insurance domain. An avid learner, I always tries stays ahead of the industry's trends, ensuring my writing remains fresh and includes the latest insurance shifts. Through my work, I strive to engage with targeted insurance readers.

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Reviewed By:
Sharan Gurve

Sharan Gurve

Term & Health Insurance

Sharan Gurve has spent over 9 years in the insurance and finance industries to gather end-to-end knowledge in health and term insurance. His in-house skill development programs and interactive workshops have worked wonders in our B2C domain.

Updated on Jun 25, 2025 8 min read

Shriram Life Insurance: Overview

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 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. 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 2023).

Shriram Life Insurance ensures to look after your insurance needs by offering:

why-choose

  • Financial Stability

  • Accumulation of assets

  • Structured Investing

  • Retirement planning

 

Key highlights of Shri Ram Life Insurance

To get more insight into Shri Ram Life Insurance Company's performance, take a look at the below key highlights that will help you to analyze the company based on its performance:

Solvency Ratio

Shri Ram Life Insurance has a Solvency Ratio of 2.2 as per the IRDAI annual report 2023-24. The solvency ratio helps the prospective policyholder assess the ability of a company to meet its financial obligations. As of now, IRDAI mandates maintaining a solvency ratio of 1.50 for every insurer.

Features of Shriram Life Insurance

There are various features to Shriram Life Insurance. Let's understand each of them in detail:

  • 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, every life insurer must 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 2022-23).
  • Claim Settlement Ratio - Shri Ram 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 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.

Benefits of Shriram Life Insurance Plans

There are multiple benefits of Shriram Life Insurance Plans. Read below to understand the plethora of advantages provided by the insurer.

Death benefit

Upon the unfortunate demise of life insured during the policy term, Shri Ram India Life Insurance pays the death benefit upon the highest of the following: 10 times of annual premiums, guaranteed death benefit, 105% of total premium paid.

Maturity benefit

Once the life insured survives the whole policy tenure, Shri Ram India Life Insurance pays the guaranteed maturity benefit to the nominee.

Tax benefit

All the premiums paid for Shri Ram India Life Insurance can be used for claiming tax benefits as per the Income Tax Act, 1961.

Secure and Authentic

Shri Ram Life Insurance Plans company is among the most trusted insurance companies in India. This ensures clients peace of mind and provides them with confidence regarding maximum security for your funds.

Tired of Pushy Sales? Get Insurance, Your Way Tired of Pushy Sales? Get Insurance, Your Way

Riders You Can Avail 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 uncertain death due to an accident.

Documents Required to Purchase a Shriram India Life Insurance Policy

Here is the list of documents required to buy Shri Ram India Life Insurance Plans:

  • Regular Smoking
    Photo ID Proof
  • Your Occupation
    Age Proof
  • Pre-Existing Diseases
    Address Proof
  • Your Age
    Medical Records
  • Your Gender
    Income Proof
Photo ID Proof

Photo ID Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.

How to Buy Shri Ram Life Insurance Plans?

Shri Ram Life Insurance allows you to buy life insurance plans via two platforms. You can either buy the plan online from the official website of the company or through third-party intermediaries like agents, brokers, etc. Given below is a detailed explanation of both these types of buying processes.

Life Insurance
  • Step 1

    Fill out the form given at the top of this page with the necessary details.

  • Step 2

    Select your income and city. Click on 'Proceed'.

  • Step 3

    Update your education and occupation details.

  • Step 4

    Choose your preferred plan and click on 'Buy this plan'.

  • Step 5

    Select the policy term, premium period, and riders (if required), and then proceed to make the payment. Once the payment is made, you will get a payment confirmation at your registered email address.

Life Insurance
  • Step 1

    Visit the Shriram India Life Insurance Company's official website and scroll down to the end of the page.

  • Step 2

    Click on the 'Buy Online' tab under Popular Links.

  • Step 3

    Click on the tab 'Know More'.

  • Step 4

    Click on the tab 'Calculate' at the top right corner of the page.

  • Step 5

    Fill in the required details, and click on the tab 'Calculate'. Once the payment is made, you will get a payment confirmation at your registered email address.

Why Choose PolicyX.com?

Don't just take our word for it - check out what our happy customers say about us!

All my claims were rejected for 3 years. Then, I received a text from PolicyX team, who noticed that my claims hadn't been settled. They managed to get my claims settled, totalling ₹4.5 L. I really appreciate the efforts of the PolicyX advisors for their support in settling my claims.

Ravindra Singh

I highly appreciate the help of the PolicyX team for settling my claim of Rs. 5 Lakhs with zero deductions. I took a policy online from them in March 2024. As a customer, it's been a great experience throughout the process.

Priti varshney

I'm very satisfied because my claim of over ₹2 L has been settled as a result of your team effort. However, I was very upset with the insurer, who delayed the claim for almost 2 months. But with your support and interaction, the claim was settled within 30 days & I appreciate it a lot.

Nisha Mary

I bought my health policy from PolicyX, and so far, it's been a very pleasant experience with the team. I really appreciate the help for renewing my health policy. I look forward to continuing my relationship with PolicyX and recommend it to everyone.

Ajay Shah

PolicyX has been a savior during a medical emergency in my family recently. My wife was admitted in the hospital, and the insurance company declined my claim request. The PolicyX team handled the situation very well and I received the claim right on time.

Vijay Rathod

I purchased a health plan for the very first time and the support by PolicyX is commendable. They helped me with the paperwork, explained the policy details to me with patience and supported me at every step of policy buying. A big thanks to you guys.

Uma Mahajan

How to File Shriram Life Insurance Claims?

Every claimant/nominee is assigned a dedicated Claims Relationship Officer who helps through the entire process. The life insurance claim Settlement process at Shriram Life Insurance involves the following three steps:

Online Process

Your Occupation
1

Claim Intimation

Inform the company about the incident via various channels-either by writing an email to Shriram Life at customercare@shriramlife.in, calling the toll-free number (1800-103-6116), filling out the online claim form on its website, or visiting the nearest branch. A claim reference number/intimation number will be provided to you upon successful registration of the claim.

Your Occupation
2

Document Submission

You have to submit the necessary documents requested by the insurer to process the claim.

In case of natural death: death claim form, death certificate, original policy documents, claimant's identity & residence proof, medical records, and account details of the nominee.

In case of an accidental death: the same documents with two additional ones: FIR and post-mortem report.

Your Occupation
3

Claim Settlement

Once Shri Ram Life insurance receives your claims they will verify all the details. Moreover, they can ask you for any additional documents if required. SUD Life will send you a claim reference number after verifying the submitted documents.

Offline Process

Shriram Life insurance claim settlement procedure can be reported by visiting the local Shri Ram Life Insurance Branch Office. For the details of Shriram Life Insurance branches, you can visit their website and locate the nearest branch. You have to submit the essential documents at the branch so that your claim can be processed.

Your Occupation

Exclusions of Shriram Life Insurance Plans

  • Death due to a pandemic such as COVID-19 or ebola will not 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 that isn't mentioned during 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. They receive just the premiums paid up to the incident date or the policy's surrender value, whichever is greater. If a policyholder commits suicide during the first 12 months after obtaining the insurance, the nominee receives no death payments. They receive just the premiums paid up to the incident date or the policy's surrender value, whichever is greater.

Conclusion

Shriram Life Insurance is a reputable provider in the Indian life insurance market, offering a diverse range of products that cater to different customer needs, including term insurance, endowment plans, ULIPs (Unit Linked Insurance Plans), and retirement plans. For more information on Shri Ram life insurance plans, you can contact PolicyX.com at the toll-free number 1800-4200-269 or email us at helpdesk@policyx.com.

Life Insurance

More Queries?

If you have any more queries regarding Shri Ram Life Insurance Plans, Renewals, or Claim Procedures, contact our insurance experts at:
1800-4200-269 now!

Shriram Life Insurance: FAQs

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.

Life Insurance Companies

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

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varun saxena

Written By: Varun Saxena

I am a passionate content writer with over three years of experience in the insurance domain. An avid learner, I always tries stays ahead of the industry's trends, ensuring my writing remains fresh and includes the latest insurance shifts. Through my work, I strive to engage with targeted insurance readers.

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