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Shri Ram Life Insurance
Shri Ram Life Insurance
Shriram Life Insurance commenced operations in 2006. A joint venture between Sanlam and Shriram Group, SLIC's aim is to ...Read More
What you get with Shri Ram Life Insurance
The headline features and policy mechanics, at a glance.
Annual Premium 1919,38 crores
Affordable premium options starting from entry-level to comprehensive whole-life protection.
98.31% claim settlement ratio
Industry-leading approval rate on eligible life insurance claims in the most recent fiscal year.
2.62x solvency ratio
Well above IRDAI's 1.5× floor — strong indicator of long-term claim-paying ability.
3+ optional riders
Extend a base policy with add-on covers — critical illness, accidental death, waiver of premium and more.
537 pan-India presence
Branch offices and claim service centres across India for easy policy servicing.
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. 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 company 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
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:
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 company's annual premiums, as per IRDAI, are Rs. 2,349.60 Crores, showcasing its growth over the years.
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 of 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 -
Savings and endowment plans:
Policies that combine life cover with disciplined savings. For example: Shriram Life Assured Income Plan -
ULIP plans:
Market-linked plans providing life cover with investment exposure. For example: Shriram Life Early Cash Plan -
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 You Can Avail With Shri Ram Life Insurance Plans
Enhance your life plan with optional add-on riders for broader protection.
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
For policy purchase and claim submission. Have these ready before you start.
Photo ID Proof
Photo ID Proof (any one): Passport, Aadhaar card, PAN card, Driving license.
Age Proof
Age Proof (any one): Passport, Aadhaar card, PAN card, Driving license.
Address Proof
Address Proof (any one): Utility bill, passport, voter ID, ration card.
Medical Records
Medical Records (if requested).
Income Proof
Income Proof (any one): Bank statement, last three months' salary slips (for salaried individuals).
How to Buy a Shri Ram Life Insurance Plan?
Step-by-step guides for the four key moments in your policy lifecycle. Click a tab to switch.
- Visit the PolicyX.com website or the Shri Ram Life Insurance official website to compare and choose a suitable life plan.
- Enter your personal details such as name, date of birth, gender, annual income, and smoking status to get a customised quote.
- Compare plan options — choose your sum assured, policy term, premium payment term, and any optional riders.
- Fill in the proposal form with your contact details, nominee information, and medical history accurately.
- Upload the required documents: identity proof, address proof, income proof, and recent photographs.
- Pay the first premium online via net banking, UPI, debit/credit card, or cheque.
- Complete the medical examination if required (depends on your age and sum assured).
- Receive your policy document via email and registered post after underwriting approval.
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.
- Log in to the Shri Ram Life Insurance customer portal or the PolicyX.com dashboard before your policy renewal date.
- Review your existing policy details — coverage, premium amount, and nominee information.
- Choose to continue with the same plan or upgrade your sum assured if eligible.
- Pay the renewal premium online via net banking, UPI, debit/credit card, or cheque.
- Download the renewed policy document from your registered email or the insurer portal.
- Step 1: Visit Shriram Life Insurance Company's official website and scroll to the end of the page.
- Step 2: Click on the 'Buy Online' tab (under Popular Links).
- Step 3: Click on the 'Know More' tab.
- Step 4: Click on the 'Calculate' tab at the top right corner.
- Step 5: Fill in the required details and click 'Calculate'. A payment confirmation will be sent to your registered email address upon successful payment.
What's covered — and what's not
The standard inclusions and exclusions across Shri Ram Life Insurance plans. Specific plans may add benefits — always check the policy wording before purchase.
✗ Exclusions
- 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.
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 [email protected].
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 SinghI 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 VarshneyI'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 MaryI 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 ShahPolicyX 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 RathodI 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 MahajanFrequently asked questions
The 8 most-asked questions about Shri Ram Life Insurance, answered.
Customer satisfaction
Aggregate ratings from 929 verified PolicyX customers who bought a Shri Ram Life Insurance plan.
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PolicyX content is researched in-house and reviewed by an IRDAI-certified insurance specialist before publication.
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