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Shriram Life Insurance
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Shriram Life Insurance Company
Shriram Life Insurance Company was established in the year 2005 and started its insurance operations in 2006. The company was established as a joint venture between Shriram Group and Sanlam Group based in South Africa. Together both the companies have joined hands to provide insurance at an affordable cost and with an aim to reach out to the ‘common man’. The company is dedicated and focused to offer efficient services, strong integrity, and operational efficiency by offering high-quality insurance products. Every product designed and offered by Shriram Life Insurance Company is tailor-made as per the insurance needs and financial goals of its customers.
Top Shriram Life Insurance Plans (2020)
Shriram Life Protection Plans
A protection plan is a term insurance plan that is designed to offer financial protection to your loved ones in the event of your untimely demise. A protection plan is a pure term plan that offers insurance coverage to cover the risk of premature death of the insured. This plan is most suited for individuals who are breadwinners of the family and who want to ensure that their loved ones are financially secured. With a protection plan, the insured can make financial provisions beforehand.
Term Insurance Plans Offered by Shriram Life Insurance -
|Product Name||Product Description|
|Shriram Life Smart Protection Plan||This is a pure term plan designed to protect the loved ones in times of untimely demise of the insured. The plan offers life insurance coverage with an option to avail of additional protection through the rider facility. The plan comes with 3 protection options namely Silver Option (that offers life cover), Gold Option (Life Cover with built-in Accidental Death Benefit), and Diamond Option (offers life cover along with built-in Critical Illness Benefit). The plan offers long-term insurance cover i.e., up to 30 years at an affordable premium amount.|
|Shriram Life Smart Protection Plan SP||This is a single premium pure protection plan designed to cover the risk of premature death of the insured. With this plan, you can secure your loved ones financially in your absence without worrying much about their financial security. Similar to the regular premium plan this plan comes with 3 protection options namely Silver Option, Gold Option, and Diamond Option. The death benefit shall be paid to the nominee depending upon the protection option availed by the insured at the time of purchasing the policy.|
|Shriram Life My Spouse Term Plan||This plan is a term insurance coverage to joint life i.e., you and your spouse can be covered under a single life insurance policy. The plan offers comprehensive insurance cover at affordable premiums. The plan provides insurance coverage up to 75 years of age, a discount on high sum assured is available, a lower premium rate is offered for female lives, and Terminal Illness Cover equal to the sum assured is available under the plan.|
|Shriram Life Cash Back Term||This is a term insurance plan that offers to return the paid premium amount in the event of survival of the life assured till the end of the policy tenure. The plan is designed to offer insurance coverage at an affordable premium amount. Additional insurance protection can be availed through Rider Facility. In the event of the death of the life assured, the nominee receives the death benefit while in the event of the survival of the life assured the policy guarantees return of paid premiums.|
|Shriram Life Family Protection||This is a non-market-linked, non-profit-participating term insurance plan designed to protect your family in case of the untimely demise of the life assured. No Maturity Benefit is available under this plan. In the event of the death of the insured, the nominee receives the death benefit, however, the pay-out of the death benefit depends on the option chosen by the policyholder. The death benefit can be paid either in a lump sum or in instalment as per the directives provided by the policyholder.|
|Corona Rakshak Policy||In times of the Covid-19 pandemic, Shriram Life Insurance Policy has launched the Corona Rakshak Policy to cover the expenses of Covid-19 treatment. The plan pays lump sum benefit equivalent to 100% of the sum assured if diagnosed positive for Covid-19 (requiring hospitalisation for a minimum of 72 hours)|
Shriram Life Endowment/Savings Plan
As the name suggests, these plans offered by Shriram Life Insurance Company are designed to offer insurance coverage along with an opportunity to create a savings corpus. By investing regularly in an endowment plan, the insured can create a pool of savings that can be used to satisfy long-term or short-term financial goals. An endowment plan allows the insured with guaranteed corpus and promises to pay a lump sum amount to the insured or nominee (as the case may be) and pay benefits during the policy tenure.
Endowment/Savings Plans Offered by Shriram Life Insurance -
|Product Name||Product Description|
|Shriram Life POS Assured Savings Plan||This is a traditional life insurance policy that covers the risk of premature death and offers savings opportunities thereby ensuring that your loved ones are taken care of financially even in your absence. This insurance coverage can be opted for without undergoing medical tests. Higher Maturity Benefit is offered for Higher Premium Amount. Double Insurance Coverage in event of the death of the life assured due to accident. In the event of survival of the life assured guaranteed Maturity Sum Assured shall be paid.|
|Shriram Life Golden Premier Saver Plan||This plan is specifically designed to offer a dual benefit like insurance protection along with savings opportunities. The plan offers flexibility to extend the insurance coverage till the age of 80 years, wherein an additional SA is paid in the event of survival up to 80 years. The insured has the flexibility to choose the manner of receiving the maturity benefit i.e., either in lump sum or Income plus lump sum. Enhanced insurance cover can be availed through the Rider facility.|
|Shriram Life Super Income Plan||This plan offers insurance coverage for longer tenure along with guaranteed financial security of your loved ones in your absence. Under this plan, insurance coverage is available for 75 years. In the event of survival of the life assured, guaranteed maturity sum assured is paid. In case of survival of the life assured until the end of the premium paying term a ‘Super Income Benefit’ is paid monthly starting from the end of the premium paying term up to the end of the policy tenure or death (whichever is earlier). In the event of the death of the insured during the policy tenure, the death sum assured is paid to the nominee and the policy is terminated.|
|Shriram Life Assured Advantage Plus|
This is a traditional single premium endowment policy that offers insurance coverage and guaranteed returns on Maturity. The plan has 2 options as under:
In the event of survival, the insured receives a Maturity Benefit. The insured has the flexibility to choose anyone from the 3 pay-out options available under the plan. The 3 maturity benefit pay-out options available under the plan are – Lump sum Benefit on Maturity Date, Annual Income for 10 years starting from the maturity date, or Monthly Income for 120 months starting from the maturity date. The death benefit is paid to the nominee in the event of the death of the life assured during the policy tenure. Additional Insurance protection can be availed through Rider Facility.
|Shriram Life Genius Assured Benefits Plan||This plan is designed to protect the dreams and aspirations of your children in your absence. This life insurance endowment policy offers insurance coverage along with savings opportunities for creating a financial corpus for your loved ones. The plan offers a Maturity Benefit that will help you be financially prepared for your child’s future. Education Support Benefit is paid in case of survival of the life assured up to the end of the policy term. The education support benefit can be availed as per the option chosen by the policyholder i.e., either in a flat pay-out or increasing pay-out manner. While in the event of the death of the insured the nominee shall receive the death benefit either in a lump sum or in instalment as chosen by the policyholder at the time of purchasing the policy.|
|Shriram Life Assured Income Plan||This life insurance plan offers insurance coverage to cover the risk of untimely death and to protect your family financially in your absence. This plan not only offers the death benefit to the family in the event of your untimely death but also provides you with maturity benefit in the event of your survival till the end of the policy term. Additional insurance protection can be availed through Rider Facility.|
|Shriram Life New Akshay Nidhi||This is a traditional endowment policy that provides insurance coverage along with regular periodic pay-outs. This plan pays periodic survival benefits thereby enhancing your savings and overcoming financial needs. Maturity Benefit is paid to the life assured in the event of survival till the end of policy tenure while the death benefit is paid to the nominee or the beneficiary in the event of the death of the life assured during the policy tenure.|
|Shriram Life Assured Income Plus||This is a traditional, non-profit-participating endowment policy that caters to the insurance and savings needs of its customers. This is a limited premium insurance plan wherein the customer has to pay a premium for a fixed duration and enjoy benefits throughout the policy tenure. In the event of survival of the life assured till the end of the policy tenure and provided the insurance policy is active, the maturity benefit shall be paid in 5 equal instalments. While in the event of the death of the insured during the policy term, the nominee shall be paid the death benefit.|
|Shriram Life New Shri Life||This is a traditional, profit-participating life insurance policy that provides systematic savings options to grow savings and to ensure the financial protection of your loved ones in your absence. Being a profit-participating life insurance policy, the plan pays reversionary bonuses that are added to the life cover as well as the maturity benefit.|
|Shriram Life New Shri Vidya||This is a traditional endowment policy designed to safeguard your child’s future. The plan is designed to cater to the financial needs of your child. Shriram Life Insurance Company understands that educational expenses are soaring high therefore this plan caters to fulfil your child’s aspirations. The plan is designed to offer survival benefits in-line with your child’s educational needs even in your absence. In the event of the death of the insured, the plan offers a death benefit along with monthly regular income to overcome monetary losses. While in the event of survival, the maturity benefit is paid to the insured. Survival benefit equivalent to 25% of the basic sum assured is paid at the end of each year during the last four years of the policy.|
Shriram Life Insurance Unit-linked Insurance Plan
A unit-linked plan is a type of life insurance policy designed to offer insurance coverage along with wealth creation opportunities. The performance of the funds in the insurance policy is linked to the performance of the capital market. Under a unit-linked plan, the insured pays a premium amount where a portion of it is invested in securing the life of the insured while the remaining portion is invested in the capital market. The insured has to invest the premium amount in the choice of their fund depending upon their risk appetite and investment horizon.
Unit-linked Insurance Plans Offered by Shriram Life Insurance -
|Product Name||Product Description|
|Shriram Life Growth Plus||This is a unit-linked life insurance plan designed to offer insurance coverage along with savings opportunities. The insured has an option to choose premium paying terms, fund options, and investments as per their convenience and need. Two death benefit options are offered under this plan, the insured can decide the manner in which the nominee shall receive the amount at the time of the policy purchase. In the event of survival of the insured, the insured shall receive the maturity benefit equivalent to the fund value of the total base premium paid plus a top-up premium (if any)|
|Shriram Life Fortune Builder||This is a unit-linked life insurance plan that covers the risk of premature death and an opportunity to grow wealth by investing in market-linked instruments. This is a single premium plan and is best suited for individuals who do not want to invest regularly but have a lump sum amount to invest in the capital market along with fulfilling their insurance needs. The plan offers multiple fund options to invest money along with the flexibility to choose the investment strategy. Free and Unlimited fund switches, additional protection with the help of rider facility, and flexibility to choose the policy tenure.|
|Shriram Life Wealth Plus||This is a unit-linked life insurance policy that offers financial protection to your loved ones in your absence. The plan is designed to offer insurance coverage along with an opportunity to grow your investments. Thus, by investing in this plan you opt for both savings and financial protection under a single plan. The plan allows the insured the flexibility to choose the policy tenure, fund options, and investment strategies. Additional insurance protection can be availed through rider facility, Flexibility to choose the premium paying term, Free and Unlimited fund switching and premium redirection facility, flexibility to choose the policy tenure are a few of the key features offered in this plan.|
Shriram Life Retirement Insurance Plans
Shriram Life Insurance Retirement Plans are designed to offer financial independence to individuals during the post-retirement phase. A retirement plan aims at creating a corpus that can be utilised by the insured after retiring from work life. A retirement insurance plan is also called a pension plan. Investing in a pension plan helps the policyholder to create a corpus and enables to receive regular income flow during the golden years of his/her life.
Retirement Plans Offered by Shriram Life Insurance -
|Product Name||Product Description|
|Shriram Life Pension Plus||This is a unit-linked pension plan designed to offer insurance coverage along with an opportunity to help meet retirement goals. This plan helps to build a large financial corpus by investing your hard-earned money. This plan is suitable for individuals who want to create a financial corpus through long-term investment. With this plan, you can enjoy good returns by investing in mixed funds i.e., debt and equity, a combination that not only grows your investments but also protects them from market volatility. The key features of the plan include – No maximum limit on the premium top-up amount, availability of multiple fund options, flexibility to choose the policy tenure, free and unlimited fund switching, and premium redirection option.|
|Shriram Life Immediate Annuity Plus||This is a non-market-linked, non-profit-participating single premium annuity plan. This plan assures lifelong regular income post-retirement.|
Shriram Life Insurance Riders
Riders Offered by Shriram Life Insurance -
|Product Name||Product Description|
|Accident Benefit Rider||Under this rider, 100% rider sum assured shall be paid in the event of the death or permanent and total disability to the insured resulting from an accident. Additionally, all future premium amounts shall be waived off if the person insured gets disabled permanently and totally due to an accident.|
|Family Income Benefit Rider||Under this rider, in the event of the death of the life assured as a result of an accident or total and permanent disability to the life assured as a result of an accident, 1% of the rider sum assured is paid to them every month for a guaranteed tenure of 10 consecutive years or till the end of rider cover term (whichever is earlier)|
|Shriram Extra Insurance Cover Rider||Under this rider facility, additional rider sum assured shall be paid to the nominee in the event of the death of the person insured within the tenure of coverage of the rider.|
|Shriram Critical Illness Cover Rider||Under this rider, 100% rider sum assured shall be paid in the event of survival of the life assured for 30 days starting from the 1st instance of diagnosis of any of the 6 specified critical illnesses.|
Benefits of Buying Shriram Life Insurance Plans
Shriram Life Insurance Company was formed with an intention to offer insurance coverage to everyone. The insurance company is built on the philosophy of ‘financial inclusion’ wherein everyone is eligible to receive financial and insurance protection to safeguard the future financial needs of their loved ones. The company offers a wide range of insurance products designed to cater to the insurance and financial needs of wider demography. The following are the benefits of buying the insurance plan of Shriram Life Insurance Company.
- Financial Security-
Buying a Shriram Life Insurance plan will guarantee financial security to you and your loved ones. The insurance coverage, periodic pay-outs, maturity benefit will ensure that your finances are strategically planned and you have access to them whenever you need them. Additionally, the death benefit will ensure that your loved ones are financially protected even in your absence. Thus, buying a Shriram life insurance policy will ensure peace of mind and financial security.
- Building Wealth-
By investing in Shriram Life Insurance Company’s Endowment Plans and Unit-linked Insurance plans you can build wealth for yourself and your family. These plans allow the creation of a financial corpus by investing for a longer horizon. With bonus and rebate facilities, you can receive more returns on your invested amount. The periodic payments received through the plan can either be used to satisfy your financial needs or can be reinvested to build wealth. Thus, by investing in Shriram Life Insurance Plans you can build wealth and leave a financial legacy behind for your loved ones in your absence.
- Planning for Child’s Future-
By investing in Shriram Life Insurance plans you can strategically plan for your child’s future financial needs like higher education, marriage, etc. The periodic payments can help in planning for the short-term or long-term financial needs of your child.
- Securing Financial Goals-
By investing in Shriram Life insurance company’s Insurance policies you can systematically plan your finances. The insurance plans offer opportunities to save and invest for a short-term or a long-term horizon depending on your financial goals and needs. Various insurance policies offer numerous savings and wealth creation opportunities that help in creating wealth and securing your loved ones financially. Thus, you can relax and plan better with Shriram Life Insurance Plans.
Shriram Life Insurance Plans are designed to offer the benefit of liquidity to the insured and his loved ones. Insurance Plans like an endowment policy offer liquidity by way of periodic pay-outs, while other plans have facilities like loan facility, the surrender of policy option, partial withdrawal of funds facility, etc. to overcome short-term financial needs. However, these facilities come with certain terms and conditions. Therefore, it is recommended to understand the terms of such facilities before availing them.
- Retirement Planning-
By investing retirement policies of Shriram Life Insurance Company you can stay stress-free and relaxed as these policies are designed to offer a regular flow of income in the post-retirement phase. Shriram Life Insurance Company understands that retiring from work-life is not the end of living life. Therefore, these plans offer financial independence to enjoy life and fulfil dreams and wishes.
- Tax Benefits-
All Shriram Life Insurance Plans offer tax benefits to the policyholder. Whether the premium paid is for self, spouse, children, or parents, the policyholder can avail of tax benefits on the premium paid amount. The amount of tax benefit shall however be as per the prevailing tax rates.
Shriram Life Insurance Claim Settlement Process
Shriram Life Insurance Company understands that losses are painful whether it is emotional or financial, therefore, the company has set-up a hassle-free and swift claim settlement process. The company has focused to create a simple claim settlement process wherein the nominee or the insured (as the case may be) can register and receive the claim amount at the earliest. The claims are of two types namely Maturity Claim and Death Claim. Let us understand the claim settlement procedure under each type:
- Maturity Claim
The maturity claim arises when the insured outlives the policy tenure. at the time of policy maturity, the insured can file the claim by submitting the required documents. Once all the required documents are received by the Shriram Life Insurance Company executive or agent he/she will process them for verification. Once all the verification is complete the amount shall be credited to the insured’s bank account at the earliest. Thus, the maturity claim settlement process is simple, fast, and hassle-free.
- Death Claim:
The death claim arises in the event of the untimely death of the insured during the policy tenure. Raising a death claim is painful as the family and the nominee are already in emotional trauma. Therefore, Shriram Life Insurance Company has made the process extremely simple. The following are the steps involved in the death claim settlement process.
- Step 1: Collection of Documents: In the event of the death of the insured, the nominee has to submit the required relevant documents to the insurance provider. The list of required documents is mentioned below.
- Step 2: Submission of Documents: Once all the relevant required documents are collected by the nominee, he/she has to submit them to the nearest Shriram Life Insurance Company’s Branch office or the authorised agent of the company or can post them to the claims support department at Divisional Office/ Head office of the insurance provider.
- Step 3: Claim Settlement: Once all the documents are received by the insurance provider they will review and verify all the documents. Upon successful verification, Shriram Life Insurance Company shall credit the claim amount in the nominee’s bank account at the earliest.
Documents Required for Death Claim
The following is the list of mandatory documents that a nominee is required to submit at the time of registering a death claim:
- Death Intimation Form
- Death Certificate issued by the competent authority
- Policy Document or proof that there is a policy in the name of the Life Assured (for example, renewal premium receipts or renewal premium notice)
The following is a list of supporting documents required for processing the death claim
- Age proof, ID Proof, and Address Proof of the nominee
- Age Proof, ID Proof, and Address Proof of the Life Assured
- Duly Filled Claim Forms
- Bank Passbook of Claimant attested by the relevant bank authority
- Copy of FIR in case of unnatural or accidental death
- Copy of Post Mortem Report in case of unnatural or accidental death
- Any other additional documents are required by the insurance provider to process the claim.
Documents Required for Maturity Claim
The following documents are required to be submitted by the insured at the time of registering for maturity claim processing:
- Original policy document
- Duly filled Maturity Claim Form
- Copy of ID proof of the claimant
- Bank details
Shriram Life Insurance Tax Benefit
Tax benefits can be availed on the insurance policies of Shriram Life Insurance Company. The tax benefits an add-on benefit offered for timely payment of insurance premium. The following table illustrates the tax benefits from Shriram Life insurance policies are as follows:
|Income Tax Act Sections||Tax Benefit Available|
|Section 80C||Under this section, the premium amount paid for the insurance policy of self, spouse, children, and parents is eligible for tax benefit. The tax benefit is available for the policies where the premium amount paid does not exceed 10% of the SA with a maximum limit of INR 1.5 Lakh.|
|Section 10 (10D)||Under this section, maturity benefit or bonus is tax-free of those policies whose premium amount does not exceed 10% of the sum assured.|
Shriram Life Insurance Customer Care Details
Shriram Life Insurance Company has a dedicated customer service department that aims to serve its customers by providing value-added service. There are numerous ways to reach the insurance provider to avail of help and get your queries resolved. The following table consists of all the means and ways with which a customer can reach the insurance provider.
|Telephone Helpline||040 2300 9400|
|Customer Service Helpline||1800 3000 6116, 1800 103 6116|
|Write to Us at:|
Shriram Life Insurance Company Limited, Ramky Selenium, Plot No: 31 & 32, Beside Andhra Bank Training Centre, Financial District, Gachibowli, Hyderabad, TG,
India – 500032.
|Use Branch Locator||Use the Branch Locator Facility to receive details of the nearest branch office.|
Shriram Life Insurance Review
Consistency and good customer services are two main pillars for the success of Shriram Life Insurance Company. The customers are happy with the benefits and facilities offered under the various insurance plans of Shriram Life Insurance Company. The company offers insurance coverage, financial protection, and wealth creation opportunities to its customers thereby making it one of the most sought insurance providers in India. All the plans are tailor-made as per the needs and requirements of its customers. The following are some of the notable achievements of Shriram Life Insurance Company.
- Received Gold Award for Customer Service Handling – CLAIMS during the 8th Excellence Competition on Best Practice Sharing Fest conducted by Confederation of Indian Industry on 28 & 29 August-2020.
- Gold Award for Morale Boosting HR Practices during the 8th Excellence Competition on Best Practice Sharing Fest conducted by Confederation of Indian Industry on 28 & 29 August-2020.
- Best Customer Experience in Financial Sector – Non-Banking, 2020 by Kamikaze B2B Media
- The Claim Settlement Ratio of Shriram Life Insurance Company was 85.30% in the financial year 2018-2019.
- The insurance provider offers numerous insurance products to help ease the financial burden and plan strategically for the future.
- The company has a presence with over 455 offices across India.
Shriram Life Insurance FAQs
1. Can I take a policy loan on a Shriram Life Insurance plan?
Yes, Shriram Life Insurance policies offer the facility and benefit of loan against the policy. However, it is recommended to read the policy document carefully.
2. How can I revive my policy which has been lapsed?
To revive your lapsed Shriram Life Insurance Policy, you need to pay all the undue premium amount along with late charges (if any). Additionally, you may have to submit additional documents like a certificate of good health, if asked by the insurance provider.
3. Which premium paying frequencies are allowed under Shriram Life Insurance Plans?
Shriram Life Insurance Company for the convenience of its customers allows the following premium paying frequencies - Yearly, Half-yearly, Quarterly, and Monthly. Under some policies, the Single Premium Paying frequency option is also available.
4. Can I delete or add riders with Shriram Life Insurance plans?
Yes, the addition or deletion of rider facilities is available under Shriram Life Insurance Plans. It can be done on the Policy Anniversary Date.
5. Can I cancel my insurance plan if I am not satisfied with the terms and conditions of the plan?
Yes, you can cancel your Shriram Life Insurance Policy if you are not satisfied with the terms and conditions of the purchased policy. The cancellation of policy can be done in the free-look period.
6. What are the payment modes for Shriram Life insurance policies?
Shriram Life Insurance company for the convenience of its customers offers the following payment modes – NEFT, RTGS, Net-Banking, Cheque, Auto-Debit, etc.
7. How will I receive my claim amount from the Shriram Life Insurance plan?
Shriram Life Insurance Company pays the claim amount in the manner the claimant directed in the discharge form. However, for transparency of the process, it is highly recommended by the insurance provider to receive the claim amount directly in the claimant’s personal bank account.
8. How can I check the policy status of the Shriram Life Insurance Plan?
Visit the official website of the insurance provider, or visit the nearest Shriram Life Insurance Company’s Branch office or contact the customer support team to check the policy status of your Shriram Life Insurance Plan.
9. How can I track the performance of the policy funds in the case of unit-linked insurance plans?
To track the performance of the policy funds of your Unit-linked Insurance Plans visit the official website of the insurance provider and click on the ‘Track Policy’ tab. Enter the details of your insurance plan and click on ‘Track Policy’. Alternatively, you can also contact the nearest branch office to track the performance of your policy funds. Additionally, Shriram Life Insurance Company also provides a monthly performance report wherein all the details regarding the performance of the policy funds are mentioned.
10. How many riders can I choose under Shriram Life Insurance plans?
Customers can choose as many riders as they wish under Shriram Life Insurance Plan provided the opted plan allows the choice of your riders.
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