Shriram Life Insurance
Get your free Credit report that cost Rs 1200 for FREE
1. Build your Credit Score
2. Reduce your Current Borrowing / EMI Costs
Shriram Life Insurance Company Limited started its operations in 2006 after its incorporation in 2005 as a joint venture between the Sanlam Group, which is a life insurance company based in South Africa, and the Shriram Group, an Indian conglomerate. Shriram Life Insurance Company Limited maintains the distinction for being the only private life insurance provider to incur profits in the first three years of business. It is popularly known as the only insurance company to record profits in the market.
Shriram Life Insurance Company Limited has grown colossally in recent years, and presently it boasts of over 630 branches and more than 75,000 insurance agents across the nation. The company has an exciting portfolio of insurance schemes to make sure that the needs of its broad customer base are met. Shriram Life Insurance Company Limited focuses primarily on the financially weaker sections of society and rural markets, simultaneously generating an excess of 40% of the revenue from these markets.
Benefits of Shriram Life Insurance
Shriram Life Insurance Company Limited is amongst the most respected and largest financial services providers in India. The company intends to deliver high-rated products and services for ensuring the financial stability of the family of the insured. A large number of insurance plans designed by the company could help you in finding the one which suits your needs the best. The company also has experience linked with chit funds, financing commercial vehicle and other types of financial services.
Types of Life Insurance Policies
Shriram Life Insurance offers a range of life insurance policies under various categories. The various categories and the plans available under Shriram Life Insurance are described below:
|
Microinsurance Plans |
Name of the Plan |
|
|
Individual Plans |
Investment Plans |
|
|
Retirement Benefits |
|
|
|
Protection Plans |
Protection Plan
|
|
|
Savings Plans |
|
|
|
Group Plans |
Microinsurance Plans |
|
|
Special Plans |
|
|
|
Protection Plans |
|
|
|
Employee Benefits Plans |
|
|
|
Online Plans |
|
Shriram Life Insurance Child Plans
Child schemes from Shriram Life Insurance Company Limited were designed to make sure that the parents who invest fixed amounts on an annual basis will be receiving benefits after the maturity of the contract. Generally, these policies mature when the child attains 18 years, and the funds are made available after maturity since they can help in meeting the lump-sum expenses related to the child's future, like higher education or marriage.
New Shri Vidya
If you're worried about securing your child’s education with your income, then this plan is best suited for you since it provides maturity benefits for that purpose. The plan’s death benefits include providing the total sum assured and it also gives monthly income to the family so that they don't face any financial problems
New Shri Vivah
This plan targets people who want to secure their child's marriage. This plan provides the chosen sum assured and monthly income as death benefits and a sum assured and other bonuses as maturity benefits.
Shriram Term Insurance Plans
Term life insurance plans can be bought for a fixed period to ensure that the dependents of the insured are financially secure to meet their daily and long-term financial requirements to lead a comfortable life on the demise of the policyholder. The assured sum assured is paid out to the family.
Cash Back Term
This is term insurance that offers a return for the premiums paid towards insurance cover in the form of maturity benefits. In addition to the TROP, it also provides several riders which can be used for enhancing the protection provided under this plan
Group Term Life Insurance
This insurance plan can be renewed annually. It gives benefits of a term insurance plan to a group of people. The minimum number of group members can range anywhere between 20-50 members.
Group Term Life Insurance replacing EDLI
This is a term life insurance plan which could replace the mandatory EDLI scheme. Under this plan, the group members receive a life insurance cover of 5 lakhs. The insured can also improve the insurance policy by adding riders.
Family Protection Plan
The Family Protection Plan provided by Shriram Life Insurance is a non-linked, non-participating insurance policy which allows you to protect the financial security of your family in case of accidental death.
Secure Plus Plan
The Secure Plus Plan from Shriram Life Insurance makes sure that your loved ones are protected from any uncertainties in case of your untimely death of the policy owner.
Shriram Life Insurance Savings Plans
The insurance company has a broad range of savings plans for its customers. These plans are ideal or people who like to save money for major financial needs in the future.
The plans that can be purchased from Shriram Life Insurance are described below:
Shriram Life Unit Linked Insurance Plans
Shriram Life Insurance provides unit-linked insurance plans to its customers where a percentage of the total premiums paid by the policy owner is used to provide life cover and the rest is invested in the financial instruments chosen by the customer. this scheme is ideal for obtaining insurance coverage along with generating wealth
The ULIPs offered by Shriram Life Insurance are described below:
Shriram Life Pension Plans
Shriram Life Insurance Company Limited provides three types of pension plans for people who like to lead a comfortable life after. These plans offer life insurance along with providing cover for medical expenses during the post-retirement phase. The different types of plans which are offered by Shriram Life Insurance are described below:
Shriram Group Life Insurance Plans
Shriram Life Insurance provides insurance plans to employer-employee groups for ensuring the financial health of the employees.
The different types of insurance policies offered by Shriram Life Insurance are:
Documents Needed for Buying Shriram Life Insurance:
Below described are the documents that must be submitted for applying at Shriram Life Insurance:
-
Age Proof
-
ID Proof
-
Income Proof
-
Address Proof
-
Copy of PAN Card
How Can You Claim Insurance?
You can follow this procedure described below to claim life insurance at Shriram Life Insurance Company:
Intimation of Claim
If the insured individual is dead, the nominees/beneficiaries will be required to make an intimation to the insurance company by visiting the nearest branch.
Filling Forms
After the claim has been intimated, you'll be required to download the Claim Form from the company's official website and fill out all the necessary details. The documents that the individual will be required to submit along with the Claim Form are discussed in the section above.
Receiving Claims
After you have submitted all the relevant documents, the company officials will be validating all the details and inform you whether the claim has been accepted or rejected
Go through the policy bond to make sure that you understand the policy claim procedure better.
How to Check the Policy Status?
The policy status can be checked online by visiting the official website of the company and then clicking on ‘Customer Service Option’ on the top of the company's homepage.
After that, you'll be redirected to a fresh page where you will be given two options, i.e., Support Enquiry and Sales Enquiry.
-
Click on Support Enquiry
-
Fill out all the required details
-
The details include information such as name, email address, phone number, etc
-
After you have submitted the form, the details of the policy will appear on the screen
-
The policy status can also be checked through SMS, call or email. For checking the policy status through SMS, you can send STAT<policy number> and send it to 8179696969.
-
For checking the policy status through call, you will be required to dial 1800-3000-6116
-
For checking the policy status through email, you can contact [email protected].
Shriram Life Insurance Online Payment
Policy owners who prefer to make their premium payments online rather than visiting the branch can do so by visiting the official website of the company.
-
After visiting the official website, you will be required to enter your policy number and your date of birth.
-
Click on Submit
-
Then you will be redirected to a page where you will be required for verifying the policy details before choosing the payment mode from Credit Card/Net Banking options.
-
If you select the net banking option, you will be required to login with your user ID and password for accessing your netbanking account and then making the payments. If you're making payment through your credit card, you'll receive an e-receipt that serves as an acknowledgment for premium deposit.
Shriram Life Insurance Premium Calculator
-
To access the Shriram Life premium calculator, you can visit the official website and then select on the premium calculator under financial tools which can be used to calculate the premium amount.
-
After opening the premium calculator you will be requested to enter details like your age, date of birth, policy tenure, sum assured and other optional riders and then hit on calculate to know how much premium is applicable on your policy.
Shriram Life Insurance Customer Care
You can contact their toll-free helpline number or contact through email for reaching Shriram Life Customer Care. The customers can also send an SMS to the designated number to execute the policy related requests.
Shriram Life Insurance Frequently Asked Questions
What is the grievance redressal procedure with Shriram Life Insurance?
To raise a complaint or grievance, an individual must contact the company through phone, email or visit the nearest branch.
What if the Shriram officials aren't able to resolve your grievance satisfactorily?
If no one at Shriram Finance seems to be able to provide you with a satisfactory solution to your problem within 15 days, you can communicate the same to the Insurance Ombudsman.
What's the grace period offered by the company if I fail to make premium payments on time?
There's a grace period of 30 days for quarterly, half-yearly, and yearly payment options. In the case of monthly premium payment, the grace period is 15 days.
What will happen if I fail to pay my premiums during the grace period?
If you don’t pay your outstanding premium after the due date, the policy lapses and the benefits will cease.
Can a lapsed policy be revived?
Yes, in most of the cases a lapsed insurance policy can be revived. The revival is subject to payment of all the outstanding premiums with interest and penalties, if applicable.
Get your invite to mymoneykarma
® 