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  • Shriram Life Insurance

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    Shriram Life Insurance Company is one of the leading life insurance companies in India. The company was established in the year 2005 and started its operations in 2006. It is the only private insurance company to have made profits in three consecutive years ever since its first year. The main aim of the company is to offer low cost insurance policies to the common man. The company offers a wide range of varied life insurance policies including Term plans, Child plans, group plans, and more.

    Highlights of Shriram Life Insurance Updated on 24 Sep 2018

    Percentage of Grievances Solved 99.74%
    Claim Settlement Ratio 63.53%
    Group Death Claims 96.54%
    Percentage of Claims Rejected 0.53%
    Solvency Ratio 2.03 (for the quarter ended March 2017)

    Why should you go for Shriram Life Insurance Company?

    Shriram Life Insurance Company offers quality life insurance products with optimum cover at a low cost. The insurance company has managed to stand out among it’s peers in 7 years of its existence owing to its cost-effective life insurance policies. The company boasts of being the only private insurer to have made profits in three consecutive years since its initiation. Shriram Life Insurance Company is one of the few private insurers that offer life insurance policies keeping in mind the life insurance requirements of a common man. The company has won many awards and accolades over the years:

    • Shriram Life Insurance Company won the award for the “Best Life Insurance Company” in the year 2015 at the BFSI awards.
    • The company also won the International Arch of Europe award in Frankfurt in the year 2015.
    • It won the Bizz Americas 2016 Award.

    Different types of life insurance policies provided by Shriram Life Insurance Company:

    Given below is a list of different types of life insurance policies provided by Shriram Life Insurance Company.

    Term Insurance Plans ULIP Plans Online Plans Women Plans Child Plans Pension Plans Savings Plans Group Plans Micro Plans Endowment Plans Traditional Plans
    Shriram Life Family Protection Plan Shriram Life Growth Plus Shriram Immediate Annuity Plus Shriram New Shri Vivah Shriram Life Genius Assured Benefit plan Shriram Life Pension Plus Shriram New Shri Life Plan Shriram Shri Sahay Shriram New Shri Life Plan Shriram Life Assured Income Plan Shriram Easy Life Cover
    Shriram Life Cash Back Term Plan Shriram Ujjwal Life     Shriram New Shri Vidya Shriram Immediate Annuity Plus Shriram New Shri Raksha Plan Shriram Group Superannuation Plan Shriram New Shri Raksha Plan   Shriram Grameena Suraksha Plan
    Shriram Life Secure Plus Plan Shriram Ujjwal Life- SP     Shriram New Shri Vivah   Shriram New Shri Vidya Group Life Protector Shriram New Shri Vidya    
      Shriram Fortune Builder         Shriram Life Assured Income Plus Shriram Jana Sahay Shriram Life Assured Income Plus    
      Shriram Wealth Plus         Shriram New Akshaya Nidhi Plan Group Term Life Insurance Shriram New Akshaya Nidhi Plan    
                Shriram Secure Investment Plan Shriram New Group Gratuity Shriram Secure Investment Plan    
                Shriram Ujjwal Life Shriram Group Term Life Insurance Policy in Lieu of EDLI Shriram Ujjwal Life    
                Shriram Ujjwal Life- SP Shriram Life Group Traditional Employee Benefit Plan      
                  Shriram Life Pradhan Mantri Jeevan Jyoti Bima Yojana      

    Shriram Life Term Insurance Plans:

    Term life insurance policy is one of the most basic insurance policy available in the market. These insurance policies offer life cover only for a certain period of time. The family of the policyholder will be compensated in case of death of the policyholder within the policy term.

    Policy name Key features of the policy
    Shriram Life Family Protection Plan This is a simple non-linked, non-participating term insurance policy that offers life cover for a fixed period of time for a fee. The plan offers cover at low premiums and also offers premium rebates for large sum assured. In case of death of the policyholder during the policy term, a predefined death benefit will be paid to the nominee.
    Shriram Life Cash Back Term Plan Shriram Life Cash Back Term Plan as the name suggests is a term insurance policy that offers life cover at a very affordable rate. The policy offers death benefit upon the death of the insured. It also offers maturity benefit (all paid premiums) upon maturity of the policy. One can avail additional cover through add-on riders under this policy.
    Shriram Life Secure Plus Plan This is a term life insurance policy that ensures that the family of the insured get financial aid in case anything should happen to the insured. The policy offers maturity benefit along with death benefit.

    Shriram Life ULIP Plans:

    ULIP or Unit Linked Insurance Plans are life insurance policies that lets the policyholder avail life insurance cover along and make investments simultaneously. While one part of the premium paid by is contributed to the life insurance cover, the remaining balance is invested in an investment product of the insured’s choice.

    Policy name Key features of the policy
    Shriram Life Growth Plus This is a Unit linked insurance policy which offers life cover and lets the policyholder earn by making investments. The policy offers two types of death benefits along with maturity benefit.
    Shriram Ujjwal Life Ujjwal Life is a ULIP plan that lets the policyholder save up for the future while availing life cover at the same time. The fund value along with the top up fund value will be paid as maturity benefit when the policy expires.
    Shriram Ujjwal Life- SP Shriram Ujjwal Life- SP is a single premium ULIP plan that offers protection along with 6 fund options for the insured to invest in. The policy offers both death benefit and maturity benefit.
    Shriram Fortune Builder Shriram Fortune Builder is a single premium ULIP plan that offers the double benefit of life cover and investment. The policy offers liquidity in the form of partial withdrawals.
    Shriram Wealth Plus Shriram Wealth Plus is a ULIP plan that offers life cover and lets your investment grow through investment schemes.

    Shriram Life Online Plans:

    Online life insurance policies are easy to apply for and work like a regular life insurance policy.

    Policy name Key features of the policy
    Shriram Immediate Annuity Plus This is a non-linked and non-participating immediate annuity life insurance policy that aims to offer annuity for life. The policy offers a regular stream of income for a single time premium.

    Shriram Life Women Plans:

    Women life insurance policy is designed keeping in mind the life insurance requirements of a woman.

    Policy name Key features of the policy
    Shriram New Shri Vivah Shriram New Shri Vivah is an affordable life insurance policy that offers life cover and financial assistance to meet wedding expenses.

    Shriram Life Child Plans:

    Shriram Life Child Plans offer the double benefit of life protection and savings. These plans let the insured save up for their child’s future while availing life protection at the same time.

    Policy name Key features of the policy
    Shriram Life Genius Assured Benefit plan This child plan offers both life insurance cover and maturity benefit. The policy offers financial aid upon the death of the insured to fund the child’s dreams.
    Shriram New Shri Vidya Shriram New Shri Vidya lets the policyholder save for their children’s future while availing protection simultaneously.
    Shriram New Shri Vivah Shriram New Shri Vivah is an affordable life insurance policy that offers life cover and financial assistance to meet wedding expenses.

    Shriram Life Pension Plans:

    Pension plans offer life cover along with a chance to save up for retirement.

    Policy name Key features of the policy
    Shriram Life Pension Plus Shriram Life Pension Plus is a pension-cum-life insurance policy. The policy lets the insured meet their retirement goals by giving them the opportunity to build a corpus vesting on investment to guarantee a steady source of regular income. The policy offers death benefit in the unfortunate case of death of the insured.
    Shrimram Immediate Annuity Plus Shriram Immediate Annuity Plus offers the double benefit of a pension plan and life cover. It is a single premium plan that aims to to offer regular income during one’s retirement and death benefit to the nominee in case of unfortunate death of the insured.

    Shriram Life Savings Plans:

    Savings plan offer life cover to the insured and a chance to build on their savings by investing in various savings investment schemes.

    Policy name Key features of the policy
    Shriram New Shri Life Plan Shriram New Shri Life Plan is a non-participating endowment plan that offers life cover. The plan not only lets the policyholder build on their savings but also offers financial compensation to the family of the insured in case of unfortunate death of the insured.
    Shriram New Shri Raksha Plan This is a non-linked, participating savings-cum-life insurance plan. The policy offers the double benefit of savings and life cover at a low cost.
    Shriram New Shri Vidya Shriram New Shri Vidya lets the policyholder save for their children’s future while availing protection simultaneously.
    Shriram Life Assured Income Plus Shriram Life Assured Income Plus is a non-linked and non-participating endowment assurance plan. The plan is best suited for individuals who want to pay premium only for five years and receive the benefits in five year installments after the maturity of the policy
    Shriram New Akshaya Nidhi Plan Shriram New Akshaya Nidhi Plan lets the policyholder fulfill their financial dreams while availing life cover simultaneously.
    Shriram Secure Investment Plan Shriram Secure investment Plan is a life insurance policy that offers the benefit of saving by investing in risk-free savings schemes.
    Shriram Ujjwal Life Ujjwal Life is a ULIP plan that lets the policyholder save up for the future while availing life cover at the same time. The fund value along with the top up fund value will be paid as maturity benefit when the policy expires.
    Shriram Ujjwal Life- SP Shriram Ujjwal Life- SP is a single premium ULIP plan that offers protection along with 6 fund options for the insured to invest in. The policy offers both death benefit and maturity benefit.

    Shriram Life Group Plans:

    Group life insurance plans offer life cover to a set of people under a group.

    Policy name Key features of the policy
    Shriram Shri Sahay Shri Sahay by Shriram Insurance Company is an annual premium group insurance policy that offers life cover to the backward section of the society such as agricultural labourers, self employed individuals, farmers, and more.
    Shriram Group Superannuation Plan This is a non-linked and non-participating group insurance policy which can be taken by the employer to manage the pension fund for their employees.
    Group Life Protector Shriram Group Life Protector is a non-linked and non-participating group life insurance policy that offers financial protection in case of unfortunate death of one of the members of the group.
    Shriram Jana Sahay Shriram Jana Sahay is a non-linked and non-participating group term insurance policy that can be renewed yearly.
    Group Term Life Insurance Group Term Life Insurance is a life insurance policy that offers life protection to all the members of a group at a small price.
    Shriram New Group Gratuity This is a life insurance policy that offers a comprehensive solution to fund the gratuity liability in a cost effective manner.
    Shriram Group Term Life Insurance Policy in Lieu of EDLI This insurance policy is a One Year Renewable Group Term Assurance plan that offers the options of lump sum death benefit in the event of death of a member.
    Shriram Life Group Traditional Employee Benefit Plan Shriram Life Group Traditional Employee Benefit Plan is A non linked non participating group variable insurance Plan.
    Shriram Life Pradhan Mantri Jeevan Jyoti Bima Yojana Shriram Life Pradhan Mantri Jeevan jyoti Bima Yojana is a non linked and non Participating one year renewable group term insurance plan offering life insurance cover for individuals having savings bank accounts with any bank

    Shriram Life Micro Plans:

    Policy name Key features of the policy
    Shriram New Shri Life Plan Shriram New Shri Life Plan is a non-participating endowment plan that offers life cover. The plan not only lets the policyholder build on their savings but also offers financial compensation to the family of the insured in case of unfortunate death of the insured.
    Shriram New Shri Raksha Plan This is a non-linked, participating savings-cum-life insurance plan. The policy offers the double benefit of savings and life cover at a low cost.
    Shriram New Shri Vidya Shriram New Shri Vidya lets the policyholder save for their children’s future while availing protection simultaneously.
    Shriram Life Assured Income Plus Shriram Life Assured Income Plus is a non-linked and non-participating endowment assurance plan. The plan is best suited for individuals who want to pay premium only for five years and receive the benefits in five year installments after the maturity of the policy
    Shriram New Akshaya Nidhi Plan Shriram New Akshaya Nidhi Plan lets the policyholder fulfill their financial dreams while availing life cover simultaneously.
    Shriram Secure Investment Plan Shriram Secure investment Plan is a life insurance policy that offers the benefit of saving by investing in risk-free savings schemes.
    Shriram Ujjwal Life Ujjwal Life is a ULIP plan that lets the policyholder save up for the future while availing life cover at the same time. The fund value along with the top up fund value will be paid as maturity benefit when the policy expires.

    Shriram Life Protection Plans:

    Protection plans are designed to provide economic stability and protection at a low cost.

    Policy name Key features of the policy
    Shriram Cash Back Term Shriram Cash Back Term is a life insurance policy that pays the insured’s family a lump sum amount in case of unfortunate demise of the insured. The premiums paid will be returned as maturity benefit at maturity.

    Shriram Life Endowment Plans:

    Endowment policies offer the triple benefit of savings, insurance and tax benefits under a single policy.

    Policy name Key features of the policy
    Shriram Life Assured Income Plan Shriram Life Assured Income Plan takes care of the policyholder’s regular cash flow needs while offering life cover simultaneously.

    Shriram Life Traditional Plans:

    Traditional plans are the oldest type of life insurance policies with a low-risk feature.

    Policy name Key features of the policy
    Shriram Easy Life Cover Shriram Easy Life Cover is a non-linked and non-participating life insurance policy that offers both death benefit and maturity benefit.
    Shriram Grameena Suraksha Plan Sriram Grameena Suraksha Plan is a traditional life insurance policy designed to offer life cover at a very low cost to the weaker sections of a society.

    How to make a claim with Shriram Life Insurance?

    The nominee or beneficiary has to approach the Claims department of Shriram Life Insurance Company in order to make a claim. The nominee has to submit a set of documents at the time of making a claim. Once the company studies the claim, they will get back to the nominee.

    Given below is a list of documents required to make a claim with Shriram Life Insurance:

    Mandatory documents:

    • Death intimation letter or death intimation form.
    • Death certificate issued by authorities.
    • Policy document.

    Supporting documents for the claim:

    • ID, address, and age proof of the nominee.
    • ID, address, and age proof of the insured individual.
    • Duly filled claim form.
    • Passbook of the nominee.
    • In case of accidental or unnatural death, the nominee has to submit a copy of the FIR report attested by the concerned police authority.
    • Copy of the post-mortem report.

    Claim Settlement Ratio of Shriram Life Insurance

    Shriram Life Insurance is one of the top companies operating in the life insurance market. The company follows a hassle-free claim settlement process. Its claim settlement ratio for the fiscal year 2016-17 is as follows:

    No. of claims received No. of claims approved Claim settlement ratio
    2,926 1,859 63.53%

    Claim settlement ratio trend over the years:

    Year 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
    Settlement Ratio 86% 90% 90% 85% 78% 64%

    Documents required for buying a Shriram Life Insurance Policy:

    Given below is a list of documents required to purchase a Shriram Life Insurance policy:

    • Duly filled application form.
    • Proof of identification.
    • Proof of address.
    • Age proof.
    • Proof of income.
    • Pan number.
    • Photographs.
    • Any other necessary documents requested by the insurer.

    Shriram Life Insurance online payment:

    The insured can pay their premiums through various ways:

    • Cheque/DD- The insured can make the premium payment through a cheque or demand draft that is drawn in the favor of Shriram Life Insurance Company. The insured has to mention details such as their name, contact number, policy number and email id on the back of the cheque so that the bank can contact the insured if required.
    • Cash- The insured can also pay the premium by cash at on of the company’s branches. The insured has to submit their PAN card for proof if they are paying premium over Rs.49,999.
    • Credit card/Debit card- Premium payment can also be made through a credit/debit card that is owned by the insured at selected branches.
    • Axis bank branch- The insured can make premium payments at Axis bank branches through a cheque or DD. The DD or cheque has to be in the favor of Shriram Life Insurance Company Pvt Ltd.
    • CSC- CSC or Common Service Centre outlets accept premium payments (only cash) for Shriram life insurance policies. CSC has more than 1,30,000 centres in India.
    • Online- One can also pay premiums online for their life insurance policy via Net banking through a credit/debit card.
    • NEFT- The insured can make premium payments through NEFT.
    • NACH/ECS- Insured individuals can make premium payments through National Automated Clearing House (NACH) and Electronics Clearing System (ECS) facility by submitting a cancelled cheque along with a completed application form at the branch or to an agent.
    • Mobile- Policyholders can make premium payments through the company’s mobile application on their smartphones.
    • ICICI- Shriram Life Insurance policyholders can make premium payments through demand draft or cheque at any of the ICICI bank branches.

    Shriram Life Insurance premium calculator:

    Shriram Life Insurance Company has tools that will help an individual calculate the premium for their plan. Given below are the steps to be followed in order to use the calculator:

    • Visit the official website of the company.
    • Select “Premium Calculator” under “Financial Tools and Calculator” option on the right hand site.
    • Select your plan.
    • Update your date of birth.
    • Update the age, policy term, premium paying term, and sum assured.
    • Select add on riders if any.
    • Update the details for sum assured and term for add on riders.
    • Select the option “calculate”.

    Shriram Life Insurance FAQs:

    Given below is a list of frequently asked questions about Shriram Life Insurance:

    1. Can NRIs apply for Shriram Life insurance policies?

      A. Yes, NRIs can apply for Shriram Life insurance policies. Given below is a list of life insurance policies that an NRI can apply for:

      • Shriram Life Assured Advantage
      • Shriram New Shri Life
      • New Shri Vidya
      • Shriram Ujjwal Life
      • Shriram Ujjwal Life - SP
      • Shriram Fortune Builder
      • Shriram Life Assured Income Plus
      • Shriram Life Wealth Plus
      • New Shri Vivah
      • Shriram New Shri Raksha
      • Shriram New Akshay Nidhi Plan
      • Shriram Secure Investment Plan
      • Shriram Fortune Builder
      • Shriram Assured Income Plan
    2. Explain the different types of additional riders available under the life insurance policies

      A. Given below is a list of different types of additional riders available under Shriram Life insurance policies:

      • Accidental benefit rider-
      • Family Income benefit rider
      • Critical illness rider
      • Extra insurance cover rider
      • Accidental death and disability rider
      • Accidental death and disability income rider
      • Shriram Critical Illness Care rider
      • Group Accidental death and disability care rider
      • Accidental benefit rider (SP)
      • Family Income benefit rider (SP)
    3. What are the different types of financial tools available with Shriram Life Insurance?

      A. Given below is a list of different types of tools available with Shriram Life insurance:

      • Premium calculator
      • Human life value calculator
      • Minimum life value calculator.
    4. How does one pay premiums through NEFT?

      A. Given below are the steps one needs to follow in order to pay premiums through NEFT:

      • Visit the branch.
      • Get a NEFT transaction form.
      • Fill the form and submit it at the branch.
      • Get the acknowledgement receipt.
      • Get the UTR number, acknowledging the receipt of payment.
      • The bank will send a message in case of a successful transaction.
      • Receive the receipt acknowledging the payment of premium either by post or courier.
    5. Can children apply for the life insurance policies?

      A. Guardians or parents can purchase a life insurance policy on behalf of their child. Shriram Life Insurance Company has special life insurance policies designed to protect the future of children.

    6. How can one renew their policy premium?

      A. One can renew their policy premium by making the payment through cash or cheque/DD.

    7. What kind of a plan is Shriram Jana Sahay?

      A. Shriram Jana Sahay is a non-linked and non-participating group life insurance policy.

    8. What are the different types of pension plans available?

      A. Listed below are the types of pension plans available under Shriram Life Insurance company:

      • Shriram Life Pension Plus
      • Shriram Immediate Annuity Plus
    9. How old is Shriram Life Insurance Company?

      A. The company is 12 years old.

    10. Do any of the policies offer maturity benefit?

      A. Yes, most of the life insurance policies offered by the company offer maturity benefit along with death benefit.

    This Insurance Company has not partnered with BankBazaarInsurance.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

    News About Life Insurance

    • Shriram Life Insurance wins the 3rd Edition of India’s greatest brands and leaders

      Shriram Life Insurance has been crowned the winner of the 3rd Edition of India’s greatest brands and leaders due to the contribution made by the company by distributing life insurance products in non-urban markets in the country. Manoj Jain, the Managing Director of Shriram Life Insurance, R. Radhakrishnan, Chief Marketing Officer of Shriram Life Insurance, and Arvind Shivhare, Executive Director - Direct Channel of Shriram Life Insurance received the award on behalf of Shriram Life Insurance Company in an award ceremony which was held in Mumbai and organised by URS - Asia One Magazine and URS Media Consulting.

      A large chunk of the customers of Shriram Life Insurance belongs to rural areas including tier-I and tier II towns. The life insurance company has played a significant role in selling protection-based insurance products to its customers and has also paid special attention to the financial inclusion for the segment which is generally ignored by many big players in the insurance industry.

      20 September 2018

    Shriram Life Insurance Reviews

    • review Life Insurance
      "Average policy"
      0.5 3.5/5 "Pretty good"
      The coverage is very less anyway they are providing many riders. I have bought my insurance policy with Shriram insurance. This policy is a term plus money back policy. Every month i used to receive some amount like a rider. 5 years before, i have taken this policy. I used to make the premium amount of Rs. 4000 nearly. I have chosen the yearly payment mode. I will make the payment through online.
      Was this review helpful? 0
      , erode
      Reviewed on Sep 18, 2018
    • review Life Insurance
      "Good policy for aged people"
      0.5 3.0/5 "Satisfactory"
      I have got my Shri ram Life insurance policy 6 years ago. I'm paying the premium of Rs. 3099. I have to pay the premium for another 6 years. Total tenure period of the policy is 12 years. I will get the sum assured amount excluding the bonus. My sister working as a agent in Shriram who referred this money back policy.
      Was this review helpful? 0
      , thrissur
      Reviewed on Sep 11, 2018
    • review Life Insurance
      "Not bad policy"
      0.5 1.0/5 "Really Bad"
      The agent wrongly explained the about the policy details. I have chosen my life insurance policy with Sriram. I have paid the premium amount of Rs. 7500. Total tenure of the policy is 15 years. But i have paid the premium 3 years. They have told me that i will get a sum assured amount of 3 lakhs, Due to improper details, i withdrawn the policy. I have got very less amount than what i have paid to them.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 19, 2018
    • review Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      I have started recently using the life insurance from the SHRIRAM LIFE the documentation that has been made from the physically and the process is good. The tenuity period of my life insurance is 10 years and after the maturity it covers the life.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 24, 2018
    • review Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My Life Insurance was taken with Shriram. It was taken for a tenure of ten years. I am paying premium of 65,000 rupees yearly to renew my policy. I never interacted with the customer service. They give a reminder call to renew the policy. The plan benefits and policy coverage are good. I pay my premium through cheque.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 03, 2018
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