- About Coverfox
Shriram Life Insurance Company, also known as (SLIC) was founded in the year 2005 and commenced operations in the year 2006. SLIC is well known for their efficient use of capital and low operational costs.
Total number of insured lives is more than 26 lakh.
Shriram Life Insurance Company is a joint venture between Shriram Group founded in 1974, headquartered in Chennai and Sanlam, a leading financial services group based in Cape Town, South Africa. Together, Sanlam and Shriram’s group aims to provide the best life insurance products to cater different segments of Indian market. In 2016, Shriram Life Insurance Company received the Bizz Americas 2016 Awards. The company’s objective aims in ‘reaching out to the common man with products and services that would be helpful to him/her as they set out on the path to prosperity.’
Shriram Life has more than 528 branches with over and above 1.45 crore customers.
Shriram Life clocked Rs.1020 crore gross premium in 2015-2016.
The company has a network of 609 offices and 75,000 agents across India.
Shriram has an outstanding Underwriting Record and has awarded as ‘Underwriting Initiative of the Year.’
Shriram Life Insurance generates more than 40% business through providing insurance to rural area and weaker segment individuals - ‘AAM AADMI’ of India.
The Founder of Shriram Group, Mr R Thyagarajan, has been awarded with Padma Bhushan award.
Financial Protection: Plans which provide financial protection to your family.
Flexibility: Flexible premium and payout options.
Online plans: Specifically designed online plans that costs lower
Variety: Offers a variety of online as well as offline plans
Customer Service: Offers good, hassle-free pre-sales and post-sales services.
Tax benefits: Save tax on all premiums and payouts under the section 80C and 10(10D) of Income Tax Act, 1961.
The most common type of documentation comprises of the following, the information on the same is available on the official website of SLIC shriramlife.com/download-forms.
Proposal Form: The form which is to be filled in by the insured in written or electronic or any other format as approved by the authority, for furnishing all material information as required by the insurer in respect of a risk, in order to enable the insurer to take informed decision in the context of underwriting the risk, and in the event of acceptance of the risk, to determine the rates, advantages, terms and conditions of the cover to be granted.
Know Your Customer (KYC): Identity, address, income and age proof.
The Bizz Americas 2016 Award - Shriram Life Insurance.
Best Life Insurance Company - BFSI Award, ABP News.
International Arch of Europe’ award - Frankfurt 2015.
Indian Insurance Award for Non-Urban Coverage - Life Insurance - Finetelekt, SP Media Pvt. Ltd.
Managerial Excellence Award 2015 - For excellence in diverse areas - Madras Management Association
Following is the Claim Process:
Claim settlement ratio of Shriram Life Insurance company for F.Y 2017-18 is 80.23%.
Intimate Shriram Life on their Toll-Free number - 1800-3000-6116.
You can also email at firstname.lastname@example.org.
You can also directly contact at 040 23009400 (Monday to Friday - 9.30 am to 5.30 pm).
Claim Assessment: On receiving all the necessary documents, Shriram Life will assess claim documents and the information provided by the proposal in the form.
Claim Approval process: On the approval of Claim Acceptance, the nominee will receive a sum assured. For further process at any time of claim process, you can also reach out to email@example.com.
Claim Documents: List of Mandatory Documents:
Duly filled Claim Form
Original Policy Document
Original/Government officer Attested Death Certificate issued by the local authority
Claimant’s address proof
Claimant’s ID Proof
Claimant’s Bank Pass Book/Bank Statement/Cancelled Cheque
In case of no nominee, a legal heir certificate.
In addition to the standard documents, there are other documents required under different case:
Hospital / Other treatment records
Photo Identification & address proof of the claimant
Post-mortem & chemical viscera report (if performed)
Police Report / F.I.R in case of unnatural death
You can also visit the official website at shriramlife.com/contact-us/#customer-support for locating the nearest branch and shriramlife.com/contact-us/#sales_and_service_enquiry.
Can NRIs apply for Shriram Life insurance policies?
Yes, NRIs can apply for Shriram Life insurance policies. You can visit the official website to know more: shriramlife.com/nri-zone/
What are the different types of financial tools available with Shriram Life Insurance?
The different types of financial tools available with Shriram Life Insurance are Premium Calculator, Human Life Value Calculator and Minimum Life Value Calculator.
Can children apply for the life insurance policies?
Only guardians or parents can purchase a life insurance policy on behalf of their child.
How can one renew their policy premium?
One can renew their policy premium by making the payment through cash, cheque/DD or online.
What kind of a plan is Shriram Jana Sahay?
It is a non-linked and non-participating yearly renewal (unorganised) group term micro insurance plan.
How old is Shriram Life Insurance Company?
The company is 12 years old.