Shriram Life Insurance

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.’

Highlights of Shriram Life Insurance

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.

Benefits of Shriram Life Insurance

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.

Documentation needed to apply for a Shriram Life Insurance Policy

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.

Shriram Life Insurance Plans

Life Plans

Shriram Life Family Protection Plan: This plan caters to the needs of people who want to protect their families in case of an untimely death. It offers flexibility in paying premiums - Monthly (only by ECS) or Annually. The insured has the option to select to whom the ‘Death Sum Assured’ has to be paid in case of an untimely death.

Death Benefit Payout option - The policyholder can opt for either a lump sum option or installment option. In case of a lump sum payout, the death sum assured is paid at once and the policy terminates. If, on the other hand a policyholder opts for an installment option, then the 50% of the sum assured is paid as a lump sum amount and the rest is paid in 5 equal annual installments. There are no survival benefits. The minimum eligibility age is 18 years while maximum is 60 years with a sum assured ranging between INR. 15,00,000 to 5 crores.

Shriram Life Cash Back Term Plan: The Shriram Life Cash Back Term Plan featuresa lump sum payout in case of an unfortunate death of the insured in order to protect the financial security of his/her family members. It offers flexibility in paying premiums - yearly, half yearly, quarterly and monthly with an option to choose policy term as per 10/15/20/25 years.

Death Benefit Payout option - The sum assured on death is paid only if all the premiums have been met. The death benefit will be higher of basic sum assured or at least 105% of all the premiums paid. The minimum eligibility age is 12 years while the maximum is 50 years with a sum assured ranging between INR. 2,00,000 to INR. 20,00,000.

Add on benefits include Rider options:

Accident Benefit Rider: In the event of death of the life assured due to an accident or accidental permanent disability, the rider sum assured is paid. In the case of a permanent disability, the future premiums are waived.
Family Income Benefit: Under this rider, 1% of sum assured will be paid every month for a guaranteed period of 10 years or till the end of the rider term whichever is higher, if the life assured dies due to an accident or becomes totally and permanently disabled due to an accident.
Critical Illness Cover: This rider covers 6 major critical illnesses - Cancer, Heart Attack, Stroke, Kidney Failure, Coronary Artery Bypass Surgery and Major Organ Transplant. On the first diagnosis of any of the six critical illness, the rider benefit will be paid as a lump sum benefit.
Shriram Life Secure Plus Plan: This plan is similar in function to the ones mentioned above where you have flexibility in paying premiums - yearly, half yearly, quarterly and monthly with an option to choose policy term as per 10/15/20 years. Rider options comprise of Accidental Benefit, Family Income Benefit and Critical Illness Cover.
Death Benefit Payout option: The death benefit will be higher of basic sum assured or maturity sum assured or at least 105% of all the premiums paid. The minimum eligibility age is 18 years while the maximum is 50 years with a sum assured ranging between INR. 5,00,000 to INR. 20,00,000.

ULIP Plans

A unit linked insurance plan is a plan, which is a combination of investment and insurance. The performance of these plans are the linked to the market, as a part of the premiums is invested in market securities - equity, debts, hybrid, based on the investor’s choice that helps to build funds and the remainder of the premiums is kept to provide life cover.

Shriram Life Growth Plus V2: This plan offers multiple choices in respect of premium payment, fund classes and flexibility of investment. The policy can also be taken on your significant other’s name - spouse, child and grandchild.

Key features of this Plan include:

Guaranteed Loyalty Additions
Additional life cover with Riders
Nil fund switching & redirection charges
Profit generating fund options

Incase of survival of the life assured, the fund value will be payable where fund value is total of base premium fund value and top up premium fund value, if any. Incase of death of the life assured, under option 1 - the sum assured plus top-up sum assured (if any), plus fund value where fund value is total of base premium fund value and top up premium fund value, will be paid to the nominee and the policy terminates. Under option 2 - Higher of Sum Assured and Top-up Sum Assured or Base premium fund value Plus Top-up premium fund value will be paid.

The minimum eligibility age is 30 days while the maximum is 55 years with a sum assured ranging between INR. 1,00,000 to INR. 10,00,000 over a policy term of 10-20 years.

Shriram Life Fortune Builder Insurance Plan: A Single premium ULIP designed for individuals who do not have a regular cash flow to sustain premium payments each year on the due date or for those who have a lump sum amount available to complete their insurance requirement in one time. It has a single one-time payment with options of 6 funds to invest in.

Death Benefit Option - The death benefit will be higher of the value of units or the basic sum assured plus additional sum assured (if any) due to top-up premiums.

The minimum sum assured shall be:

125% of the single premium if the insured is below the age of 45 years.
110% of the single premium if the insured is above the age of 45 years.

The Survival or Maturity Benefit will be paid to the life assured at the end of the policy term, it will be a sum of fund value and top-up premium fund value (if any). In case of death of the life assured of a discontinued plan, the fund value subject to a minimum guaranteed interest will be paid to the nominee.

The minimum eligibility age is 0 years while the maximum is 65 years with a policy term of 10 / 15 / 20 Years (Fixed).

Shriram Life Ujjwal Life Plan: This is a regular premium unit linked plan designed to help you meet your financial goals such as your child’s education, child’s marriage or a peaceful retirement. It offers flexibility in paying premiums as annualised regular payment over the policy term.

Death Benefit Option: The death benefit will be Sum Assured plus fund value plus top up sum assured along with top up fund value if any or at least 105% of all the premiums paid including the top-up premiums paid.

The sum assured shall be higher of:

Ten times annual premiums if the insured is below the age of 45 years. And 7 times of annual premiums if the age is above 45 years of age.
Basic sum assured.

The Survival or Maturity Benefit will be paid to the life assured at the end of the policy term. It will be a sum of fund value and top-up premium fund value (if any). In case of death of the life assured of a discontinued plan, the fund value subject to a minimum guaranteed interest will be paid to the nominee.

The minimum eligibility age is 7 years while the maximum is 65 years with a policy term of 10 Years (Fixed).

Term Plans

Shriram Life Online Term Plan: A term life insurance plan has 3 options for comprehensive coverwhich comes with flexible premiums based on choice of the benefit options and affordable premiums as low as INR. 7,343 p.a. for a cover of INR. 1 Crore. You can avail a discount in the premium rate if you opt for a higher sum assured.

The minimum eligibility age is 18 years while the maximum is 55 years with a sum assured ranging between INR. 25 lacs to INR. 10 crore over a policy term of 10-57 years. This planprovides a life cover up to 75 years

Rider options include Accident Death Benefit and Critical Illness Cover.

Shriram Life Assured Income Plus: A non-linked, non-participating traditional endowment plan which caters to customers who wish to invest only for a minimum fixed duration. It offers flexible premium payment - limited pay, with payment options of yearly, half yearly, quarterly and monthly.

Death Benefit Option - Incase the life assured dies:

During premium payment term: The nominee or legal heir will receive the sum assured as a lump sum amount.
After the premium payment term: The nominee or legal heir will receive the sum assured as a lump sum amount.
If the policyholder dies after policy term and after the commencement of the installments: Only the installments will be paid to the nominee with no lump sum option.

The death benefit will be higher of sum assured or maturity sum assured or 105% of all the premiums paid till the time of death of the life assured. Incase the life assured is alive, the maturity benefit as sum assured in five equal annual installments will be paid at the end of every year after maturity.

The minimum entry age is 8 years, and maximum age is 60 years with the sum assured ranging between INR. 1.5 lakhs to INR. 5 crore.

Plans for Women

These are life insurance plans especially designed for women. Such insurance plans are made after considering their financial requirements.

Shriram New Shri Vivah Plan: As the name suggests, this plan is designed to provide financial aid to meet wedding expenses. The Shriram Life New Shri Vivah plan entitles the insured an adequate double life insurance cover plus regular income apart from the maturity benefits. It offers flexible premium payment - limited payor regular pay, with payment options of yearly, half yearly, quarterly and monthly.

Death Benefit Option - The death benefit paid to the nominee will be the basic sum assured and the accrued reversionary bonus and terminal bonus (if any). It will be at least Sum assured on death plus Accrued Reversionary Bonuses plus Terminal Bonus, if any, immediately on death. An additional death benefit can be taken as lump sum or as basic sum assured payable at the end of the policy term and family income benefit as 1.5% of the basic sum assured at the end of every month following the date of death till the end of the policy term but not less than 36 monthly payments. In case of death of the life assured of a discontinued plan, the fund value subject to a minimum guaranteed interest will be paid to the nominee. Additional rider options include Accidental Benefit, Extra Insurance and Critical Illness Cover.

Child Plans

A child plan helps to build funds for your child’s education, college education, and marriage.

Shriram Life Genius Assured Benefit Plan: Shriram Life Genius Assured Benefit Plan is an endowment cum savings plan that offers guaranteed benefits for your child’s future. After paying premium for a minimum number of two years, if you are unable to pay the premium within the grace period, you will be eligible for an auto cover of one year.This benefit is available only once during premium paying term.

Death Benefit Option - The death benefit payout can be either as a lump sum payout or an installment.

The death benefit as lump sum benefit will be highest of:

a. 10 times the annualised premium for all ages

b. Sum assured payable to be paid in case of the death of the life assured

c. Guaranteed maturity sum assured

d. 105% of the all the premiums paid till the time of death.

The death benefit as an installment option:

a. Sum assured benefit will be paid immediately.

b. Family support benefit shall be paid on monthly basis.

c. Education support benefit shall be paid as per the option chosen by the policyholder.

The maturity benefit will be paid as a lump sum plus education support benefit in installment as flat or increasing payout. In case of death of the life assured of a discontinued plan, the fund value subject to a minimum guaranteed interest will be paid to the nominee. Additional rider options include Accidental Benefit and Critical Illness Cover.

The minimum entry age is 18 years, and maximum age is 45 years with the minimum sum assured of INR. 2,00,000 with no such limit on the maximum sum assured.

Pension Plans

A pension plan ensures that you continue to receive a regular income post your retirement years.

Shriram Life Pension Plus V2: The Shriram Life Pension Plus helps you meet your retirement goals by building a large corpus during retirement. Therefore, enabling a policyholder to have a steady regular income for life through an immediate annuity policy.The policy term can be 10 or 15 to 35 years with a flexible premium payment option of regular, limited or single pay.

Death Benefit Option - The death benefit paid will be higher of the total fund value or assured death benefit. The vesting benefit will paid to the life assured if the life assured survives the policy term, it will be paid as the higher of the total fund value or Assured vesting benefit.

The minimum entry age is 20 years, and maximum age is 65 years.

Savings Plans

The savings plans by Shriram Life offers life cover along with savings. With the help savings plans, the family is not only protected against the financial loss in case of the breadwinner’s passing away but also helps an individual to build funds for short and long term goals.

Shriram Life Assured Income Plan:A guaranteed income plan, it is a solution to take care of all your potential cash flow requirements to meet your financial needs at every stage of life.

Death Benefit Option - The death benefit will be paid to the nominee as lump sum, regular payouts, or 50% death benefit as lump sum and the rest as regular payouts.

The basic sum assured is:

8 times of the annualized premium for a 8 years plan.
10 times of the annualized premium for a 10 years plan.

In case the life assured survives the policy term, the sum assured will be paid as per the plan and payout opted. However, if the life assured dies after commencement of the assured income, the nominee will receive the outstanding assured income payouts. Rider add ons include accidental benefit, extra insurance, critical illness and family income benefit.

The minimum entry age is 30 days, and maximum age is 50 years with the minimum sum assured of INR. 1,20,000/1,50,000 and maximum sum assured of INR. 40,00,000/50,00,000.

Group Plans

They help employers and organisations provide their employees with a suitable financial protection plan.

Shri Sahay (Annual Premium Group Plan): A regular premium plan that is designed for socially weaker sections of society.
Shri Sahay (Single Premium Group Plan): A one-time premium plan that is designed for socially weaker sections of society.
Shriram Jana Sahay: A non-linked and non-participating yearly renewal (unorganised) group term micro insurance plan.
Shriram Life Pradhan Mantri Jeevan JyotiBimaYojana: A non-linked and non-participating yearly renewal group term insurance plan for individuals having savings accounts with any bank.
Shriram Life Secure Investment: It is a one-time investment plan that provides dual benefit of a life insurance and investment. This an ideal plan to maximize the returns of your cash surplus.
Shriram Life Group Traditional Employee Benefit Plan: As the name suggests, it's for employees of the company. A non-linked and non-participating group variable insurance plan.
New Group Gratuity: A unit linked and non-participating group insurance to fund gratuity liability.
Group Term Life Insurance in lieu of EDLI: A one year renewal group term plan with lump sum death benefit in the event of death of group member.

Awards Won by Shriram Life Insurance Company

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

Claim Process of Shriram Life Insurance

Following is the Claim Process:

Claim Intimation

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 customercare@shriramlife.in.
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 customercare@shriramlife.in.
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)
Physician's Statement
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.

Shriram Life Insurance Company Address

Shriram Life Insurance Company Limited,

Ramky Selenium, Plot No. 31 & 32,

Next to Andhra Bank Training Centre,

Financial District, Gachibowli, Hyderabad,

Telangana, India - 500032

FAQs

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.

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