Get covered at unbelievably low premiums for high sums. It can't get any better.

Shriram Life Insurance

Shriram Life Insurance Company (SLIC) was founded in the year 2005 and commenced their operation in the year 2006. Shriram is a joint venture between Shriram Group founded in 1974, headquartered in Chennai and Sanlam, a leading financial service group of South Africa. Sanlam holds 265 of stake in SLIC.

Total number of insured lives is more than 26 lakh.

Shriram Life believes in providing the life cover to the untapped and most needed market of India. 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, “The Bizz Americas 2016 Awards.”

Interesting Facts - Shriram Life Insurance

  • Shriram Life has more than 528 branches with over and above 1.45 crore customers.
  • Shriram Life clocks Rs.1020 crore gross premium in 2015-2016
  • 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 Buying from Shriram Life Insurance

  • Financial Protection - Plans are such that helps you to provide financial protection to your family.
  • Flexibility - Flexible premium and payout options.
  • Online plans - Specifically designed online plans that costs lower
  • Variety - Offers variety of online as well as offline plans
  • Customer Service - Offers good and hassle-free pre-sales and post-sales services.
  • Tax benefits - Save taxon all premiums and payouts under the section 80C and 10(10D) of Income Tax Act.

Plan Types of Shriram Life Plan

Shriram Life insurance offers range of life insurance products with variants to provide financial protection against life’s uncertainties.

Term Insurance Plan

Shriram Life Family Protection

  • The minimum age is 18 years, and maximum age is 60 years.
  • The policy term can be 10 to 25 years.
  • Flexibility in paying premiums - Monthly (only by ECS) or Annually.
  • The nominee receives the sum assured in the case of an untimely demise of an insured during the policy term.
  • Death Benefit Payout option: The policyholder can opt either 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 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.
  • No survival benefits.
  • Tax Benefits as per the Section 80C and 10(10D) under the Income Tax Act, for premiums and the payouts.

Riders:

No riders available under this plan.

Shriram Life Cash Back

  • The minimum age is 12 years, and maximum age is 50 years.
  • The policy term can be 10/15/20/25 years.
  • Flexibility in paying premiums - Yearly, Half Yearly, Quarterly, Monthly.
  • The nominee receives the sum assured in the case of an untimely demise of an insured during the policy term.
  • Death Benefit shall be higher of:
    • Ten times annual premiums if the entry age of the insured is below the age of 45 years. And 7 times of annual premiums if the entry age is above 45 years of age.
    • Basic sum assured.
  • Death benefit will be at least 105% of all the premiums paid.
  • Maturity benefits: Return of all the premiums paid over the policy term.
  • Tax Benefits as per the Section 80C and 10(10D) under the Income Tax Act, for premiums and the payouts.

Riders:

Accident Benefit Rider: In the event of death of the life assured due to an accident or accidental permanent disability, rider sum assured is paid. In the case of an permanent disability, the future premiums are waived.

Family income Benefit: In this plan, 1% of sum assured is 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 the accidental death 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, 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

  • The minimum age is 18 years, and maximum age is 50 years.
  • The policy term can be 10/15/20 years.
  • Flexibility in paying premiums - Yearly, Half Yearly, Quarterly, Monthly.
  • The nominee receives the sum assured in the case of an untimely demise of an insured during the policy term.
  • Death Benefit shall be higher of:
    • Ten times annual premiums if the entry age of the insured is below the age of 45 years. And 7 times of annual premiums if the entry age is above 45 years of age.
    • Basic sum assured.
  • Death benefit will be at least 105% of all the premiums paid.
  • Maturity benefits: Return of all the premiums paid over the policy term.
  • Tax Benefits as per the Section 80C and 10(10D) under the Income Tax Act, for premiums and the payouts.

Riders:

Accident Benefit Rider: In the event of death of the life assured due to an accident or accidental permanent disability, rider sum assured is paid. In the case of an permanent disability, the future premiums are waived.

Family income Benefit: Under this rider, 1% of sum assured is 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 the accidental death 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, 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 Unit Linked Insurance Plans (ULIPs)

Unit Linked Insurance Plan is one of the financial products offered by Shriram Life which are the combination of insurance and investment. These plans are the linked to the market. The part of the premiums are invested in market - equity, debts, hybrid, based on the investor’s choice, that helps to build funds. And part of the premiums is kept to provide life cover. Let’s see different plans offered:

Shriram Life Growth Plus

  • The best of both the world - insurance and investment in one basket.
  • The minimum entry age is 30 days, and maximum age is 60 years.
  • The policy term can be 10/15/20 years.
  • Flexibility in paying premiums - Limited premium payment for 6 years, Single payment and Regular payment over the policy term.
  • Death Benefit will be paid to the beneficiary. There are two options a) sum assured plus top-up sum assured (if any) plus fund value. b) higher of sum assured (less partial withdrawal) or base premium fund value, plus higher of top-up sum assured or top-up premium fund value. The benefit will be at least 105% of the total premiums paid.
  • Survival or Maturity Benefit will be paid to the life assured at the end of the life insurance policy term. The benefit will be sum of fund value and top-up premium fund value (if any).
  • Tax Benefits as per the Section 80C and 10(10D) under the Income Tax Act, for premiums and the payouts.

Riders:

Accident Benefit Rider: In the event of death of the life assured due to an accident or accidental permanent disability, rider sum assured is paid. In the case of an permanent disability, the future premiums are waived.

Accidental Death and Disability Income Rider: In this plan, 1% of rider sum assured is 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 the accidental death 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, 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 Ujjwal Life

  • The best of both the world - insurance and investment in one plan.
  • Affordable plan to provide financial protection.
  • The minimum entry age is 7 years, and maximum age is 65 years.
  • The policy term is fixed as 10 years.
  • Flexibility in paying premiums - Annualised regular payment over the policy term.
  • The death benefit will be 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.
  • Survival or Maturity Benefit will be paid to the life assured at the end of the policy term. The benefit will be 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.
  • Tax Benefits as per the Section 80C and 10(10D) under the Income Tax Act, for premiums and the payouts.

Riders: None.

Shriram Ujjwal Life (SP - Single pay)

  • It’s a combination of insurance and investment in one plan.
  • Affordable plan to provide financial protection.
  • The minimum entry age is 7 years, and maximum age is 65 years.
  • The policy term is fixed as 10 years.
  • Flexibility in paying premiums - Single one-time payment.
  • Liquidity in the form of partial withdrawals.
  • Option of six funds to invest.
  • Flexibility of investing your surplus money in the form of top-up premium.
  • The death benefit will be at least 105% of all the premiums paid including the top-up premiums paid.
  • 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.
  • Survival or Maturity Benefit will be paid to the life assured at the end of the policy term. The benefit will be 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.
  • Tax Benefits as per the Section 80C and 10(10D) under the Income Tax Act, for premiums and the payouts.

Riders: None.

Shriram Fortune Builder Insurance Plan

  • It’s a combination of insurance and investment.
  • Affordable plan to diversify your wealth for maximum returns.
  • The minimum entry age is 0 years, and maximum age is 65 years.
  • The policy term can be 10/15/20 years.
  • Flexibility in paying premiums - Single one-time payment.
  • Liquidity in the form of partial withdrawals.
  • Option of six funds to invest.
  • Flexibility of investing your surplus money in the form of top-up premium, to switch funds as per the risk appetite.
  • 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.
  • Survival or Maturity Benefit will be paid to the life assured at the end of the policy term. The benefit will be 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.
  • Tax Benefits as per the Section 80C and 10(10D) under the Income Tax Act, for premiums and the payouts.

Riders: None.

Shriram Life Wealth Plus

  • It’s a combination of insurance and investment.
  • The minimum entry age is 7 years, and maximum age is 65 years.
  • The policy term can be 10 or 15 to 20 years.
  • Option of Auto Transfer option and Fund Switch option.
  • Flexibility in paying premiums - Short premium payment terms - 5/10/15/20 years.
  • Regular premium option - Yearly, Half-Yearly, Quarterly, Monthly.
  • Liquidity in the form of partial withdrawals.
  • Surrender value option.
  • Option of Settlement option to reduce the risk.
  • The death benefit will be the sum of the basic sum assured plus additional sum assured(if any) due to top-up premiums, top-up fund value (if any).
  • The death benefit will be at least 105% of the all the premiums paid including the top-up premiums.
  • Survival or Maturity Benefit will be paid to the life assured at the end of the policy term. The benefit will be 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.
  • Tax Benefits as per the Section 80C and 10(10D) under the Income Tax Act, for premiums and the payouts.

Riders: None.

Shriram Life Child’s Plan

Traditional child plans that helps you to save money for child’s future. A child plan helps to build funds for child’s education, higher education, and marriage. Have a complete peace of mind while you celebrate life with your kids with the help of Child’s plan. Below is the types of different child plans offered by Shriram Life insurance:

Shriram Life Genius Assured Benefit Plan

  • The minimum entry age is 18 years, and maximum age is 45 years.
  • The policy term can be 10 to 18 years.
  • Fixed premium payment term of 10 years.
  • Regular premium option - Yearly or Monthly.
  • This plan offers guaranteed benefits.
  • Auto Cover (available only once during the policy term) - After paying premium for 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.
  • The life assured while buying the plan can opt the death benefit payout either as lump sum payout or installment. This payout cannot be changed during the policy term.
  • 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.

  • 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.

  • 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.
  • Tax Benefits as per the Section 80C and 10(10D) under the Income Tax Act, for premiums and the payouts.

Riders:

Accident Benefit Rider: In the event of death of the life assured due to an accident or accidental permanent disability, rider sum assured is paid. In the case of an permanent disability, the future premiums are waived.

Critical Illness Cover: This rider covers 6 major critical illnesses, Cancer, Heart Attack, Stroke, Kidney Failure, Coronary Artery Bypass Surgery, 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 New Shri Vidya Plan

  • The minimum entry age is 18 years, and maximum age is 50 years.
  • Flexible premium payment - Regular pay, Limited pay
  • The policy term for regular pay can be 10/15/20/25 years and for limited pay can be 15/20/25 years.
  • Regular premium option - Yearly, Half Yearly, Quarterly, Monthly.
  • This plan offers guaranteed benefits.
  • 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 105% of all the premiums paid till the event of death of the life assured.
  • The death benefit will 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 plus additional death benefit,is the discounted value at the end of the year of death. ■ The additional death benefit can be taken as lump sum or as 25% of basic sum assured paid at the end of the each last four years and family income benefit as 1% 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.
  • Maturity Benefit as accrued reversionary bonuses and terminal bonus (if any) will be paid.
  • Survival Benefit as 25% of the basic sum assured will be paid at the end of each of the last four years, provided all the due premiums have been paid.
  • 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.
  • Tax Benefits as per the Section 80C and 10(10D) under the Income Tax Act, for premiums and the payouts.

Riders:

Accident Benefit Rider: In the event of death of the life assured due to an accident or accidental permanent disability, rider sum assured is paid. In the case of an permanent disability, the future premiums are waived.

Extra Insurance Cover: With the help of this rider the policyholder can enhance the life cover under the same policy, subject to the underwriter. In case of an untimely demise of the life assured the nominee shall receive the rider benefit as lump sum. There is no maturity benefit under this rider.

Critical Illness Cover: This rider covers 6 major critical illnesses, Cancer, Heart Attack, Stroke, Kidney Failure, Coronary Artery Bypass Surgery, 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 New Shri Vivah Plan

  • The minimum entry age is 18 years, and maximum age is 50 years.
  • Flexible premium payment - Regular pay, Limited pay
  • The policy term for regular pay can be 10/15/20 years and for limited pay can be 15/20 years.
  • Regular premium option - Yearly, Half Yearly, Quarterly, Monthly.
  • This plan offers guaranteed benefits.
  • 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 105% of all the premiums paid till the event of death of the life assured.
  • The death benefit will 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 plus additional death benefit, is the discounted value at the end of the year of death.

a. The 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.

  • Maturity Benefit as basic sum assured plus accrued reversionary bonuses and terminal bonus (if any) will be paid.
  • 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.
  • Tax Benefits as per the Section 80C and 10(10D) under the Income Tax Act, for premiums and the payouts.

Riders:

Accident Benefit Rider: In the event of death of the life assured due to an accident or accidental permanent disability, rider sum assured is paid. In the case of an permanent disability, the future premiums are waived.

Extra Insurance Cover: With the help of this rider the policyholder can enhance the life cover under the same policy, subject to the underwriter. In case of an untimely demise of the life assured the nominee shall receive the rider benefit as lump sum. There is no maturity benefit under this rider.

Critical Illness Cover: This rider covers 6 major critical illnesses, Cancer, Heart Attack, Stroke, Kidney Failure, Coronary Artery Bypass Surgery, 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 Retirement Plan

A retirement plan is a way of systematic savings. This will help in building funds for your retirement. As increase in the expenses and inflation hinders in savings which makes difficult to continue the same lifestyle post retirement, this plan ensures you continue to maintain your lifestyle.

Shriram Life Pension Plus

  • Opportunity to build funds for retirement plus life cover.
  • The minimum entry age is 20 years, and maximum age is 65 years.
  • Flexible premium payment - Regular/Limited/Single pay.
  • The policy term can be 10 or 15 to 35 years.
  • Regular premium option - Yearly, Half Yearly, Quarterly, Monthly.
  • The death benefit will be higher of:
    • Total Fund value.
    • Sum Assured.
  • Vesting Benefit will paid to the life assured if the life assured survives the policy term. The vesting benefit will be paid as the higher of: a) Total Fund value b) Sum Assured.
  • Tax Benefits as per the Section 80C and 10(10D) under the Income Tax Act, for premiums and the payouts.

Riders: None.

Shriram Life Immediate Annuity Plus

  • Opportunity to build funds for retirement plus life cover.
  • The minimum entry age is 0 years, and 18 years for joint life option. The maximum age is 85 years.
  • Flexible premium payment - Single pay.
  • The policy term is for whole life.
  • Annuity mode - Yearly, Half Yearly, Quarterly, Monthly.
  • Variants of plan:
    • Annuity for life with return of 100% plan premiums.
    • Annuity for life increasing @ 3@p.a. simple rate.
    • Annuity for life increasing @ 3@p.a. compound rate.
    • Annuity certain for 5/10/15/20 years and thereafter for life.
    • For Joint Life Last survivor:

a. Annuity with 50% annuity to last survivor on the death of the annuitant.

b. Annuity with 100% annuity to last survivor on the death of the annuitant.

c. Annuity with 100% annuity to last survivor on the death of the annuitant. with 100% purchase price on death of the last survivor.

  • Tax Benefits as per the Section 80C and 10(10D) under the Income Tax Act, for premiums and the payouts.

Riders: None.

Shriram Life 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 Savings plans are segmented in three Groups and out of those you can choose the appropriate plan to opt the savings plans.

Savings plan includes traditional endowment plans, unit linked insurance plans, child’s plans and money back plans. Of which the types of child’s plan and unit linked insurance plans are covered in their respective plan types.

Child’s plans under savings are: Shriram Life Genius Assured Benefit Plan New Shri Vidya New Shri Vivah

Unit Linked Insurance Plans under savings are: Shriram Ujjwal Life Shriram Ujjwal Life - SP Shriram Fortune Builder Insurance Plan Shriram Life Assured Wealth Plus

The rest of the type of savings plans are listed below:

Shriram New Shri Life Plan

  • The minimum entry age is 30 days, and maximum age is 65 years.
  • Rebates on higher sum assured.
  • Flexible premium payment - Limited pay
  • The policy term can be 10/15/20/25 years.
  • Regular premium option - Yearly, Half Yearly, Quarterly, Monthly.
  • This plan offers guaranteed benefits with Settlement option to receive benefits in installments with addition of interest.
  • The death benefit paid to the nominee will be the basic sum assured and the accrued reversionary bonus (if any) and terminal bonus (if any). It will be at least 105% of all the premiums paid till the event of death of the life assured.
  • The death benefit will 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.
  • Maturity Benefit as sum assured plus accrued reversionary bonuses and terminal bonus (if any) will be paid.
  • 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.
  • Tax Benefits as per the Section 80C and 10(10D) under the Income Tax Act, for premiums and the payouts.

Riders:

Accident Benefit Rider: In the event of death of the life assured due to an accident or accidental permanent disability, rider sum assured is paid. In the case of an permanent disability, the future premiums are waived.

Extra Insurance Cover: With the help of this rider the policy holder can enhance the life cover under the same policy, subject to the underwriter. In case of an untimely demise of the life assured the nominee shall receive the rider benefit as lump sum. There is no maturity benefit under this rider.

Critical Illness Cover: This rider covers 6 major critical illnesses, Cancer, Heart Attack, Stroke, Kidney Failure, Coronary Artery Bypass Surgery, 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.

Family income Benefit: Under this rider, 1% of sum assured is 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 the accidental death or becomes totally and permanently disabled due to an accident.

Shriram New Shri Raksha Plan

  • The minimum entry age is 18 years, and maximum age is 55 years.
  • Twice the basic sum assured on death as an compensation of income loss to the family.
  • Flexible premium payment - Regular pay, Limited pay
  • The policy term for regular pay can be 10/15/20/25 years and for limited pay can be 15/20/25 years.
  • Regular premium option - Yearly, Half Yearly, Quarterly, Monthly.
  • This plan offers guaranteed benefits with reversionary bonus to enhance savings.
  • 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 105% of all the premiums paid till the event of death of the life assured.
  • The death benefit will 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.
    • Twice the basic sum assured.
  • Maturity Benefit as sum assured plus accrued reversionary bonuses and terminal bonus (if any) will be paid.
  • Extended Benefit if the life assured survives till the end of the policy term, the policy will continue till the life assured attains the age of 100 years. This is an extended benefit after the policy term. In case life assured dies after the policy term or survives the age of 100 years, one basic sum assured will be paid.
  • 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.
  • Tax Benefits as per the Section 80C and 10(10D) under the Income Tax Act, for premiums and the payouts.

Riders:

Accident Benefit Rider: In the event of death of the life assured due to an accident or accidental permanent disability, rider sum assured is paid. In the case of an permanent disability, the future premiums are waived.

Extra Insurance Cover: With the help of this rider the policyholder can enhance the life cover under the same policy, subject to the underwriter. In case of an untimely demise of the life assured the nominee shall receive the rider benefit as lump sum. There is no maturity benefit under this rider.

Critical Illness Cover: This rider covers 6 major critical illnesses, Cancer, Heart Attack, Stroke, Kidney Failure, Coronary Artery Bypass Surgery, 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.

Family income Benefit: Under this rider, 1% of sum assured is 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 the accidental death or becomes totally and permanently disabled due to an accident.

Shriram Life Assured Income Plus

  • A perfect non-linked, non-participating traditional endowment plan.
  • The minimum entry age is 8 years, and maximum age is 60 years.
  • Flexible premium payment - Limited pay
  • Fixed policy term of 10 years and limited policy premium payment term of 5 years.
  • Regular premium option - Yearly, Half Yearly, Quarterly, Monthly.
  • This plan offers guaranteed benefits.
  • Death Benefit if the life assured dies:
    • During premium payment term: The nominee or legal heir will receive the sum assured as a lump sum amount will be paid.
    • After the premium payment term: The nominee or legal heir will receive the sum assured as a lump sum amount will be paid.
    • If the policyholder dies after policy term and after the commencement of the installments: Only the installments will be paid to the nominee. There is no lump sum option.
  • The death benefit will be higher of:
    • Ten times annual premiums if the insured is up to the age of 50 years. And 7 times of annual premiums for the age between 51 to 60 years.
    • The basic sum assured.
    • Maturity sum assured.
    • 105% of all the premiums paid till the time of death of the life assured.
  • Maturity Benefit as sum assured in five equal annual installments will be paid at the end of every year after maturity.
  • Tax Benefits as per the Section 80C and 10(10D) under the Income Tax Act, for premiums and the payouts.

Riders: None.

Shriram New Akshay Nidhi Plan

  • Offers periodical survival benefits.
  • The minimum entry age is 30 days, and maximum age is 60 years.
  • The policy term can be 15/20/25 years.
  • Regular premium option - Yearly, Half Yearly, Quarterly, Monthly.
  • This plan offers guaranteed benefits.
  • 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 105% of all the premiums paid till the event of death of the life assured.
  • The death benefit will 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 45 years and above.
    • The basic sum assured.
  • Maturity Benefit as sum assured plus accrued reversionary bonuses and terminal bonus (if any) will be paid.
  • Tax Benefits as per the Section 80C and 10(10D) under the Income Tax Act, for premiums and the payouts.

Riders:

Accident Benefit Rider: In the event of death of the life assured due to an accident or accidental permanent disability, rider sum assured is paid. In the case of an permanent disability, the future premiums are waived.

Extra Insurance Cover: With the help of this rider the policy holder can enhance the life cover under the same policy, subject to the underwriter. In case of an untimely demise of the life assured the nominee shall receive the rider benefit as lump sum. There is no maturity benefit under this rider.

Critical Illness Cover: This rider covers 6 major critical illnesses, Cancer, Heart Attack, Stroke, Kidney Failure, Coronary Artery Bypass Surgery, 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.

Family income Benefit: Under this rider, 1% of sum assured is 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 the accidental death or becomes totally and permanently disabled due to an

Shriram Secure Investment Plan

  • It’s a combination of insurance and investment.
  • Affordable plan to maximize the returns.
  • The minimum entry age is 30 days, and maximum age is 65 years.
  • The policy term can be 5/10 years.
  • Premium payment - Single one-time payment.
  • The sum assured as death benefit will be paid to the nominee.
  • 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.
  • Guaranteed Maturity Benefit will be paid to the life assured at the end of the policy term. If the life assured survives the policy term guaranteed maturity factor times the single premium amount paid will be the payout.
  • Tax Benefits as per the Section 80C and 10(10D) under the Income Tax Act, for premiums and the payouts.

Riders: None.

Shriram Life Assured Income Plan

  • This plan offers regular assured cash flow.
  • Helps you to meet financial needs at every stage of life.
  • The minimum entry age is 30 days, and maximum age is 50 years.
  • The policy term can be 8/10 years.
  • Regular premium payment - Yearly/Half-yearly/Quarterly/Monthly.
  • The sum assured as 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 shall be:
    • 8 times of the annualized premium for a 8 years plan.
    • 10 times of the annualized premium for a 8 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.
  • Tax Benefits as per the Section 80C and 10(10D) under the Income Tax Act, for premiums and the payouts.

Riders:

Accident Benefit Rider: In the event of death of the life assured due to an accident or accidental permanent disability, rider sum assured is paid. In the case of an permanent disability, the future premiums are waived.

Extra Insurance Cover: With the help of this rider the policyholder can enhance the life cover under the same policy, subject to the underwriter. In case of an untimely demise of the life assured the nominee shall receive the rider benefit as lump sum. There is no maturity benefit under this rider.

Critical Illness Cover: This rider covers 6 major critical illnesses, Cancer, Heart Attack, Stroke, Kidney Failure, Coronary Artery Bypass Surgery, 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.

Family income Benefit: Under this rider, 1% of sum assured is 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 the accidental death or becomes totally and permanently disabled due to an accident.

Shriram Women Life Insurance Plans

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

Depending on their needs they can select from the term insurance plan, retirement or pension plan, child plans, or specified plan by Shriram under this type as New Shri Vivah with optional riders.

Shriram Life Online Plans

Shriram offers some online plans that includes Immediate Annuity Plus.

Shriram Group Life Plans

Group plans help the organisation to provide financial protection to their employees and their families. Shriram Life offers different group plans:

  • Shri Sahay (Annual Premium Group Plan) - A regular premium plan that is designed for socially weaker sections of society.
  • Shriram Life Group Superannuation Plan - A non-linked, non-participating fund based plan to manage pension funds fro employees.
  • Shri Sahay (Single Premium Group Plan) - A one-time premium plan that is designed for socially weaker sections of society.
  • Group Life Protector (Single Premium Group Plan) - A non-linked, non-participating, one-time premium group life insurance plan provides cover against the untimely death of the insured group member.
  • Shriram Jana Sahay - A non-linked and non-participating yearly renewal (unorganised) group term micro insurance plan.
  • Group Term Life Insurance in lieu of EDLI - One year renewal group term plan with lump sum death benefit in the event of death of group member.
  • New Group Gratuity - A unit linked and non-participating group insurance to fund gratuity liability.
  • Shriram Life Group Traditional Employee Benefit Plan- As the name suggests it's for employees. A non-linked and non-participating group variable insurance plan.
  • Shriram Life Pradhan Mantri Jeevan Jyoti Bima Yojana - A non-linked and non-participating yearly renewal group term insurance plan for individuals having savings accounts with any bank.

Shriram Micro Life Insurance Plans

Specific types of plans designed for low income individuals. Shriram Life offers different micro insurance plans:

  • 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 Grameena Suraksha - A non-linked and non-participating term insurance plan.

Exclusions – Shriram Life Insurance

The claims would not be admitted under the below exclusions:

Suicide- If the insured commits suicide within the first year of the plan, then 80% of the premium paid till date is given to the nominee.

Claim Process - Shriram Life Insurance

Shriram Life is committed to provide the benefits as soon as possible to the nominee and within the prescribed timelines laid down by IRDAI.

Following is the Claim Process:

Claim Intimation:

  • 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 asses claim documents and the information provided by the proposal in the form.

Claim Approval process - On the approval of Claim 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

Review - Shriram Life Insurance Company

Since 2006, Shriram Life Insurance has made profits in the first 3 years - becoming the only private life insurer to achieve this. Shriram Life Insurance has been awarded as ‘The Bizz Americas’ award in 2016. Moreover, Shriram Life stands out with 528+ branches across the country and more than 1.45 crore customers. Shriram is the most preferred choice by many. It strives to deliver better customer service and good claim settlement ratio.

Shriram Life Insurance Company Address

Shriram Life Insurance Company Limited, Ramky Selenium, Plot No:31 & 32, Beside Andhra Bank Training Centre, Financial District, Gachibowli, Hyderabad, TG, India - 500032.

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