Shriram Life Insurance Company, also known as SLIC, was founded in 2005 and began operations in 2006. SLIC is known for its efficient capital investment and low operational costs.

Shriram Life Insurance Company is a joint venture of the Shriram Group, founded in 1974 and based in Chennai, as well as Sanlam, a leading financial services group based in Cape Town, South Africa

Together, Sanlam and Shriram want to offer the best life insurance products for different segments of the Indian market.


Shriram Life Insurance


Highlights Of Shriram Life Insurance

  • Shriram Life has more than 528 branches and more than 1.45 million customers.
  • Shriram Life recorded a gross premium of Rs 1020 in 2015-2016.
  • The company has a network of 609 offices and 75,000 agents in India.
  • Shriram has an excellent subscription history and has been named “Subscription Initiative of the Year”.
  • Shriram Life Insurance generates more than 40% of companies by providing insurance for rural areas and the weakest segment individual: AAM AADMI in India.
  • The founder of the Shriram group, R Thyagarajan, awarded the Padma Bhushan Award.

Also Read: Life Assured Income Plans


Benefits Of Shriram Life Insurance

  • Financial protection: plans that offer financial protection to your family.
  • Flexibility: flexible premium and payout options.
  • Online plans: online packages specially designed for a lower cost
  • Variety: offers a variety of online and offline plans.
  • Customer service: Provides good service before and after-sales.
  • Tax benefits: save on all premiums and payments under the sections 80C and 10 (10D) of the Income Tax Act of 1961.

Also Read: Review and Benefits of Shriram Life Insurance


Shriram Life Insurance Plans

  1. Life Insurance Plans
  2. ULIP Insurance Plans
  3. Term Insurance Plans
  4. Plans For Women
  5. Child Insurance Plans
  6. Pension Plans
  7. Saving Insurance Plans
  8. Group Insurance Plans
  9. Micro Plans

1. Life Insurance Plans

  • Shriram Life family plan: This plan adapts to the needs of those who wish to protect their family in case of untimely death. It offers flexibility in paying premiums: monthly (ECS only) or annual. The insured has the option of choosing who should be paid the “death benefit” in case of untimely death.
  • Withdrawal option for death benefit: The policyholder can choose between a lump sum option or an installment option. In the case of a lump sum, guaranteed mortality will be paid immediately and the policy will end. On the other hand, if an insured person chooses an installment option, 50% of the insured amount will be paid in a lump sum and the rest in 5 equal annual installments. There are no survival benefits. The minimum age of eligibility is 18 years, the maximum age of 60 years sum assured ranging between INR. 15,000 to 5 million rupees.
  • Shriram Life Cashback Term Plan: The Shriram Life Cashback Term plan provides a lump sum payout for the unfortunate death of the insured to ensure the financial security of family members. It offers flexibility in the paying of premiums: annual, semi-annual, quarterly and monthly, with the option of setting the term of the contract at 15/10/20/25 years.
  • Death Benefits Payout Option: The sum insured upon death will only be paid if all benefits have been met. The death benefit is greater than the basic insured amount or at least 105% of all premiums paid. The minimum age of eligibility is 12 years, while the maximum age is 50 years, with a sum assured amount between INR. 2,000,000 to INR. 20.00,000.

2. Unit Linked Insurance Plans(ULIP’s)

A unit insurance plan is a combination of investment and insurance. The performance of these plans is linked to the market, to the extent that part of the premiums is invested in marketable securities: stocks, debts, hybrids, according to the choice of the investor, which helps to create funds, and the rest of the bonds they’ll be available. life coverage insured.

Shriram Life Growth Plus V2: This plan offers many options in terms of premium payments, fund categories, and investment flexibility. The policy can also be significant in the name of your spouse (spouse, child, and grandchild).

The main features of this plan are:

  • Guaranteed Loyalty Addition
  • Additional Life Cover with riders
  • Nil Funds Switching and redirection Charges
  • A profit generating fund options


3. Online Term Plan

Shriram Life Long-Term Online Plan: A long-term life plan offers three full-coverage options, with flexible premiums based on the choice of performance options and low INR premiums. 7,343 p.a. for INR coverage. 1 crore If you opt for a larger sum of insurance, you can claim a discount on the premium rate.

The minimum age of eligibility is 18 years, while the maximum age is 55. 25 lakes in INR. Rs 10 million over a period of 10-57 years. This plan provides a life of up to 75 years.

Shriram Life Assured Income Plus: traditional, non-participating, traditional endowment plan for clients who only wish to invest for a specified minimum term. It offers a flexible premium payment: limited payment with annual, semiannual, quarterly and monthly payment options.

Death benefits option: In case the Life Insured:

  • During the premium payment period: the candidate or the legal heir receives the guaranteed sum as a lump sum.
  • After the premium payment period: the candidate or the legal heir receives the guaranteed sum as a lump sum.
  • If the policyholder dies after the end of the contract term and after the commencement of the installments: only tranches will be paid to the candidate without a no lump sum option.

Also Read: Shriram Assured Income plan


4. Plans For Women

These are life insurance policies designed specifically for women. These insurance plans are developed taking into account their financial needs.

Shriram New Shri Vivah Plan: As the name implies, this plan should provide financial support to cover the costs of the wedding. The Shriram Life New Shri Vivah plan provides the insured with a double life insurance coverage and a regular income, in addition to benefits at maturity. It offers a flexible premium payment – limited or regular payment with annual, biannual, quarterly and monthly payment options.

Death Benefit Option – The Death Benefit paid to the nominee includes the Basic Insured Amount, the Accumulated Rebate Bonus and the Final Bonus (if any). At least the sum insured in the event of death, plus the accumulated reimbursement premiums and, where applicable, the final premium, will be paid immediately after the death.

An additional death benefit may be paid in the form of a lump sum or sum insured to be paid at the end of the contract and a family benefit equal to 1.5% of the sum insured at the end of each month after the death to the end of the year. 36 monthly payments.

In the event of the death of the life insurance of an abandoned plan, the guaranteed minimum amount of the Fund will be paid to the candidate. Additional options for the driver include accident insurance, supplementary insurance, and health insurance.


5. Child Plans

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

Shriram Life Genius Assured Benefits Plan: The Shriram Life Genius Insurance Plan is a savings fund offering guaranteed benefits for your child’s future. If, after paying a premium of at least two years, you can not pay the premium within the grace period, you are entitled to automatic coverage for one year. This benefit is available only once during the premium payment period.

Death Benefit Option – Payment of the death benefit may be made in the form of a lump sum or payout or an installment.

The death benefit as a capital benefit is the highest of:

  • 10 times the annualized premium for all ages
  • Sum insured payable in the event of the death of life insured
  • The guaranteed amount guaranteed
  • 105% of all bonuses paid at death.

Also Read: Benefits Of Child Insurance Plans


The death grant as a down payment option:

  • The promised benefit will be paid immediately.
  • The family allowance is paid monthly.
  • The training allowance is paid according to the option chosen by the policyholder.

The old-age allowance is paid in the form of a lump sum plus the lump-sum payment or lump-sum training allowance. In the event of the death of the life insurance of an abandoned plan, the guaranteed minimum amount of the Fund will be paid to the candidate. Additional driver options include accident insurance and health insurance.

The minimum age is 18 and the maximum age is 45, the minimum amount is guaranteed by the INR. 2,000,000 without this limit on the maximum amount guaranteed.


6. Pension Plans

A pension fund provides you with a stable income, even after retirement.

Shriram Life Pension Plus V2: Shriram Life Pension Plus helps you reach your retirement goals by building a large retired body. This allows the insured to earn regular, regular income through a pension plan. The duration of the contract can range from 10 to 15 to 35 years. A flexible bonus payment with regular, limited or simple pay is possible.

Death Benefit Option – The death benefit is greater than the total value of the fund or insured death benefit. The exercise is paid to the insured. If the life insured survives the term of the contract, it is paid at the highest amount of the total assets of the fund or the insured exercise benefit.

The minimum age is 20 and the maximum age is 65.


Also Read: Pension Plan Policy


7. Saving Plans

Shriram Life’s savings plans not only offer savings but also life insurance. Savings plans not only protect the family from financial losses in the event of the death of the breadwinner, but they also help a person to raise money for both short- and long-term goals.

Guaranteed Income Plan Shriram Life: Guaranteed Income Plan that meets all the potential cash needs to meet your financial needs at every stage of your life.

Death Benefit Option – The death benefit is paid to the applicant in the form of a lump sum, regular payment or death benefit of 50% in the form of a lump sum and the balance as regular payments.

The basic amount guaranteed is:

  • 8 times the annualized premium for an 8-year plan.
  • 10 times the annualized premium for a 10-year plan.

The minimum age is 30 days and the maximum age is 50, the minimum is guaranteed by the INR. 1,20,000 / 1,50,000 and maximum guaranteed amount of INR. 40.00 / 50.00.


8. Groups Plans

They help employers and organizations to provide their employees with a tailored financial protection plan.

  • Shri Sahay (Annual Premium Group Plan): A regular reward plan designed for vulnerable populations.
  • Shri Sahay (Single Premium Group Plan): A unique reward plan designed for vulnerable populations.
  • Shriram Jana Sahay: Annual (unorganized) microinsurance plan not connected and without participation for group travel.
  • Pradhan Mantri Jeevan JyotiBimaYojana: Annual non-affiliated and non-participating group risk insurance plan for people with savings account at a bank.
  • Shriram Life Secure Investment: This is a one-time investment program offering the dual benefit of life insurance and investment. It is an ideal plan to maximize the return on your cash surplus.
  • Shriram Life group’s traditional Employee Benefits plan: as its name suggests, for the employees of the company. Variable group insurance plan with no participation or participation
  • New Group Gratuity: Group and non-participant insurance covering liability in the event of a rollover.
  • Group Term Life Insurance instead of EDLI: A one-year extension plan for group life with a death benefit if one member of the group dies.


9. Micro Plans

Specific types of plans for low-income individuals.

  • Shri Sahay (Annual Premium Group Plan): A regular reward plan designed for vulnerable populations.
  • Shri Sahay (Single Premium Group Plan): A unique reward plan designed for vulnerable populations.
  • Shriram Jana Sahay: Annual (unorganized) microinsurance plan not connected and without participation for group travel.

Awards Won by Shriram Life Insurance

  1. The Bizz Americas Award 2016 – Shriram Life Insurance.
  2. International Arc of Europe Award – Frankfurt 2015.
  3. The Best Life Insurance Company – BFSI Award, ABP News.
  4. Indian Insurance Award for Non-Urban coverage – Life insurance – Finetelekt, SP Media Pvt. GmbH.
  5. Managerial Excellence Award 2015 – For excellence in diverse fields – Madras Management Association

Claim Process of Shriram Life Insurance

The claim process follows:

Claim Intimation

  • Shriram Life Insurance Company’s claims settlement rate for the 2017-2018 period is 80.23%.
  • Intimate Shriram Life at the toll-free number 1800-3000-6116.
  • You can also send an email to customercare@shriramlife.in.
  • You can also contact us directly at 040 23009400 (Monday to Friday from 9:30 to 17:30).

Claim Assessment: Upon receipt of all required documents, Shriram Life will evaluate the application documents and the information contained in the application on the form.

Claim Approval Process: Upon approval of the application, the candidate receives a guaranteed amount. For further processing, you can contact customercare@shriramlife.in at any time.

Claim Documents: List of Required Documents:

  • Completed application form
  • Original policy document
  • Certified / official death certificate of the government issued by the local authority
  • Proof of address of the applicant
  • Proof of the applicant
  • Applicant bank account/bank statement /canceled a check
  • In case no candidate is appointed, a certificate of statutory succession.


In addition to the standard documents, several documents are required in different cases:

  • Hospital records / other treatment documents
  • Photo of identity and proof of address of the applicant
  • Post-mortem report & chemical Viscera (if completed)
  • doctor’s statement
  • Police report / F.I.R. in case of unnatural death



FAQ

Q. What types of financial tools are available at Shriram Life Insurance?

Ans: The different types of financial tools available from Shriram Life Insurance are Premium Calculator, Value Calculator for Human Life and Value Calculator for Minimum Life.

Q. What is the Claim?

Ans: A death benefit is a payment to the nominee/beneficiary of a life insurance policy, a pension or a pension if the insured or retiree dies.

Q. How old is Shriram Life Insurance Company?

Ans: The company is 12 years old.

Q. Does one of the policies offer an advantage over maturity?

Ans: Yes, most of the company’s life insurance policies offer a term guarantee in addition to the death benefit.

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

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


This article written by

Supriya A. Biradar

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