How to Pay Shriram General Insurance Premium Online?
Shriram General Insurance Co. is a venture between a South African company Sanlam Limited and Shriram Capital Limited. The company is licensed with the Insurance Regulatory and Development Authority of India (IRDAI).
The company offers General Insurance solutions. General Insurance policies are non-life insurance policies that provide payments depending on the loss from a particular financial event.
Shriram General Insurance covers a wide range of insurance products that fall under the category of general insurance. Just to list a few:
- Car Insurance
- All risk Insurance
- Home Insurance
- Two-wheeler Insurance
- Burglary Insurance
- Liability Insurance
- Commercial Vehicle Insurance
- Personal Accident Insurance
- Travel Insurance
- Fire Insurance
- Marine Insurance
- Householders Umbrella Package Insurance
- Shopkeepers Umbrella Package Insurance
- Fidelity Guarantee Policy
- Business Protector Policy
Online Payment Options
Online payment of the premium of Shriram General Insurance is very convenient as the company offers several payment methods. The payment can be made through:
- Credit card
- Debit card
- Net banking
Advantages of Paying Online
Paying the policy premium online is a very convenient option and has several advantages overpaying it offline.
- No paperwork required at all.
- The highest levels of security are provided to ensure that all transactions are safe and secure.
- Multiple payment options.
- Up to 40% discount on policy when bought online.
- Renewal of a policy takes only 5 minutes.
Procedure for Online Payment
- You can visit the website of Shriram General Insurance to make the payment.
- Select the insurance product that you want to renew/ purchase. Options available include two-wheeler insurance, car insurance, fire insurance, etc. In this article, the renewal of two-wheeler insurance is taken as an example.
- Before proceeding further, it is advised to go through the information provided about the policy. To read this information, you just need to scroll down. This article contains information about what all are covered in the policy, what is not covered, additional features of the policy, and more.
- Click on the option 'Renew Shriram Policy' from the list of options available to select.
- Now you can renew your policy. The company provides three search options to its customers to renew the policy. The customer has to choose one.
- Search Option 1:Here, the customer has to fill two rows. The first one is mandatory, and it is the policy number. For those who do not know their policy number, it is specified in the previous policy. Type the number in the space provided.
The customer is now required to fill up any one of the three options available that are mentioned below - registration number, the vehicle's engine number, or its chassis number.
- Search Option 2: Here, the customer has to fill two rows. The first one is the mobile number. The second one is the registration number. Both are mandatory to be filled. Also, make sure that the entered mobile number is the same number that is registered with the company.
- Search Option 3:Here also, the customer is expected to fill two rows. The first information to be provided is the policy number. Then the customer has to provide the mobile number as well. Here also, the customer has to make sure that the number provided is the number that is registered with the company. Now that you have entered the required details in their appropriate positions, you can: Click on the icon that reads 'renew.'
- Sometimes you may want to update certain details in the current policy before proceeding further. If so, then you can click on the link provided at the top of the very same page.
This takes you to a page captioned ‘Endorsement Online Process'. Here you will be asked to choose a product type from the two options available. 'Two-Wheeler' and 'Private Car'. You then will have to type the policy number correctly. Then you will be asked to enter one of the four details correctly - engine number, chassis number, registration number, or mobile number.
Once you have entered all the necessary details, please click 'submit.'
An amendment or addition is made to an insurance policy that already exists which changes the terms and scope of the original policy. Such an amendment is used to add, remove, or alter the coverage.
- Get your premium quote.
- Keep your credit card/debit card details, or your NEFT details to make the payment.
The Official App
- The company is very particular about customer satisfaction and have launched an application. The app can be downloaded from the play store. The customer can visit the app store and install the official Shriram General Insurance customer mobile app - MySGI (SGI Customer Mob App).
- Read the terms and conditions properly.
- Give permission whenever necessary.
- You can log in to the app if you would like to. But the services can be availed even without logging in.
- The app's home page contains a lot of icons -
- Click on 'Our Products' to get a clear picture of all the products that the company offers to its customers. The next icon allows you to buy/renew a Shriram General Insurance policy. Other features of the app include an option to upload the claim document, calculate the premium for any policy, get saved quotes, get the policy document, etc. You can even use the 'branch locator' icon and locate the Shriram General Insurance branch that is near to your location.
- You can use the app to make your payment to renew the policy. The payment options are the same as before. Also, make sure that you have your credit card/debit card details or the NEFT details with you as they are necessary to make the transaction.
Another option is to log into the Policybazaar website. Fill up the necessary details in the policy renewal form. Proceed with online payment as the option. Get the premium quote. Make payments online. Take a printout of the transaction if needed. With a proper internet connection, the entire process takes no more than 10 minutes.
Why Choose Shriram General Insurance?
- Nil pending complaints as of March 31, 2019.
- Best General Insurance Company of the year 2019
- Amiable insurer in the Non-Life Insurance, 2018
- Excellence in Growth Award, 2011 and 2012
List of Documents Required
Below mentioned is the list of documents that you have to produce if you wish to change the insurance provider.
- Identity proof - your AADHAAR card or your driver's license.
- Address proof - AADHAAR card, driver's license, or any government-issued identification card that has your address mentioned on it.
- A recent passport size photo
- Old insurance policy number
You are expected to present these documents while uploading the insurance renewal form. Upon verification, the policy will be renewed.
Download Policy PDF
- Click on the icon Download Policy PDF.
- Choose the product type from the available options. 'Motor' and 'Non-Motor' are the two options provided.
- If you choose the former, then additional information to be provided includes the policy number and any one of the three- registration number, engine number, or chassis number.
- If you choose the latter, you have to enter data in three fields. Mention the product type, enter the policy number, and type your mobile number.
- You will also have to enter the Captcha.
- Click on the search to see the PDF of your motor/non-motor policy.
Points to Note
- Ensure that you renew the policy before the current policy expires.
- Make sure to generate a list of the various policies available in India before you get a new policy or you renew the existing policy. This ensures that you get the best value for the money that you are investing in insurance.
- Make the best use of the ‘No Claim Bonus (NCB)’. An NCB is a discount offered by insurance providers in the premium if the client has not made even one claim during the term of the insurance policy. The discount is a percentage of the amount that was paid as a premium to the policy and this percentage value increases with the year. The premium is usually 20% for the second year, 25%for the next year, 30% for the year after, and so on. It is to be noted that a client is eligible for a No Claim Bonus if only the person renews the policy within 90 days since the date of expiry.
- The customer can get a decent amount as a discount if the amount is paid online as opposed to paying manually. This is because the labor charges are very less for payments that are made online.
Insurance policies are a necessary tool. Most of the general insurance policies are for only one year. The customer is expected to renew the policy before it expires.
The Bottom Line
There are two ways to renew the policy - by making payments online or offline. The online option is easier and hassle-free as you can do it in a matter of 5 minutes.
Also, since different insurance providers have different features and conditions on their policies, it is always better to go through every individual policy before making the final decision.
Written By: PolicyBazaar - Updated: 28 July 2020