Shriram General Insurance Company is a joint venture between Shriram Group, holding 74% stake in the company and South Africa based Sanlam Limited, which holds the remaining 26% share.
Established in 1974, Shriram Group has an overall customer base of over 12 million, with more than 60, 000 employees across 3, 000 branches in India. The company has a net profit of over Rs. 22 billion and assets under management of Rs. 90, 000 Crore.
The Sanlam Group, a financial services group of South Africa, provides professional financial advice and financial products to individuals and corporate customers. The company was established in 1918 and over the years, it evolved from a traditional insurer to a diversified financial services provider.
Shriram General Insurance Company has the slogan "Be Insured…Rest Assured", which clearly defines the service parameters of this company. Jasmit Singh Gujral is the Managing Director and CEO of Shriram General Insurance Company. The company has been awarded the "Excellence in Growth Award" for two consecutive years in 2011 and 2012.
Shriram General Insurance Company’s prime vision is to serve the common and underprivileged mass. The insurance company intends to create value at the bottom of the pyramid.
It also intends to serve all the parameters of an ideal general insurance company and aims to ensure complete customer satisfaction.
Shriram General Insurance Company has bagged various awards. They are:
Shriram General Insurance offers a wide range of non-life insurance products. Here’s the list of general insurance products offered by this insurance provider:
Shriram Car Insurance Policy has the following features:
Shriram Two-wheeler insurance aims to protect the insured from the financial loss incurred to get the vehicle repaired or replaced in case of damage or theft. Additionally, it also meets the mandatory third-party liability clause under the Motor Vehicles Act. Enhanced protection through nil depreciation is also available.
This policy offers hassle-free cashless claim service at preferred network garages and speedy claim settlement. The status of the claim can be tracked online.
A No Claim Bonus discount is awarded at the time of renewal if the insured does not make an OD claim during the policy period. An option to transfer existing No Claim Bonus from any insurance provider is also available.
Commercial vehicle insurance is something that should be given utmost importance. This is because the vehicle is attached to one's business and therefore, to continue earning profits, the vehicle must run uninterruptedly on road. Good commercial vehicle insurance covers its policyholder against any kind of vehicle liability that might come in his/her way.
Shriram General Insurance - Commercial Vehicle Insurance covers:
Shriram General Insurance Home Insurance Plans help to safeguard the policyholder’s home and are specially designed to meet the insurance requirements of a householder by combining all covers under a single policy. Shriram General Insurance - Home Insurance policy offers dwelling insurance that covers the house the policyholder lives in and anything that is attached to the structure such as a deck, porch, or garage.
Following perils and risks are covered under this policy:
Shriram General Insurance - Travel Insurance Plan lets the policyholder put his/her worries to rest while traveling. The insurance provider offers three different plans catering to the needs of the policyholders:
Apart from the aforementioned plans, Shriram General Insurance Company Limited also offers Individual Travel Insurance.
Common inclusions of the travel insurance policies offered by this insurer are:
Shriram General Insurance - Personal Accident Insurance policy is designed to cover an individual or group of people against death and total/permanent/partial disablement from accidental bodily injury. The cover offered is worldwide.
The age of the insured person should be between 5 and 70 years. The total capital sum insured of a person should not exceed 60 month's salary/income from the present occupation. Income from property, shares, etc. is not taken into account.
Personal Accident Insurance by Shriram General Insurance covers:
Shriram General Insurance Company Limited also offers a range of general insurance policies for the business, engineering, and commercial sectors, among others.
Under Fire Insurance Policy by Shriram General Insurance comes the following plans:
This policy covers several assets like Plant & Machinery, Fixtures, Building, Furniture, and Stock against any damage or loss arising out of the fire, explosion, lightning, implosion, aircraft damage, etc.
Industrial All Risk Policy under Shriram General Insurance covers all the industrial risks except perils related to Petrochemical Tariff. It has different sections:
Section I - Material Damage:
Section II - Business Interruption
Fire Loss of Profit Policy under Shriram General Insurance operates in case of any damage to the premises arising out of any risk insured under the Standard Fire and Special Perils Policy.
Shriram General Insurance Engineering Insurance offers the following plans:
This policy under Shriram General Insurance covers civil construction projects like commercial/residential buildings, factory sheds, theatres, roads, warehouses, dams, bridges, tunnels, reservoirs, gas/oil pipelines, sewage/water disposal works, flyovers, airports, etc.
Also referred to as EAR, this policy is a tailor-made insurance plan by Shriram General Insurance Company that offers cover against all perils except particularly excluded relating to projects during Commissioning, Testing, Erection, and Storage.
This policy by Shriram General Insurance Company covers damage or loss to the contract construction equipment like cranes, bulldozers, compressors, excavators, etc. arising out of accidents due to external perils.
This policy by Shriram General Insurance Company offers cover against the entire range of electronic equipment like microprocessors, personal computers, visual/audio equipment, sophisticated gadgetry, and telecommunication.
Machinery Breakdown Insurance Policy covers physical loss or damage to equipment and machinery against sudden and unforeseen physical loss arising out of all sorts of mechanical, accidental, and electrical breakdown.
Shriram General Insurance - Boiler and Pressure Plant Insurance Policy covers boilers and other pressure vessels against damages or losses due to collapse or explosion.
Marine Insurance by Shriram General Insurance Company offers Cargo Insurance.
Cargo insurance covers damages or losses to cargo during transit (export/import/inland) from one place to another by one or more modes of transport. This has two types of cover namely, import/export cargo insurance and inland cargo insurance.
Liability Insurance policy by Shriram General Insurance has the following plans:
Professional Indemnity - For Doctors and Other Than Doctors
This plan issues professional indemnity policy of medical practitioners, doctors, architects, engineers, Cost Accountants, lawyers, management consultants, and chartered accountants.
This policy by Shriram General Insurance covers all firms/persons/companies/associations/ that own, engage, or operate in the commercial activities and look for protecting the third-party property damage or bodily injury.
This policy offers vast coverage namely personal liability, advertising injury liability, omissions liability, tenant’s liability, property damage liability, and bodily injury liability.
This insurance policy by Shriram General Insurance Company Ltd. indemnifies the policyholder regarding any act committed by qualified or professional assistants named in Proposal engaged by Medical Establishments that give rise to any sort of Third-Party Legal Liabilities.
Product Liability by Shriram General Insurance Company covers all sums that include defense cost that the policyholder becomes legally responsible to pay as damages as a result of - accidental death or bodily injury or ailment to any third-party, and accidental damage to the property that belongs to third-party.
This policy applies only to claims for injury damages or accidental damages taking place at the Insured Premises, regarding the Operative Clause.
Under the Public Liability Act, 1991 all persons, companies, people dealing/owning hazardous goods have to take this policy satisfying limits mentioned in the Act.
This insurance policy by Shriram General Insurance Company is issued to the Employers to offer compensation to their Employees about ailments of occupation and accidents, within the scope of the Workmen Compensation Act, 1923.
Shri Suraksha Insurance Policy by Shriram General Insurance is a package tailor-made policy to cater to the insurance needs to vehicle persons/owners engaged in the maintenance and operation of the vehicle and the members of their family or parents against fire and allied risks cover and personal accident cover.
Householder’s Umbrella Package Insurance Policy by Shriram General Insurance Company Limited is a package policy that is designed to meet different insurance requirements of the householder by mixing several insurance plans under a single policy for the householders.
Shriram General Insurance Company’s Shopkeeper Umbrella Package Insurance policy caters to the needs of small shopkeepers by mixing under a single policy, different contingencies are covered separately.
Shriram General Insurance Company offers Personal Accident Insurance Policy, which is designed to cover a group of people or an individual against both disablement (partial/total/permanent) and death from accidental bodily injury.
This insurance policy is for corporates, firms, and individuals carrying on commercial activities and usually is exposed to financial/pecuniary losses occasioned by any act dishonesty and/or fraud committed by the policyholder’s employees.
Any type of damage or loss to the property or any portion thereof while contained in the buildings mentioned in the schedule due to housebreaking/burglary.
All Risk Insurance Policy covers damages or losses to the insured property by riot, fire, strike, accident, and theft.
This policy is specially made for Small and Medium Enterprises. Shriram General Insurance Business Protector Policy also offers cover against office establishments, restaurants, hotels including ITES and IT Sector.
It is recommended to compare all Shriram General insurance plans with the other plans offered by different other insurance providers and accordingly make an informed decision.
Pradhan Mantri Fasal Bima Yojana was introduced in the year 2016 on 14th January. This scheme aims to reduce the actual distress of farmers and make welfare for farmers without affecting heft hikes in MSP (Minimum Support Price) of the agricultural products, which increases because of the fluctuation of monsoon and its induced risks. In this way, Pradhan Mantri Fasal Bima Yojana operates as per the 'Area Approach', i.e. the defined areas for every notified crop for widely spread calamities.
Rate of Premium:
Maximum Premium that is Payable by the Farmer (it is the % of Sum Insured)
All oilseeds and food grains (Cereals, Pulses, Millets, and Oilseeds)
2.0% of Simple Interest or Actuarial rate, whichever is lesser
Oilseeds and all the food grains (Millets, Cereals, Oilseeds, and Pulses
1.5% of Simple Interest or Actuarial rate, whichever is lesser
Kharif and Rabi
Annual Horticultural or Annual Commercial crops
5% of the Simple Interest or Actuarial rate, whichever is lesser
Perennial Horticultural Corps based on pilot
5% of the Simple Interest or Actuarial rate, whichever is lesser
All the farmers, tenant farmers, and sharecroppers who are growing the mentioned crops in mentioned areas can get the coverage. However, the farmers should have an interest that is insurable for the insured or notified crops. The farmers who come under non-loanee category are needed to submit required documents for the records of land holding in the State (RoR (Records of Right)), agreement details / applicable contract/ other documents, Land Possession Certificate (LPC) that are permitted by the concerned government of State (in case of tenant farmers and sharecroppers).
Shriram operates with over 50 branches across the country.
Shriram General Insurance Company Limited has an online mode of premium payments.
To register a claim, the policyholder has to follow the steps below:
Step 1: The policyholder must ensure that the information given below is handy during the time claim intimation:
Step 2: Call at the Customer Help Desk to register a claim or download the Claim Intimation Sheet online, fill it, and send it to the company’s Help Desk via Email to chd(at)shriramgi.com. The company’s representative will shortly contact the policyholder for further process and details.
Step 3: The Shriram General Insurance Company’s customer support team will accept the claim intimation and give a reference number to the policyholder.
Step 4: Once the claim is registered, the policyholder will get a text message on the registered number for the confirmation together with further details.
Step 5 (in case of motor insurance): Company’s surveyor will get in touch with the policyholder at the time of the survey and conduct the survey accordingly. The insured must provide the necessary documents.
Step 6: The claim is ready to be processed
Various documents will be required while filing a claim:
First Information Report (FIR)/Final Investigation Report Documents substantiating the loss
Ans: You can make the payment via online and offline mode.
Ans: First, you will get the policy number via Email or SMS on your registered email ID or registered mobile number respectively. After this, you can get your policy document online in PDF format. You will have to enter your chassis number, engine number, registration number of your vehicle (in case of motor insurance), and policy number (for all the policies).
Ans: Shriram General Insurance Company has a claim ratio of 93.75%.