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Shriram Life Insurance is an insurance provider in rural market. The diverse insurance plans offered to cater the need of insurance for mass public & economically weaker section of society.
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Shriram Group is a financial services corporation founded on April 5, 1974 by Ramamurthy Thyagarajan, AVS Raja and T. Jayaraman. Shriram life insurance has their headquarters in Chennai, Tamil Nadu, India. Shriram group did chit funds business before launching their group business and later on came into the lending business in a big way through Shriram Transport Finance (Commercial Vehicle Finance) and Shriram City Union Finance (Consumer and MSME Finance).R. Thyagarajan also won Padma Bhushan award in 2013.
Some of the group companies of Shriram are - Shriram Chits Tamil Nadu Pvt Ltd , Shriram City Union Finance Ltd., Shriram EPC, Shriram Properties Pvt. Ltd., Shriram Fortune Solutions Ltd., SHRIRAM chits, Shriram Financial Services Ltd., Shriram Housing Finance Ltd., Shriram Asset Management Company Limited., Shriram Foundation., Shriram Capital., Shriram Distribution services., Shriram Venture Ltd., Shriram Equipment Finance Co. Ltd., Shriram Insurance Broking Ltd., Shriram Automall India Ltd., Shriram Industrial Holdings Ltd., Shriram SEPL Composites Pvt. Ltd, Shriram Life Insurance, Shriram General Insurance, Shriram Transport Finance.
Child Life Insurance Plans
Term Life Insurance Plans
Pension Life Insurance Plans
Investment linked Life Insurance Plans (ULIP)
Combi Life Insurance Plans
Endowment Life Insurance Plans
Group Life Insurance Plans
Micro Life Insurance Plans
Savings Plans
Women Life Insurance Plans
Child Life insurance plans are need based insurance policy cover primed for achieving the financial goals and ambitions of children post maturity. This could be for any financial objective such as higher education, marriage. Various type of child plans offered by Shriram finance are
An investment cum insurance based plan from Shriram Life Insurance with maturity benefit and regular surge of monthly income in the event of death of on death to compensate any monetary losses.
An reasonable premium based insurance plan from Shriram Life Insurance with double protection and regular monthly source of income in case of any misfortune event.
This is low cost insurance plan which has been exclusively premeditated to provide economical constancy and protection to the insurer’s family, in the event of any misfortune in future.
A simple and hassle free cover plan at affordable premium. In case of fateful event such as death, a lump sum payment is paid towards the financial assistance to insurer’s family. The death benefits are offered @ 10 times annual premium if age is less than 45 years and 7 times annual premium if age is 45 years and above
A One Year Renewable Group Term Assurance plan incorporated with the death benefit on lump sum payment or monthly regular payment to insurer’s family members. The plans come with a wonderful feature of setting up and monitor the schemes at a low cost.
A substitute to Group Term Life Insurance with enhanced life insurance benefit to all employees irrespective of their PF balances, salary level and service.
Shriram Life Secure plus Plan- a plan premeditated to cater the need of financial obligation or debt of the insured’s family in the event of any misfortune. The sum assured is paid in lump sum to the family of insured after his death. The other features include Maturity sum assured & 105% of the premiums paid till the date of death
Shriram Investment Life Insurance Plans are good for those who want to earn through systematic investment in capital market and avail the benefit of insurance protection at the same time.
A Unit Linked Insurance Plan that provide the insurance cover against any misfortune event in future along with the joy of rewarded earning through investment. The key highlights of this plan from Shriram life insurance are short premium payment term and auto transfer and switch options to alleviate the risk on investment capital.
A unit linked insurance plan with lump sum premium payment option. The plan ideal for those who cannot make premium payment on a fixed interval and hence can have complete peace of mind for insurance need by paying a single premium amount.
A unit linked regular premium insurance plan for those who wants to achieve a long term financial objective such child’s education, marriage in family or post retirement financial needs.
The plan is an extension of Ujjwal Life plan with the feature of single premium payment mode. Apart from the Dual benefit of market linked return and insurance protection under one umbrella, the plan offer six different fund option for investment as per risk appetite.
Combi Life Insurance Plans are comprehensive insurance plans from Shriram life insurance premeditated to cater the needs of both life and health protection cover. Various type of Combi Life Insurance Plans offered by Shriram finance are
In today’s age we all are vulnerable towards life threatening diseases and the swelling medical expenses. Star Shri Family Care offers complete coverage for our life and take care of healthy expenses at the same time. The benefits include regular hospitalization benefits on floater basis and provides lump sum assured payment in the event of death
In partnership with Star Health and Allied Insurance Co. Ltd., this plan assures all medical expenses such as Hospitalization Cover, nursing, surgeon expenses all are taken care of while a sum assured in integrated in the event of death of person insured.
Shriram Endowment Life Insurance Plan is a unique combination of triple benefit of saving, insurance and tax benefits with assured return. Various type of endowment plans offered are
A participating endowment plan from Shriram life insurance offering systematic savings option and unswerving protection cover against any misfortune event in future. Apart from enhanced return on investment due to compounding reversionary bonuses, the plan proffer return on maturity as well.
A non-linked participating plan from Shriram life insurance with integrated double insurance protection during the term and traditional life coverage after the maturity of plan term. Sum assured on survival is another luminous benefit of the plan.
An Endowment plan from Shriram life insurance designed to accomplish the dream of children. Adjustable survival benefit as per the financial requirement of child’s education and insurance cover for continuity of education in event of any misfortune event of any calamity are the key advantage of the plan.
An Investment based plan from Shriram life insurance to make the marriage of our loved one most memorable of their life. With expert guidance from Shriram insurance the financial requirement for marriage is taken care of.
To strengthen the relationship of Employer and employee and other groups with members under same set of contract, Shriram Group Life Insurance Plans are good. The group insurance is most cases are a part of employee benefit package, wherein the major chunk of premium is paid by the employer or company.
Eligibility of Group plans
Employer- Employee Group
Creditor- Debtor Groups
Professional Groups
Miscellaneous Groups such as SHC etc.
Shri Sahay (Annual premium / Special Premium)
Group Term Life Insurance
Group Life Protector (SP)
New Group Gratuity
Group Term Life Insurance
Shriram Life Group Traditional Employee Benefit Plan
Shriram Life Pradhan Mantri Jeevan Jyoti Bima Yojana
Micro Life Insurance Plans are designed to meet the insurance requirement of those who cannot afford the regular premium plans due to their financial limitations.
Various type of plans under this category are
A Micro Insurance plan from Shriram life insurance offered in two premium variants as single premium or special premium (one time ). The premium is paid either one time or for particular term , however offers insurance cover for life time to the weaker section of society.
A non linked non participating term insurance plan from Shriram life insurance which provides insurance cover to the rural segment of economy at an affordable premium.
The convention & comfort Savings is an integral part of financial planning for most of the Indian Consumers. At Shriram Life insurance, the products for saving cum insurance plans are tailor-made to encourage the same.
A participating endowment plan offering systematic savings option and unswerving protection cover against any misfortune event in future. Apart from enhanced return on investment due to compounding reversionary bonuses, the plan proffer return on maturity as well.
A non-linked participating plan from Shriram life insurance with integrated double insurance protection during the term and traditional life coverage after the maturity of plan term. Sum assured on survival is another luminous benefit of the plan.
An Endowment plan from Shriram life insurance designed to accomplish the dream of children. Adjustable survival benefit as per the financial requirement of child’s education and insurance cover for continuity of education in event of any misfortune event of any calamity are the key advantage of the plan.
An Investment based plan from Shriram life insurance to make the marriage of our loved one most memorable of their life. With expert guidance from Shriram insurance the financial requirement for marriage is taken care of.
A savings cum investment plan from Shriram life insurance with triple benefit of savings, investment and insurance. The plan offers periodical survival benefits apart from the maturity and death benefits.
A onetime investment cum insurance plan from Shriram life insurance with double benefit of life protection and earning on capital investment. Customer can avail the tax benefit as per IT rules.
Shriram insurance salutes the spirit of womanhood by offering customized options in their bouquet of plan. The options are provided basis the category to which they belong i.e.
Working women, who have a regular source of income.
Women who gets their earnings via various interests, rent, dividend, etc. Their incomes from these sources are also taxable.
Home-makers, who do not have any fixed source of regular income.
Term Insurance Plans: the traditional plans to offer financial protection to self and the family. Part from protection cover on life, it ensures the life of family and other dependents is unscathed even when they are not around.
Retirement Insurance Plans: for working women, to lead a contented and pleasant life style even post retirement. Retirement Insurance Plans make certain the financial obligation such as medical expenses etc are not a matter of fret after the regular income source is clogged.
Child Insurance plans: Being a mother, brings higher degree of responsibility and Child Insurance plans in Shriram insurance for women share the load of this responsibility. All the way from their higher education to daughter’s marriage and any further expenses, every bend of expenses is taken care of.
Health Insurance Plans: Different kinds of health insurance plans have been designed to especially cater to women’s health requirements. These insurance plans provide cover for a wide range of critical illnesses for singles mothers, working mothers, single ladies and married women. There are also other insurance plans that offer cover for personal accident and risks pertaining to travelling.
Shriram insurance offers online platform for the purchase of plans online. Enrolling plans online are not hassle free process, but it also brings transparency into the entire process. Some of the key benefits of online conscription of Shriram life insurance plans are
Lower enrollment cost as the customer can enroll directly without the involvement of any third party .As there are no intermediaries the commission charges are not applied on the cost of purchasing the plans.
Larger Cover: Because of the lesser add-on costs on the company, it provides more insurance coverage to the online policy buyer in comparison to the one who buys plans via traditional methods.
Greater Transparency: Policyholder can review their plans periodically and monitor them. All the access all the information regarding the insurance plan such as its terms and conditions, features, etc., is duly placed on the company’s website. They can also compare between various plans and features with the help of information available, making the evaluation more accurate and easier.
Multiple option and easy comparison: The buyer can compare instantly amongst various plans based on the past records of the insurance company and the collective experience of the people and then choose the plan as per their requirement
More opportune and tranquil: It is relatively much uncomplicated to buy an insurance plans online. Post evaluation, one can buy plans with few steps and clicks.
Online renewal of policies
Premium payment online
Calculators such as
Premium Calculator
Human Life value calculator
Minimum life value calculator
Payment at the Shriram insurance branches
Payment of premium at AXIS Bank branches
NEFT
ECS
Payment via mobile
The policyholder can check the Shriram Life Insurance policy status online by submitting the enquiry application form. Following is a step-to-step guide to check the policy status:
Visit the official website of Shriram Life Insurance Company
On the top side of the home page, click on customer service
Then, select support enquiry
Fill in all the required details such as name, mobile number, e-mail address, policy number.
After submitting the enquiry form, the policyholder will receive the Shriram life insurance policy details like Shriram life insurance policy status, premium due date, premium dues, and the last premium amount received.
The policyholder is required to select the preferred time slot so that the customer care will contact
Apart from the online mode, the policyholder can also get the details by calling on their customer number or via email or SMS.
Check Shriram Life Insurance Policy Status by SMS: The policyholder can get the Shriram Life Insurance Policy Status by sending SMS, STAT<SPACE>policynumber to 8179696969
Check Shriram Life Insurance Policy Status by calling on their customer care, at 1800-3000-6116
Check Shriram Life Insurance Policy Status by sending an email at customercare@shriramlife.in
Shriram Life insurance is one of the leading insurers operating in the life insurance industry. The insurer follows a simple and hassle-free claim settlement process and its claim settlement ratio (CSR) for the financial year 2020-21 is 95.12%, indicating the quick settlement of death claims. This CSR value indicates the reliability of an insurer. The more the CSR value, the more credibility the insurer has.
| Number of intimated claims | Number of claims paid | Claim Settlement Ratio |
| 3681 | 3506 | 95.12% |
Now, let’s understand the claim settlement ratio trend of last 3 years
| Year | 2017-18 | 2018-19 | 2019-20 | 2020-21 |
| Claim Settlement Ratio | 80.23% | 85.30% | 91.61% | 95.12% |
Shriram Life Insurance Company offers a simpler and hassle-free claim experience. The insurer provides both online as well as offline modes of claim settlement to its customers. To intimate the insurer about a claim, a nominee has to visit the claim intimation page online through the official website of the company. Fill in all the required details and submit the requested documents to the claims department. You can also report and submit the claim supporting documents to the nearest office branch. Then, the claim documents will be reviewed by the claims team and the assured payout is provided to the claimant.
As discussed, the nominee is required to submit the following documents at the time of making a claim:
Mandatory Documents
Original Policy Documents
Death certificate issued by the local authorities
Death intimation form
Claim Supporting Documents
ID proof
Age proof
Address Proof
Duly filled claim application form
Nominee’s passbook
FIR and post-mortem copy attested by the policy authority, in case of an accidental death
For the online payment mode, the policyholder can pay via;
Step 1: Sign into the e-Portal with policy details
Step 2: Select payment option (Bank, Debit/credit Card) to pay
Step 3: Save/print e-receipt
You can renew your policy via Mobile, please visit e-portal
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+All savings provided by insurers as per IRDAI approved insurance plan. Standard T&C apply.
