Shriram Life Traditional Plans

4.1 / 5 based on 23 User Reviews
*Please note that the quotes shown will be from our partners

Shriram Lifehas a strong focus to fulfil the insurance requirements of the lower segment of the society and to benefit them. The company is formed between the Shriram Group who has its headquarters in Chennai and Sanlam headquartered in Cape Town, South Africa. Shriram and Sanlam have a stake holding of 74% and of 26% respectively and the company was founded in 2005 while its operations started from 2006. The company made a record of registering a profit in the first 3 years of its operation intself. The products designed and offered by the company are of high quality at affordable rates to meet the pocket and the requirement of the common man.

Shriram Life Traditional / Investment Plans

Shriram Life has a host of investment plans to meet the requirements of individuals who are looking to create a corpus through traditional saving products.

Shriram New Shri Life Plan

An Endowment plan with the given features:

  • The plan earns bonuses through participation in profits
  • The premiums under the plan can be paid either for the entire duration of the plan under the Regular Pay option or for a limited time through the Limited Premium Paying option
  • On premature death of the insured Sum Assured on death and vested reversionary bonus along with any Terminal Bonus is given to the nominee. The  Sum Assured on death is expressed as higher of 10 or 7 times the annualized premium depending on the age of the policyholder subject to a minimum of 105% of all premiums paid till the date of death
  • At maturity date, the basic Sum Assured including vested reversionary bonuses and any Terminal Bonus is paid to the policyholder.
  • Loan can be availed under the plan to a maximum of 90% of the Surrender Value
  • You can customize the plan by availing additional riders like Accident Benefit Rider, Family Income Benefit Rider, Shriram Extra Insurance Cover and Shriram Critical Illness Cover Rider.
  • Discounts to policyholders if the premiums are paid in advance
  • Premium discounts are also allowed for opting for Sum Assured level of Rs.5 lakhs and above

Eligibility Details

 

Minimum

Maximum

Entry Age

30 days

65 years

Maturity Age

18 years

75 years

Policy Term

10 years

25 years

Premium amount

Depends on the coverage, tenure and age

Sum Assured

Rs.50, 000

No limit

Premium Payment Term

5 years

25 years

Premium Paying Frequency

Yearly, half-yearly, quarterly or monthly

 

Shriram New Shri Raksha Plan

A combination of an Endowment and a Whole Life Plan, the plan offers exhaustive coverage till the age of 100 years. The plan has the following characteristics:

  • It is issued as a participating plan which earns bonuses
  • The premiums under the plan can be paid either for the entire duration of the plan under the Regular Pay option or for a limited time as given by the Limited Pay option
  • The coverage runs till the insured reaches 100 years of age even after the maturity benefit is already paid out.
  • If a death claim arises, the Sum Assured on death and the vested reversionary bonus along with any Terminal Bonus is paid to the nominee. The  Sum Assured on death is expressed as higher of 10 or 7 times of the annualized premium depending on the age of the policyholder or two times the basic Sum Assured subject to a minimum of 105% of total premiums paid till the date of death
  • If the plan matures, the basic Sum Assured and vested bonuses including any Terminal Bonus is paid to the policyholder and the plan continues
  • Post maturity, if the insured dies at any age before he reaches 100 years of age, an additional benefit equal to the basic Sum Assured is payable to the nominee.
  • Loan can be availed under the plan up to a maximum of 90% of the Surrender Value
  • The plan can be customized by availing additional riders like Accident Benefit Rider, Family Income Benefit Rider, Shriram Extra Insurance Cover and Shriram Critical Illness Cover Rider.
  • Discounts are allowed to policyholders if the premiums are paid in advance
  • Premium rebate is also allowed for opting for Sum Assured levels of Rs.5 lakhs and above

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

55 years

Maturity Age

-

75 years

Policy Term

10 years

25 years

Premium amount

Depends on the coverage, tenure and age

Sum Assured

Rs.150, 000

No limit

Premium Payment Term

10 years

25 years

Premium Paying Frequency

Yearly, half-yearly, quarterly or monthly

 

Shriram Life New Akshay Nidhi Plan

It is a traditional money-back insurance plan which provides periodic benefits to take care of the cash flow. Other characteristics of the plan are:

  • It is a with profits plan where bonus is declared
  • The premiums for the planare required to be paid for the entire duration of the plan under the Regular Pay option
  • Money back benefits called the Survival Benefits start from the end of the 5th year and thereafter paid every 5 years. The Survival Benefits are expressed as a percentage of Sum Assured and depend on the plan tenure chosen by the policyholder.
  • On maturity of the policy, the vested reversionary bonus and any Terminal Bonus is paid to the policyholder
  • As the death benefit the Sum Assured on death and the vested reversionary bonus along with any Terminal Bonus is paid to the nominee. The  Sum Assured on death is expressed as higher of 10 or 7 times the annualized premium depending on the age of the policyholder or the basic Sum Assured subject to a minimum of 105% of all premiums paid until death
  • Loan can be availed under the plan up to a maximum of 90% of the Surrender Value
  • Customization of the plan is possible by availing additional riders like Accident Benefit Rider, Family Income Benefit Rider, Shriram Extra Insurance Cover and Shriram Critical Illness Cover Rider.
  • Discounts are allowed to policyholders if the premiums are paid in advance
  • There is a rebate in the premium rate for opting for Sum Assured levels of Rs.5 lakhs and above

Eligibility Details

 

Minimum

Maximum

Entry Age

30 days

60 years

Maturity Age

18 years

75 years

Policy Term

15 years

25 years

Premium amount

Depends on the coverage, tenure and age

Sum Assured

Rs.150, 000

No limit

Premium Payment Term

Equal to plan tenure

Premium Paying Frequency

Yearly, half-yearly, quarterly or monthly

 

Shriram Secure Investment Plan

The plans is a traditional Endowment Plan with a one-time investment option. The plan has the following benefits:

  • Premium under the plan is payable once at the inception of the policy.
  • On maturity, a Guaranteed Maturity Benefit is paid expressed as the Single Premium multiplied by the Guaranteed Maturity Factor where the factor depends on the age of the policyholder, amount of premium and the plan tenure chosen.
  • On death higher of 125% or 110% of the Single Premium paid depending on the age of the policyholder or the Guaranteed Maturity Benefit is paid
  • Loan can be availed under the plan up to a maximum of 90% of the Surrender Value

Eligibility Details

 

Minimum

Maximum

Entry Age

30 days

60 years

Maturity Age

-

65 years

Policy Term

5 or 10 years

Premium amount

Rs.40, 000

No limit

Sum Assured

Rs.49, 600

No limit

Premium Payment Term

Single Pay

 

Shriram Life Assured Income Plan

Another traditional insurance plan with the following characteristics:

  • Premiums payable for the plan are supposed to be paid for the entire duration
  • The maturity and the death benefit can be taken wither in lump sum or in instalments.
  • The maturity benefit will be regular annual payouts post the completion of the term expressed as a percentage of the annual premium or the Sum Assured. The payouts can be taken in lump sum also.
  • In case of death, the benefit can be taken either in lump sum, or in instalments under the Regular Annual Payout option or 50% in lump sum and 50% in instalments as per the policyholder’s choice.
  • The death benefit payable will be higher of 5, 7 or 10 times of the annual premium depending on the age and the tenure or 105% of aggregate premiums paid until death or the Death Sum Assured or the Maturity Sum Assured.
  • Accident Benefit Rider, Family Income Benefit Rider, Shriram Critical Illness Cover Rider and Shriram Extra Insurance Cover Rider are riders under the plan for a more comprehensive coverage option.
  • Loans can be taken up to a maximum of 90% of the Surrender Value.

Eligibility Details

 

Minimum

Maximum

Entry Age

30 days

50 years

Maturity Age

-

8 years Term - 58 years

10 years Term – 60 years

Policy Term

8 or 10 years

Premium amount

Rs.15, 000

Rs.5 lakhs

Sum Assured

8 years Term – Rs.1.2 lakhs

10 years Term – 1.5 lakhs

8 years Term – Rs.40 lakhs

10 years Term – 50 lakhs

Premium Payment Term

Equal to policy tenure

Premium Paying Frequency

Yearly, half-yearly, quarterly or monthly

 

Other Plans

Child Plans

  • Shriram New Shri Vidya Plan – it is a traditional child insurance plan to take care of the child’s future even in the absence of the parent. It is a money-back plan where money-backs are provided @25% of Sum Assured in the last 5 years before the plan matures and on maturity the bonuses are paid. If the insured dies, the death benefit is paid which also includes the additional death benefit of the money back benefits and a family income benefit of 1% of Sum Assured every month following the insured’s death till the end of the policy term?
  • Shriram New Shri Vivah Plan –another traditional participating child insurance plan designed especially for meeting the marriage expenses of the child. On maturity, the Sum Assured and the vested bonuses are paid. On death, the death benefit including an additional death benefit of the family income benefit is paid. The family income benefit is 1.5% of the Sum Assured payable every month following death till the end of the term.

Applying for a Traditional / Investment Plan from the company:

Online

The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

Applying For Traditional Insurance through PolicyBazaar

  1. On the PolicyBazaar homepage, click on Traditional Insurance under the Personal tab.
  2. Click New Quotes to compare and choose from top insurance providers.
  3. Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
  4. Fill in your name, email address, city, country code, and mobile number. Click Continue.
  5. You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
  6. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
  7. You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
  8. This will take you to the insurer’s website. Fill in the necessary details to buy the plan. 

Can I use an endowment plan as a security to avail a loan?

Yes, you can use your endowment plan to get a loan. Endowment plans are usually long term, high value plans. As a result, you get loans easily.

What are the best available endowment plans in India?

Since endowment plans are pretty popular in India, most of the leading insurance companies have endowment plans. The endowment plans from LIC, AEGON Religare, HDFC Life and Birla Sun Life Insurance are among the best.

Who needs which Endowment Plan?

Endowment insurance is the most common type of insurance where you invest in an insurance fund and receive the sum assured at the end of the policy period. If you die within the tenure of the policy, your nominee receives the death benefit. This makes an endowment plan a very good insurance tool with many people opting for it. There are however different kinds of endowment plans and you need to know which plan would work best for you. Read on to know more.

What are the different types of endowment plans?

The different types of endowment plans are:

  1. Unit linked insurance plans (ULIPs)
  2. Full endowment plans
  3. With profit unitized endowment plans
  4. Low cost endowment plans

Who needs a unit linked endowment plan?

A unit linked plan, or a ULIP is a kind of endowment plan where a part of your money is invested in the financial markets and the return you earn would solely depend on how well the market functions. A set amount of money is put aside in your insurance fund and so if you die, your family will receive the death benefit. A ULIP is usually suited for people who like taking risks with their money but also want to secure the future of their dependent family members.

Who needs a full endowment plan?

This is a very basic type of endowment insurance. Here, the death benefit is fixed and if the policyholder dies within the duration of the policy, the nominee receives the entire sum assured. However, if the policyholder survives the policy period, he receives a higher-than-mentioned maturity benefit. This is because the premium he paid throughout the policy period was invested in the financial market and the bonuses earned upon that were added to the sum assured. This kind of an endowment plan is best suited for those people who want pure insurance cover and also want to get their money back if they survive the policy period.

Who needs a with-profit unitized endowment plan?

This is a kind of endowment insurance plan where the bonus amount is pre-decided and fixed, irrespective of how the market functions. This kind of a plan is best suited for people who do not want to undertake the market risks but still want the bonuses.

Shriram Life Traditional Plans - FAQ

1. How to pay a premium? What are the modes of payment available?

Shriram Life Insurance Company offers 6 modes of premium payment namely:

  • Cash payment at the branch
  • Payment at the Axis Bank
  • Online Payment
  • NEFT
  • ECS
  • Pay Via Mobile

For the online payment mode, the policyholder can pay via;

  • Credit Card,
  • Debit Card
  • Net banking

2. How can I check policy status for Shriram Life traditional plans?

To check policy status you can log into the e-portal with your valid credentials.

3. What is the policy renewal process for Shriram Life traditional plans?

The Shriram Life Insurance company provides facility to renew the policy online.

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

4. What is the company’s process to settle claim for Shriram Life traditional plans?

For the claim, the nominee must submit the valid documents along with the claims form at the nearest branch. Upon successful validation of documents the claim is fully settlled within a few days.

5. What is the policy cancellation process for Shriram Life traditional plans?

Walk into the nearest branch of the Shriram Life insurance company with the policy documents. Surrender them and within a couple of days the refund will be directly credited into your bank.

Shriram Life Traditional Plans Reviews

TOTAL REVIEWS (23)
Harish
Calicut
August 26, 2016

Investment plan

This investment policy is fantastic which i bought from shriram life insurance. Online renewal is possible through online portal which is very simple to use. Great investment for future and it reduces tax. The terms and conditions of the policy are good.

Arun
Hoshiarpur
July 12, 2016

Traditional Policy

I have investment plan and it really very beneficial. premium of the policy is less and the coverage is high. Service is superb, online service gives easy renewals. Hassle free documentations. Claims are high and easily cleared by the help of executives of the company.

Vishal
Bareilly
June 30, 2016

Good Policy

The traditional insurance plan i have is good and the service provided by the company is superb. Policy coverage and claims are high but the premium is low. Internet service is very good and easy to use and accessed by anyone.

Gaurav
Ajmer
May 11, 2016

Happy With Services

Finally got the best deal and buy shriram life traditional plan. Policy covers almost all cases and the amount of returns is around 44 L. Service provided by executives and staff members is fast and on time. Fantastic future investment which save taxes too.

Tarun
Ulhas_nagar
May 11, 2016

Fantastic plan

My policy is shriram life traditional plan which have 89% policy coverage and the claims are easy to get because of fast services provided by the executives and staff members. The daily updates are texted and mailed time to time to my email id and cell phone. The plan is awesome which save taxes too.

Mayank
Sultanpur
May 11, 2016

Super Plan

I bought shriram life traditional plan. Policy coverage is 82% and the premium is low. Claims are ~Rs.34 L. Service is quick and even the web services are also nice and the behaviour of the staff is perfect even after buying policy. The web service site is very nice with easy interface. Good work.

Vikas
Nainital
May 11, 2016

Trustworthy

I buy shriram life traditional plan. The policy provides good coverage with low premiums. Claims are around Rs.38.2 L. Service always on time. The executives and staff members are facilitate great services. Satisfactory policy plan, the daily updates and information is send to me time to time.

Chirag
Raipur
May 11, 2016

Good Deal

I have the best traditional plan from shriram life insurance. The benefits are many with low premiums. Policy coverage is 91%. Claims approx. Rs.40 L with easy procedure to get it. Good future investment. The executives and company members facilitate the best service with clam behaviour. I like the deal.

Abhinav
Nilgiris
May 11, 2016

Service Is Bit Slow

I have shriram life traditional plan which is really nice. Policy coverage is awesome. Claims are high ~Rs.40 L, even premiums are low ~Rs.19.2 K thrice. But the only thing is the service you provided is bit slow. Please improve it for better outcome. The investment is good and it save taxes.

Harish
Mysore
May 11, 2016

Wonderful Policy

I purchase shriram life traditional plan. Plan is good and premium is low. Policy coverage is high ~91% and payback returns too. Claiming amount is Rs.34 L. Service is fast like super sonic. The daily updates are mailed to me time to time. The behaviour of the executives and staff members are really very good with all time services.

TANVEER
Ratlam
May 11, 2016

Satisfactory Services

I have shriram life traditional plan. Policy coverage is 89% and the claims are Rs.37 L. Service is good and quick provided by the executives and staff members. But please improve your online services. Good future investment which saves taxes too. The policy is manageable and flexible.

SARTHAK
Lucknow
May 11, 2016

Tax Saver

Superb policy by shriram traditional life plan. The returns are good ~Rs.40 L in very low premiums ~Rs.14.2 K quarterly. Service is fast which facilitate by executives and all company members with nice behaviour and quick response. The policy is good investment which provides the best tax savings.

Rahul
Mangalore
May 11, 2016

Better Plan

I buy traditional plans from shriram life insurance. The policy coverage is around 89%. Services provided by executives is awesome. Claims are good and done without any interruption. Overall fine life insurance which have low premiums. Nice future investment and it saves taxes also. Daily updates also mailed to me regularly.

HIMANSHU
Ooty
May 11, 2016

Satisfactory

My shriram life traditional plan is great with huge benefits. It has low premiums and the policy coverage is 89%. Claim is easy to make because of fast service and the work is done on time. The executives and staff members are behave very well. The updates are mailed to me timely.

NAMAN
Malapuram
May 11, 2016

slow service

The shriram life traditional plan i have is below average. The premium is good and the returns are less. The services are bit slow and the waiting is compulsory. Web services are better. Good future investment which save my taxes too. Please improve the services.

DINESH
Mathura
May 11, 2016

Perfect Plan

I gifted shriram life traditional plan to my wife. The policy coverage is 91% and the claims are Rs.40 L. Services provided by the executives is really very good and online facility also, that's why it have easy interface. My wife is happy with this policy. The behaviour of the staff members is very nice.

UMANG
Ludhiana
May 11, 2016

Good Policy Coverage

Shriram life traditional plan is the best. The policy is great with maximum benefits. The policy coverage is high ~86%. The investment is low approx. Rs.18 K quarterly. The claims are good and easily cleared without waiting and best part no paperwork. Payback amount is nice ~rs.42 L. Happy to but this.

ARUN
Roorkee
May 11, 2016

Good Investment

Shriram life traditional plan is good in services. The policy coverage is good ~91% and the premiums are low. Claiming process is easy due to fast service provided by the executives and the staff members. The payback amount is ~Rs.39.2 L. Good future investment.

MANISH
Jorhat
May 11, 2016

Best Plan

Shriram life insurance is one of the best insurance company. I took traditional insurance policy plan which provide me best service and good returns. The premiums are low and the policy coverage is 89% with high claims. The behaviour is good from executives and staff members. Nice insurance plan. Good future investment which provides reduction in taxes.

RICHA
Uttamnagar
May 11, 2016

Average Policy

I bought shriram life insurance and buy traditional insurance policy plan. The policy is average and the coverage is 72%. The claims are normal but the premiums are low. The service is okay which provided by the staff members. Good future investment and tax cutter also. Satisfied with the policy.

ASHITABH
Jaipur
May 11, 2016

Damn Good

Around Rs.37 L is payback amount. The policy coverage is high ~91%. Shriram life traditional plan is nice with fantastic facilities and the service is very quick. The service provided by the executives and staff members are really very good. The investment is good for future and it saves taxes also. Good work guys.

ASHISH
Kolkata
May 11, 2016

Above Average

I invest my money in shriram life traditional plan. The policy coverage is good ~89% and the claims are high. The premiums are low ~16 K quarterly. Paybacks are really very good Rs.43 L. Good investment and tax saver policy plan. The daily update is given to me timely.

VARUN
Nawada
May 11, 2016

Good Plan

My policy has all benefits and the investments are also low. Around Rs.39 L is payback amount. Shriram life insurance provide me traditional plan which has good facilities and the service is very quick. The up gradation details in policy is mailed to me time to time. Good future investment which save taxes.