Shriram Life ULIP Plans

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

Shriram Life Insurance Company is a joint venture between the Shriram Group with its headquarters in Chennai and Sanlam which is a leading financial services group based out of Cape Town, South Africa. While Shriram holds a stake of 74% of the company, the Sanlam Group has a 26% holding of the insurer. Founded in 2005, the company started its operations from 2006 and made a record of earning a profit for a consecutive period of 3 years. The company is more focused in meeting the insurance requirements of the lower segment of the society to benefit them. 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. Today, the range of products offered by Shriram Life Insurance include Protection plans in the form of term plans, Child Plans, Savings and Investment Plans which are available in both conventional or ULIP form and pension plans. With a wide range of products, the company strives to meet every individual’s insurance related requirement at a single source.

What are ULIPs?

ULIPs or Unit Linked Insurance Plans are plans designed to mimic the working of a mutual fund. The premiums collected from all sources are used to invest in multiple companies of the stock market to buy differently valued shares and stocks. The investment then grows along with the trend in the market. The total value of stocks and shares purchased on any given day divided by the total number of such instruments determine the Net Asset Value of the fund which is the price of one unit of the fund. Units are bought with the premiums paid at the prevailing Net Asset Value and Sum Assured depends on the premium paid

Shriram Life ULIP Plans

Shriram Life offers various types of unit linked plans that cater to the needs of every individual. Let us take a look at the various types of plans the company has and also the plan details:

Shriram Life Wealth Plus Plan

A unit linked plan which promises good returns through market participation and also the benefit of life insurance coverage. Theplan’s features and benefits are listed below:

  • Regular and Limited premium paying option can be chosen by the policyholder.
  • The net premium paid can either be self-managed to be invested in a choice of available funds or invested under the Auto Transfer Option.
  • Under the Auto Transfer Option, the premium paid is first invested in a low risk fund and thereafter gradually transferred to a high risk fund to reduce risk exposure. The option can be chosen at plan inception and can be cancelled anytime as per the policyholder’s discretion.
  • The policyholder can alternatively choose to invest the funds as per his choice and risk profile in 6 available funds which are Preserver, Defender, Balancer, Maximum, Accelerator and Tyaseer Fund.
  • The fund value inclusive of top-up fund value is paid as maturity benefit to the policyholder who can take it as a lump sum or as instalments through the Settlement option.
  • If the insured faces death, Sum Assured including any Top-up Sum Assured  and Fund Value including any Top-up Fund Value is paid to the nomineewith a guaranteed minimum of 105% of total premiums paid until death
  • Partial withdrawals with Rs.10, 000 as a minimum value are allowed after the completion of 5 policy years
  • 2 free annual switches are allowed to switch between the available funds
  • Top-ups are allowed by paying additional premiums to increase Fund Value and the corresponding Sum Assured.
  • Income tax is not charged on the premiums paid under Section 80C and on claims received under Section 10(10D) as per the rules of Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

7 years

65 years

Maturity Age

-

75 years

Policy Term

10 years or 15-25 years

Premium amount

Rs.12, 000

No limit

Sum Assured

Higher of 10/7 times the annual premium or 0.5/0.25*term*annual premium

Premium Payment Term

Equal to policy term or Single Pay or 5, 10, 15 or 20 years

Premium Paying Frequency

Yearly, half-yearly, quarterly or monthly

 

Shriram Fortune Builder Insurance Plan

An insurance plan where one-time premium is paid at the inception in lump sum. The plan details are:

  • The premium net of deductible charges can either be self-managed to be invested in any of the available funds or invested through the Auto Transfer Option.
  • Under the Auto Transfer Option, the premium paid is invested initially in a low risk fund and thereafter gradually transferred to a high risk fund to reduce risk exposure. The option can be chosen at plan inception and can be cancelled anytime as per the policyholder’s discretion.
  • The policyholder can alternatively choose to invest the funds as per his choice and risk profile in 6 available fund options which are Preserver, Defender, Balancer, Maximum, Accelerator and Tyaseer Fund.
  • When the plan matures, the Fund Value on the date of maturity including any Top-up Fund Value is paid which is available in lump sum or in instalments
  • On death, higher of the Sum Assured including any Top-up Sum Assured or the Fund Value including any Top-up Fund Value is payable to the nominee. The benefit paid will be a minimum of 105% of premiums paid up till death
  • Partial withdrawals are to be done after the completion of 5 policy years
  • Two free options for switching are allowed every year
  • Top-ups are done by paying additional premiums to increase the Fund Value and the corresponding Sum Assured.
  • Premiums paid and the claim received are exempt from tax.

Eligibility Details

 

Minimum

Maximum

Entry Age

0 years

65 years

Maturity Age

-

75 years

Policy Term

10, 15 or 20 years

Premium amount

Rs.25, 000

No limit

Sum Assured

125% or 110% of the Single Premium depending on the age of the policyholder

No limit

Premium Payment Term

Single Pay

 

ShriramUjjwal Life Plan

A unit linked insurance plan providing wealth maximization and life insurance coverage under the same plan. Other features include:

  • Premiums under the plan are required to be paid for the entire duration of the plan under the Regular Pay Option of premium payment.
  • Premiums net of charges can either be self-managed to be invested in available funds or invested as per the Auto Transfer Option.
  • Under the Auto Transfer Option, the premium paid is first invested in a low risk fund and thereafter gradually transferred to a high risk fund to reduce risk exposure. The option can be chosen at plan inception and can be cancelled anytime as per the policyholder’s discretion.
  • The policyholder can alternatively choose to invest the funds as per his choice and risk profile in a choice of 6 available funds which are Preserver, Defender, Balancer, Maximum, Accelerator and Tyaseer Fund.
  • The Fund Value including any Top-up Fund Value is paidon maturity and the policyholder can take it in lump sum or in instalments
  • The death benefit will be the Sum Assured including any Top-up Sum Assured  and the Fund Value including any Top-up Fund Value is paid to the nominee subject to a minimum of 105% of all premiums paid till death
  • Partial withdrawals after the completion of 5 policy years are allowed with a minimum amount of Rs.10, 000
  • Two free yearly switches are allowed to switch between the available funds
  • Top-ups can be done by paying additional premiums to increase the Fund Value and the corresponding Sum Assured.

Eligibility Details

 

Minimum

Maximum

Entry Age

7 years

65 years

Maturity Age

-

75 years

Policy Term

10 years

Premium amount

Rs.30, 000

No limit

Sum Assured

10/7 times the annual premium depending on the age of the policyholder

Premium Payment Term

Equal to policy term

Premium Paying Frequency

Yearly

 

ShriramUjjwal Life SP Plan

Another variant of the earlier Ujjwal Life Plan, under this plan, the premium is paid once at the inception of the plan under the Single Premium option of the plan. The features of the plan are:

  • Single Premium is paid under the plan which can be invested in a choice of 6 funds namely Preserver, Defender, Balancer, Maximum, Accelerator and Tyaseer Fund.
  • The maturity benefit will be the Fund Value including any Top-up Fund Value is payable which can be availed in lump sum or in instalments over a period of 5 years after maturity through Settlement Option.
  • In case of death the Sum Assured including any Top-up Sum Assured  and the Fund Value including any Top-up Fund Value is paid to the nominee subject to a minimum of 105% of all premiums paid till death
  • Partial withdrawals can be made after the completion of 5 policy years with a minimum amount of Rs.10, 000
  • Two free yearly switches are allowed to switch between the available funds
  • Top-ups can be done by paying additional premiums to increase the Fund Value and the corresponding Sum Assured.
  • The premiums paid up to Rs.1.5 lakhs are exempt from tax and any amount of claim received is also free from the incidence of tax.

Eligibility Details

 

Minimum

Maximum

Entry Age

7 years

65 years

Maturity Age

-

75 years

Policy Term

10 years

Premium amount

Rs.35, 000

No limit

Sum Assured

125% or 110% of the Single Premium depending on the age of the policyholder

Premium Payment Term

Single Pay

 

Applying for a Unit Linked 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 ULIPs through PolicyBazaar

  1. On the PolicyBazaar homepage, click on ULIPs 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. You will have to fill in the necessary details to buy the plan.

What are the main advantages of a ULIP?

ULIPs, though risky insurance platforms, have some very productive advantages that make them popular among the people. For example, a ULIP can earn you a much higher return than a traditional endowment plan. Then, a ULIP is very flexible as well. The policyholder has the right to select his own funds and also to change the funds at anytime during the policy period (subject to charges, if any). So if the policyholder feels the present fund is not working, he can simply transfer to another fund. This makes a ULIP very flexible. So such benefits, quite clearly, make ULIPs popular insurance tools.

Why should I take a Unit Linked Insurance Plan?

There has been a constant debate as to whether it is better to take a ULIP or a traditional insurance plan. Like they say, grass is always greener on the other side and so a lot of people who have traditional plans look towards ULIPs and vice-versa. A unit liked insurance plan, or a ULIP, however has a lot of advantages that make it a favorable insurance-cum-investment tool. However, there is a very strong risk factor associated with ULIPs, something that agents don’t tell you clearly about when selling ULIPs. So before you take a ULIP, you must be clear about these. Once you understand the risk factors, only then will you be in a position to decide whether or not you want to take a ULIP.

Can I take a ULIP without being sure about the available funds?

You should most definitely not take a ULIP without being sure about the available funds! When investing in a ULIP, you have four basic funds to choose from. These funds are the equity funds, income/fixed interest/bond funds, cash funds and balance funds. In equity funds, your money is invested in company equities. The risk factor is the highest here. In income/fixed interest/bond funds, the premium amount is invested in bonds and fixed income tools like government securities. This is of medium risk. In cash funds, the amount is directly invested in cash components like bank deposits. This is the least risky ULIP fund. Finally, in a balance fund, the amount is invested in bonds as well as in fixed securities. This too is of medium risk.

Other Plans :

Shriram Term Insurance

Shriram Investment Plans

Shriram Life ULIP 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 ULIP 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 ULIP 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 ULIP 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 ULIP 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 ULIP Plans Reviews

TOTAL REVIEWS (23)
Yogesh
Dehradun
August 26, 2016

Trustable Insurance

Recently i purchased ulip plan by searching on internet. Policy have big benefits in less investment. The customer services is very nice. I buy this for my whole family and all are happy with it. The payback amount is very good with you gave.

Nakul
Jalalpur
July 12, 2016

ULIP Policy

Ulip policy is very good insurance, service provided by your department is fantastic. Premium is low and returns are high. The claiming is easy because the members of the company provide fantastic service.

Joravar
Ambala
June 30, 2016

Good Plan

Superb ulip insurance plan which i purchase in low premiums. Policy coverage is high and claims are easy to sanctioned due to fast service facilitate by the company members. Service is on time and web service is simple to use anybody can operate it easily.

Kunal
Dwarka
May 10, 2016

Perfect Policy Plan

The policy coverage is 94%, the claims are high and the claiming is easy because of the executives and the staff members. The services provided by you shriram life insurance is very fast and on time. My ulip plan is having great benefits. The premiums is less ~39.9 K and the returns are ~Rs.42 L. Good investment, i like it.

Devesh
Raj_nagar
May 10, 2016

Great Policy

I have shriram life ulip plan. The plan works for me. Policy coverage is also good ~92% with good amount of claims. Service provided by you is great and the web services are also nice. This policy plan is good reducer of taxes and future investment also. I got regular updates, This i like the most.

Abhishek
Nasirabad
May 10, 2016

Superb Plan

My ulip plan is with shriram life insurance. The policy plan is very nice with low premiums. The policy coverage is high ~87% and claims are good. Perfect policy for future investments and the policy saves taxes also. The behaviour of the executives and staff members are good. I like my policy plan.

Tarun
Raipur
May 10, 2016

Excellent Policy

I purchase shriram life ulip plan. The policy coverage is 88% and the premiums are low. The claims are good and the procedure is very easy and cleared in short time period. The services are fast and on time. The behaviour of the executives and staff members are very nice. Nice future investment which saves taxes too.

TANVEER
Jorhat
May 10, 2016

Awesome Plan

My ulip plan is with shriram life insurance. The policy coverage is high 89% and the claims are good. Premiums are less ~44 K per year and the returns are around 31 L. Services are really fast and the response through executives and staff members are nice. Daily updates mailed to me timely.

SARTHAK
Shahabad
May 10, 2016

Trustworthy Policy

Shriram life insurance provides me ulip plan. I have to say this that the policy is very good and the terms and conditions are very reliable and flexible. Policy coverage is 93% and the service is okay with good behaviour from executives and staff members. Good tax saver.

PRASHANT
Muktsar
May 10, 2016

High Coverage

I own shriram life ulip plan and policy is awesome with great benefits. Policy coverage is high approx. 91%. Claim are good around Rs.32 L after policy get mature and the service is really good with polite behaviour from executives and staff members. Nice job guys, I like the policy.

HIMANSHU
Guwahati
May 10, 2016

Super Policy

I purchase shriram life insurance ulip plan. The policy coverage is good approx. 89% and the policy claims are high. The premiums are low and the paybacks are really very high. The services provided by the executives and the staff members are good and on time. Good investment and tax saving.

NAMAN
Jammu
May 10, 2016

Service Is Bit Slow

I have ulip plan and it is good but the only thing is the service is bit slow rather than this all things are good. Like, policy coverage is 87% and claims are high but the investments are low. Please improve your services. The policy saves taxes too. Please improve the services.

DIVITA
Palwal
May 10, 2016

Really Good

I got shriram life ulip plan which is very nice with good benefits. The policy coverage is high ~89% and claims are high too. It can be manage online too. It avoiding the hassles of unnecessary paperwork. Good services with quick response. Good investments.

UMANG
Ludhiana
May 10, 2016

Satisfactory

I buy shriram life insurance ulip policy plan. The policy premium is low and the paybacks are high. The policy coverage is 82% and the claims are normal. Investment is 39.2 K per year and the returns are 1.25 times the sum assured. Services you provided is bit slow but manageable. This policy plan work's for me. Satisfactory.

ARUN
Haldwani
May 10, 2016

Fantastic Service

I have shriram life ulip plan. The policy coverage is high ~90% and the premiums are low. The premiums are payed online and it reduce paperwork. The services are fast and response is quick from executives and staff members. The updates are regularly mailed to me.

MANISH
Nasik
May 10, 2016

Poor Policy

I had shriram life ulip plan. The policy coverage is low 59% and the claims are less. The premiums are high as the returns are not. Poor policy plan which has slow service too. No response from the staff members and the web site is not working most of the time. Not satisfied. Please improve the policy and services.

ASHITABH
Laxmipur
May 10, 2016

ULIP Policy Plan

I own shriram life insurance and buy ulip policy plan. Plan is good with low investment. Policy coverage is 90% and premium is fourteen thousand quarterly per year. Claims are ~Rs.29 L. Service you facilitate is really very good with fast interface of web services and from executives and staff members also. Good work.

ASHISH
Fakirpur
May 10, 2016

Totally Safe

I have purchase shriram life insurance and i took ulip plan. It can easily buy on online and avoiding the hassles of unnecessary paperwork. The policy coverage is 90% and the claims are high which can easily be cleared without any waiting because of fast services provided by the executives and staff members of the company. Good job guys.

VARUN
Bhiwani
May 10, 2016

Very Good

My ulip policy plan is one of the best plan ever. Thank you, shriram life insurance for the services, the premiums are less and coverage is high ~88%. Service you provided is super sonic, Claiming procedure get so simple and easy. The web services and services provided by staff members and executives are fast and on time. Good investment which save taxes too.

RAJAT
Howrah
May 10, 2016

Better Plan

My shriram life ulip plan is great. Policy coverage is high approx. 89% and the claims are high with good interest. The services provided by your executives and staff members are really very nice and always on time. Good future investment which saves tax also. I like the policy.

NALIN
Gurgaon
May 10, 2016

Manageable

I purchase shriram life ulip insurance plan. The policy coverage is high ~88% and claims are high but investment is low. Service is nice and executives are available anytime for assistance. I like the policy very much. The policy saves taxes and it is good investment too. Daily updates are send to me timely.

BHAWANA
Faridabad
May 10, 2016

Nice Policy

My shriram life ulip plan is nice which have low premiums and the paybacks are high. The policy coverage is good ~83% and the claims are approx. 28 L. The services are good and on time and it reduces taxes also. Nice behaviour from executives and staff members. Good job.

ARUJA
Ahmedabad
May 10, 2016

Good

I have shriram life ulip plan and it is good and the benefits are even better. Premium is low and payback are high. Claims and policy coverage is really awesome with good interest. The service is very quick and on time till now. Good investment.