Shriram Life Insurance Overview & Details

Shriram Life Insurance is a trustworthy opportunity to warrant your financial security. They are focused on providing excellent customer service and provide a variety of insurance options that can be tailored to different stages of life and financial objectives.

If you require life insurance as well as savings or planning for retirement, Shriram Life Insurance has choices that can help ensure the safety of your loved ones as well as complete your goals for the future. Also, they serve areas in rural regions and offer a variety of insurance options that are available to the general population and the economically less privileged sections of society.

About Shriram Life Insurance & Group

Shriram Life Insurance is a part of the Shriram Group has a long time-line, beginning in 1974, and has been providing trustworthy and reliable financial services. It is renowned for its emphasis on customer satisfaction and its ethics and has expanded into various industries like insurance, finance, and investment.

Shriram Life Insurance uses the experience of the Shriram Group and its financial power to focus on providing reliable and creative choices for insurance. Customers can feel safe and comfortable with their financial situation. Shriram Group Shriram Group was founded on April 5th, 1974 in the name of Ramamurthy Thyagarajan, AVS Raja AVS Raja, as well as T. Jayaraman, and the headquarters are located situated in Chennai, Tamil Nadu, India.

Before expanding into new businesses, Shriram Group was a small business. Shriram Group started with chit funds and then grew substantially in the area of lending via Shriram Transport Finance and Shriram City Union Finance. R. Thyagarajan received the Padma Bhushan award in 2013. In 2013, the Shriram Group included several companies including Shriram Chits Tamil Nadu Pvt Ltd, Shriram City Union Finance Ltd., Shriram EPC, Shriram Properties Pvt. Ltd. There are numerous others, such as Shriram Life Insurance, and Shriram General Insurance.

Life Insurance Plans Offered By Shriram Life Insurance

• 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

Shriram Life Insurance Child Plans

Life insurance for children is specifically designed to safeguard your financial future for your kids, assisting them to attain the goals they have set for themselves and their ambitions at the end of their lives. They are perfect to benefit fund significant events like higher education, or wedding. Shriram Life Insurance offers two important child insurance plans.

• New Shri Vidya Plan: The plan is a combination of an investment plan with insurance. It offers an interest-free maturity bonus and a monthly, regular payment if the policyholder dies. The plan provides financial assistance in the event of any financial loss, assuring that your child’s financial future is secured.
• The new HTML0 Shri Vivah Plan: Affordable insurance which offers dual protection as well as steady monthly payments should there be an unforeseeable event. The plan is designed to provide security and financial stability in securing the future of your child at affordable costs.

Shriram Life Insurance Term Plans

Shriram Life Insurance offers an array of insurance options that are cost-effective and are designed to serve the financial security and stability of your family in the event of unexpected circumstances. This is a quick outline of their most popular products:

• Shriram Life Cash Back Term Plan: It is a basic inexpensive insurance plan with low-cost costs. If the policyholder dies this plan provides an all-in lump sum payout to the family of the deceased. Benefits include 10 times annual premium for the person who is younger than 45, and seven times the amount if they are older than 45.
• Shriram Group Term Life Insurance: One-year renewable term insurance plan for groups This feature provides a lump sum or monthly payment to the beneficiaries. This is a cost-effective method of managing group coverage easily.
• Shriram Group Term Life Insurance (EDLI): This program increases life insurance benefits to employees, irrespective of PF balances, salaries or duration. This plan offers a viable alternative to traditional group term insurance.
• Shriram Life Secure Plus Plan: designed to pay off financial obligations or loans, this policy pays an amount in one lump sum to the family of the insured upon passing away. Additionally, it offers maturities and 105% of premiums, if paid prior to the day of the death.
• Shriram Investment Life Insurance Plans: Perfect for people looking to grow their investments as well as protection from insurance These plans offer:
  • Wealth Plus: An insurance program that provides investment returns in addition to insurance coverage. Its benefits include a short payment of premium timeframes and choices for automatic shifting and transferring to reduce risks to investment.
  • Fortune Builder: An insurance policy that is linked to a unit that offers a single premium option ideal for people who don’t want to pay regular bills. The plan provides security with a comprehensive insurance coverage as well as an all-in lump sum cost.
  • Ujjwal Life is a regular premium unit-linked insurance plan that focuses on the long-term goals of financial planning, such as wedding, education, retirement.
  • Ujjwal Life (SP) is an upgrade to the Ujjwal Life plan that offers a single mode of premium payment and six investment fund choices that are suited to various risk preferences that combine market-linked returns and insurance coverage.

Shriram Combi Life Insurance Plans

• Combi Life Insurance Plans: provided by Shriram Life Insurance focus on providing a comprehensive solution for medical and life protection requirements. There are a variety of options to choose from.
• Star Shri Family Care plan: provides a comprehensive insurance against life-threatening diseases and expensive medical bills. It also provides hospitalization insurance that are based on a floating schedule as well as a lump-sum payout in case of death. Meanwhile.
• Star Shri Individual Care plan: which is in partnership in conjunction with Star Health and Allied Insurance Co. Ltd., will cover all medical costs like hospitalization, nursing and surgical fees, as well as providing a for sure sum should the deceased policyholder. The plans aim to give security by taking care of all health and life-related financial issues definitely.

Shriram Life Insurance Endowment Plans

Shriram Life Insurance offers a array of options for an endowment plan created to bring an amalgamation of insurance, savings and tax benefits, with guaranteed yields. Every plan is customized to suit specific needs and goals

1. A new Shri Life: This participation-based endowment program offers systematic savings and solid protection against unexpected circumstances. It offers increased returns by the compounding of reversionary bonuses as well as a for sure returns on maturities.
2. NEW Shri Raksha: A Non-linked Participating approach, it provides dual coverage during the duration and conventional life insurance after the expiration. Additionally, it provides a lump amount that is for sure to survive that ensures both security as well as financial growth.
3. NEW Shri Vidya is specifically created to benefit children actually achieve their educational targets, this program provides flexible benefits for survival and protection for assure that children’s education continues for the eventuality of unexpected events.
4. The new Shri Vivah: This fund-based program is designed to meet the financial needs for a marriage ceremony with a loved one. It makes sure that all essential expenditures are managed under an expert guideline from Shriram Life Insurance.

Related check:- Aviva Life Insurance Overview & Details

Shriram Group Life Insurance Plans

To strengthen the bonds between employees and employers and various different groups, Shriram Group Life Insurance Plans are a comprehensive solution. They are typically part of the employer benefits package They are typically run by employers and offer insurance protection with a reduced expense. Shriram Life Insurance offers several plan options for groups that can meet various needs.

• Shri Sahay (Annual Special Special): This plan offers extensive coverage and the flexibility of premium payment options.
• Group Term Life Insurance Life insurance with a term to groups who have customizable premium structures.
• group life protector (SP): Ensures security for members of the group by focusing on security as well as benefits.
• New Group Gratuity: Offers a structured and standardized gratuity to employees, increasing the retirement security.
• Shriram Life Traditional Group Benefit Strategy: A traditional plan offering basic benefits to group members.
• Shriram Life Pradhan Mantri Jeevan Jyoti Bima Yojana A scheme that is backed by the government and offers cheap life insurance for many people.

Eligibility for Group Plans Includes:

• Employer-Employee Groups
• Creditor-Debtor Groups
• Vocational Groups
• Miscellaneous Groups such as SHC (Self-Help Groups)

Shriram Micro Life Insurance Plans

Shriram Life Insurance offers one micro-insurance program known as the Shriram Grameena Suraksha Strateg . This is a temporary insurance plan that is designed to help provide inexpensive life insurance to economically weaker segments of society who live in rural regions. The most important characteristics that make up this plan are: Shriram Grameena Suraksha approach includes:

• Flexible plans available there are two options: an unrestricted term plan in which the death benefit will only be paid when you die during the duration of the policy or a feature of refund of premiums opportunity in which premiums will be refunded if the plan reaches its expiration date. 
• Affordable prices The cost of premiums starts at as little as Rs750 per year. They can go up to Rs 4,425 annually, which makes it very cost-effective  
• Eligibility It is open to those between the ages of 18 and 50, and in which the sum insured ranges between Rs17,000-Rs50,000. The duration of the plan is 10, or 15 years.  

If you want to apply to be eligible for Shriram Grameena Suraksha Plan You can go to the website of the firm and purchase the plan online.

Shriram Life Insurance Savings Plans

Shriram Life Insurance offers a selection of savings programs specifically designed to deliver protection for life insurance as well as savings benefits. These are the most popular plans:

Types of Shriram Life Insurance Savings Plans

1. Shriram Life Assured Income Strategy
   • Life insurance protection and lower premium payment options, with greater benefits in exchange for premiums.
2. Shriram Life Assured Income Plus
   • Non-linked, non-participating and non-linked plan providing long-term assurance and savings.
3. Shriram Life Assured Savings approach
   • The policy will benefit build savings and provides the financial security to your loved ones including features like the absence of medical examinations for life insurance, and flexible payment options for premiums   .
4. Shriram Life Early Cash Strategy
   • A participating, non-linked plan which offers savings and insurance and cash-back bonuses that begin with the policy’s first anniversary   .
5. Shriram Life Golden Premier Saver Plan
   • Participating savings plan, which offers security against insurance and saving accumulation.
6. Shriram Life New Akshay Nidhi
   • An unlinked, participating endowment which focuses on saving for the long term.
7. Shriram Life New Shri Life
   • Protects life while helping to create wealth over the long term by establishing a non-linked and structured that is not a participant.
8. Shriram Life New Shri Vidya
   • To safeguard children’s future requirements, this program can be tailored to benefit with educational costs as well as other financial goals related to children.
9. Shriram Life Premier Assured Benefits Strategy
   • The plan is flexible and includes three payment options that are that are designed to benefit you meet your goals in financial planning.
10. Shriram Life Super Income Strategy
    • Non-linked, non-participating insurance plan offering the protection of insurance as well as a savings element that generates the required returns. 

Shriram Women Life Insurance Plans

Shriram Life Insurance recognizes the different needs of women, making insurance policies that are tailored to help women through various stages of life as well as financial needs. If you’re a professional or a housewife, or have several earnings sources Shriram offers options that will ensure your financial stability.

• Term insurance plans designed to provide security for your finances and your loved ones, these insurance plans assure that loved ones will be financially secure should there be any unexpected situations.
• Pension Insurance Plan designed for working women These plans benefit to maintain a healthy life post retirement by securing expenses like medical expenses. They also provide the peace of mind that comes with knowing when the regular income ceases.
• Child Insurance plans The plans help mothers in managing costs associated with their children’s college education, marriage, as well as other important life occasions, easing the financial burden of raising children.
• Health Insurance Plans designed specifically to women’s needs, the plans offer an array of crucial ailments and health threats that offer complete protection, no matter if you’re married, single, professional, a professional or a housewife. These plans also focus on providing protection for travel-related accidents as well as personal risk.

Each program is tailored specifically to cater for the requirements of women. It helps women manage their finances as well as secure their future energetically.

Online facilities from Shriram life Insurance

• Online renewal of policies
• Premium payment online
• Calculators such as
  • Premium Calculator
  • Human Life value calculator
  • Minimum life value calculator

Offline premium payment modes

• Payment at the Shriram insurance branches
• Payment of premium at AXIS Bank branches
• NEFT
• ECS
• Payment via mobile

How I Will Check Shriram Life Insurance Policy Status?

For a quick check on the state of the status of Shriram Life Insurance policy, follow these steps:

Online Method

1. Go to the official website Click here to visit this page on the Shriram Life Insurance Company website.
2. Customer Service Section: Click on the “Customer Service” opportunity available on the main page.
3. Support Request Click “Support Enquiry” from the dropdown menu.
4. Complete the inquiry Form Fill in the information required, such as your name, phone number as well as email address and your policy number.
5. Fill out the form When you submit the form, you’ll be provided with information about the status of your policy, which includes the date of your next premium payment and payment amounts.

Alternative Methods

• SMS Send an SMS in the format STAT Contact 817969696969 to get the status of your insurance.
• Customer Care Contact toll-free Customer Care Number at 1800-3000-6116 to receive assistance.
• Email: You can also send an email to [email protected] to inquire about your policy status.

These strategies prepare an easy way to gain access to the information on your policy and warrant that you are informed about the coverage of your insurance

Claim Settlement Process & Ratio

Shriram Life Insurance stands out as a major player within the life insurance market known for its swift and transparent process for settlement of claims. The financial period 2020-21, Shriram Life Insurance achieved an remarkable Claim Settlement Ratio (CSR) of 95.12 percentage, demonstrating the company’s dedication to quickly in settling death cases. Higher CSRs indicate higher reliability, as Shriram Life Insurance’s consistent high performance proves that it is a credible insurer.

Here’s a quick snapshot of the company’s claim settlement results in the last few years:

Year	2017-18	2018-19	2019-20	2020-21	2023
CSR	80.23%	85.30%	91.61%	95.12%	82.39%

The CSR has a total of 3,681 claims being reported for 2020-21 and 3,506 claims settled in 2020-21, the CSR shows Shriram Life Insurance’s effectiveness when it comes to handling the claims.

Claim Settlement Process

Shriram Life Insurance ensures a simple and easy claim procedure. Customers have the opportunity of choosing between offline and online modes for settlement of claims.

1. online claims nominees are able to visit the page for claim notification on the Shriram Life Insurance official site. After filling in all the necessary information and providing the required documents, the department responsible for claims will review the application.
2. Offline Claims Claims are reported with accompanying documents are submitted to the closest Shriram Life Insurance branch.

In both cases The claims team examines the documentation submitted, and process the payment efficiently, making sure that the claimants get their sums with no delays.

Documents Required for Shriram Life Insurance Claim Settlement

To assure an easy and effective claims settlement for claims with Shriram Life Insurance, it’s essential to favor the following documents:

1. Authentic Policies Documents Original life insurance policy’s documentation must be provided.
2. Death Certificate A valid death certificate from local authorities is needed.
3. Death Intimation Formulation The form has to be completed to notify the insurance company of the demise.

Claim Supporting Documents

1. ID Documentation An ID issued by the government for proving the authenticity of an individual.
2. Certificate of Age The documents verify the health of the insured.
3. Evidence of Address The document that shows the present address of the person who is the claimant.
4. Claim Application Formula A duly completed claim form must be sent in.
5. nominee’s passbook Passbook: a statement from the nominee’s bank account to verify the nominee’s identity.
6. Accidental death documentation In the case of accidents, an FIR, as well as post-mortem reports verified by the authorities in charge is required.

The timely submission of these documents is likely to benefit in speeding up the settlement of claims.

Related check: Bandhan Life Insurance Overview & Details

Final Thought:

Shriram Life Insurance offers a wide range of plans that are designed to satisfy the needs of a variety of customers at various stages of life. When you’re searching for complete life insurance as well as retirement security child education funds or protection from health issues, Shriram Life provides reliable solutions to protect your financial security. With a proven experience of higher claims settlement rates and an easy claim procedure, you can count on Shriram Life Insurance to support the financial security of the loved ones you cherish.

Frequently asked questions: