Shriram Life Insurance Overview

Started its operations in the year 2016, Shriram Life Insurance Company Ltd. is a collaboration between a South Africa based insurance company Sanlam Group and an Indian corporation unit of 25 companies Shriram Group. The company carries the title of India’s most profitable life insurance company. Currently, the company is operational with around 600+ offices and more than75000 insurance agents across the country. The company has introduced an impressive portfolio of insurance plans to cater to the needs of people from every walk of life. The main focus on the economically deprived section of the society and 40% of its business is concentrated on the rural segment.

In the year 2016, the company received the Bizz America Award for its excellent performance. The founder of the company had also awarded with Padma Bhushan Award. Let’s consider the various life insurance policies on offer.

Why Choose Shriram Life Insurance?

  • Claim-settlement ratio of 63.53% for the year 2016-2017
  • 99.74% Grievances Settled for the year 2016-2017
  • The company has a wide network of offices and a huge database of agents across the country
  • The 40% of the business of the company comes through the services provided to the rural area

Eligibility Criteria to buy Shriram Life Insurance

  • The minimum eligibility to buy Shriram life insurance plans is 18 years. However, the person should not exceed the age 65 years.
  • Any salaried person, self-employed, professionals can apply for Shriram life insurance policy.

Types of Shriram Life Insurance Plans

The various types of life insurance plans offered by Shriram Life Insurance include Micro insurance Plans, Investment Plans, Retirement Plans, Protection Plans, and Savings Plans. Each plan has comes with different feature and benefits to protect the financial interests of an individual. Lets’ take a detailed look at them:

Shriram Life Micro Insurance Plans

Micro insurance plans are designed to cater to the lower income group in the society. Under this category, the insurer offers one plan called Shriram Grameena Suraksha Plan which is specially designed for the weaker section of the policy. This plan is available at a very affordable cost and available in two variants- Pure Term Insurance and Term insurance with Returns of Premium (on maturity).

Plan Name Eligibility Criteria Policy Tenure Sum Assured (INR)
Grameena Suraksha Plan Minimum: 18 years

Maximum: 50 years

10/15 years 25,000 (Pure Tem)

17,000 (return of premium )

Maximum: 50,000

Shriram Life Insurance Investment Plans

These plans come with a dual benefit, on the one hand, they cover the insured for an unfortunate event and on the other hand offered the insured with an investment opportunity. They also offer an opportunity to earn a return on each premium paid. Some of them are ULIP plans while others are traditional endowment plans. Let’s have a look:

Plan Name Eligibility Criteria Policy Tenure Sum Assured (INR)
Shriram Life Growth Plus Minimum: 30 years

Maximum: 55 years

10-20 years 1,00,000-10,00,000
Shriram Life Fortune Builder Minimum: 0 years

Maximum: 65 years

10/15/20 1.25x single premium

(below 45 years)

1.10x single premium

(45 years and above)

Shriram Life Wealth Plus Minimum: 7 years

Maximum: 65 years

10/15/25 years 105% all the premiums
Shriram Ujjwal Life (SP) Minimum: 7 years

Maximum: 65 years

10 years 125% of single premium

(below 45 years)

110 %single premium

(45 years and above)

Shriram Ujjwal Life Minimum: 7 years

Maximum: 65 years

10 years 10 times the annual premium

(below 45 years)


7 times the annual premium (45 years and above)

Shriram Life Insurance Retirement Plans

Retirement plans of Shriram life insurance are annuity plans that help the insured to meet its retirement goals. These plan helps in generating a huge corpus and to earn a steady income for an entire life. Retirement plan comes with an option of funds to for investing. By offering inflow of money for a lifetime, these plans ensure a secure life post-retirement. Shriram Retirement Plans include:

Plan Name            Eligibility Criteria Policy Tenure Sum Assured (INR)
Shriram Life Pension Plus Minimum: 20 years

Maximum: 65 years

10/15/35 years 105% of total premium
Shriram Life Immediate Annuity Plus Minimum: 0 years

Maximum: 85 years

Lifelong Purchase Price: 3 lakh

Maximum: no limit

Shriram Life Insurance Protection Plans

These low-cost life insurance plans are designed to provide the financial stability and protection to the family of the insured. These are the pure protection plans which include:

Plan Name Eligibility Criteria Policy Tenure Sum Assured (INR)
Shriram Easy Life Cover Minimum: 12 years

Maximum: 45 years

5 years 65,000- subject to policy wordings
Shriram Life Smart Protection Plan Minimum: 18 years

Maximum: 65 years

10/30 years 1,00,000-14,00,000
Shriram Life Secure Plus Plan Minimum: 18 years

Maximum: 50 years

10/15/20 years 5,00,000-20,00,000
Shriram Life Cash Back Term Minimum: 12 years

Maximum: 50 years

10/15/20/25 years 2,00,000-20,00,000
Shriram Life Family Protection Minimum: 18 years

Maximum: 60 years

10/25 years 15,00,000-5 crore

Shriram Life Insurance Savings Plans

These plans help the insured to reap the benefits of life insurance. These enable the insured to develop a habit of saving. To beat the ever-growing inflation, domestic demands, expenses of treating an illness or other contingencies all together demand a definite amount to be spared as savings. By investing in the savings plans one can secure achieve the various life goals and protects its family financially. The savings plans of Shriram life insurance include:

Plan Name Eligibility Criteria Policy Tenure Sum Assured (INR)
Shriram Life Assured Advantage Plus 8-40 years (option I)

8060 years (option II)

10 years 10,00,000-no limit (option I)

1,25,000- no limit (option II)

Shriram Life Genius Assured Benefits Plan Minimum:18 years

Maximum: 45 years

10/18 years 2,00,000-no limit
Shriram Life POS Guaranteed Endowment Plan Minimum:30 years

Maximum: 55 years

10/20 years 1,00,000- 10,00,000
Shriram Life Secure Investment Minimum:30 years

Maximum: 60 years

5/10 years 49,600 (5 year policy)

77,000 (10 year policy)

Shriram Life Assured Income Plan Minimum:30 years

Maximum: 50 years

8/10 years 1,20,000(8 year policy)

1,50,000 (10 year policy)

Maximum: 40,00,000-50,00,000

Shriram Life New Akshay Nidhi Minimum:30 years

Maximum: 60 years

15/20/25 years 1,50,000
Shriram Life Assured Income Plus Minimum:8 years

Maximum: 60 years

10 years 1,00,000/3,00,000- 5,00,000
Shriram Life New Shri Raksha Minimum: 18 years

Maximum: 55 years

10/15/20/25 years 1,50,000
Shriram Life New Shri Life Minimum: 30 years

Maximum: 65 years

10/15/20/25 years 50,000
Shriram Life New Shri Vidya Minimum: 18 years

Maximum: 50 years

10/15/20/25 years 1,00,000
Shriram Life New Shri Vivah Minimum: 18 years

Maximum: 50 years

10/15/20 years 1,00,000

Documents Required for Buying Shriram Life Insurance

In order to avail Shriram life insurance, the following documents are required to submit with the insurance provider:

  • ID Proof
  • Age Proof
  • Income Proof
  • Address Proof
  • PAN Card details

Shriram Life Insurance Claim Process

To ensure a seamless claim settlement process with Shriram life insurance company, the insured or nominee has to follow a few steps. Below is the step by step procedure to go about the claims process with Shriram Life Insurance Co. Ltd:

  1. Claim Intimation

If it is a death claim, the nominee will have to make a claim intimation by calling or writing to the insurance company. One can visit the nearest branch as well or can approach an agent to intimate a claim.

  1. Submission of Claim Form

Once the claim is registered, the nominee has to fill a claim form. One can ask the customer care executive for the claim form or can download it from the official website. The same needs to be duly filled and submit along with the relevant documents such as the original copy of life insurance policy, ID proof of the nominee, the death certificate issued by the doctor. The insurer may ask for additional documents based on the type of claim or cause of death.

  1. Claim Validation and Final Settlement

Upon receiving the claim form and relevant documents, the insurer will validate the documents and finally approves the claimed amount. The settled amount will be transferred within a specified day. In order to experience a hassle-free claim settlement with the insurer, it is recommended to thoroughly read and understand the policy document.

Shriram Life Insurance FAQ’s

What is the procedure of redressal of grievance with the insurer?

Ans. In case of any complaint, one must contact the insurance company by calling on the toll-free number or writing on email id or visiting the nearest office.

Is there any grace period to renew a policy in case I forget the renewal date?

Ans. Shriram Life Insurance company offers a grace period of 30 days within which you can pay the policy premium and renew an expired policy.

What is the consequence of not paying the premium even after the grace period?

Ans. If you don’t pay the outstanding dues even after the specified grace period, the policy will lapse and the benefits will cease.

To whom the claimed amount against a death claim is paid under a Shriram Life Insurance Policy?

Ans. The death claim is payable to:

  • The nominee of your policy
  • The legal heir, if there is no nominee
  • The claim amount will be paid to the appointee in case the nominee is a minor
  • The assignee gets the money in case of a registered assignment
  • The Karta, under HUF clause, will get the benefits
  • A trustee also receives the claimed amount as per the MWP Act

From where can I avail the claim form to utilise the policy benefits?

Ans. The various claim related forms will be available with Shriram Life Insurance. Claim form also can be availed from the official website of the insurer.

How can I switch between various funds?

Ans. In order to switch between the funds, you will have to fill up the apt forms. The forms can be availed from the office of the insurer or you can download online as well.

How can I cancel my life insurance policy?

Ans. Cancelation a life insurance policy is easy. To do so you will have to visit the nearest branch of Shriram Life Insurance Company with ID proof and policy document. You can directly approach an executive and surrender the policy. The paid premium will be refunded within a few days and get credited to your account.

What is the procedure of renewing my life insurance policy of Shriram Life Insurance Company?

Ans. To renew the Shriram life insurance plan you can visit the official website of the insurer and follow the online renewal process. You can ask for assistance from the customer care executive as well. Online renewal allows you to renew the policy with ease by paying the premium online. If not, you can visit the nearest branch of Shriram life insurance and fill the renewal form, pay the premium and collect the payment receipt.

What is the procedure to revive a life insurance policy?

Ans. yes you can revive a lapsed policy with Shriram Life Insurance Company. By paying the all outstanding dues along with a fine, you can revive the policy. However, the insurer may put certain conditions in terms of policy revival and a lapsed policy must be revived within a specified time limit given by the insurer.

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