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Shriram Life Insurance

Shriram Life Insurance offers a wide range of plans, including protection, savings, retirement, and investment options, catering to diverse customer needs. With affordable premiums and customizable benefits, these plans ensure financial security for individuals and families.

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Shriram Life Insurance Company is a well-known insurance company in India which provides various types of products such as simple protection plans, plans which offers both protection and savings, etc. which you can buy depending on your various needs.

  1. Reduce your taxable income by up to Rs. 1.5 Lakh under Sec.80C
  2. Pay premiums monthly, quarterly, half-yearly or annually
  3. Enhance your cover through riders like permanent disability/accidental death rider

Overview of Shriram Group

Shriram Group, an Indian conglomerate founded on April 5, 1974, and based in Chennai. R. Thyagarajan, AVS Raja, and T. Jayaraman created the organisation, which started off as a chit fund before expanding into lending and the Indian insurance sector. Shriram Group enterprises include Shriram Industrial Holdings Ltd., Shriram Equipment Finance Co Ltd., Shriram Foundation, Shriram Capital, Shriram Venture Ltd., and Shriram Insurance Broking Ltd. Shriram Finance was established in 2022 by the amalgamation of Shriram City Union Finance and Shriram Capital into Shriram Transport Finance.

Benefits of Shriram Life Insurance

The following are the benefits of Shriram Life Insurance:

  1. Direct enrolment without involvement of third party 
  2. Low enrolment cost and no commission charges as there are no intermediaries
  3. Large insurance coverage to the online buyers
  4. Provides transparency to the information regarding insurance plan
  5. Provides multiple options to compare and choose the plan as per requirements
  6. Ensures easy purchase of plans online within few steps
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Different Types of Life Insurance Policies Offered by Shriram Life Insurance

Shriram Life Insurance Company Limited offers a variety of life insurance policies under different categories. Following are the different categories and the plans available under them:

Individual Plans

 1. Savings Plan

  1. Shriram Life Assured Income Plan
  2. Shriram Life Assured Savings Plan
  3. Shriram Life Early Cash Plan
  4. Shriram Life Premier Assured Benefit
  5. Shriram Life Assured Advantage Plus
  6. Shriram Life New Akshay Nidhi
  7. Shriram Life Assured Income Plus
  8. Shriram Life New Shri Life
  9. Shriram Life Super Income Plan
  10. Shriram Life New Shri Vidya
  11. Shriram Life Golden Premier Saver Plan
  12. Shriram Life Genius Assured Benefit Plan

2. Retirement Plans

  1. Shriram Life Saral Pension
  2. Shriram Life Pension Plus
  3. Shriram Life Immediate Annuity Plus

3. Protection Plans

  1. Shriram Life Online Term Plan
  2. Shriram Life Comprehensive Cancer Care
  3. Shriram Life Cash Back Term
  4. Shriram Life Family Protection Plan
  5. Shriram Life Smart Protection Plan SP
  6. Shriram Life Smart Protection Plan
  7. Shriram Life My Spouse Term Plan
  8. Corona Rakshak Policy
  9. Shriram Life Saral Jeevan bima

4. Investment Plans

  1. Shriram Life Growth Plus
  2. Shriram Life Fortune Builder
  3. Shriram Life Wealth Plus

5. Child Plans

  1. Shriram Life Golden Premier Saver Plan
  2. Shriram Life Assured Income Plan
  3. Shriram Life New Shri Vidya Plan
  4. Shriram Life Assured Income Plus
  5. Early Cash Plan

6. Microinsurance Plans

Shriram Grameena Suraksha Plan

7. Riders

  1. Shriram Accidental Death and Disability Rider
  2. Shriram Critical Illness Care Rider
  3. Accident Benefit Rider
  4. Family Income Benefit Rider
  5. Extra Insurance Cover Rider
  6. Shriram Accidental Death and Disability Income Rider
  7. Shriram Life Critical Illness Plus Rider

Group Plans

1.      Protection Plans (Group)

  1. Shriram Life Group Term Life Insurance Plan     
  2. Shriram Life Group Life Protector (SP)

2.      Employee Benefit Plans

  1. Shriram Life Group Traditional Employee Benefit Plan
  2. Shriram Life Group Superannuation Plan
  3. Shriram Life New Group Gratuity
  4. Shriram Life Group Term Life Insurance in lieu of EDLI

3.      Special Plans

Shriram Life Pradhan Mantri Jeevan Jyoti Bima Yojana

4.      Microinsurance Plans (Group)

  1. Shriram Life Sujana
  2. Shriram Life Jana Sahay
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Individual Plans Offered by Shriram Life Insurance

Individuals can only purchase plans under 'Individual Plans' for themselves or their family members, based on their requirements and needs. Plans have been divided into several subcategories under the term 'insurance plans'.

Microinsurance Plans: Shriram Grameena Suraksha Plan

Features

Plan

Plan offers

Option I: Term assurance only

Option II: Return of premium on maturity along with term assurance

Benefits

  1. Maturity benefit: No benefit if life assured survives till end of policy term (Option I) and total premium will be paid if life assured survives till end of policy term (Option II)
  2. Death benefit
  3. Tax benefit

Age limits

  1. Entry age: 18 years (minimum) to 50 years (maximum)
  2. Maturity age: 28 years (minimum) to 65 years (maximum)

Sum assured

  1. Minimum: Rs.25,000 (Option I) and Rs.17,000 (Option II)
  2. Maximum: Rs.2 lakh

Policy terms (Fixed)

10 years or 15 years

Annualised premiums

  1. Minimum: Rs.750 (Option I) and Rs.1,400 (Option II)
  2. Maximum: Rs.6,730 (Option I) and Rs.17,800 (Option II)

Premium paying terms

Same as policy term

Riders

Nil

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Investment Plans

Know about Shriram Life Investment Plans in details.

Type of the Plan

Age Limit

Basic sum assured

Premium payment term (PPT)

Policy term

Rider

Shriram Life Growth Plus 

  1. Entry age: 30 days to 60 years (as on last birthday)
  2. Maturity age: 18 years to 70 years (as on last birthday)
  1. Single: Rs.62,500
  1. Regular: Rs.2.10 lakh
  1.  Limited: Rs.4.20 lakh

Single or Regular, limited (Six years)

10 years, and 15 years to 20 years

  1. Shriram Accidental Death and Disability Rider
  1.  Shriram Accidental Death & Disability Income Rider

Shriram Critical Illness Care Rider

Shriram Life Fortune Builder

  1. Entry age: 0 year to 65 years
  2. Maturity age: 18 years to 75 years

Minimum: Rs.1.25 lakh (Single premium)

No maximum limit

Single premium only

10, 15, or 20 years

  1. Shriram Accidental Death and Disability Rider
  1. Shriram Accidental Death & Disability Income Rider
  2. Shriram Critical Illness Care Rider

Shriram Life Wealth Plus

  1. Entry age: 7 years to 60 years
  1. Maturity age: 70 years (maximum

Basic sum assured is seven times of annualized premium

No maximum limit

Regular premiums :

Same as policy term

Limited premium paying term: 10 years, 15, years or 20 years

 10 years or 15-20 years

  1. Shriram Accidental Death and Disability Rider
  1. Shriram Accidental Death & Disability Income Rider

Shriram Critical Illness Care Rider

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Retirement Benefits

Type of the Plan

Age Limit

Basic sum assured

Premium payment term (PPT)

Policy term

Shriram Life Pension Plus 

  1. Minimum entry age - 20 years as on last birthday of the policyholder
  1. Maximum entry age - 65 years as on last birthday of the policyholder

Monthly payouts are provided by the insurer during the retirement period of the insured

  1. For a 10-year policy term, premium payment term (PPT) is 6 years
  2. For a 15 to 19 year policy term, premium payment term (PPT) is 6 or 10 years
  3. For a 20 to 35 years policy term, premium payment term
  4. (PPT) is either 6, 10, or 15 years depending on what the policyholder chooses

The policy is offered for terms of 10, 15 to 35 years

Shriram Life Immediate Annuity Plus

  1. Minimum entry age - 0 years (18 years for joint life option)
  2. Maximum entry age - 85 years as on last birthday of the policyholder

·         

Instead of basic sum assured, the annuitant/policyholder receives annuities on a regular basis from the insurer

Single premium payment term (PPT) available

The policy will remain valid and in force for the entire lifespan of the annuitant and will only cease to exist upon the death of the annuitant

Shriram Life Saral Pension

  1. Minimum: 40 years
  2. Maximum: 80 years

Contact the insurer for more details

Single

Whole life

Pure Protection Plans

Type of the Plan

Minimum and maximum age of entry

Basic sum assured

Premium payment term (PPT)

Policy term (PT)

Shriram Easy Life Cover

  1. Minimum entry age - 13 years as on last birthday of the policyholder
  2.  Maximum entry age - 45 years as on last birthday of the policyholder
  1. Minimum basic sum assured: Rs.65,000         
  2. Maximum basic sum assured: The maximum amount is subject to underwriting policies approved by the Board

The available premium payment term (PPT) is 5 years

The policy is offered for a fixed term of 5 years

Shriram Life Smart Protection Plan

  1. Minimum entry age - 18 years as on last birthday of the policyholder
  2. Maximum entry age - 65 years and 55 years for POS policies as on last birthday of the policyholder
  1. Minimum sum assured - Rs.1 lakh
  2.  Maximum sum assured - Rs.14 lakh

No premium payment terms available

The policy is offered for a term of 10 to 30 years

Shriram Life Secure Plus Plan

  1. Minimum entry age - 18 years as on last birthday of the policyholder         
  2. Maximum entry age - 50 years as on last birthday of the policyholder
  1. Minimum basic sum assured - Rs.5 lakh
  2. Maximum basic sum assured - Rs.20 lakh

The policy offers a 10, 15, or 20 years premium payment term (PPT)

The policy is offered for fixed terms of either 10, 15, or 20 years

Shriram Life Cash Back Term

  1. Minimum entry age - 12 years as on last birthday of the policyholder
  2.   Maximum entry age - 50 years as on last birthday of the policyholder
  1. Minimum basic sum assured - Rs.2 lakh
  2. Maximum basic sum assured - Rs.20 lakh
  1. For a 10-year policy term, available PPT is 5 and 10 years
  2. For a 15-year policy term, available PPT is 5, 7, 10, and 15 years
  3. For a 20-year policy term, available PPT is 5, 7, 10, 15, and 20 years
  4. For a 25-year policy term, available PPT is 5, 7, 10, 15, and 25 years

The policy is offered for fixed terms of 10, 15, 20, and 25 years

Shriram Life family Protection

  1. Minimum entry age - 18 years as on last birthday of the policyholder     
  2. Maximum entry age - 60 years as on last birthday of the policyholder
  1. Minimum basic sum assured - Rs.10 lakh·     
  2. Maximum basic sum assured - Rs.5 crore

The policyholder can choose a premium paying term (PPT) of 10 to 25 years under the policy

The policyholder can choose a policy term between 10 years and 25 years

Shriram Life Online Term Plan

  1. Minimum: 18 years·        
  2. Maximum: 55 years
  1. Minimum: Rs.25 lakh·
  2. Maximum: Rs.10 crore

Same as policy term

10 years to 57 years

Shriram Life Comprehensive Cancer Care    

  1. Minimum: 18 years
  2. Maximum: 55 years
  1. Minimum: Rs.5 lakh·        
  2. Maximum: Rs.55 lakh

Same as policy term

10 years, 15 years, and 20 years

Shriram Life Smart Protection Plan SP

  1. Minimum: 18 years·        
  2. Maximum: 65 years and 59 years for POS policies
  1. Minimum: Rs.3 lakh for 40 years and below and Rs.1 lakh for 40 years and above
  2.  Maximum: Rs.14 lakh

Single

6 to 10 years

Shriram Life My Spouse Term Plan

  1. Minimum: 18 years
  2.  Maximum: 55 years
  1. Minimum: Rs.25 lakh
  2. Maximum: Rs.10 crore

Same as policy term

10 to 57 years

Corona Rakshak Policy

  1. Minimum: 18 years
  2.  Maximum: 65 years
  1. Minimum: Rs.50,000·        
  2. Maximum: Rs.2.5 lakh

Single

3.5 months and 6.5 months or 9.5 months

Shriram Life Saral Jeevan bima

  1. Minimum: 18 years·        
  2. Maximum: 65 years
  1. Minimum: Rs.50,000·        
  2. Maximum: Rs.25 lakh

Regular, Limited, and Single

5 years to 40 years

Savings Plans

Type of the Plan

Minimum and maximum age of entry

Basic sum assured

Premium payment term (PPT)

Policy term (PT)

Shriram Life Assured Advantage Plus

For option I:

  1. Minimum entry age - 8 years as on last birthday of the policyholder
  1. Maximum entry age - 40 years as on last birthday of the policyholder

For option II:

  1. Minimum entry age - 8 years as on last birthday of the policyholder
  1. Maximum entry age - 60 years as on last birthday of the policyholder

For option I:

  1. Minimum basic sum assured - Rs.10 lakh
  2. Maximum basic sum assured - No limits

For option II:

  1. Minimum basic sum assured - Rs.1.25 lakh
  2. Maximum basic sum assured - No limits

Premium paying term (PPT) available under the policy is single premium

The policy is offered for a fixed term of 10 years

Shriram Life Genius Assured Benefits Plan

  1. Minimum entry age - 18 years as on last birthday of the policyholder
  2. Maximum entry age - 45 years as on last birthday of the policyholder
  1. Minimum basic sum assured - Rs.2 lakh
  2. Maximum basic sum assured - No limits

The policy is offered for a fixed premium paying term (PPT) of 10 years

The policyholder can choose a policy term between 10 years and 18 years

Shriram Life Assured Income Plan

Minimum entry age - 30 days as on last birthday of the policyholderMaximum entry age - 65 years as on last birthday of the policyholder

For an 8-year policy term:

  1. Basic sum assured - 8 times the annualised premium
  1. Minimum sum assured - Rs.1.20 lakh
  1. Maximum sum assured - Rs.40 lakh                            For a 10-year policy term:
  2. Basic sum assured - 10 times the annualised premium
  3. Minimum sum assured - Rs.1.50 lakh
  4. Maximum sum assured - Rs.50 lakh

Available premium paying terms (PPT) are 5 years

The policy is offered for fixed terms 

Shriram Life New Akshay Nidhi

  1. Minimum entry age - 30 days as on last birthday of the policyholder
  1. Maximum entry age - 55 years as on last birthday of the policyholder
  1. Minimum sum assured - Rs.1.5 lakh
  2. Maximum sum assured - 75 years as on last birthday of the policyholder (subject to underwritten policy)

Available premium paying terms (PPT) under the plan are 15, 20, and 25 years

The policy is offered for fixed terms of 15 years, 20 years, and 25 years

Shriram Life Assured Income Plus

  1. Minimum entry age - 8 years as on last birthday of the policyholder
  2. Maximum entry age - 65 years as on last birthday of the policyholder

Minimum sum assured:

  1. For policyholders up to the age of 50 years - Rs.1.50 lakh
  2. For policyholders who are 51 years old or more than that - Rs.3 lakh

The policy offers a premium paying term (PPT) of 5 years

The policy is offered for a fixed term of 10 years

Shriram Life New Shri Life

  1. Minimum entry age - 30 days as on last birthday of the policyholder
  2. Maximum entry age - 65 years as on last birthday of the policyholder
  1. Minimum sum assured - Rs.50,000
  2. Maximum sum assured - The maximum amount is subject to Board-approved underwritten policy
  1. For a 10-year policy term, available premium paying terms are (PPT) are 7 years and 10 years
  2. For a 15-year policy term, available premium paying terms (PPT) are 5, 7, 10, and 15 years
  3. For a 20-year policy term, available premium paying terms (PPT) are 5, 7, 10, and 20 years
  4. For a 25-year policy term, available premium paying terms (PPT) are 5, 7, 10, 15, and 25 years

The policy is offered for fixed terms of 10, 15, 20, and 25 years

Shriram Life New Shri Vidya

  1. Minimum entry age - 18 years as on last birthday of the policyholder
  2. Maximum entry age - 50 years as on last birthday of the policyholder
  1. Minimum sum assured - Rs.1 lakh
  2. Maximum sum assured - The maximum sum assured is subject to Board-approved underwritten policies
  1. For a 10-year policy term, available premium paying term (PPT) is 10 years
  2. For a 15-year policy term, available premium paying terms (PPT) are 7, 10, and 15 years
  3. For a 20-year policy term, the available premium paying terms (PPT) are 7, 10, and 20 years
  4. For a 25-year policy term, available premium paying terms (PPT) are 7, 10, 15, and 25 years

The policy is offered for fixed terms of 10 years, 15 years, 20 years and, 25 years

Shriram Life Assured Savings Plan

  1. Minimum: 3 years
  1. Maximum: 55 years
  1.  Minimum: Rs.40,000
  1. Maximum: Rs.25 lakh

Regular PPT is same as policy term

Limited PPT:

  1. For 10 years: 8 years
  1. For 15 years: 8 or 10 years

10 years or 15 years

Shriram Life Early Cash Plan

  1. Minimum: 3 years
  1. Maximum: 55 years
  1. Minimum: Rs.1.5 lakh
  2. Maximum: no limit

For PT 10 years: 6 years

For PT 12 years: 6. 8, and 10 years

For 15 years: 8, 10, and 15 years

10 years, 12 years, and 15 years

Shriram Life Premier Assured Benefit

  1. Minimum: 30 dayss
  1. Maximum: 50 years

Minimum:

Maximum

For PT 10 years: 6 years

For PT 12 years: 6 years

For PT 15 to 20 years: 6, 8, and 10 years

10 years, 12 years, and 15 to 20 years

Shriram Life Super Income Plan

  1. Minimum: 25 years
  1. Maximum: 55 years

10 times of annualised premium

10 to 25 years

75 minus entry age

Shriram Life Golden Premier Saver Plan

  1. Minimum: 0 years
  1. Maximum: 60 years
  1. Minimum: Rs. 2 lakh
  2. Maximum: no limit

5 years, 8 or 10 to 20 years

10 years, 13 years, and 15 to 25 years

Rider Plans

Type of plan

Age limit

Basic sum assured

Policy term (PT)

Shriram Accidental Death and Disability Rider

Minimum: 18 yearsMaximum: 65 years

Minimum: Rs.50,000Maximum: Rs.50 lakh

Minimum: 5 yearsMaximum: 25 years

Shriram Critical Illness Care Rider

Minimum: 18 yearsMaximum: 65 years

Minimum: Rs.50,000Maximum: Rs.25 lakh

Minimum: 5 yearsMaximum: 25 years

Accident Benefit Rider

Minimum: 18 yearsMaximum: 65 years

Minimum: Rs.50,000Maximum: Rs.25 lakh

Minimum: 5 yearsMaximum: 52 years

Family Income Benefit Rider

Minimum: 18 yearsMaximum: 65 years

Minimum: Rs.50,000Maximum: Rs.25 lakh

Minimum: 5 yearsMaximum: 52 years

Extra Insurance Cover Rider    

Minimum: 18 yearsMaximum: 65 years

Minimum: Rs.50,000Maximum: Rs.25 lakh

Minimum: 5 yearsMaximum: 52 years

Shriram Accidental Death and Disability Income Rider

Minimum: 18 yearsMaximum: 65 years

Minimum: Rs.50,000Maximum: Rs.50 lakh

Minimum: 5 yearsMaximum: 25 years

Shriram Life Critical Illness Plus Rider

Minimum: 18 yearsMaximum: 65 years

Minimum: Rs.50,000Maximum: Rs.25 lakh

Minimum: 5 yearsMaximum: 52 years

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Group Plans Offered by Shriram Life Insurance

The group plans offered by Shriram Life Insurance are essentially offered by employers to their employees in an organisation. Group plans provide a uniform and fixed insurance cover to all employees.

Microinsurance Plans (Group)

Type of the Plan

Minimum and maximum age of entry

Basic sum assured

Premium payment term (PPT)

Policy term

Shriram Life Jana Sahay

  1. Minimum entry age - 18 years as on last birthday of the policyholder
  2. Maximum entry age - 65 years as on last birthday of the policyholder
  1. Minimum sum assured - Rs.5,000
  2. Maximum sum assured - Rs.2 lakh

No premium paying terms available under the plan

The plan is offered for a fixed minimum policy term of one year

Shriram Life Sujana

  1. Minimum: 18 years
  2. Maximum: 73 years
  1.  Minimum: Rs.1000 per member
  1. Maximum: Rs.2 lakh per member

No premium paying terms (PPT) available under the plan

The policy is offered for:A minimum policy term of 5 years andA maximum policy term of 15 years

Special Plans

Type of the Plan

Minimum and maximum age of entry

Basic sum assured

Premium payment term (PPT)

Policy term

Shriram Life Pradhan Mantri Jeevan Jyoti Bima Yojana

  1. Minimum entry age - 18 years as on last birthday of the policyholder
  2. Maximum entry age - 50 years as on last birthday of the policyholder
  1. Minimum sum assured - Rs.2 lakh for each member
  2. Maximum sum assured - Rs.2 lakh for each member

No premium paying terms (PPT) available under the plan

The policy is offered for a fixed term of one year post which it can be renewed on a yearly basis

Protection Plans

Type of the Plan

Minimum and maximum age of entry

Basic sum assured

Premium payment term (PPT)

Policy term

Shriram Life Group Life Protector (SP)

  1. Minimum entry age - 18 years as on last birthday of the policyholder
  2. Maximum entry age - 68 years as on last birthday of the policyholder

Total sum assured is the total cover offered to each member under the plan which is:

  1. Minimum - Rs.5,000 per member
  2. Maximum - Rs.100 crore per member (subject to Board-approved underwriting policy)

No premium paying terms (PPT) available under the plan

The policy is offered for:A minimum cover term of 2 years andA maximum cover term of 30 years

Shriram Life Group Term Life Insurance Plan

  1. Minimum entry age - 14 years as on last birthday of the policyholder
  2. Maximum entry age - 79 years as on last birthday of the policyholder
  1. Minimum sum assured - Rs.5,000 per member
  2. Maximum sum assured - No limitations (subject to Board-approved underwriting policy)

No premium paying terms (PPT) available under the plan

The policy is offered for a minimum term of one year post which it can be renewed on a yearly basis

Employee Benefit Plans

Type of the Plan

Minimum and maximum age of entry

Basic sum assured

Basic sum assured (minimum and maximum) Premium Paying Term (PPT)

Policy Term (PT)

Shriram Life Group Traditional Employee Benefit Plan

  1. Minimum entry age - 14 years as on last birthday of the policyholder         
  2. Maximum entry age - 75 years as on last birthday of the policyholder

The cover amount offered under the plan is Rs.1,000 per member

No premium paying terms (PPT) available under the plan

One year (renewable)

Shriram Life New Group Gratuity

  1. Minimum entry age - 14 years as on last birthday of the policyholder       
  2. Maximum entry age - 74 years as on last birthday of the policyholder

The minimum cover offered under the plan is Rs.1,000 per member/employee

No premium paying terms (PPT) available under the plan

One year (renewable)

Shriram Life Group Superannuation Plan

  1. Minimum entry age - 14 years as on last birthday of the policyholder
  2. Maximum entry age - 75 years as on last birthday of the policyholder

Members under the plan receive annuities either after they retire or upon death of the individual according to scheme rules

No premium paying terms (PPT) available under the plan

One year (renewable)

Shriram Life Group Term Life Insurance In Lieu Of EDLI

  1. Minimum entry age - 14 years as on last birthday of the policyholder
  2.  Maximum entry age - 74 years as on last birthday of the policyholder
  1. Minimum sum assured - Rs.3.62 lakh
  2. Maximum sum assured - Rs.15 lakh

No premium paying terms (PPT) available under the plan

One year (renewable)

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Online Plans

Type of the Plan

Minimum and maximum age of entry

Basic sum assured

Premium payment term (PPT)

Policy term

Shriram Life Growth Plus

No minimum entry ageMaximum entry age - 70 years as on last birthday of the policyholder

Minimum sum assured -

  1. For single premium policies - if the policyholder’s entry age is less than 45 years, then minimum sum assured will be 1.25 times the single premium and if the entry age is 45 years or above, then minimum sum assured will be 1.10 times the single premium
  2. For regular and limited premium policies - if the policyholder’s entry age is less than 45 years, minimum sum assured will be 10 times the annualised premium and if entry age is 45 years or above, minimum sum assured will be 7 times the annualised premium  Maximum sum assured-
  3. For limited and regular premium policies, maximum sum assured will be 10 times the Annualised Premium and for single premium policies, maximum sum assured will be 1.25 to 10 times single premium (subject to entry age)

For limited premium policies, premium paying term (PPT) is 6 yearsFor single premium policies, premium paying term (PPT) is singleFor regular premium policies, premium paying term (PPT) is same as the policy term

The policy is offered for either 10 years or 15-20 years

Shriram Life Online Term Plan

  1. Minimum entry age - 18 years as on last birthday of the policyholder
  2. Maximum entry age - 55 years as on last birthday of the policyholder

Sum assured will be in the multiple of lakh:

  1. Minimum basic sum assured - Rs.Rs.25 lakh
  2. Maximum basic sum assured - Rs.10 crore
  1. Minimum premium paying term (PPT) available the under the plan - 10 years
  2. Maximum premium paying term (PPT) available under the plan - 57 years

The plan is offered for a minimum fixed term of 10 years and a maximum fixed term of 57 years

Shriram Life Assured Income Plus

  1. Minimum entry age - 8 years as on last birthday of the policyholder
  2. Maximum entry age - 60 years as on last birthday of the policyholder
  1. Minimum basic sum assured - Rs.1.5 lakh
  2. Maximum basic sum assured - Rs.5 crore (subject to Board-approved underwriting policies)

The plan is offered for a fixed premium paying term (PPT) of 5 years

The plan is offered for a fixed policy term of 10 years

Shriram Life Genius Assured Benefit Plan

  1. Minimum entry age - 18 years as on last birthday of the policyholder
  2. Maximum entry age - 45 years as on last birthday of the policyholder
  1. Minimum basic sum assured - Rs.2 lakh
  2. Maximum basic sum assured - No limitations (subject to Board-approved underwriting policies)

The plan is offered for a fixed premium paying term (PPT) of 10 years

The plan is offered for a policy term of 10 years to 18 years

Shriram Life Comprehensive Cancer Care Plan

  1. Minimum entry age - 18 years as on last birthday of the policyholder
  2. Maximum entry age - 65 years as on last birthday of the policyholder

Sum assured will be in the multiple of lakhs:

  1. Minimum basic sum assured - Rs.5 lakh
  2. Maximum basic sum assured - Rs.50 lakh

The policy is offered for premium paying terms (PPT) of 10 years, 15 years, and 20 years

The policy is offered for fixed tenures of 10 years, 15 years, and 20 years

How to Claim Insurance with Shriram Life Insurance Company Limited

Following is a step-by-step procedure to go about the claims process with Shriram Life Insurance Company Limited:

  • Intimation of Claim: Individuals can only purchase plans under 'Individual Plans' for themselves or their family members, based on their requirements and needs. Plans have been divided into several subcategories under the term 'insurance plans'.
  • Filling Forms: Individuals can only purchase plans under 'Individual Plans' for themselves or their family members, based on their requirements and needs. Plans have been divided into several subcategories under the term 'insurance plans'.
  • Receiving Claims: Once you have submitted all the relevant documents, the company will validate your documents and settle the claims within a few days.Go through the policy bond to ensure that you have a relatively easy and hassle-free claims experience.

Shriram Life Insurance Claim Settlement Ratio

Year

2019-20

2017-18

2016-17

2015-16

2014-15

2013-14

Total Premium in Crores

-

1497.04

1207.94

1022.11

734.66

594.24

Claim Settlement Ratio

91.61%

80.23%

63.53%

60.24%

65.66%

67.69%

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Documents Required for Purchasing Shriram Life Insurance

Following are the documents you will have to submit to Shriram Life Insurance Company Limited if you wish to purchase a life insurance policy:

  • ID Proof
  • Age Proof
  • Income Proof
  • Address Proof
  • PAN Number

Premium Payment Options for Renewal of Shriram Life Insurance

The following are the premium payment options available for renewal of Shriram Life Insurance polic:

  1. Quick Pay
  1. Auto debit
  2. Cheque or Demand Draft (DD)
  3. Mobile Application: Shriram Mobile Application
  4. Online, such as:

o   Credit and debit card

o   Net banking

o   UPI

o   RuPay Debit card

o   NEFT

o   Wallet

How to Check Shriram Life Insurance Policy Status

The following are the steps to check the status of a Shriram Life insurance policy: 

  1. Step 1: Visit www.shriramlife.com
  2. Step 2:  Click on the 'Customer Service Option' at the top of the company's home page
  3. Step 3: On the page two option will be available- Support Enquiry and Sales Enquiry
  4. Step 4: Click on Support Enquiry
  5. Step 5: Fill in the required details in the window that appears
  6. Step 6: The details include personal information like name, email address, mobile number, policy number, etc.

Once you have submitted the Enquiry Form, details such as the policy status, premium due date, premium dues, last premium received, etc. will appear on screen. You can find the Enquiry Form at http://www.shriramlife.com/existing-customers-contact-us.

The status of a Shriram Life insurance policy can also be checked via SMS, call and email. To check the status of a policy via SMS, type START policy number and send it to 8179696969.

To check the status of a Shriram life insurance policy via call, the toll-free number you will have to dial is 1800-3000-6116.

To check the status of a Shriram Life insurance policy via email, contact customercare@shriramlife.in.

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Shriram Life Insurance Online Payment

Individuals who prefer to make their premium payments online rather than visiting a branch of the company can do so by visiting the company's official website. The following are the steps to make online payment are:

  1. Visit http://shriramlife.com/login.jsp
  2. Enter client ID or policy number and date of birth Click on ‘Submit’ On the new page, verify the policy details before selecting the payment mode Login with ID and password for payment through net banking for paying through credit card, enter the 16digit number, CVV number, and expiry date

After successful payment, e-receipt will be sent on to a registered email address which will serve as an acknowledgement for premium deposit.

All you have to do is visit http://shriramlife.com/login.jsp and enter your client ID or policy number along with your date of birth and hit Submit after which you will be redirected to a page where you will have to verify your policy details before selecting the payment mode from Credit Card / Net Banking options. If you are using the net banking option, you will have to login with your net banking user ID and password to access your bank account and make payments. If you are using a credit card to make payments, you will have to enter such details as the name on the card, the 16-digit card number, the three-digit CVV and the expiry date after which you will receive the e-receipt that serves as the premium deposit acknowledgment.

Shriram Life Insurance Premium Calculator

To use the Shriram Life premium calculator, go to http://www.shriramlife.in/slp/PremiumCalculator.aspx Choose the plan for which you want to compute premiums. When you select a plan, you will be taken to the next page, where you will be asked to enter more information such as your date of birth, age, policy term, sum assured, and other optional riders before clicking calculate to determine how much premium is applicable to a specific policy.

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Shriram Life Insurance Customer Care

Customer service is an essential component of any organisation that works closely with people. Shriram Life Insurance, one of India's largest insurance providers, realises this and has set up a specialised system to provide customer service to all of its clients. Shriram

Life not only offers a variety of life insurance products, but they also provide excellent customer care through their toll-free helpline number and email. In addition, clients can send SMS to the allocated number to perform simple policy requests.

Know More About:  Shriram Life Insurance Customer Care Number  
Read more about Life Insurance
  1. Life Insurance Policy for Senior Citizens
  2. Life Insurance Plans for Families in India
  3. Life Insurance for Tax Benefits
  4. Life Insurance Plans for NRI
  5. Life Insurance Premium Calculator
  6. Pradhan Mantri Jeevan Jyoti Bima Yojana
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FAQs on Shriram Life Insurance:

  • What is the grievance redressal process with Shriram Life Insurance?

    To raise a complaint or grievance, one must contact the company via the phone, email or by visiting their office.

  • What if the Shriram officials are not able to satisfactorily resolve my grievance?

    In case there is no one at Shriram Finance who seems to be able to provide you with a satisfactory resolution to your problem within 15 days, you can contact the Insurance Ombudsman.

  • What is the grace period in which I can make my premium payments after the due date?

    There is a grace period of 30 available for quarterly, half-yearly, and yearly payment options in which premium payments must be made in full. The grace period is 15 days in the case of monthly payment option.

  • What if I fail to pay my premiums even after the grace period?

    In case you don't pay your outstanding premium even after the due date, the policy will lapse and benefits will cease.

  • Can a lapsed policy be revived?

    Yes, in most cases with Shriram Life Insurance policies, the plan can be revived subject to the payment of all outstanding premiums with interest and penalties (if any). Revival is at the discretion of Shriram Life Insurance Co. Revival must be made within 5 years of the first unpaid premium.

  • To whom is my death claim amount paid through a Shriram Life Insurance Policy?

    The death claim is payable to:

    1. The nominee that you've named in your policy.
    2. Your legal heir, in case no nominee has been named.
    3. In case the nominee is a minor, the death claim is paid to the appointee.
    4. If there is a registered assignment, the assignee will get the death claim.
    5. Under a HUF clause, the Karta will be eligible for the death claim.
    6. Under the MWP Act, the Trustee will be eligible for the death claim.
  • Where can I find the claim forms that need to be filled in for a benefit pay-out from Shriram Life Insurance Co.?

    The forms for all the claims will be available from Shriram Life Insurance.

  • How do I switch between funds?

    To be able to switch between funds, you will have to fill up the appropriate forms that can be got from Shriram Life Insurance.

  • What is the policy renewal process with Shriram Life Insurance Co.?

    To renew the policy, you can get in touch with the company via that phone. You can even renew the policy online too.

  • What is the process to cancel the policy?

    In order to cancel an in-force policy, you will have to visit your nearest Shriram Life Insurance Co. Branch with your identification documents and your policy documents. Approach an executive and surrender the policy, it will take a few working days for the refund of the premiums or any other dues to get credited back into your account.

  • How do I cancel my Shriram Life insurance policy?

    To cancel your Shriram Life insurance policy, all you have to do is visit the nearest branch of the company along with your original policy bond and surrender it to the officials, and the company will refund your money after deducting certain fees within a few days.

  • How do I renew my Shriram Life insurance policy?

    For renewal of life insurance policies, you will have to contact the company's customer care and complete the entire process online.

  • Can I revive a lapsed life insurance policy?

    Yes, most life insurance policies offered by Shriram Life can be revived once they lapse. The policyholder will have to pay all the outstanding premiums along with penalties (if any) and interest. However, the final decision regarding the revival of a life insurance policy is at the discretion of Shriram Life Insurance Company Limited. Also, any lapsed policies must be revived within the first five years of the first unpaid premium.

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