Shriram Life Insurance: Compare Plans, Benefits, Coverages & More!

Shriram Life Insurance was founded in the year 2005 and the company started selling insurance from the year 2006. It is a joint venture between leading business groups – Sanlam Group, Piramal Group and Shriram Group. Sanlam Group is an international partner based out of South Africa. It holds a stake of 26% in the insurance company. Piramal Group and Shriram Group, on the other hand, are Indian conglomerates operating in different segments. All the stakeholders contribute to the company’s efficiency and financial solvency because of which Shriram Life has emerged as a reputed name in the life insurance segment.

Benefits and highlights of Shriram Life Insurance

Some of the notable achievements of the company are as follows –

1. The company has won the Indian Insurance Award for offering Non-urban coverage in the life insurance segment
2. In the private life insurance sector, the company has also won the award for the best life insurance policy
3. The company’s mission is to offer cost-effective insurance solutions to all individuals of the country
4. Shriram Life Insurance offers a range of life insurance plans. each plan has attractive coverage benefits and an affordable premium rate

Life insurance plans offered by Shriram Life Insurance

The following types of life insurance solutions are offered by Shriram Life Insurance to its customers –

Protection Plans

These are term insurance plans which aim to protect your family financially if you die prematurely. In the event of premature death of the bread-winner, the family might face a financial crisis if no financial provision is made for them. Life insurance protection plans make a financial provision for the bereaved family in case of death of the bread-winner.

Protection plans offered by Shriram Life Insurance

1. Shriram Life Smart Protection Plan

This is a pure term insurance plan which covers premature death. The features of the plan include the following –

• There are three coverage options under the plan and each option offers a different coverage benefit. The options and their coverage benefits are as follows-
  1. Silver Option – covers premature death
  2. Gold Option – covers premature death. It also has an inbuilt accidental death benefit rider which pays an additional sum assured in case of accidental death
  3. Diamond Option – covers premature death. It has an inbuilt critical illness rider which covers specific illnesses. If you suffer from any of the covered illness, a lump sum benefit is paid
• Coverage can be taken for up to 30 years
• Premiums are very low and easily affordable

Eligibility conditions of Shriram Life Smart Protection Plan

Entry age	18 years to 65 years
Sum Assured	Minimum – INR 1 lakh Maximum – INR 14 lakhs
Term of the plan	10 years to 30 years
Premium	Depends on age, term, plan option and sum assured

2. Shriram Life Secure Plus Plan

This is a term insurance plan which also promises a maturity benefit. The benefits offered by the plan are as follows –

• If the plan matures, the premiums paid are returned to the policyholder
• The sum assured is paid in case of death during the policy tenure
• The premiums are low

Eligibility conditions of Shriram Life Secure Plus Plan

Entry age	18 years to 50 years
Sum Assured	Minimum – INR 5 lakhs Maximum – INR 20 lakhs
Term of the plan	10, 15 or 20 years
Premium	Minimum – INR 5000 Maximum – depends on age, term and sum assured

3. Shriram Life Cash Back Term Plan

This is a term insurance plan which pays the premiums back on maturity. The features of the plan are mentioned below –

• In case of death, the sum assured is paid which helps the family meet the financial loss suffered
• If the plan matures, the aggregate premiums are paid back
• If you pay premiums in advance, you can earn attractive premium discounts
• You can customise the plan by choosing optional riders. The policy offers you a choice of three riders for enhancing your coverage

Eligibility conditions of Shriram Life Cash Back Term Plan

Entry age	12 years to 50 years
Sum Assured	Minimum – INR 2 lakhs Maximum – INR 20 lakhs
Term of the plan	10 years to 25 years
Premium	Minimum – INR 3000 Maximum – depends on age, term and sum assured

4. Shriram Life Family Protection Plan

This is a pure term insurance plan which gives you a choice in availing the death benefit. The plan’s highlights are as follows –

• You can choose high levels of sum assured at low premium rates
• The death benefit can be received in a lump sum or in instalments
• If you choose the instalment option, 50% of the death benefit would be paid in a lump sum and the remaining would be paid in five equal instalments over five years
• You get premium discounts for choosing a higher sum assured amounts

Eligibility conditions of Shriram Life Family Protection Plan

Entry age	18 years to 60 years
Sum Assured	Minimum – INR 15 lakhs Maximum – INR 5 crores
Term of the plan	10 years to 25 years
Premium	Minimum – INR 4000 Maximum – depends on age, term and sum assured

5. Shriram Easy Life Cover Plan

This is a short term life insurance plan which also promises a maturity benefit. The plan’s features are as follows –

• A minimum guaranteed sum assured would be paid if the plan matures
• In case of death, you get at least 10 times the annual premium

Eligibility conditions of Shriram Easy Life Cover Plan

Entry age	13 years to 45 years
Sum Assured	Minimum – INR 65,000 Maximum – no limit
Term of the plan	5 years
Premium	Minimum – INR 6500 Maximum – no limit

Savings Plans

Savings Plans are traditional life insurance plans which allow you to create a corpus for your financial goals while at the same time enjoying life insurance coverage. These plans promise a guaranteed corpus which is further enhanced through bonus additions or guaranteed additions. Savings plans can be offered as endowment plans which pay a lump sum on maturity or death or as money back plans which pay benefits at regular intervals during the policy tenure.

Savings plans offered by Shriram Life Insurance

1. Shriram Life Golden Premier Saver Plan

This is a participating endowment plan which offers the following benefits to policyholders –

• You get an assured bonus of 4% of the sum assured in the first five policy years
• You can extend the coverage duration after maturity to avail coverage till you reach 80 years of age. In that case, you receive an additional sum assured if you survive till 80 years of age or die during the extended period
• There are optional riders to increase the coverage of the plan
• If you choose a higher sum assured you can enjoy a premium discount
• You can choose to receive a lump sum benefit on maturity or money back benefits. Money-back benefits would be paid in the last five years of the plan @ 10% of the sum assured

Eligibility conditions of Shriram Life Golden Premier Saver Plan

Entry age	0 years to 60 years
Sum Assured	Minimum – INR 2 lakhs Maximum – no limit
Term of the plan	10 years to 25 years
Premium	Minimum – INR 10,296 Maximum – no limit

2. Shriram Life Super Income Plan

This is a money-back insurance plan which pays a regular monthly income to the policyholder once the premium paying term is over. The features of the plan are as follows –

• Coverage is allowed until 75 years of age
• The plan requires only limited premium payments. After the premium payment term is over, monthly incomes are paid every month till death or maturity
• In case of death during the plan duration, the full death benefit is paid irrespective of the monthly incomes already paid
• On maturity also a guaranteed benefit is paid

Eligibility conditions of Shriram Life Super Income Plan

Entry age	25 years to 50 years
Sum Assured	10 times the annual premium
Term of the plan	75 – entry age
Premium	Minimum – INR 30,000 Maximum – no limit

3. Shriram Life Assured Advantage Plus Plan

This is a single premium endowment plan which pays guaranteed benefits on death or maturity. The salient features of the plan are as mentioned below –

• You can choose a life cover from two available options. Under the first option, the coverage is 1.25 times the single premium while under the other option the coverage is 10 times the single premium
• The maturity benefit can be availed in three options. You can choose to get the benefit in one lump sum, annual instalments or in monthly instalments as per your requirements

Eligibility conditions of Shriram Life Assured Advantage Plus Plan

Entry age	8 years to 60 years
Sum Assured	Minimum – INR 1.2 lakhs under Option I and INR 10 lakhs under Option II Maximum – no limit
Term of the plan	10 years
Premium	Minimum – INR 1 lakh Maximum – no limit

4. Shriram Life Genius Assured Benefits Plan

This is a child insurance plan which creates a guaranteed corpus for your child even in your absence so that your child’s financial needs are taken care of. The plan has the following features –

• The death benefit can be received in two options – lump sum option and instalment option
• Family support benefit and education support benefit can also be chosen under the plan. Under family support benefit 1% of the sum assured is paid every month from the death of the insured till the end of the policy term. Under education support benefit, five annual payments are made after the plan matures
• Under the education support benefit you can choose to avail uniform annual pay-outs or increasing annual pay-outs
• Auto coverage benefit is available under the plan wherein the plan continues for one year, even if you don’t pay the premium. This benefit is available if the first two years’ premiums have been paid
• You get a premium discount if the sum assured is INR 3 lakhs and above
• Two optional riders are also available for an increased scope of coverage

Eligibility conditions of Shriram Life Genius Assured Benefits Plan

Entry age	18 years to 45 years
Sum Assured	Minimum – INR 2 lakhs Maximum – no limit
Term of the plan	10 years to 18 years
Premium	Minimum – INR 21,732 Maximum – no limit

5. Shriram Life POS Guaranteed Endowment Plan

This is a savings oriented endowment plan which allows insurance coverage as well as a guaranteed savings corpus. The plan’s features are as follows –

• The policy can be purchased online with minimal documents
• A policy loan is available under the plan to meet your financial requirements
• You can opt for an inbuilt accidental death benefit coverage wherein an additional sum assured would be paid in case of accidental deaths

Eligibility conditions of Shriram Life POS Guaranteed Endowment Plan

Entry age	30 days to 55 years
Sum Assured	Minimum – INR 1 lakh Maximum – INR 10 lakhs
Term of the plan	10 years to 20 years
Premium	Minimum – INR 3500 or INR 44,000 as a single premium Maximum – depends on age, term and sum assured

6. Shriram Life Secure Investment Plan

This is a single premium endowment plan which has the following benefits –

• The maturity benefit depends on the single premium paid and is guaranteed
• You can choose a short term cover if you need funds within a short duration

Eligibility conditions of Shriram Life Secure Investment Plan

Entry age	30 days to 60 years
Sum Assured	Minimum – INR 49,600 Maximum – no limit
Term of the plan	5 years or 10 years
Premium	Minimum – INR 40,000 Maximum – no limit

7. Shriram Life Assured Income Plan

This is an endowment plan which offers you a promise of regular incomes. The features of the plan are as follows –

• Regular incomes are promised after the term of the plan expires
• The incomes would be high if the policy term and the premium amount is high
• You can enhance your coverage through any of the four available riders offered with the plan

Eligibility conditions of Shriram Life Assured Income Plan

Entry age	30 days to 50 years
Sum Assured	Minimum – INR 1.2 lakhs Maximum – INR 40 lakhs
Term of the plan	8 years or 10 years
Premium	Minimum – INR 15,000 Maximum – INR 15 lakhs

8. Shriram Life New Akshay Nidhi Plan

This is a money-back insurance plan which offers you liquidity through regular money back benefits. The plan’s features are as follows –

• The plan participates in the profits earned by the company and earns bonuses
• You get premium discounts if high levels of sum assured are chosen
• Advance payment of premiums also attract premium discounts
• Riders are available for enhancing the coverage offered by the plan
• Survival benefits are payable after every five policy years

Eligibility conditions of Shriram Life New Akshay Nidhi Plan

Entry age	30 days to 60 years
Sum Assured	Minimum – INR 1.5 lakhs Maximum – no limit
Term of the plan	15, 20 or 25 years
Premium	Depends on age, term and sum assured

9. Shriram Life Assured Income Plus Plan

This is a short term endowment plan which allows you to create a good corpus within a short duration. The features of the plan are as follows –

• Premiums are payable only for a limited period
• The maturity benefit is paid in annual instalments over a period of five years
• You get an assured coverage of up to 10 times the annual premiums paid

Eligibility conditions of Shriram Life Assured Income Plus

Entry age	8 years to 60 years
Sum Assured	Minimum – INR 1.5 lakhs Maximum – INR 5 crores
Term of the plan	10 years
Premium	Minimum – INR 20,000 Maximum – INR 65.10 lakhs

10. Shriram Life New Shri Raksha Plan

This is a unique endowment plan which offers enhanced death benefits and coverage for your whole life. The plan’s features are as follows –

• In case of death during the term, the double sum assured is paid
• After the policy term comes to an end, the maturity benefit is paid but the coverage continues for a whole life. If the insured dies during the coverage period, the sum assured is paid
• The plan earns bonuses which enhance the benefits payable

Eligibility conditions of Shriram Life New Shri Raksha Plan

Entry age	18 years to 55 years
Sum Assured	Minimum – INR 1.5 lakhs Maximum – no limit
Term of the plan	10 years to 25 years
Premium	Depends on age, term and sum assured

11. Shriram Life New Shri Life Plan

This is an endowment assurance plan which also earns bonuses. The features of the plan are as follows –

• Premiums can be paid either for the whole policy term or for a limited period
• You get premium rebates for high sum assured levels
• Premiums can be paid in advance and if you do so you would get premium discounts
• You can choose to receive the plan’s benefits in instalments. If you choose the instalment option, an additional interest would be paid with the instalments
• Riders are also available under the plan

Eligibility conditions of Shriram Life New Shri Life Plan

Entry age	30 days to 65 years
Sum Assured	Minimum – INR 50,000 Maximum – no limit
Term of the plan	10 years to 25 years
Premium	Depends on age, the sum assured and term

12. Shriram Life New Shri Vidya Plan

This is a money-back child plan which helps in paying for your child’s education costs at specified intervals. The benefits of the plan are as follows –

• 25% of the sum assured is paid as money back benefits in the last four policy years
• The additional death benefit can be chosen wherein the survival benefits would be paid even after the death of the insured
• Family income benefit is also available under the plan which pays 1% of the sum assured per month after the death of the insured till the maturity date
• You get premium discounts for high sum assured levels
• There are optional riders to increase your coverage

Eligibility conditions of Shriram Life New Shri Vidya Plan

Entry age	18 years to 50 years
Sum Assured	Minimum – INR 1 lakh Maximum – no limit
Term of the plan	10 years to 25 years
Premium	Depends on age, term and sum assured

13. Shriram Life New Shri Vivah Plan

This is an endowment plan which offers a double death benefit. Here are the plan’s features –

• The plan earns bonuses which help in increasing the benefits payable
• In case of death, you get the basic sum assured and an additional death benefit. The additional death benefit is calculated as the present value of the maturity benefit and a family income benefit
• Family income benefit is a series of regular monthly incomes payable @ 1% of the sum assured from death till maturity
• You can choose to receive the death benefit in a lump sum or in the form of family income benefit
• Three riders are available under the plan for additional coverage
• Rebates are allowed for high sum assured levels which are INR 5 lakhs and above

Eligibility conditions of Shriram Life New Shri Vivah Plan

Entry age	18 years to 50 years
Sum Assured	Minimum – INR 1 lakh Maximum – no limit
Term of the plan	10 years to 20 years
Premium	Depends on the age, term, premium payment term and sum assured

Investment Plans

Investment plans are nothing but unit-linked insurance plans which invest your premiums in the capital market for good returns. These plans are flexible and help in maximising your wealth. Insurance coverage is also available under the plan which makes the plan a dual benefit plan.

Investment plans offered by Shriram Life Insurance

1. Shriram Life Growth Plus Plan

This is a flexible unit-linked insurance plan which offers the following benefits to you –

• The plan has two death benefit options. Under the first option, you can choose to avail both the sum assured and the fund value on death. Under the second option, higher of the sum assured or fund value is paid
• Top-up premiums are allowed under the plan and each top-up also increases the sum assured and fund value
• There are no charges on switching and premium redirections
• You also get loyalty additions which enhance the fund value
• There are three optional riders to choose from for a better coverage scope

Eligibility conditions of Shriram Life Growth Plus Plan

Entry age	30 days to 60 years
Sum Assured	Minimum – INR 55,000 Maximum – 10 times the annual premium
Term of the plan	10 years to 20 years
Premium	Minimum – INR 30,000 Maximum – no limit

2. Shriram Life Fortune Builder Plan

This is a single premium unit-linked plan which offers the following features –

• Top-up premiums are allowed under the plan for increasing your investment
• There are six types of investment funds

Eligibility conditions of Shriram Life Fortune Builder Plan

Entry age	0years to 65 years
Sum Assured	Up to 1.25 times the single premium paid
Term of the plan	10, 15 or 20 years
Premium	Minimum – INR 25,000 Maximum – no limit

3. Shriram Life Wealth Plus Plan

This is a flexible unit-linked plan wherein you can choose the premium and the premium paying term. The features of the plan are as follows –

• In case of death, both the sum assured and the fund value is paid
• Top-ups can be done under the plan which would help in increasing your investments
• You can choose the Auto Transfer Option of investing the premium. Under this option, the premium would initially be invested in a low-risk fund. Thereafter, it would be transferred automatically to a high-risk fund
• The maturity benefit can be taken in instalments through the settlement option feature

Eligibility conditions of Shriram Life Wealth Plus Plan

Entry age	7 years to 65 years
Sum Assured	Up to 10 times the annual premium
Term of the plan	10 years to 25 years
Premium	Minimum – INR 12,000 Maximum – no limit

4. Shriram Ujjwal Life (SP) Plan

Ujjwal Life is a single premium policy which has the following features –

• There are six options of investment funds under the plan
• You can add top-up premiums if you want
• Sum assured and the fund value is paid on death

Eligibility conditions of Shriram Ujjwal Life (SP) Plan

Entry age	7 years to 65 years
Sum Assured	Up to 1.25 times the single premium
Term of the plan	10 years
Premium	Minimum – INR 35,000 Maximum – no limit

5. Shriram Ujjwal Life Plan

A version of the above-mentioned plan, this plan requires you to pay regular premiums. The features of the plan include the following –

• You can pay top-up premiums besides the regular premiums that you are paying
• The death benefit is enhanced as the sum assured is paid along with the fund value

Eligibility conditions of Shriram Ujjwal Life Plan

Entry age	7 years to 65 years
Sum Assured	Up to 10 times the annual premium
Term of the plan	10 years
Premium	Minimum – INR 30,000 Maximum – no limit

Retirement plans

Retirement plans are insurance plans which are designed to provide you with incomes after you retire. There are two types of retirement plans offered by life insurance companies. The first one is a plan which lets you create a retirement corpus through regular investments when you are working. The other is a plan which lets you avail lifetime incomes as soon as you buy it. Shriram Life Insurance offers both types of retirement plans to its customers. Let’s see these plans and understand their benefits –

Retirement plans offered by Shriram Life Insurance

1. Shriram Life Pension Plus Plan

This is a pension ULIP plan which helps you create a retirement fund through market-linked investments and returns. The features of the plan are as follows –

• You can pay top-up premiums to enhance your investments
• A minimum of 101% of total premiums paid is guaranteed when the plan matures
• You can also increase the term of the plan till 80 years of age

Eligibility conditions of Shriram Life Pension Plus Plan

Entry age	20 years to 65 years
Sum Assured	Would depend on the premium and age
Term of the plan	10 years to 35 years
Premium	Minimum – INR 25,000 Maximum – no limit

2. Shriram Life Immediate Annuity Plus Plan

This is an immediate annuity plan which gives you annuity payments right from the time that you buy the policy. The annuity payments are promised lifelong creating a regular income flow for your retirement. The features of the plan are as follows –

• There are eight annuity payment options offered by the plan
• You can also choose to include your spouse to receive annuity payments through joint life annuities
• The premium paid to buy the plan can be availed back in case of your death through the return of the purchase price annuity option

Eligibility conditions of Shriram Life Immediate Annuity Plus Plan

Entry age	0 years to 85 years
Annuity amount	Minimum – INR 20,085/year Maximum – no limit
Term of the plan	Whole of life
Premium	Minimum – INR 3 lakhs Maximum – no limit

Micro Insurance Plans

Microinsurance plans are rural insurance plans which offer life insurance solutions to people living in rural areas. These plans offer lower coverage levels suitable to the economically backward classes of the society and the premiums are also very low. Shriram Life offers one micro-insurance plan which is discussed below –

1. Shriram Grameena Suraksha Plan

This is a term insurance plan which offers two flexible plan options. The features of the plan are mentioned as under –

• You can either choose the pure term plan option wherein the benefit is paid only on death during the policy tenure. Alternatively, you can choose the return of premiums option wherein a death benefit is paid in case of death during the term and if the plan matures, the premiums are refunded back
• The premiums are very low and easily affordable

Eligibility conditions of Shriram Grameena Suraksha Plan

Entry age	18 years to 50 years
Sum Assured	Minimum – INR 17,000 Maximum – INR 50,000
Term of the plan	10 years or 15 years
Premium	Minimum – INR 750 Maximum – INR 4425

How to apply for Shriram life insurance plans?

Shriram Life Insurance company offers different types of online services. One such service is allowing you to buy its insurance plans online. You can visit the company’s website, choose the plan that you like and buy it online from the company’s portal itself.

You can also buy Shriram’s life insurance plans online through Turtlemint. Turtlemint allows you to buy any desired life insurance policy online from its website. Moreover, it also lists similar insurance plans offered by other leading life insurance companies so that you can compare the available plans and buy one which suits you the best. You would just have to visit Turtlemint’s website at
www.turtlemint.com/life-insurance and choose your financial need. Then you would have to enter in your details based on which the most suitable plans would be shown with their premium rates. You can compare the premiums and buy the most suitable policy for your coverage needs.

Documents required for buying life insurance plans

Some of your documents would be required when you are buying life insurance plans. These documents include the following –

1. Identity proof
2. Age proof
3. Address proof
4. Proof of income if you choose very high levels of sum assured
5. Photographs

You would also have to fill up a proposal form and submit it with these documents to get the policy issued. In some cases, medical check-ups might be required to assess your health. If check-ups are required, you would have to attach the medical check-up documents too so that the insurance company can assess your risk and issue the policy accordingly.

Other online services offered by Shriram Life Insurance

Besides allowing you to buy a life insurance policy, Shriram Life Insurance also allows you online services for the following –

• Payment of online premiums
• Tracking your policy status
• Registration for an auto-debit facility for deduction of premiums from your bank accounts
• Payment of renewal premiums
• Calculators for calculating your insurance needs
• E-brochures for understanding the terms and conditions of its life insurance plans
• Availing premium paid certificates
• Linking your Aadhaar card to your insurance policies
• Tax planning

Making claims under Shriram life insurance plans

Claims happen when the policy matures or if the insured dies. The claim process and documents required are mentioned below –

1. Maturity claims

Maturity claims occur when the policy matures and the insured is alive. To make a maturity claim, you would have to fill up and submit a claim discharge form along with the policy document and valid identity proof. Your bank account details would also be required so that the insurance company pays the claim directly to your bank account.

2. Death claims

If the insured dies during the term of the policy, death claims occur. To make a death claim, the nominee is required to inform the insurance company of the death of the insured. The following documents would also be required for the claim-

1. The claim form, filled and signed by the nominee
2. Death certificate of the insured
3. Policy bond in original

If the policy was assigned or reassigned, the deed of such assignment or reassignment

4. Claim discharge form
   
5. Bank details of the beneficiary
6. Police FIR, panchnama, inquest report, post mortem report, etc. if it is an accidental death
7. Any other documents as required by Shriram Life

To make the claim easier, you can also inform Turtlemint for the settlement of your claims. Turtlemint helps its clients in getting a claim settlement easily and hassle-free. You can inform Turtlemint at its helpline number 1800 266 0101 or send in an email at claims@turtlemint.com. Your job would then be done. Turtlemint’s claim team would then coordinate with Shriram Life and get your claims settled within the shortest possible time.