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 –
- The company has won the Indian Insurance Award for offering Non-urban coverage in the life insurance segment
- In the private life insurance sector, the company has also won the award for the best life insurance policy
- The company’s mission is to offer cost-effective insurance solutions to all individuals of the country
- 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 –
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 –
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 –
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 –
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 –
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 –
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 –
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 –
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 –
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 –
6. Shriram Life Secure Investment Plan
This is a single premium endowment plan which has the following benefits –
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 –
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 –
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 –
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 –
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 –
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 –
13. Shriram Life New Shri Vivah Plan
This is an endowment plan which offers a double death benefit. Here are the plan’s features –
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 –
2. Shriram Life Fortune Builder Plan
This is a single premium unit-linked plan which offers the following features –
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 –
4. Shriram Ujjwal Life (SP) Plan
Ujjwal Life is a single premium policy which has the following features –
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 –
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 –
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 –
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 –
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 –
- Identity proof
- Age proof
- Address proof
- Proof of income if you choose very high levels of sum assured
- 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 –
- 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.
- 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-
- The claim form, filled and signed by the nominee
- Death certificate of the insured
- Policy bond in original
If the policy was assigned or reassigned, the deed of such assignment or reassignment
- Claim discharge form
- Bank details of the beneficiary
- Police FIR, panchnama, inquest report, post mortem report, etc. if it is an accidental death
- 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.