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Shriram Life Insurance Company India

Shriram Life Insurance Company Limited is an insurance and financial service provider that serves to the less fortunate people and economically weaker families in society. Their main motive is to reach common people and the products/plans are helpful to them work efficiently. Shriram group institutions is a chit fund company before initiated into business and now it is a one of the leading commercial vehicle finance and Micro, Small and Medium Enterprise finances.

Shriram life insurance covers COVID-19 hospitalization expenses, lifelong coverage up to 99 years, while issuing policy no medical checkup is required, and also save more with online & offline purchases with discounts. Shriram has some of the group companies such as Shriram financial services ltd, Shriram housing finances ltd, Shriram industrial holdings ltd, Shriram ventures, Shriram transport finances etc. Shriram customer services provide 24/7 digital servicing option for helpline numbers call: 1800-103-7401.

Shriram Life Insurance Company offers wide variety of life insurance products such as Savings plans, Investment plans, Micro insurance plans, Protection plans, Retirement plans, etc. which serve to the different sections of the society. The online plans of Shriram Life Insurance Company are the most selling life insurance plans due to the Corona virus pandemic.

Types of Shriram Life Insurance Plans:-

1.)Savings Plan

i.Shriram Life Super Income Plan:

This plan is to cover the financial security of an individual and families in long term.

Benefits of Shriram life insurance:

  • Super Income: A super Income benefit of fixed monthly amount will be paid from the end of the policy period or in your absence.
  • Maturity Sum Assured: In case of the endurance of life assured till the end of the policy term can get guaranteed maturity sum assured will be paid and the policy is terminated.
  • Death Benefit: Death of the policyholder happens in policy period the higher amount of policy term is paid to the nominee.
  • Tax Benefit: As per Income Tax Laws & are subject to change from time to time.

Features:

  • Entry Age: 25 years
  • Maturity Age: 75 years
  • Premium Payment: 10 to 25 years, based on yearly, half-yearly, quarterly, monthly.
  • Policy Term: No Limit
  • Sum Assured: Rs. 3,60,000 lakhs

ii. Shriram Life Golden Premier Saver Plan:

This plan is to cover combine protection with savings to your family, grow your savings, and get coverages.

Benefits:

  • Maturity Sum Assured: In case of the endurance of life assured till the end of the policy term can get guaranteed maturity sum assured will be paid.
  • Death Benefit: Death of the policyholder happens in policy period the higher amount of policy term is paid to the nominee.
  • Tax Benefit: As per Income Tax Laws & are subject to change from time to time.
  • Extended cover: By choosing this option and paying the additional premiums, in addition to the benefits mentioned above, the policyholder will get life insurance cover for an extended-term.

Features:

  • Entry Age: 18 years
  • Maturity Age: 75 years
  • Premium Payment: 8 to 20 years, based on yearly, half-yearly, quarterly, monthly.
  • Premium:
  • Policy Term: 10/13/15/25 years
  • Sum Assured: Rs. 2 lakhs

iii. Shriram Life Assured Income Plan:

This plan is to cover financial obligations in your absence and also provides returns on maturity if you already in a plan of regular payment after your demise it will receive periodically.

Benefits:

  • Maturity Sum Assured: In case of the endurance of life assured till the end of the policy term can get guaranteed maturity sum assured will be paid.
  • Death Benefit: Death of the policyholder happens in policy period the higher amount of policy term is paid to the nominee.

Features:

  • Entry Age: 30 days
  • Maturity Age: 65 years for POS, and 70 years for Non POS
  • Premium Payment: based on yearly, half-yearly, quarterly, monthly.
  • Premium: Rs. 15,000
  • Policy Term: 8/10/12/15 years
  • Sum Assured: Rs. 1.2 lakhs

iv. Shriram Life Genius Assured Benefit Plan:

This plan is to provide healthy and happier life to children when any threats happen policy gives security to your child even when you are not around them.

Benefits:

  • Maturity Sum Assured: In case of the endurance of life assured till the end of the policy term can get guaranteed maturity sum assured will be paid.
  • Death Benefit: Death of the policyholder happens in policy period the higher amount of policy term is paid to the nominee.

Features:

  • Entry Age: 18 days
  • Maturity Age: 63 years
  • Premium Payment: 10 years based on yearly, monthly.
  • Premium: Rs. 21,732
  • Policy Term: 10 to 18 years
  • Sum Assured: Rs. 2 lakhs

v. Shriram Life POS Assured Savings Plan:

This plan is to cover the older ones of our families when we are not around, which helps your savings.

Benefits:

  • Maturity Sum Assured: In case of the endurance of life assured till the end of the policy term can get guaranteed maturity sum assured will be paid.
  • Death Benefit: Death of the policyholder happens in policy period the higher amount of policy term is paid to the nominee.

Features:

  • Entry Age: 3 years
  • Maturity Age: 65 years
  • Premium Payment: 10 years based on yearly, quarterly, monthly.
  • Premium: Rs. 5000
  • Policy Term: 10 /15 years
  • Sum Assured: Rs. 10 lakhs

vi. Shriram Life Assured Advantage Plus:

This plan is an endowment plan where you have to pay premium only once. Also gives coverage to child’s education/wedding or buying your dream car or a long family vacation abroad.

Benefits:

  • Maturity Sum Assured: In case of the endurance of life assured till the end of the policy term can get guaranteed maturity sum assured will be paid.
  • Death Benefit: Death of the policyholder happens in policy period the higher amount of policy term is paid to the nominee.

Features:

  • Entry Age: 8 years
  • Maturity Age: 70 years
  • Premium Payment: single
  • Premium: Rs. 1 lakh
  • Policy Term: 10 years
  • Sum Assured: Rs. 10 lakhs

vii. Shriram Life New Akshay Nidhi:

This plan is to cover your family which gives you financial support at regular intervals.

Benefits:

  • Maturity Sum Assured: In case of the endurance of life assured till the end of the policy term can get guaranteed maturity sum assured will be paid.
  • Death Benefit: Death of the policyholder happens in policy period the higher amount of policy term is paid to the nominee.

Features:

  • Entry Age: 30 days
  • Maturity Age: 70 years
  • Premium Payment: yearly, half-yearly, quarterly, monthly.
  • Premium: Rs. 1 lakh
  • Policy Term: 15/20/25 years
  • Sum Assured: Rs. 1 lakhs

viii. Shriram Life New Shri Life:

This plan is a non-linked endowment plan which may be added to your life cover year after year and also the maturity benefit.

Benefits:

  • Maturity Sum Assured: In case of the endurance of life assured till the end of the policy term can get guaranteed maturity sum assured will be paid.
  • Death Benefit: Death of the policyholder happens in policy period the higher amount of policy term is paid to the nominee.

Features:

  • Entry Age: 30 days
  • Maturity Age: 75 years
  • Premium Payment: yearly, half-yearly, quarterly, monthly.
  • Premium: Rs. 4000
  • Policy Term:  10/15/20/25 years
  • Sum Assured: Rs. 50,000

ix. Shriram Life New Shri Vidya:

This plan is give insurance cover to child’s future in educational expenses in case of any uncertainties happens to policyholder.

Benefits:

  • Maturity Sum Assured: In case of the endurance of life assured till the end of the policy term can get guaranteed maturity sum assured will be paid.
  • Death Benefit: Death of the policyholder happens in policy period the higher amount of policy term is paid to the nominee.

Features:

  • Entry Age: 18 years
  • Maturity Age: 70 years
  • Premium Payment: yearly, half-yearly, quarterly, monthly.
  • Premium: Rs. 4000
  • Policy Term:  10/15/20/25 years
  • Sum Assured: Rs. 1 lakh

2.) Investment plan:

i. Shriram Life Growth Plus:

This plan is to cover both life cover and savings through market-linked returns with premium payment, fund and flexibility of investment to children, spouse, and grandchild.

Benefits:

  • Maturity Sum Assured: In case of the endurance of life assured till the end of the policy term can get guaranteed maturity sum assured will be paid.
  • Death Benefit: Death of the policyholder happens in policy period the higher amount of policy term is paid to the nominee.

Features:

  • Entry Age: 3 days
  • Maturity Age: 70 years
  • Premium Payment: 6 years based only on single
  • Premium: Rs. 3,500 for monthly regular payment.
  • Policy Term:  10/15/20 years
  • Sum Assured: Rs. 2 lakhs

ii. Shriram Life Fortune Builder:

This plan is to cover individuals who do not have a regular cash flow to premium payments each year on due date.

Benefits:

  • Maturity Sum Assured: In case of the endurance of life assured till the end of the policy term can get guaranteed maturity sum assured will be paid.
  • Death Benefit: Death of the policyholder happens in policy period the higher amount of policy term is paid to the nominee.

Features:

  • Entry Age: 18 years
  • Maturity Age: 75 years
  • Premium Payment: single term
  • Premium: Rs. 25,000
  • Policy Term:  10/15/20 years
  • Sum Assured: Rs. 1.25 lakhs

iii. Shriram Life Wealth Plus:

This plan is to cover your loved ones with financial support; it helps grow your investments and maximizes returns on them offering both savings and protection under a single plan.

Benefits:

  • Maturity Sum Assured: In case of the endurance of life assured till the end of the policy term can get guaranteed maturity sum assured will be paid.
  • Death Benefit: Death of the policyholder happens in policy period the higher amount of policy term is paid to the nominee.

Features:

  • Entry Age: 7 years
  • Maturity Age: 70 years
  • Premium Payment: yearly, half-yearly, quarterly, monthly.
  • Premium: Rs. 2,000 for monthly
  • Policy Term:  10/15/20 years
  • Sum Assured: Rs. 1.25 lakhs

3.) Protection Plan:

i. Shriram Life Smart Protection Plan SP:

This plan is to cover our family’s lifelong coverage with accidental cover or critical illness cover.

Benefits:

  • Death Benefit: Death of the policyholder happens in policy period the higher amount of policy term is paid to the nominee.
  • Waiting Period: It is a period of 1st 90 days from date of acceptance of risk, the plan covers critical illness any time after waiting period.

Features:

  • Entry Age: 18 years
  • Maturity Age: 75 years
  • Premium Payment: Single for SP plan, yearly, half-yearly, quarterly, and monthly.
  • Premium: Rs. 6000 for monthly
  • Policy Term:  6/10/30 years
  • Sum Assured: Rs. 1 to 3 lakhs minimum

ii. Shriram Life My Spouse Term Plan:

This plan is to cover individuals and spouses with comprehensive coverage with affordable premiums.

Benefits:

  • Longer Protection life cover up to the age of 75 years
  • Lower premium for 3 years age females.
  • High sum assured discount.
  • Enhance your protection with limited coverages.

Features:

  • Entry Age: 18 years
  • Maturity Age: 75 years
  • Premium Payment: yearly, half-yearly, quarterly, monthly.
  • Premium: Rs. 3,000 for monthly
  • Policy Term:  10/15/20 years
  • Accidental Death benefit: Rs. 10 Lakhs
  • Critical Illness Cover: Rs. 5 lakhs
  • Sum Assured: Rs. 25 lakhs

iii. Shriram Life Cash Back Term Plan:

This plan is affordable financial security for your loved ones. It has a lump sum payout in case of unfortunate death happens, the policies will be returned on maturity.

Benefits:

  • Maturity Sum Assured: In case of the endurance of life assured till the end of the policy term can get guaranteed maturity sum assured will be paid.
  • Death Benefit: Death of the policyholder happens in policy period the higher amount of policy term is paid to the nominee.

Features:

  • Entry Age: 12 years
  • Maturity Age: 70 years
  • Premium Payment: yearly, half-yearly, quarterly, monthly.
  • Premium: Rs. 3,000 for monthly
  • Policy Term:  10/15/20/25 years

iv. Shriram Life Family Protection Plan:

This plan is a non-linked, non-participating term insurance plan to protect their families in case of sudden death.

Benefits:

  • Maturity Sum Assured: In case of the endurance of life assured till the end of the policy term can get guaranteed maturity sum assured will be paid.
  • Death Benefit: Death of the policyholder happens in policy period the higher amount of policy term is paid to the nominee.

Features:

  • Entry Age: 18 years
  • Maturity Age: 75 years
  • Premium Payment: yearly, half-yearly
  • Premium: Rs. 4,000 for monthly
  • Policy Term:  10-25 years
  • Sum Assured: Rs. 15 lakhs

v. Shriram Corona Rakshak Policy Plan:

This plan provides a lump sum amount to the covid-19 diagnosed person for hospitalization charges with 100% sum insured.

Benefits:

  • Waiting period: This plan is to claim Covid expenses within 15 days from the first policy onwards.

Features:

  • Features:
  • Entry Age: 18 years
  • Maturity Age: 65 years
  • Premium Payment: single
  • Sum Assured: Rs. 50,000 to 2 lakhs

vi. Shriram Life Saral Jeevan Bima Plan:

This plan provides financial support to our families if you are not around them along with accident benefit coverage.

Benefits:

  • Death during Waiting Period: 100% of total premiums paid if any death happens during policy period.
  • Death after Waiting Period: death after the waiting period expiry the lump sum amount that is equal to death sum assured is given to the nominee.

Features:

  • Entry Age: 18 years
  • Maturity Age: 75 years
  • Premium Payment: yearly, half-yearly, quarterly, monthly.
  • Premium: Rs. 2,000 for monthly
  • Policy Term:  5 to 40 years.
  • Sum Assured: Rs. 50,000

4.) Retirement Plan:

i. Shriram Life Pension Plus:

This plan is to cover policyholders regular income for life by purchasing an annuity plus. It is suitable for individuals for long-term retirement plans.

Benefits:

  • Maturity Sum Assured: In case of the endurance of life assured till the end of the policy term can get guaranteed maturity sum assured will be paid.
  • Death Benefit: Death of the policyholder happens in policy period the higher amount of policy term is paid to the nominee.

Features:

  • Entry Age: 20 years
  • Maturity Age: 80 years
  • Premium Payment: 10, 15, 19, 20, and 35 years based on yearly, monthly.
  • Premium: Rs. 3,500 for monthly regular payment.
  • Policy Term:  10/15/35 years
  • Sum Assured: Rs. 1 lakh

ii. Shriram Life Immediate Annuity:

This plan is to provide a lifetime income after retirement with regular periods

Benefits:

  • Maturity Sum Assured: In case of the endurance of life assured till the end of the policy term can get guaranteed maturity sum assured will be paid.
  • Tax Benefit: Tax benefits are as per income tax laws & subject to change from time to time.

Features:

  • Entry Age: 0 years
  • Maturity Age: 85 years
  • Premium Payment: yearly, monthly
  • Premium: Rs. 25,000
  • Policy Term:  10/15/20 years
  • Sum Assured: Rs. 3 lakhs

iii. Shriram Life Saral Pension:

This plan is to cover individual’s premium plan of an annuity for whole life and return of purchase price on death. Life annuity with return of 100% purchase price on death of the policyholder.

Benefits:

  • Maturity Sum Assured: In case of the endurance of life assured till the end of the policy term can get guaranteed maturity sum assured will be paid.
  • Death Benefit: Death of the policyholder happens in policy period the higher amount of policy term is paid to the nominee.

Features:

  • Entry Age: 40 years
  • Maturity Age: 80 years
  • Premium Payment: yearly, half-yearly, quarterly, monthly.
  • Premium: Rs. 1,000 for monthly
  • Policy Term:  single years
  • Sum Assured: Rs. 12,000

5.) Riders:

Add-ons/Riders What is it? Age of Entry & Maturity age Annual Premium Policy Term
Shriram Life Critical Illness Plus Rider This plan is a non-linked, non-participating health risk premium rider suffering a serious illness or injury in the future. 18 to 70 years Rs. 4,000 based on single, yearly, monthly, quarterly, monthly. 5 to 52 years
Shriram Critical Illness Care Rider This plan is an investment to the policyholder to offer liquidity during the five years. 18 to 70 years Rs. 4000 5 to 25 years
Shriram Accidental Death & Disability Rider This rider linked insurance products do not offer any liquidity during the first five years of policy. 18 to 70 years Rs. 4,000 5 to 25 years
Shriram Accidental Death & Disability Income Rider This rider linked insurance products do not offer any liquidity during the first five years of policy. 18 to 70 years Rs. 4,000 5 to 25 years
Extra Insurance Cover Offline This rider gives additional life cover provides financial support to the family in your absence. 18 to 70 years Rs. 4000 Based annually, yearly, half-yearly, and monthly. 5 to 52 years
Shriram Life Critical Illness Plus Rider This plan is to provide additional cover to accidental death or disability candidates covers with monthly instalments. 18 to 70 years Rs. 4000 Based annually, yearly, half-yearly, and monthly. 5 to 52 years
Critical Illness Cover Offline This plan is to cover you with serious illness or injury in the future. 18 to 70 years Rs. 4000 Based on single, annually, yearly, half-yearly, and monthly. 5 to 52 years
Accident Benefit Rider Offline This rider provides additional covers in case of accidental death or disability. 18 to 70 years Rs. 4000 Based on single, annually, yearly, half-yearly, and monthly. 5 to 52 years
Family Income Benefit Online This add-on helps you with additional coverage of accidental death or disability. 18 to 70 years Rs. 4000 Based on single, annually, yearly, half-yearly, and monthly. 5 to 52 years

6.) Micro Insurance Plan:

Shriram Grameena Suraksha Plan:

This plan is a micro-insurance term plan and provides life cover at a low cost with return of premium on maturity.

Benefits:

  • Maturity Sum Assured: In case of the endurance of life assured till the end of the policy term can get guaranteed maturity sum assured will be paid.
  • Death Benefit: Death of the policyholder happens in policy period the higher amount of policy term is paid to the nominee.

Features:

  • Entry Age: 18 years
  • Maturity Age: 65 years
  • Premium Payment: 10/15years
  • Premium: Rs. 1400 for monthly
  • Policy Term:  10/15years
  • Sum Assured: Rs. 2 lakhs

Shriram Life Insurance FAQ's:-

How to Pay Shriram Life Insurance Premium Payment Online?

Shriram life insurance online payment can be done by multiple payment options to pay premiums online using Net Banking, Credit card, Debit card, UPI wallets, and bill pay. It is a secured digital platform to activate auto-debit for renewal Shriram life insurance premium payment with a quick registration.

How Can I Check My Shriram Life Insurance Policy Status Online?

Shriram Life Insurance policy status can be checked by contacting the intermediary from whom the policy was taken or alternatively the insurance policy status can be found on the mParivahan app which displays the start date and end date of the insurance policy. If you can remember the intermediary from whom the policy was taken you can talk to them about the status of the policy or in case if you have taken the policy from PolicyBachat then you can call our customer care to enquire on the insurance policy status.

How Can I Check Shriram Life Insurance Policy Details With Policy Number?

You can check Shriram Life Insurance policy details with policy number easily in simple steps

  • Step1: Visit the official website of Shriram Life Insurance
  • Step2: Click on the Login portal and then enter the details such as register email id, mobile number, user id, etc.
  • Step3: OTP will receive the registered mobile number
  • Step4: After successful login, enter the policy number. You can check the policy details displayed on the screen.

How to Calculate Surrender Value of Shriram Life Insurance Policy?

The surrender value of Shriram Life insurance policy is calculated as a Single premium multiplied by 75% of the outstanding term to maturity/ total term. In case of increasing term assurance, the surrender value is calculated as a Single premium multiplied by 80% of the outstanding term to maturity/ total term again multiplied by the average of effective sum assured at surrender and effective sum assured at the time of maturity/ Average of initial sum assured and effective sum assured at maturity.

How Can I Surrender My Shriram Life Insurance Policy Online?

You can Surrender Shriram Life insurance policy online on our portal. Surrender value is the amount of premium refunded to the policyholder after a few years of premium payment. The surrender value is paid to the policyholder at the time of surrender. Surrender is only allowed for single premium cases where the premium is paid lump sum to the insurance company. Surrender benefits will be paid immediately on the request, surrender is allowed from the first policy year. The surrender value is paid as per the plan option opted by the policyholder.

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