Shriram Life Insurance: Review & Plans

Quick Overview

Shriram Life Insurance (IRDAI registration number: 128) is a mid-sized insurer focused on customers in Tier 2 and Tier 3 cities. While its Claim Settlement Ratio (CSR) of 98.07% is competitive, other metrics, such as the Amount Settlement Ratio (ASR) of 79.82% and business scale, fall below industry averages. For most customers, choosing a reliable, established insurer such as Axis Max Life or HDFC Life is the better choice.

Over the years, Shriram Life Insurance has built a strong presence in the Indian life insurance market. However, it has also faced regulatory scrutiny, most recently in September 2025, when IRDAI cautioned the company for compliance lapses identified during a remote inspection conducted in 2020.

In this Shriram Life Insurance Review, we take a closer look at the insurer’s performance across key operational metrics, examine its term insurance plans, and help you assess whether it’s the right choice for you.

About Shriram Life Insurance Company

Shriram Life Insurance, incorporated in 2005, is a joint venture between the Indian Shriram Group and South Africa’s Sanlam Group (14.72% stake).

Key Performance Metrics: Shriram Life Insurance

Key Operational Metrics	Shriram Life Average (FY 22-25)	Industry Average (FY 22-25)
Claim Settlement Ratio (CSR)	98.07%	98.66% (Mean)
Amount Settlement Ratio (ASR)	79.82%	94.83% (Mean)
Complaint Volume (Per 10,000 Claims)	13.42	17.67 (Median)
Solvency Ratio	1.98x	2.04x (Median)
Annual Business Volumes (in Crore)	₹1,764	₹3,411.73 (Median)
Amount Paid in Death Claims (in Crore)	₹80.2	₹195.05 (Median)

Key Insights:

Although Shriram Life’s CSR is good, other insurers, such as Axis Max Life, perform better, with a CSR of 99.62%.
Shriram Life’s ASR is quite low compared to the industry average. This may indicate that the insurer is treating some high and low-value claims differently.
The complaint volume is lower than the industry median, but insurers such as HDFC Life manage to maintain a minimal complaint volume of 1.33, despite much higher business volume.
Shriram Life maintains a solvency ratio above the IRDAI minimum requirement of 1.5x.
The insurer’s business volumes are lower than those of industry giants such as LIC (Life Insurance Corporation of India), SBI Life, and HDFC Life. This could indicate lower market penetration.

Complete Shriram Life Insurance Plan List

The insurer offers:

ULIPs such as Growth Plus, Fortune Builder, Wealth Pro, and Golden Jubilee Plan.
Savings plans such as Sunischit Laabh, Premier Assured Benefits, Super Income Plan, and Assured Income Plan.
Retirement plans such as Immediate Annuity Plus, Saral Pension, Pension Plus, and Deferred Annuity Plan.
Term insurance plans such as Flexi Shield, Smart Protection Plan, Group Life Protector SP, and Family Protection Plan.

Note: Out of all life insurance offerings, term insurance stands out if your priority is securing a high life cover at an affordable cost. You pay a relatively low premium for a large life cover that can protect your family if something happens to you. For more details, you can also refer to the infographic attached below:

Shriram Life Insurance: Term Plan Offerings

Feature	Flexi Shield	Smart Protection Plan
Entry Age	18 years to 65 years	18 years to 65 years
Maturity Age	23 years to 100 years (whole life cover)	Maximum: 75 years (regular pay)
Sum Assured	₹10 Lakh to No Limit (Subject to Underwriting)	₹1 Lakh to ₹14 Lakh
Premium Payment Mode	Yearly, Half-Yearly, Quarterly, Monthly	Yearly, Half-Yearly, Quarterly, Monthly
Premium Payment Term	Single, regular pay, and limited pay	Regular and limited pay
Key Features	Inbuilt waiver of premium on terminal illness, optional accidental and critical illness benefits, return of premium option, life-stage benefits	Optional accidental & critical illness benefits, multiple plan options (Silver/Gold/Diamond)

If you’d like to learn more about Shriram Life Insurance policy details and other term plans, you can check out the policy brochures on the official insurer website.

CTA

Shriram Life Insurance: Term Plan Offerings

Profile	Shriram Life Flexi Shield	Axis Max Life Smart Term Plan Plus	HDFC Life Click2Protect Supreme Plus
25, Male	₹12,832	₹10,160	₹10,327
25, Female	₹10,910	₹8,636	₹8,778
30, Male	₹16,050	₹12,296	₹13,436
30, Female	₹13,076	₹10,452	₹11,421

For this example, we’ve considered profiles of healthy, non-smoking individuals living in a tier-1 city like Delhi (pincode: 110010), covered until age 65, with a sum assured of ₹1 crore. The premiums are indicative only and may vary based on your age, health conditions, lifestyle choices, and underwriting decisions.

Takeaway: Shriram Life Insurance premiums are higher than those of leading insurers, such as Axis Max Life and HDFC Life, which deliver better performance across key operational metrics and offer more comprehensive features.

Riders Available in Shriram Life Insurance Plans

Step Up Rider

Starts with a base rider sum assured and increases every year by the same amount, up to a maximum of 10 times or until the policy term ends. In case of death during the rider term, the increased rider sum assured at that time is paid to the nominee.

Accident Benefit Rider

Provides an additional payout (up to ₹50 lakh) over and above the base sum assured in case of accidental death or total and permanent disability.

Critical Illness Plus Rider

Offers a lump-sum benefit upon diagnosis of 24 specified serious illnesses (such as cancer, heart attack, or stroke) after a 30-day waiting period. The maximum sum assured is ₹25 lakh, and the rider term ranges from 5 to 52 years.

Critical Illness Woman Rider

You get coverage for female-specific critical illnesses, as well as other critical illnesses. An additional cover against pregnancy complications or the birth of a child with a congenital disorder is also available.

Apart from this, Shriram Life Insurance also offers Family Income Benefit Rider, Extra Insurance Cover Rider, and Arogya Saathi Rider. To learn more about which riders we typically recommend at Ditto, you can check out our comprehensive guide on term insurance riders.

Top 10 Life Insurance Companies in India by Claim Settlement Ratio

The attached infographic shows the top 10 term insurance CSR. As is evident, Shriram Life Insurance Company does not appear on this list, indicating that while it performs reasonably well, it is not among the industry leaders.

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Ditto’s Take: Shriram Life Insurance Review and Verdict

This Shriram Life Insurance Review shows that the insurer offers a wide range of plans, from basic policies to more comprehensive options like the Flexi Shield term plan. That said, while Shriram Life Insurance may serve customers in smaller cities well, it falls behind larger insurers on key metrics such as CSR, ASR, complaint volume, and overall scale.

If you’re looking for stronger claim reliability and higher trust indicators, it may be worth considering larger insurers like Axis Max Life or HDFC Life. You can also explore our comprehensive guide on the best term insurance companies for a more informed decision.

Frequently Asked Questions

Is Shriram Life Insurance good or bad?

Shriram Life Insurance is an average insurer with a decent CSR but weaker performance in other metrics, such as ASR and business scale.

What is the rank of Shriram Life Insurance Company?

Shriram Life Insurance Company does not rank among the top insurers based on claim settlement ratio or business volume.

Which is the No. 1 Life Insurance company in India?

Top insurers typically include Axis Max Life, HDFC Life, ICICI Prudential, or SBI Life. This list is based on key operational metrics, such as CSR, ASR, and complaint volume, as well as comprehensive term plan offerings and premiums.

Which bank is tied up with Shriram Life Insurance?

Shriram Life Insurance primarily distributes its products through Shriram Group channels and partner networks, including NBFCs (Non-Banking Financial Company) and regional financial institutions. It also partners with banks like ESAF Small Finance Bank and Pune People's Co-Operative Bank for bancassurance distribution.

Last updated on: 5 Apr, 2026