Life Insurance
Shriram Life Insurance
Shriram Life Insurance is a private life insurer in India headquartered in Hyderabad, Telangana. It is a joint venture between Shriram Capital Private Limited, a part of the Chennai-based Shriram Group, and Sanlam Emerging Markets (Mauritius) Limited, which is part of Sanlam Group, Africa's largest non-banking financial services group with operations across 26 countries. Shriram Capital holds a 47% stake, and Sanlam holds a 23% stake in the company. The insurer has been operational since 2006 and has built a strong distribution network of over 500 branches and approximately 2,639 agents across the country.
| Annual Business | ₹1,764 cr |
| Claims Settled | 98.07% (Avg. of last 3 years) |
| Claims settled within 30 days | 99.28% |
Term Insurance offered by Shriram Life Insurance
Flexi Shield Plan
The Flexi Shield Plan is Shriram Life's latest term insurance offering, designed for individuals who want flexibility in coverage and premium payment terms. It is positioned as a more comprehensive and customizable protection solution compared to the existing range.
Benefits Under the Policy
- Comprehensive Protection: :
Coverage against death, critical illnesses (especially the women-specific ones).
- Flexibility: :
You can choose from four plan variants (Shield, Cashback Shield, Life Stage, and Smart) based on your needs.
- Terminal Illness Benefit: :
Acceleration of 50% of the base sum assured on diagnosis of terminal illness. You also get an in-built waiver of premium along with it.
- Auto Shield: :
You can easily defer premium payments for up to 12 months.
- Special Exit: :
The plan allows you to receive 100% of your premiums paid under specific conditions.
Add-ons Available Under the Policy
- Accident Benefit Rider: :
In the event of death or total and permanent disability due to an accident during the rider term, the insurer pays you 100% of the rider sum assured.
- Family Income Benefit Rider: :
In the event of accidental death or if the life assured becomes totally and permanently disabled due to an accident, 1% of the rider sum assured is payable every month immediately for a guaranteed period of 10 years or till the end of the rider term, whichever is higher.
- Critical Illness Plus Rider: :
If you are diagnosed with any of the 24 specified critical illnesses, the insurer pays 100% of the rider Sum Assured upon survival, up to 30 days following the date of the first confirmed diagnosis.
Smart Protection Plan
The Smart Protection Plan is a pure protection term insurance plan available in three variants, Silver, Gold, and Diamond, each offering a different scope of coverage for up to 30 years. It is designed to give policyholders flexibility in choosing the level of protection they need, from basic life cover to enhanced protection against accidental death and critical illness.
Benefits Under the Policy
- Flexibility: :
You also get a long term cover of up to 30 years under this plan.
- Enhanced Protection::
You get the option to avail of enhanced protection through three options: Silver (life cover), Gold (life cover with in-built accidental death benefit, and Diamond (life cover with in-built critical illness benefit).
Note: No separate riders are available under this plan as the additional benefits are inbuilt within the respective plan variants.
Shriram Life Insurance Term Insurance plan details
| Plan Name | Entry Age | Sum Assured | Policy payment options |
|---|---|---|---|
Flexi Shield Plan | 18 to 65 years | ₹1 Lakh to ₹14 Lakh | Monthly, quarterly, half-yearly, and annually. |
Smart Protection Plan | 18 to 65 years | ₹10 lakh to No limit (Subject to underwriting) | Monthly, quarterly, half-yearly, and annually |
ULIP Plans
A Unit Linked Insurance Plan, or ULIP, is a life insurance product that combines protection with investment. When you pay a premium, it is split into two parts. One part provides life cover, while the other goes into market-linked funds such as equity, debt, or a mix, based on your choice. Since these investments depend on market performance, returns are not guaranteed.
ULIPs also come with a 5-year lock-in period, which means you cannot access your money during this time. In addition, several charges apply each year, including premium allocation, policy administration, and fund management fees. Because of these deductions, your full premium does not get invested, which can reduce overall returns over time.
ULIP Plans offered by Shriram Life Insurance
| Plan Name | Entry Age | No. of Funds |
|---|---|---|
| Growth Plus | 8 to 55 years | Total: 9 segregated funds
Equity: 3
Hybrid: 3
Debt: 3
|
| Fortune Builder | 8 to 60 years | Total: 6 segregated funds
Equity: 2
Hybrid: 2
Debt: 2
|
| Wealth Pro | 8 to 60 years | Total: 5 segregated funds
Equity: 2
Hybrid: 2
Debt: 1
|
| Golden Jubilee Plan | 8 to 60 years | Total: 5 segregated funds
Equity: 2
Hybrid: 2
Debt: 1
|