Shriram Life Insurance

Shriram Life Insurance Company Limited commenced operations in 2006 following its incorporation in 2005 as a joint venture between Sanlam Group – a life insurance company based out of South Africa, and the Shriram Group – an Indian conglomerate with as many as 25 companies.

Different Types of Life Insurance Policies Offered by Shriram Life Insurance:

Shriram Life Insurance Company Limited offers a variety of life insurance policies under different categories. Following are the different categories and the plans available under them:

Shriram Life Insurance Child Plans:

Child plans from Shriram Life Insurance Company Limited have been designed to ensure that parents who invest fixed amounts on an annual basis will receive benefits upon maturity of the contract. Usually, these policies mature when the child attains a particular age, mostly 18 years, and the funds made available upon maturity can help in meeting expenses related to the future of the child, such as higher education or marriage. Following are the two child plans offered by Shriram Life Insurance Company Limited:

New Shri Vidya: If you are worried about ensuring your child’s education then this is the plan for you because it provides maturity benefits meant specifically for that purpose. The plan’s death benefits include the chosen sum assured and a monthly income that makes sure your family has no financial burdens.
New Shri Vivah : As the name suggests, this plan targets those who are looking to secure funds for their child’s marriage. This plan offers the chosen sum assured and a monthly income as death benefits and a sum assured and other bonuses as maturity benefits.

Plan	Basic Sum Assured	Policy Term (Tenure)
Shriram Life New Shri Vidya	Rs.1 lakh	10 years / 15 years / 20 years / 25 years
Shriram Life New Shri Vivah	Rs.1 lakh	10 years / 15 years / 20 years

Shriram Term Insurance Plans:

Term life insurance plans are among the most basic types of insurance plans that can be bought for a fixed period of time to ensure that your dependents are financially secure to meet their daily as well as long-term requirements and lead a comfortable life in case of the unfortunate and untimely demise of the policyholder. The sum assured is paid out to the family of the policyholder in case of his / her demise. Following are the term insurance plans offered by Shriram Life Insurance Company Limited:

Cash Back Term: This is a term insurance that offers, as its maturity benefits, a return of the premiums paid towards insurance cover. In addition to the TROP, it also offers various riders that can be used to enhance the protection provided under this plan.
Group Term Life Insurance: This is a group term insurance plan that can be renewed every year. It provides the benefits of a term insurance plan to an entire group of people with minimum group sizes ranging from 20 to 50 members.
Group Term Life Insurance in lieu of EDLI: This is a term life insurance scheme that can be used to replace the mandatory EDLI scheme. Under this scheme, the members of the group receive life insurance cover of upto Rs. 5 lakhs. They can even enhance this cover by adding the accident rider to the policy.
Family Protection Plan: The Family Protection Plan from Shriram Life Insurance is a non-participating, non-linked insurance policy that allows you to protect the financial security of your family in case of your accidental death.
Secure Plus Plan: The Secure Plus Plan from Shriram Life ensures that the financial security of your loved ones is protected to meet any uncertainties in case of your unfortunate and untimely death.

Plan	Basic Sum Assured	Policy Term (Tenure)
Shriram Life Cash Back Term	Rs.2lac	10 years / 15 years / 20 years / 25 years
Shriram Life Group Term Life Insurance	Rs.5,000 per member (minimum group size is 20 for employer-employee groups and 50 for other groups)	One year (renewable yearly)
Shriram Life Group Term Life Insurance in lieu of EDLI	Rs.3.62 lakhs	One year (renewable yearly)
Shriram Life Family Protection Plan	Rs.15 lakhs	10 years to 25 years
Shriram Life Secure Plus Plan	Rs.5 lakhs	10 years / 15 years / 20 years

Shriram Life Insurance Savings Plans:

Shriram Life Insurance Company Limited has made available a number of savings plans to its customers. These plans are ideal for individuals who would like to save money for future use such as education of children, marriage expenses, potential health concerns, etc. Following are the savings plans you can purchase from Shriram Life Insurance:

New Shri Life: This is a life insurance plan that offers attractive rebates on the sum assured, choices between limited and regular premium payments, tax benefits and reversionary bonuses.
New Shri Vidya: This plan offers death benefits like payment of the sum assured along with provisions for a monthly income. The plan also offers the policyholder maturity and survival benefits like reversionary and terminal bonuses.
New Shri Vivah: This is an insurance plan that has no limit on the sum assured under this scheme. It offers the policyholder various death and maturity benefits and can be enhanced by using various riders compatible with this scheme.
New Shri Raksha: This is a life insurance policy that can even pay out twice the sum assured as a death benefit (conditions apply). It also offers various riders that can be used to enhance the cover provided by this policy.
New Akshay Nidhi: The New Akshay Nidhi plan not only offers death benefits but also a maturity that could be the various bonuses accrued on the policy. In addition to this, it also provides enhanced cover through various riders that can be selected to work with this policy.
Secure Investment: This is an insurance policy that requires only one investment which goes to offering you life insurance cover along with guaranteed maturity benefits.
Assured Income: The Assured Income plan from Shriram Life enables customers to meet their multiple financial requirements, such as children’s education, elderly parent’s care, retirement, etc. This guaranteed income plan helps in meeting cash flow requirements to enhance the quality of life for the customer and his / her family.
Assured Income Plus: The Assured Income Plus plan from Shriram Life is a non-participating, non-linked endowment assurance plan that allows individuals to pay premiums for a period of five years, after which they will receive benefits in five equal yearly installments after the policy has matured.

Plan	Basic Sum Assured	Policy Term (Tenure)
Shriram Life New Shri Life	Rs.50,000	10 years / 15 years / 20 years / 25 years
Shriram Life New Shri Vidya	Rs.1 lakh	10 years / 15 years / 20 years / 25 years
Shriram Life New Shri Vivah	Rs.1 lakh	10 years / 15 years / 20 years
Shriram Life New Shri Raksha	Rs.1.5 lakh	10 years / 15 years / 20 years / 25 years
Shriram Life New Akshay Nidhi	Rs.1.5 lakhs	15 years / 20 years / 25 years
Shriram Life Secure Investment	Rs.49,600 for five-year policy term, and Rs.77,000 for 10-year policy term	5 years / 10 years
Shriram Life Ujjwal Life	10 x Annualised Premium for individuals under 45 years of age, and 7 x Annualised Premium for individuals who are 45 years and above	10 years
Shriram Life Ujjwal Life (SP)	125% of Single Premium for individuals under 45 years of age, and 110% of Single Premium for individuals who are 45 years and above	10 years
Shriram Life Fortune Builder	125% of Single Premium for individuals under 45 years of age, and 110% of Single Premium for individuals who are 45 years and above	10 years / 15 years / 20 years
Shriram Life Wealth Plus	n/a	10 years / 15 to 25 years
Shriram Life Assured Income	8 x Annualised Premium if the policy term is 8 years, and 10 x Annualised Premium if the policy term is 10 years	8 years / 10 years
Shriram Life Assured Income Plus	Rs.1.5 lacs for individuals under 50 years of age, and Rs.3 lacs for individuals who are 51 years or above	10 years

Shriram Life Unit Linked Insurance Plans:

Shriram Life Insurance offers unit-linked insurance plans to its customers wherein a percentage of the money paid by the policyholder will be utilized to offer the insurance cover while the remaining amount will be invested in a set of instruments selected by the customer. Unit-linked insurance plans are ideal for attaining life insurance coverage while also allowing your money to grow at the same time. Following are the unit-linked insurance plans offered by Shriram Life:

Ujjwal Life: This is a unit linked plan that offers the opportunity to pay in regular premiums and offers maturity benefits that can amount to the value of the funds at the time of maturity.
Ujjwal Life (sp): This is a single premium ULIP that offers the dual benefits of insurance coverage and returns on premiums. The insurance company invests a part of the premiums paid under this plan in various market instruments with a view to earning returns on them. It offers great benefits like payment of the sum assured along with the value of the funds.
Fortune Builder: This is a single premium ULIP that is targeted at people who have irregular incomes. It also allows the insured to invest across various assets and make partial withdrawals that can be helpful when there is a need for instant funds.
Wealth Plus: This is a unit linked insurance plan that offers the policyholder the chance to watch their wealth grow and get insurance cover at the same time. It also offers the chance to reduce risks by allowing you to switch between funds and make partial withdrawals when the need for liquidity arises.
Growth Plus: The Growth Plus from Shriram Life provides for both savings as well as life cover via market linked returns. Customers who opt for this plan will find that there are several choices with regards to flexibility of investment, fund classes and premium payment.

Plan	Basic Sum Assured	Policy Term (Tenure)
Shriram Life Ujjwal Life	10 x Annualised Premium for individuals entering under 45 years of age, and 7 x Annualised Premium in case the individual is 45 years or more at the time of entry.	10 years (fixed)
Shriram Life Ujjwal Life (sp)	125% of Single Premium in case the individual is under 45 years at the time of entry, and 110% of Single Premium in case the individual is 45 years or more.	10 years (fixed)
Shriram Life Fortune Builder	1.25 x Single Premium for individuals under 45 years at the time of entry, and 1.10 x Single Premium for individuals who are 45 years or older.	10 years / 15 years / 20 years (fixed)
Shriram Life Wealth Plus	n/a	10 years / 15 to 20 years
Shriram Life Growth Plus	In case of Single Premium Policies: 1.25 x Single Premium in case the entry age is under 45 years, and 1.10 x Single Premium in case the entry age is 45 years or more. In case of Limited and Regular Premium Policies: 10 x Annualised Premium in case the entry age is under 45 years, and 7 x Annualised Premium in case the entry age is 45 years or more. Single: Rs.55,000 Limited: Rs.4,20,000 Regular: Rs.2,10,000	10 years, 15 to 20 years

Shriram Life Pension Plans:

Shriram Life Insurance Company Limited has made available three pension plans for individuals who would like to lead a comfortable life post their retirement. In order to enjoy your golden years without depending on someone else for your daily requirements as well as medical expenses, if any, it is essential to invest in a pension plan. Following are the three options you can choose from:

Pension Plus: The Pension Plus policy from Shriram Life Insurance Company Limited enables customers to meet their retirement objectives by creating a large corpus on vesting for investment as it helps customers in availing a steady regular income for life.
Immediate Annuity: The Immediate Annuity policy from Shriram Life is a traditional participating life insurance scheme that offers a series of regular payments until the death of the policyholder, and the purchase price is returned to the nominees in case of the untimely and unfortunate demise of the nominee.
Immediate Annuity Plus: The Immediate Annuity Plus plan from Shriram Life is a non-participating and non-linked single premium plan that offers an income stream to the policyholder after his / her retirement until his / her untimely and unfortunate death.

Plan	Entry Age	Policy Term (Tenure)
Shriram Life Pension Plus	Minimum: 20 years last birthday; Maximum: 65 years last birthday	10 years, 15 years to 35 years
Shriram Life Immediate Annuity	Minimum: 40 years last birthday; Maximum: 75 years last birthday	n/a
Shriram Life Immediate Annuity Plus	Minimum: 0 years; Maximum: 75 years last birthday	Whole Age

Shriram Group Life Insurance Plans:

Shriram Life offers group insurance plans to employer-employee groups to ensure that the health and financial securities of employees are protected. Following are the various group life insurance plans made available by Shriram Life:

Shri Sahay (AP): This is a group insurance plan that has been designed to bring the benefits of an insurance policy to the weaker sections of society like workers and laborers. This plan also offers the options for riders that can enhance the insurance cover provided.
Shri Sahay (SP): This is a microinsurance plan that is meant to provide life cover for the weaker segments of the society. It even offers accident riders that can help expand the coverage of this policy.
Group Term Life Insurance: This is a term life insurance that is meant for groups. It offers the members of the group a choice between death benefits paid in a lump sum or paid as a monthly income.
Group Life Protector (SP): This is a group insurance plan that offers the members a choice of level cover or monthly reducing cover or even an annually reducing insurance cover.
New Group Gratuity: The New Group Plan is a unit linked plan that offers the choice to redirect premiums, choose funds to invest in and in the case of employers, a chance to prepare for gratuity liabilities.
Group Term Life Insurance in lieu of EDLI: This is a group insurance plan that can be used in place of the mandatory EDLI scheme. It offers life insurance coverage for the group along with other benefits that can be defined by the master policyholder.
Jana Sahay: The Jana Sahay life insurance plan from Shriram Life is a non-participating and non-linked group term insurance plan that can be renewed annually. This plan offers financial coverage to the families of individuals of affinity groups or unorganized groups in case of the death of the individual.
Group Traditional Employee Benefit Plan: The Group Traditional Employee Benefit Plan from Shriram Life is a non-participating and non-linked group variable insurance plans that offer financial security to the individuals who are part of employer-employee groups.
Pradhan Mantri Jeevan Jyoti Bima Yojana: The Pradhan Mantri Jeevan Jyoti Bima Yojana plan from Shriram Life is a non-participating and non-linked group term insurance policy that comes with a one-year renewability option and offers life insurance coverage for individuals who possess a savings bank account with any bank or financial institution.

Plan	Basic Sum Assured (per member)	Policy Term (Tenure)
Shriram Life Shri Sahay (AP)	Rs.5,000	5 years to 15 years
Shriram Life Shri Sahay (SP)	Rs.5,000	5 years
Shriram Life Group Term Life Insurance	Rs.5,000	1 year (renewable yearly)
Shriram Life Group Life Protector (SP)	Rs.5,000	2 years to 30 years
Shriram Life New Group Gratuity	Rs.1,000	1 year (renewable yearly)
Shriram Life Group Term Life Insurance in lieu of EDLI	Rs.3,62,000 for whole group	1 year (renewable yearly)
Shriram Life Jana Sahay	Rs.5,000	1 year (renewable yearly)
Shriram Life Group Traditional Employee Benefit Plan	Rs.1,000	1 year (renewable yearly)
Shriram Life Pradhan Mantri Jeevan Jyoti Bima Yojana	Rs.2,00,000	1 year (renewable yearly)

Shriram Life Insurance Claim Settlement Ratio:

Total Premium in Crores (2016-17)	Total Premium in Crores (2015-16)	Total Premium in Crores (2014-15)	Total Premium in Crores (2013-14)	Claim Settlement Ratio (2016-17)	Claim Settlement Ratio (2015-16)	Claim Settlement Ratio (2014-15)	Claim Settlement Ratio (2013-14)
1207.94	1022.11	734.66	594.24	63.53%	60.24%	65.66%	67.69%