Know All About Shriram Life Insurance Company

Shriram Life Insurance Company Limited

There are around 24 Insurance companies in India. All these companies offer a variety of insurance solutions. Among them all, life insurance products are most popular.

Shriram Life Insurance is a very popular life insurance company in India. The company started operations in the year 2006. Let us now discuss the various aspects of the company.

Shriram Life insurance offers different types of insurance plans. They are listed as follows:

• Term Plans
• Child plans
• Pension Plans
• ULIP Plans
• Investment plans
• Savings Plans
• Women Plans
• Online Plans

Among all these plans offered by Shriram Life, let us take four of their most popular plans and discuss in detail.

Shriram New Shri LifePlan

A non-linked participating endowment plan, New Shri Life plan offers comprehensive life cover at low premium rates. The company not only pays a lump sum assured at the time of your death, but it also pays back all the premiums you paid as the maturity amount. Key features and benefits of this plan are as follows:

• Entry age: 30days – 60 years (as on your last birthday).
• Minimum sum assured : Rs. 50,000/-
• Maximum maturity age: 75 years.
• Benefits :

1.       Death Benefits
2.       Maturity benefit
3.      Tax benefits
4.      Reversionary bonus
5.      Terminal bonus (if any)

• Riders:

1.  Critical illness Cover
2. Family Income Benefit rider
3. Extra Insurance Cover
4. Accident Benefit rider

Shriram New Shri Vidya Plan

This is a child education plan offered by Shriram Life Insurance. Since it is a participating plan, it takes part in the profits of the company.  The policy details of this child plan are as follows:

• Entry age: 18 – 50 years.
• Maximum maturity age: 70 years.
• Minimum sum assured : Rs. 1,00,000/-
• Benefits include – Death benefit, maturity benefit, survival benefit, Tax Benefits, Reversionary bonus and terminal bonuses (if any).
• Riders of this plan include:

1. Extra Insurance Cover
2. Critical Illness Cover
3. Accident Benefit Rider

Shriram Life Secure Plus plan

Sriram Life Insurance offers this non-linked non-participating plan. This plan has the following features and benefits:

• Entry age : 18 –50 years
• Maximum maturity age : 70 years
• Minimum sum assured : Rs.5,00,000/-
• Benefits include Death benefit and maturity benefit.
• Following rider options are available:

1. Critical illness cover
2. Family Income benefit rider
3. Accident benefit rider

Read Also: Max Life Insurance Company Policy Status

Shriram Ujjal Life

Shriram Life offers this Unit Linked plan that provides the dual benefit of investment and insurance. This Unit-Linked product allows you invest in stocks and equities, and you receive a sizable return based on market performance. The features and benefits of this plan are as follows:

• Entry age: 7 years – 65 years.
• Maximum maturity age: 75 years.
• Minimum sum assured : 10 times your annualized premium (if your age was below 45years at the time of entry) 7 times your annualized premium(If your age at entry was 45 years or above)
• Minimum annual premium : Rs.30,000/-
• Benefits: death benefits, maturity benefits, Tax benefits.

Shriram Life is a famous Life Insurance company in India. Shriram Life Insurance is more popular in South India. Apart from the ones mentioned above, Shriram Life insurance offers many life insurance plans to meet various needs of the customers.

There are six types of premium modes offered by Shriram Life Insurance Company.

• Online payment
• Mobile payment
• ECS
• NEFT
• Payment at bank
• Payment at the nearest branch

You can use credit, debit, and net banking for paying your premiums. You can also check policy status on the website of the company. The claim settlement procedure is also very quick and hassle-free. All you have to do is visit the nearest branch of Shriram Life Insurance Company. You have to fill up the claim form and provide some necessary documents. If your claims are bona fide, the company will settle the claim as soon as possible.

Mixed reviews abound about the Shriram Life Insurance Company. But the company has secured trust among a huge number of customers across the Country. The name of this Life Insurance Company was not heard of even a few years ago. But now the company has become quite popular all over India. For more information on Shriram Life Insurance plans.