Shriram Life Insurance Company Policy Details & Benefits

Are you feeling a bit lost in the world of life insurance options? Well, worry not, because we're here to simplify the quest for you. Among the multitude of choices, one name that shines bright in the Life Insurance industry is "Shriram Life Insurance". 

Established in 2005 and officially launching its insurance magic in 2006, Shriram Life has become a trusted companion for those seeking not just coverage but a partner in securing their future. The company was established through a collaborative effort between the Shriram Group and the South African-based Sanlam Group. And, since then the company has been on a mission to make insurance accessible to all by offering ample life insurance plans. 

So, let's learn more about Shriram Life Insurance plans and benefits. 

Shriram Life Insurance Plan List

Here’s the list of different life insurance plans offered by Shriram Life Insurance Company:

1. Investment Plans

Shriram Life Insurance's Investment Plans act as a strategic path for those seeking to grow their wealth while ensuring financial security. These kinds of life insurance plans operate as Unit-Linked Insurance Plans, directing your premiums into the dynamic capital market to yield attractive returns. Notably flexible, these investment plans not only maximise your wealth but also offer the added advantage of insurance coverage. 

Shriram Life Investment Plan involves the following:

• Growth Plus
• Fortune Builder
• Wealth Plus
• Golden Jubilee

2. Savings Plans

Shriram Life Insurance's Savings Plans are designed for individuals who prioritise both financial growth and life insurance coverage. Positioned as traditional life insurance plans, they serve as a reliable means to create a financial corpus aligned with your specific needs and goals. These plans guarantee finance accumulation, with additional increments through bonuses or guaranteed additions. 

Shriram Life Saving Plan involves the following:

• Assured Income Plan
• Golden Premier Saver Plan
• Assured Income Plus
• Early Cash Plan
• Super Income Plan
• Premier Assured Benefits
• New Shri Vidya Plan
• Assured Savings Plan
• New Akshay Nidhi
• New Shri Life Plan
• Assured Advantage Plus Plan
• Genius Assured Benefit Plan

3. Retirement Plans

Planning for retirement is a crucial aspect of financial well-being, and Shriram Life Insurance recognises this with its comprehensive range of Retirement Plans. The company offers two distinctive types of retirement plans, catering to varying needs. 

The first type allows you to build retirement funds through consistent investments during your working years. The second type ensures immediate access to lifetime incomes upon purchase. These plans empower policyholders to navigate the post-work phase with confidence, providing financial stability and security during their golden years.

Shriram Life Retirement Plan involves the following:

• Super Income Plan
• Golden Premier Saver Plan
• Assured Income Plan
• Early Cash Plan
• Saral Pension
• Pension Plus
• Immediate Annuity Plus

4. Protection Plans 

Shriram Life Insurance's Protection Plans stand as a pillar of support for individuals looking to secure their family's financial future during uncertain situations. These plans, structured as term insurance, play a crucial role in protecting against the unforeseen premature demise of the policyholder. In the absence of financial provisions, the family may face a significant crisis, and Shriram's Protection Plans step in to bridge this gap, making a timely and vital financial provision for the policyholder's family. 

Shriram Life Protection Plan involves the following:

• Smart Protection Plan
• Online Term Plan
• Comprehensive Cancer Care
• Family Protection Plan
• Cash Back Term
• My Spouse Term Plan
• Smart Protection Plan SP
• Saral Jeevan Bima
• Group Life Protector SP
• Corona Rakshak Policy
• Group Term Life Insurance Plan

5. Micro Insurance Plans

Micro Insurance Plans at Shriram are like special rural insurance plans that give life insurance help to people living in rural areas. These plans are made for people who might not have a lot of money. They offer a bit of coverage that fits the needs of people who are not financially sound. And guess what? The money you pay for these plans, called premiums, is very low. So, it's like getting good protection without spending a lot of money.

Shriram Life Micro Insurance Plan involves the following:

• Grameena Suraksha Plan
• Shriram Life Sujana
• Shriram Life Jana Sahay

6. Child Plans

Shriram Life Child Plans are expertly built insurance options created to protect your children's goals and well-being. These plans go beyond traditional insurance, offering a thoughtful and comprehensive approach to securing your child's future.

With Shriram Life Child Plans, you're not just buying insurance; you're investing in your child's dreams. These plans offer a safety net to make sure your child's schooling, professional aspirations, and life achievements are not compromised even during unforeseen circumstances.

Shriram Life Child Plan involves the following:

• Golden Premier Saver Plan
• Assured Income Plan
• Early Cash Plan
• New Shri Vidya Plan

7. Employee Benefits Plan

The Shriram Life Employee Benefits Plan is a special insurance plan designed for the well-being of employees in an organisation. It's like a team shield that provides the same level of protection to every employee of the organisation. This helps create a sense of security among employees, knowing that they have a consistent and reliable insurance cover. 

Shriram Life Employee Benefits Plan involves the following:

• New Group Gratuity Plan
• Group Traditional Employee Benefit Plan
• Group Superannuation Plan
• Group Term Life Insurance in lieu of EDLI

8. Special Plan 

Last but not least, Shriram Life Insurance Company offers a special plan, named as Shriram Life Pradhan Mantri Jeevan Jyoti Bima Yojana. This life insurance plan is crafted to protect your loved ones in case of an unforeseen event, such as the unfortunate passing of the insured person. This plan is purely focused on offering financial support to the family in times of distress. 

Benefits of Shriram Life Insurance Company

The benefits of Shriram Life Insurance are as follows:

• Ensuring Monetary Stability: Acquiring a Shriram Life Insurance policy guarantees a sense of financial security for both you and your loved ones. The comprehensive coverage, regular payouts, and maturity benefits contribute to strategic financial planning, ensuring timely access to funds when needed. 
• Variety of Plans: There are many different types of insurance plans for you to pick from. Whether you prefer to do things online or offline, you have plenty of options. This way, you can find a plan that suits exactly what you're looking for.
• Wealth Accumulation: Invest wisely in Shriram Life Insurance Company's Endowment Plans and Unit-linked Insurance plans to accumulate wealth for yourself and your family. These plans facilitate the creation of a financial reserve through long-term investments. Furthermore, the bonus and rebate features can help you maximise returns on your investment. 
• Achieving Financial Goals: Shriram Life Insurance policies provide opportunities to save and invest according to your short-term or long-term financial goals. With various policies offering diverse savings and wealth creation opportunities, you can build wealth and provide financial security for your loved ones.
• Strategically Planning for Your Child's Future: Shriram Life Insurance plans offer a strategic approach to addressing your child's future financial requirements, such as education and marriage. Periodic payments can be utilised for short-term or long-term financial planning to ensure your child's aspirations are met.
• Enhanced Liquidity: Shriram Life Insurance Plans are crafted to provide liquidity benefits to policyholders and their beneficiaries. Endowment policies, for example, offer periodic payouts, while other plans feature options like loans, policy surrender, and partial fund withdrawals to address short-term financial needs. 
• Thoughtful Retirement Planning: Investing in Shriram Life Insurance Company's retirement policies ensures a stress-free post-retirement phase, offering a steady income stream. 
• Tax Advantages: All Shriram Life Insurance Plans come with tax benefits for the policyholder. Whether the premium is paid for oneself, spouse, children, or parents, the policyholder can avail of tax benefits on the premium amount paid. 

Conclusion

Choosing insurance can be confusing, but Shriram Life Insurance makes it simple. From investment and savings plans to protection and retirement options, Shriram Life has plans for everyone. Whether you want to grow your money, protect your family, or plan for retirement, Shriram Life has you covered.  So, if you're on the lookout for insurance that fits your needs, Shriram Life Insurance Company is more than just a choice. And, you can buy any of their life insurance plans through our InsuranceDekho website.  

Frequently Asked Questions

Ques 1. Is Shriram Life Insurance Safe?

Ans. Yes, Shriram Life Insurance is considered safe. It's a well-established company with a good reputation for providing insurance services. 

Ques 2. Is Shriram Life Insurance Government or Private?

Ans. Shriram Life Insurance is a private company. 

Ques 3. Who is the Owner of Shriram Life Insurance?

Ans. Shriram Life Insurance is owned by two major groups – the Shriram Group and the Sanlam Group. These groups joined hands to create Shriram Life in 2005, working together to make insurance accessible.

Also Read: Life Insurance Plans for Senior Citizens