Shriram Life Insurance FAQs

The Death benefit option in my Shriram Life Insurance Policy is at least 105% of all the premium paid. The death benefit is offered to the nominee and the policy is terminated.

Any fraction or portion withdrawal or encashed fund from Shriram Life Insurance by the policyholder during the contract period is known as the partial withdrawal. You are eligible for such withdrawals only after the fifth policy anniversary that is after the first five years of the start of your premium payment schedule.

For all the Shriram Life Insurance plans issued before 01st of September, 2010, the lock-in period is for a 5-year tenure while for all those plans issued after 01st of September, 2010, the lock-in period is for a 3-year tenure.

Other than providing risk cover, the insurance also provides you relaxation in income tax. The policy also creates savings and it can be used as a guarantee when taking a loan.

No. To facilitate all customers with the ease of the claim settlement process, Shriram Life Insurance has made available the death claim forms in 9 different vernacular languages – Hindi, Bengali, Gujarati, Tamil, Telugu, Oriya, Marathi, Kannada, and Malayalam. You may browse the forms in your native language under the Claims Form section page.

In case of the death of the nominee during the Shriram Life Insurance policy term, the insured is bound to nominate someone else under Insurance Act Section 39.

If you have the complete set of claim documents ready with you, your Shriram Life Insurance claim can be settled within 30 days. Some claims may require further investigation which may consume a bit of more time.

Yes, your claims can be rejected on the grounds of Lapsation Status of Insurance Policy. This Shriram Life Insurance policy indicates a non-coverage of a particular loss of event which has not been qualified under the loss definition (either marginally or totally).

Riders are the additional insurance benefits that add to your Shriram LIfe insurance policies. It is a condition or a clause which adds across your basic plan in the form of extra premiums or add-on benefits.

The nomination is quite essential as the nominated person is entitled to claim the assured amount from Shriram Life Insurance Company in the event of the claimant's death.

The value of Policy is the “Fund Value”. To check your insurance policy's fund values, you first need to log in to your Policy Account. As soon as you log in, click on the tab highlighting fund details, and enter your policy number.

Policy assignment in Shriram Life Insurance is defined as the transfer of the life cover and benefits of a particular policy to some other person or an institution.

You can add a rider to your selected policy at the time of its purchase and delete it any time throughout the policy term.

Benefit Illustration in Shriram Life Insurance Policy basically tells the policyholder about the nature of the policy and its benefits. It also informs the policyholder about the specific conditions under which the benefits would be paid.

Yes, you can update both your AADHAR and PAN details either by visiting Shriram’s Branch Office or through their official web portal.

Changes to the nominee section can be made anytime throughout the policy term by submitting a nominee change request form plus an application letter for the same.

You may find the online premium quote calculator under the Online Premium Quote Calculator section on the official website of Shriram Life Insurance Company.

Yes, you can calculate your Minimum Life Cover Online for Shriram Life Insurance, by visiting the Minimum Life Cover Calculator section. You need to enter your current age, your estimated retirement age, productive years, and annual living expense to get the details of your Minimum Life Cover.

Yes, you can calculate the Human Life Value online for yourself by visiting the Human Life Calculator section on the Shriram Life Insurance website. Before you begin with the process, you need to keep a few details handy with you – your current age, your estimated retirement age, productive years, and your annual income to calculate the Human Life Value for you.

The minimum sum assured for Shriram Life Family Protection Plan is 15,00,000. However, you can calculate the maximum sum assured according to your wallet by entering a few of your personal details under the Online Premium Calculator section.