Shriram Life Insurance

  • Double Benefit of Saving & Protection
  • Guaranteed Additions
  • Limited Premiums to Pay


Shriram Life Insurance is a leading life insurance company in India, offering various insurance solutions to individuals and families. Established in 2005, the company is a joint venture between Shriram Group, one of India's largest and most respected financial groups, and Sanlam, a leading global financial services group based in South Africa. With a customer-centric approach, Shriram Life Insurance is committed to providing its policyholders financial security, long-term savings and retirement solutions. Shriram Life Insurance boasts a strong distribution network with over 4050 branches and partnerships with banks, corporate agents, brokers and online platforms.

Shriram Life Insurance is driven by the vision to become one of the most acclaimed life insurance providers in India, recognized for its customer-centricity, superior service and financial strength. The company's mission is to ensure every Indian can access affordable and comprehensive life insurance solutions that provide financial security and peace of mind. Shriram Life Insurance has won many awards over the years. Some of the awards and recognition won by Shriram Life Insurance are mentioned below:

  • Mr Casparus J H Kromhout, the Managing Director and CEO of Shriram Life Insurance, was honoured with the prestigious "2023 Sanlam Group CEO" award for his outstanding individual performance in Cape Town, South Africa, in June 2023.
  • Shriram Life Insurance was awarded the BFSI “Excellence in Claims Management” award at the 7th BSFI CTO Summit Tech Innovation Awards in Feb’23.
  • Shriram Life Insurance was recognized as “one of the Iconic Brands of India” in 2022 by the Economic Times.
  • Shriram Life Insurance Company was awarded the “Best Life Insurance Company of the Year” at the National Feather Touch by Business Leadership Awards.
  • Shriram Life Insurance Company (SLIC) was recognised for “Best Use of Technology in Customer Service” by the Krypton Group at the BFSI Leadership Awards in 2022

Shriram Life Insurance Company Specification

Below are the key specifications of Shriram Life Insurance Company.

Particulars Specifications
Claim Paid Percentage (2021-22) 82.39
Group Death Claim Paid Percentage (2021-22) 99.56
Branches in India 4050
Solvency Ratio (2021-22) 2.15
Market Share (2021-22) 2,349.60 Crore

*Data has been sourced from the annual report of IRDAI 2021-22

Key Features of Shriram Life Insurance

Shriram Life Insurance offers several key features that make it the preferred choice for individuals seeking life insurance coverage. Shriram Life Insurance's key features are:


Comprehensive Coverage

Shriram Life Insurance offers comprehensive coverage options for different needs and life stages. Whether you are looking for basic life coverage, savings and investment planning, retirement solutions, or child planning, Shriram Life Insurance offers diverse products to meet your requirements.


Flexibility in Premium Payment

Shriram Life Insurance understands the importance of flexibility in premium payment. The company offers various premium payment options, including single premium, regular premium and limited premium payment options, allowing you to choose a payment schedule that suits your financial situation and convenience.


Additional Benefits and Riders

Shriram Life Insurance plans can add additional benefits and riders to enhance your coverage. These riders may include accidental death benefits, critical illness cover, waiver of premium and more. Choosing these riders allows you to customize your policy to suit your needs and provide additional financial protection.


Claim Settlement

Shriram Life Insurance has a streamlined and efficient claim settlement process. The company aims to settle claims on time to ensure that financial assistance reaches beneficiaries when needed. The claim settlement process is designed to be transparent, customer-friendly and hassle-free.


Customer Support

Shriram Life Insurance is committed to providing excellent customer support and service. The company has a dedicated customer care team that assists policyholders with their queries, policy-related information and the claim settlement process. Whether you have questions about policy details or premium payment or need assistance regarding a claim, the customer support team is there to help.


Financial Stability

The strong financial stability and reputation of Shriram Group and Sanlam backs Shriram Life Insurance. The company's financial strength ensures it can meet its obligations towards policyholders and promptly settle claims.


Online Services

Shriram Life Insurance offers convenient online services, allowing policyholders to manage their policies, make premium payments, track policy performance and access policy-related information through the company's website or mobile app. These online services make it easy for policyholders to stay updated and manage their policies conveniently.

Benefits of Shriram Life Insurance

Shriram Life Insurance provides several benefits to policyholders. Here are some of the key benefits of Shriram Life Insurance:


Financial Protection

The primary benefit of Shriram Life Insurance is the financial protection it provides to policyholders and their loved ones. In the event of the policyholder's unfortunate death, the insurance payout, known as the death benefit, is provided to the nominee or beneficiaries. This benefit ensures that the family or dependents can withstand the financial impact of the policyholder's loss.


Life Stage Planning

Shriram Life Insurance offers a range of plans to suit different life stages and financial goals. Whether you are starting your career, planning for your child's education, saving for retirement, or looking for comprehensive coverage, Shriram Life Insurance meets specific needs and goals at different stages of life.


Savings and Investment Opportunities

Some Shriram Life Insurance plans offer the dual benefit of insurance coverage and a savings or investment component. These plans allow policyholders to save while enjoying life insurance protection. Accumulated savings can be used for various purposes, such as meeting financial goals, financing education, or planning for retirement.


Optional Riders for Enhanced Coverage

Shriram Life Insurance offers optional riders that can be added to the base policy for better coverage. These riders include critical illness cover, accidental death benefit, waiver of premium and more. By choosing these riders, policyholders can customize their policies to suit their needs and provide additional financial protection against unexpected events.


Loan Facility

Some Shriram Life Insurance policies offer a loan facility, allowing policyholders to obtain a loan against the policy's surrender value. Policyholders can use this facility to access funds without terminating their policy or compromising its benefits in times of financial need.


Hassle-free Claim Settlement

Shriram Life Insurance has a streamlined and customer-friendly claim settlement process. The company aims to settle claims efficiently and quickly, ensuring that the policyholder's beneficiaries receive the financial assistance they deserve without unnecessary delays or complications.


Trust and Reliability

Shriram Life Insurance is backed by the trust and credibility of renowned financial institutions Shriram Group and Sanlam. The company's strong financial stability and reputation ensure that it can meet its obligations to policyholders and provide long-term financial security.


Tax Benefits

Shriram Life Insurance plans offer tax benefits per India's prevailing tax laws. The premiums paid towards life insurance policies are eligible for tax deductions under Section 80C of the Income Tax Act, 1961. Additionally, the maturity proceeds or death benefits received from the policy may be tax-exempt under Section 10(10D) of the Income Tax Act, subject to certain conditions.

Life Insurance Plans Offered by Shriram Life Insurance

Shriram Life Insurance offers various life insurance policies to cater to every individual's life insurance needs.  Shriram Life Insurance offers various types of life insurance products, such as term insurance, retirement plans, endowment plans, and pension plans. Below, we have mentioned the list of every life insurance plan offered by Shriram Life Insurance in a tabular form:

Shriram Life Saving Plans

Shriram Life Investment Plans

Shriram Life Protection Plans

Shriram Life Retirement Plans

Shriram Life Microinsurance Plans

Shriram Life Group Protection Plans

Shriram Life Employee Benefits Plans

Shriram Life Special Plans

Shriram Life Group Microinsurance Plans

How to Choose the Right Shriram Life Insurance Policy?

Choosing the best life insurance policy is a critical decision that requires careful evaluation of your financial goals and needs. Here are a few factors to consider while choosing a Shriram Life Insurance policy:

  • Determine Your Financial Objectives

    Identify your financial goals and the purpose of buying life insurance. Whether protecting your family, saving for education, or planning for retirement, understanding your objectives will help you choose the most appropriate policy.

  • Assess Your Coverage Requirements

    Evaluate the amount of life coverage you need to provide financial security to your loved ones. Consider factors such as outstanding debts, future financial goals, and living costs to determine the required coverage amount.

  • Analyze Policy Features and Benefits

    Carefully review the features, benefits, and terms and conditions of different Shriram Life Insurance policies. Compare the coverage, premium payment options, riders, and bonus possibilities to select the one that aligns with your requirements.

  • Consider Affordability

    Ensure that the premium payments fit comfortably within your budget. Choose a policy that consistently provides adequate coverage at a premium you can afford.

  • Seek Professional Advice

    If you are unsure about which policy to choose or need clarification on specific details, seek advice from a financial advisor or Shriram Life Insurance representative. They can guide you through the selection process and help you make an informed decision.

Shriram Life Insurance Tax Benefits

Shriram Life Insurance policies offer tax benefits to policyholders under the prevailing tax laws in India. Here are the tax benefits associated with Shriram Life Insurance:

  • Tax Deduction on Premiums
    Premiums paid for Shriram Life Insurance policies are eligible for tax deduction under Section 80C of the Income Tax Act, 1961. Policyholders can claim a deduction of up to INR 1.5 lakh from their total taxable income in the financial year in which the premium is paid.
  • Tax-exempt Maturity/Death Benefits
    Maturity or death benefits received from Shriram Life Insurance policies may be eligible for tax exemption under Section 10(10D) of the Income Tax Act, subject to certain conditions. The amount received as maturity or death benefit is tax-free for the policyholder or nominee. This tax exemption applies to the entire amount availed and is not subject to any upper limit.

Shriram Life Insurance Buying Process

Shriram Life Insurance offers a simple and hassle-free buying process. You can buy Shriram Life Insurance in two ways, i.e., from Shriram Life Insurance's official website and Read below to check the buying process of Shriram Life Insurance in detail.

Buy from

  • Visit the official site of "RenewBuy."
  • Select the "Life Insurance Plan" tab.
  • Select the "Best Life Insurance Companies in India" tab.
  • The next tab will show you all the life insurance companies.
  • Click on the "Shriram Life Insurance" tab.
  • Select the desired Shriram Life Insurance plan.
  • Fill in all the required information.
  • Click on "Buy Now".
  • Proceed with the payment.

Buy From the Official Website of Shriram Life Insurance

  • Visit the Shriram Life Insurance official website.
  • Click on the “All Plans” tab from the menu section.
  • Select the desired Insurance plan.
  • Fill in the required details.
  • Click on the "Buy Now" button.
  • Pay your life insurance policy document will be sent to your registered e-mail address.

Shriram Life Insurance Claim Process

The claim process for Shriram Life Insurance policies is designed to be transparent, customer-friendly, and efficient. Below, we have mentioned the claim process of Shriram Life Insurance in detail:


The first step is to intimate Shriram Life Insurance about your claim. The nominee should contact the nearest branch office or customer service centre of Shriram Life Insurance to initiate the claim. You can email them at and call them on 1800 103 6116.


The claimant must submit documents supporting the claim, i.e.,

1. In Case of a Death Claim

  • ID Proof
  • Address proof
  • Duly filled Claim Forms
  • Bank passbook of Claimant
  • Copy of FIR by concerned Police Authority (in case of unnatural death/ accident)
  • Copy of Post Mortem report by concerned Police Authority (in case of unnatural death/ accident)
  • NEFT mandate form

In Case of Total Permanent Disability

  • Disability intimation letter
  • Disability Certificate issued by Medical Officer
  • Complete Medical Records
  • ID Proof
  • Address proof
  • Bank passbook
  • Copy of FIR by concerned Police Authority (in case of Total Permanent Disability is due to Accident)

In Case of Critical Illness Rider

  • Critical Illness Intimation letter
  • Original policy documents
  • Complete Medical Records
  • ID Proof
  • Address proof
  • Bank passbook

Claim Processing

Once the claim documents are submitted, Shriram Life Insurance will start claim processing. The company will review the documents submitted and verify the claim details. If any additional information or documentation is required, the claimant(s) will be informed accordingly. Shriram Life Insurance aims to process claims efficiently and timely.

Claim Settlement

After completing the verification, Shriram Life Insurance will take a decision regarding claim settlement. If the claim is approved, the claim amount will be distributed to the nominee or beneficiary per the policy's terms and conditions.

Shriram Life Insurance Contact Details

To contact Shriram Life Insurance, you can use the following contact details:

Address: Shriram Life Insurance Company Limited, Ramky Selenium, Plot No: 31 & 32, Beside Union Bank Training Centre, Financial District, Gachibowli, Hyderabad, TG, India – 500032.

Customer Service Helpline: 

Toll-Free: 1800-108-6116 / 1800-103-6116