Shriram Life Insurance Review
Life insurance plays a vital role and people have also realized the value of insuring their lives. Shriram Life Insurance Company started its operation in 2006. It is a joint venture between Sanlam group of South Africa and Shriram Group. It is referred to as SLIC. SLIC is the private sector company doing insurance in India and is the first to earn profits in the initial 4 years of operation. Now, it ranks the 4th position among the insurers in India. The SLIC benefits present effective plans and low cost operating. SLIC also offers the benefit of sharing the network of Shriram Group companies and to minimize costs in the run of accessing more customers.
Array of Plans
Shriram Life insurance has main three categories namely, Single premium Products, Regular premium Products, and Traditional products.
Single premium products
- Shriram Secure Investment Plan: This is a one-time insurance and investment plan that asks you to pay the premium once and to get the dual benefit of the investment return and also of the life insurance. It is an ideal plan that ensures maximizing your returns of the amount with the cash surplus. There is a great relief as you need not pay regular premiums. The maturity benefit will be paid multiplied by the single premium.
- Shriram Guaranteed Return Plan: This is an investment and insurance plan that is to be done for one time so that you pay the premium once and receive dual benefits of guaranteed return and life cover. The guaranteed maturity benefit is an advantage and it has no commitment of regularly paying premiums. In case, during the policy term, the life assured dies, the sum assured on death is paid to the beneficiary or nominee. The sum assured is 125% of the single premium for less than 45 years and 110% of the single premium, if the age is more than 45 years. However, the guaranteed maturity benefit is payable.
- Shriram Fortune Builder Insurance Plan: This is unit linked single premium insurance plan that helps in identifying things in life. It offers flexibility as top up a premium to invest surplus money. In fact, you can invest in a range of asset classes. Shriram life insurance offers maturity and death benefits accordingly.
- Shriram Ujjwal Life (SP): This comes also as a unit linked single premium plan and you can accomplish your financial goals. Enjoy flexibility so that you invest surplus money in top-up premiums and the dual benefit on insurance protection and market linked return.
Regular Premium Products
- Shriram Ujjwal Life: This is a unit Linked Insurance plan featuring regular Premium such that it is designed to make you reach your financial target. The low charge and high allocation is the advantage, besides the investment and tax advantage. On maturity, the life assured including the top up fund value will be given.
- Shriram Life Wealth Plus: This unit-linked insurance helps investments grow and protects loved ones. This offers the advantage of paying short premium term option and also the fund switch and auto transfer option. There is a top-up premium option.
- Shriram Life Assured Income Plan: This is a very good plan of Shriram Life insurance that helps meeting your regular financial needs, parents care, retirement, children education and more. This plan takes care of all the cash flow needs and ensures desired quality of life. The benefits are the regular income assured after the policy term, life cover for the full term of the policy and additional protection.
- Shriram New Shri life Plan: This is a non-linked endowment plan. It offers a systematic savings option and is a reliable tool offering protection to your family even in adverse events. The benefits include life cover with revisionary bonuses, attractive sum assured, the facility to pay premiums before and to receive discount.
- Shriram New Akshay Nidhi Plan: This offers periodical survival benefits, besides the death and maturity benefits. The periodical survival benefits help in meeting your regular needs.
- Shriram Life Cash Back Term Plan: This plan provides easy to obtain and affordable financial security for you and the family. Return of premiums is available at maturity and additional protection.
- Shriram New Shri Vidya plan: Designed for your children to make their dream come true. It includes survival benefits, insurance cover and meets your child’s requirements, even in case of events like death.
- Shriram New ShriVivah plan: This offers financial support, insurance cover, regular income and maturity benefits.
- Shriram New Shri Raksha Plan: It offers double insurance cover and the plan offers whole life insurance cover.
Making a proper choice of insurance ensures sum assured, maturity benefits and savings with Shriram life insurance.