Shriram Life Insurance

Key Insights

Claim settlement ratio (2019-20)

95.12%

Inception

2005

Presence

400+ offices

Total death benefit paid

Rs. 77.88 Crore

Solvency ratio

1.80

About Shriram Life Insurance

Shriram Life Insurance Company Limited is a joint venture between one of the Indian conglomerates Shriram Capital and a South African-based financial services company called Sanlam. Shriram Life Insurance is present pan India through 400+ branches. The company offers comprehensive life insurance plans catering to the different needs of its customers.

With Pazcare employers can provide their employees with a group term life insurance policy from Shriram Life Insurance company. Get the best quotes for the Shriram group term insurance policy and manage the policy using Pazcare’s tech-enabled dashboard. 

How to buy Shriram group term life insurance from Pazcare?

These simple steps allow you to purchase the Shriram group term life insurance policy online from Pazcare.

Step 1: Visit https://www.pazcare.com/ and click on the products drop down and choose group term life insurance.

Step 2: You will see a form that asks for details like your name, phone number, work email address and the number of employees you wish to purchase Shriram group term life insurance.

Step 3: Once you submit this form, our insurance consultants will get back to you to understand what policy you want to offer your employees. We will also ask for the active employee data like the employee ID, the CTC, the designation, etc. to give you quotes.

Step 4: Once the data is submitted, we will get back to you with the best quotes for the group term life insurance policy from Shriram Life Insurance company.

Step 5: You can accept the terms and conditions of the policy and pay the premium quoted for that particular year. The policy gets activated immediately after the purchase.

Step 6: Our team will help you with the whole process and also take you through the Pazcare dashboard where you can manage the Shriram group term life insurance policy.

For further information, write to us at support@getpaz.com or call our customer care at +91 78291 11300. Alternatively, connect with us on Whatsapp using the number +91 81973 79596.

Shriram group term life insurance plan

Shriram group term insurance for employees is a tailor-made life insurance plan. The premiums paid are much lower than those of other retail term insurance plans. The plan comes with optional rider benefits like

  • Critical illness rider
  • Accidental death rider
  • Total and permanent disability rider

These are some of the rider options available for your Shriram group term insurance policy. The riders can be claimed according to the terms and conditions of the policy.

Further, the death benefit you wish to offer can be decided based on the type of sum assured - the flat sum assured and CTC-based sum assured up to 5 Crores. 

Shriram group term insurance renewal

The Shriram group term insurance can be renewed easily with Pazcare at end of the policy term. Here is how you can renew your group term life insurance policy.

Step 1: Get in touch with Pazcare. Submit the form containing details like your name, name of the company, number of employees you wish to insure, work email address and phone number.

Step 2: Once the form is submitted, our life insurance consultants will get in touch with you and request you to submit the following documents.

  • Active data of the employees - name, age, gender, designation, CTC, Covid status and vaccination report, etc
  • Claim history of the last 3 years along with the reason for the death of the employees (if any)
  • Policy copy

Step 3: After submitting these details you can choose any additional riders to the policy at your convenience. These riders are critical illness riders, accidental death benefit riders, accidental death and dismemberment rider etc. Once you decide, we will get back to you with the best quotes for your Shriram group term insurance policy.

Step 4: The next step is to agree to the terms and conditions of the policy and pay the premium for your Shriram group term life insurance policy. 

Step 5: The policy gets activated immediately after paying the premium. Our team will guide you through the whole process and help you with the onboarding process too. 

We make sure that your Shriram term insurance experience will be seamless using our Pazcare dashboard. Your employees can access their policy using Pazcare’s employee app which is available on both the app store and the play store.

Shriram Life Insurance claim settlement ratio

The claim settlement ratio is the percentage of the claims settled by the Shriram Life insurance company during a particular financial year. Hence, the higher the claim settlement ratio, the better chances of the claims getting settled. 

In the financial year, 2019-20, the claim settlement ratio of Shriram Life Insurance is 95.12%.

Shriram group term insurance premium

The Shriram group term insurance premium depends on various factors like

Covid status

The Covid-19 pandemic has caused a lot of deaths in recent years. Hence, the covid status and the vaccination status of the employee impact the premium of the Shriram group term life insurance plan.

Sum assured

Premium will also be based on how much sum assured the employer wants to offer. A higher sum assured leads to higher group premiums.

Risk category

The nature of the job and the risks involved for the employees also determine the group premium. Employees who travel frequently or work in risky environments may have higher premiums.

Claim history

In case of renewals, the claims history for the last 3 years, the reason for the death of the employee also determine the premium of Shriram group term life insurance policy.

Shriram Life group term insurance benefits

Purchasing your group term life insurance policy for employees from Shriram Life Insurance company has the following benefits.

Tax benefits

As employers, when you pay the premium towards the Shriram group term life insurance policy, you are eligible to avail tax benefits under Section 37(1) of the Income Tax Act of 1961.

Choose your riders

Your Shriram group term life insurance policy comes with customizable riders like critical illness rider, income benefit rider, accidental death benefit, etc at a much lower price 

No medical screening needed

The group term life insurance policy does not require any medical tests to be taken before purchasing the policy. However, this depends on the terms and conditions of the policy.

400+ branches

Shriram Life Insurance company has 340+ branches present in pan India. This means the offices are easily accessible near most geographical locations for paying the premiums offline or filing for claims offline.

High claim settlement ratio

The claim settlement ratio of Shriram Life Insurance company for the financial year 2021-22 is 95.12%. This means the chances of settling the claims for your group term life insurance policy are high.

Shriram Life group term insurance claim

1

Collect the necessary documents

Firstly, collect all the originals of the necessary documents that have to be submitted to raise a death claim.

2

Submit these documents

Submit the supporting documents along with the policy details of the deceased employee.

3

Claim settlement

Once the policy details are verified along with the supporting documents and the information looks credible, the claim is settled directly with the nominee or the employer.

4

Contact us for assistance

Contact Pazcare for any queries or guided claim assistance at support@getpaz.com or call our customer care at +91 78291 11300.

1

Collect the necessary documents

Firstly, collect all the originals of the necessary documents that have to be submitted to raise the rider claim.

2

Submit these documents

Submit the supporting documents along with the policy details of the insured employee.

3

Claim settlement

Once the policy details are verified along with the supporting documents and the information looks credible, the claim is settled directly to the insured employee.

4

Contact us for assistance

Contact us for any queries or guided claim assistance at support@getpaz.com or call our customer care at +91 78291 11300.

Documents required to claim Shriram Life group term insurance

Here are the documents that you require to claim the Shriram group term insurance policy

  1. Duly filled claim form
  2. Original Death certificate of the insured employee or attested copy (death claim)
  3. Certificate of Insurance
  4. Photo ID proof of the claimant
  5. Current address proof of the claimant
  6. Cancelled cheque of the claimant
  7. Letter/confirmation from the employer

Why buy a group term life insurance
policy online from Pazcare?

  • Choose the suitable policy with our consulting approach
  • Custom-made plan with health and mental wellness add-ons
  • The tech-enabled Pazcare dashboard to manage endorsements
  • Integrate the dashboard with your HRMS tool

Shriram Life Insurance customer care number

For any queries or assistance, reach out to us at any time. We provide 24X7 customer assistance.

Shriram Life Insurance

1800-103-6116

Available 24X7

Shriram Life Insurance FAQs

What is Shriram Life Insurance contact number?

The Shriram Life Insurance contact number is 1800-103-6116. Alternatively, you can email them at customercare@shriramlife.in 

What is Shriram Life Insurance claim settlement ratio?

The claim settlement ratio of Shriram Life Insurance for the financial year 2019-2020 is 95.12%.

How is the premium calculated for Shriram group term life insurance for employees?

The premium for Shriram group term life insurance for employees is calculated based on various factors like

  1. Sum assured
  2. Designation and CTC of employees
  3. Covid and vaccination status
  4. Risk of the job
  5. Claim history of last 3 years.