Shriram life Insurance is the only
private insurer to have made profits in the first three consecutive years. When
compared to other industry peers that have been around for more than ten years
of operation. Shriram is also the most profitable life insurance company in
India. What do they do differently? The company’s performance stands out of the
efficient use of capital and their low cost of operations. It has been
successful in taking life Insurance to the section/class of people where it is
the most successful- The Common Man. The founders of the company have always
maintained a firm focus on the rural market since they put their step in 1974
towards building this group.
Shriram
life insurance
has an outstanding underwriting record. It has won several rewards for
innovation in relaxing the underwriting standards and to satisfy customer
needs. Apart from the laurels the company
also posted 37.7% enlargement in sum rewarding during FY16.
Manoj Kumar Jain, handling executive of
Shriram Life, pronounced that the association is awaiting 25-30% on all
business parameters during an FY17.
He said crossing 1000 crore in gross premium is a huge milestone for the
company. They sold close to 2.67 lakh
retail policies which rank them on number 7 of all private life insurers in
the country. For the FY March 2016, the company has covered more than 1.4 crore lives including 60 Lakh lives of
Telenor subscribers.
Not only this the company has now expanded its reach from 200 branches to 530
branches through the expansion that it started three years back. This makes
it a PAN India company, the company is still expanding its reach to TIER III
and IV cities of the west, north and east India by adding additional 75 branches in the current Fiscal year.
Shriram life insurance also announced
INR 20 Per 1000 Sum Assured for policy term less than ten years and INR 30 per
1000 Sum Assured for policy term greater than ten years.
Shriram Life Insurance offers a host of
Insurance Plans in the form of Fiscal assistance to their policyholders. Here
is the list of plans that you can invest in:
- Traditional Life Insurance Plans- These are the conventional plans and offers a guaranteed sum at the time of maturity along with the bonus, depending on the plan one has opted.
- Group Life Insurance Plans- In this plan people are covered under a single insurance plan; it is common among a group of employees or member of the union.
- Endowment Life Insurance Plans- In such plans, the insurer pays periodic premiums which are invested depending on the insurance company’s judgment.
- Money Back Life Insurance Policy- The policyholder of such plans receives a portion of the sum assured at regular intervals based on the plan chosen.
- Term Life Insurance Plans- This is also the low-cost Insurance plan wherein the customer is allowed to secure a corpus to his/her family in case of sudden death or unfortunate event. In such plans the company and the customer go into a contract wherein in case of the insurer’s demise the company pays the deposited money/amount to the beneficiary after a certain period. Remember this period varies from 5-30 years. However, the premiums are quite low.
- Unit Linked Insurance Plans (ULIP)- One of the most popular plans, the investment is made as per the insurer’s financial commitment, preference, and the risk appetite. The investment made here is also subjected to various market risks, which are obviously to be borne by the policyholder. The Policyholder can redeem the collected units at the time of maturity at the prices that prevail then. Some plans also offer additional benefits either at the time of maturity or annually.
