Shriram Life Insurance Company Limited

Shriram Life Insurance Company Limited, established in the year 2005, and started its operations in the year 2006, has a noble mission - to provide financial protection in the form of life insurance to every family in India, particularly those who are most susceptible to the economic consequences of losing a breadwinner.

The company is a joint venture between Shriram Group, a leading financial services conglomerate, and Sanlam Life Insurance, a renowned financial services group based in Cape Town, South Africa. Guided by principles of operational excellence, unwavering integrity, and a deep understanding of the average Indian's requirements, it is committed to offering top-notch and cost-effective insurance products and services.

Throughout the years, its core values have been steadfastly upheld and have become deeply ingrained in the very essence of the organisation. With an unwavering commitment to customer satisfaction, it prides itself on its profound understanding of its clientele. Each product or service is meticulously crafted to cater to the unique requirements of every individual customer. Embracing the philosophy of prioritising people above all else, this approach has not only brought it closer to its customers at a grassroots level but has also established it as the preferred choice for all truck financing needs.

In the financial year 2022-23, Shriram Life Insurance Company Limited issued 2,90,156 policies and received 48,528 claims.

Awards & Recognition

Shriram Life Insurance Company Limited has been recognised with several prestigious accolades and awards -

Shriram Life Insurance Company Limited was honoured with the ‘Excellence in Claim Management’ at the 7th BFSI CTO Summit Tech Innovation Awards in February 2023, recognising its commitment to providing quality and prompt claim services to its customers.
In 2022, it was recognised as one of the ‘Iconic Brands of India’ by Economic Times for its outstanding contributions to the insurance sector.
It was recognised as the ‘ Best Life Insurance Company of the Year’ at the National Feather Touch Business Leadership Awards for its exceptional commitment to providing innovative products for its customers.
It was also acknowledged for the ‘Best Use of Technology in Customer Service’ by Krypton Group at the BFSI Leadership Awards 2022, highlighting its dedication to providing customers with superior quality services.
The company won ‘Best Digital Initiative - Life Insurance’ at the InsureNext Awards 2022 for creating innovative digital solutions and staying ahead of the game. These awards were organised by the Banking Frontiers & Knowledge Partner - Deloitte India.

Claim Settlement Ratio

The Claim Settlement Ratio (CSR) serves as a crucial indicator of an insurance company's competence in managing and resolving claims. In the fiscal year 2021-22, Shriram Life Insurance Company Limited attained a Claim Settlement Ratio of 82.39%. This shows that they have turned down a number of the claims they received.

By examining an insurance company's CSR, you can assess its efficiency in promptly fulfilling claims. An insurer with a high CSR is regarded as more reliable and trustworthy in terms of settling claims. It is also important to analyse its CSR track record over the past few years to ensure consistent performance.

Solvency Ratio

The solvency ratio holds significant importance in assessing the financial strength and stability of an insurance company. In accordance with the guidelines set by the Insurance Regulatory and Development Authority of India (IRDAI), insurers are required to maintain a minimum solvency ratio of 150%. This ensures that they have enough financial resources to fulfil their claim and other financial commitments.

As of 31 March 2023, Shriram Life Insurance Company Limited maintains an impressive solvency ratio of 210%, showcasing its exceptional financial standing that far exceeds the minimum requirement. It has the financial capability to smoothly process claim payments and meet other responsibilities with ease.

Important Links

Customer Service

Contact Number
If you have any questions or need assistance regarding your insurance policies, you can get in touch with Shriram Life Insurance Company Limited's customer service via their toll-free number: 1800-108-6116.
E-mail
You can reach out to Shriram Life Insurance Company Limited by sending an email to customercare@shriramlife.in for any queries, concerns, etc.

Shriram Life Insurance Company Limited also offers alternative contact options to help you with your doubts, issues, etc.

Twitter: https://twitter.com/shriramlifeins
Facebook: https://www.facebook.com/Shriramlife/
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