Broadly insurance can be classified in two categories:
First - Life Insurance which matures in event of death of the insured/policyholder. On occurrence of such an event the insurance company pays a sum of money assured to the nominee/beneficiary (person nominated by the policyholder). Life Insurances are of two types:
Traditional Plans - which contain Endowment Plan , Cash Back Plan, Term Plan , (Term Life Insurance) and Whole life policy. And Unit-linked Insurance Plans - are of 4 types - Endowment cum Ulips, Children Plan , Retirement Plan or Pension plan and investment/saving plans.
Second - General insurance. All insurance policies other than life insurance policies come under general insurance segmentation. (Also known as non-life insurance policies). These policies include Home Insurance, Auto Insurance, Travel Insurance, Marine Insurance, Theft Insurance, Office insurance and Health insurance
Health insurance is most acquired policy in general insurance segment. Health insurances are of 3 types - Comprehensive Plan - which include Mediclaim and Fixed benefits plan, Accidental Insurance and Critical Care plan .
Various Products offered by Shriram Life Insurance Co. Ltd :|
New ULIP Plans -1. Shriram Ujjwal Life – Shriram Ujjwal Life is a regular premium unit linked insurance plan designed to make you reach your financial target. Be it your Child’s Education, Daughter’s Marriage or just a Peaceful Retired Life. Beyond that the plan also protects your family against uncertain events in future.
2. Shriram Ujjwal Life SP – This is a single premium unit linked insurance plan to accomplish all your financial goals.
Traditional Plans -1. Shri Life - Is a plan which gives you security and savings with a life cover throughout the policy term.
2. Shri Raksha – This product offers security and savings. Twice the sum assured is payable to the policyholder during the term of the policy.
3. Shri Vidya – Is a Child Plan which offers life insurance and a savings for his future education.
4. Shri Laabh – A plan where you can make one time payment for the premium and life cover will be available during the whole term of the policy.
5. Shri Vivah – Is a child plan where your funds are accumulated for your child’s marriage.
6. Shri Suraksha – Is a life cover plan with an increasing term assurance.
7. Shriram Immediate Annuity Plan – Is a plan that offers annuity as well as protection.
8. Shriram Akshay Nidhi – It is a regular premium money back policy with participation in profits. Premiums are payable at regular intervals during the term of the policy. This plan comes with full insurance protection throughout the term of the policy, irrespective of survival benefits paid.
9. Shriram Life New Money Back Term Plan – It pays a lump sum payment on the unfortunate death of the life assured during the term of the policy- helping your family eliminate debts and protecting their financial security.
Group Plans -1. Shriram Janasuraksha – It is a One year Renewable Group Term Assurance plan that assures payment of sum assured upon death.
2. Shriram Credit Shield – Shriram credit shield group insurance product is basically for loan providers who will be the master policyholder, to protect against default of payment of loan by their customers in case of their untimely death.
3. Shri Sahay (AP) – This is an Annual Premium Group Insurance plan that will give life cover for socially weaker sections of population.
"Socially Weaker Section" includes self employed workers such as agricultural laborers, bidi workers, carpenters etc. and persons who live below the poverty line. The premium is payable annually and life cover will be available throughout the policy term.
4. Shri Sahay (SP) – This plan is similar to the above, the only difference is this is a Single Premium Plan, the premium is payable only once.
Latest Updates - 22 May 2013