Shriram General Insurance Company Limited was incorporated as a joint venture between Sanlam Group (a South Africa based life insurance company) and Shriram Group, the popular Indian conglomerate, in 2005. Shriram Group, with as many as 25 companies in India, has a customer base of over 9.5 billion.
The company boasts of an impressive portfolio of products, Shriram health insurance being one of the most popular and sought-after. Shriram offers cost-effective insurance products with the primary goal of addressing the needs of the ‘common people’ of the country.
Shriram General Insurance has a wide assortment of plans for risk coverage, starting from weddings, shops, and assets, to travel, home, and vehicles. The company effectively caters to the increasing demands of its customers by offering a number of insurance covers that can take care of almost anything and everything that may exist.
Their most popular health insurance plan includes the following –
Plan Name : Personal Accident Insurance
About the Plan:
The Personal Accident Insurance policy has been designed to cover individuals or families against temporary disabilities due to any bodily accidental injuries, total and partial permanent disabilities, and accidental death. While the death or accident of a family member can pose a serious threat to the finances of a family, buying this Shriram health insurance online can ensure their financial stability and peace of mind in case of a misfortune.
Shriram General Insurance is known to have a good Claim Settlement Ratio, which was recorded to be around 65.66% in 2014-15. Following is the simple three step procedure to go about the claims process with Shriram health insurance plans:
An Intimation of the claim can be made to the insurance company by visiting their closest branch or approaching an authorized Shriram General Insurance agent. In case of death of the insured individual, the pre-listed beneficiaries or nominees can make the claim.
Following the intimation of the claim to the company, you will need to download the Claim Form available on the company’s website and duly fill in all the details needed, before submitting the same along with any documents requested.
Once the company receives all the relevant documents, they will validate them, and settle the claims within a few days.
Shriram General Insurance Company Limited is recognized as the only private life insurance provider that holds a record of experiencing profits in its first three years of business. Shriram has come to be India’s most profitable life insurer, in comparison with its industry peers, who have been in the business for over ten years. Moreover, the company has seen tremendous growth in the recent years and currently boasts of 630 plus branches and more than 75,000 insurance agents across India. The company also has an incurred claim ratio of 64.55%, which is the ratio of money paid by the company as claims to the money received by the company in the form of premiums. Health insurance by Shriram is known to be very affordable as it concentrates primarily on the economically weaker sections of society and the rural segments, which is also responsible for generating about 40% of its business. However, it is always wise to compare Shriram health insurance plans with other plans in the market, to ensure you choose the right one, based on your needs.