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Shriram General Insurance
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Shriram General Insurance

The Shriram Group established the Shriram General Insurance Company Limited as a joint venture along with Sanlam Limited, a South Africa based firm. While Sanlam Limited has a 26% stake in this insurance company, the Shriram Group holds a major 74% of the shares. South Africa-based Sanlam Group provides financial products and professional financial advice to both corporate and individual customers. The Shriram Group, on the other hand, is based in India and maintains an ideology of catering to the common man. Their key focus tends to be on bringing indigenous technology platforms that can deliver the underserved sections of the society.

The Shriram General Insurance Company was founded in 1974, and over the years they have acquired a customer base of more than 12 million in the country. They additionally have 60000+ employees across 3000 branches all over India.  This insurance company has a net profit of more than Rs 22 billion, and features the slogan "Be Insured…Rest Assured".  The team of the Shriram Insurance comprises vibrant and young senior executives who handle diverse claims and underwriting matters.  

Shriram General Insurance: Major Highlights

The prime vision of the Shriram General Insurance Company Limited is to cater to the common masses and the unprivileged class. They aim at creating value right at the bottom of the pyramid. The Shriram Insurance also aims to serve the distinguished parameters of a perfect general insurance firm while aiming to be assured of the all-around customer satisfaction. The following statistics show the performance of the company over this period:

Category

Number/Percentage (2018-19)

Claim settlement ratio

91%

Gross Direct Premium (Within and Outside India)

2356.34 crore

General Insurance Products Approved FY 2018-19

26

No. of network garages

2000+

Solvency Ratio of General and Re-Insurers as on March

2019

3.47

 

 

                                                      Analysis of Claims

Claims

O/S at Start

of Period

Claims

Intimated/

Booked during

The Period

Claims paid

during

the Period

Claims

Repudiated

during

the period

Claims

closed

during

the period

Claims

O/S at

the End

of Period

218327

529939

433555

9642

248726

56343

Features of the Shriram General Insurance

The Shriram General Insurance Company Limited and the policies offered by this company, are known for certain distinct features. Here are a few of them:  

  • This insurance firm is among the most widely trusted, as well as largest insurance providers across the country.
  • Insurance products offered by Shriram General Insurance Company Limited are designed to be comprehensive and inclusive in nature, to make sure that the overall financial stability of the policyholder, as well as their families, would not be affected in any way, in case of the unfortunate death of a family member.  
  • Over the years, this company has managed to acquire a significant level of experience in the domains of commercial vehicle financing, general financial services, and even chit funds.
  • More than 75,000 insurance agents are working under this company, with whose help they aim at offering the best possible risk management solutions to their discerning customers.

Shriram General Insurance Company Limited offers a host of risk management solutions; the most popular ones are the company's motor insurance plans.  Details about the features and benefits of these policies have been mentioned in the following pointers.  

Features of the Shriram General Motor Insurance

The motor insurance policy offered by the insurer comes with the following features:

  • The Shriram General Insurance motor policies will provide coverage for any damage or loss caused to the vehicle owing to any man-made or natural calamities
  • The natural calamities covered under these plans are:
  • Fire
  • Self-Ignition or Lightning
  • Flood
  • Explosion
  • Typhoon
  • Storm
  • Hurricane
  • Inundation
  • Earthquake
  • Hailstorm
  • Tempest
  • Cyclone
  • Landslide
  • Rock Slide
  • Frost
  • The man-made calamities covered under the Shriram General Insurance motor insurance plan include:
  • Burglary
  • Theft
  • Strike
  • Malicious Act
  • Riot
  • Terrorist Activity
  • Accident by External Means

Any damage caused in transportation By:

  • Road
  • Train
  • Inland Waterway
  • Elevator
  • Lift
  • Air
  • The motor insurance policies offered by the Shriram General Insurance Company Limited provides coverage for third party liability. Here the insurer would get unlimited coverage. This basically means that the insurance company would pay for any amount of compensation decided by the court as the liability to the “Third Party” owing to injuries or accidental death caused by the insured vehicle.
  • Shriram Insurance car policieswould provide compensation up to Rs 7.5 lakh in case the insured vehicle causes “Third Party” property damage.

Benefits of the Shriram General Motor Insurance Plan

There are multiple benefits of investing in motor insurance policies through the Shriram General Insurance Company Limited. A few of those advantages have been listed below:

  • 24x7 Customer Support: The Shriram General Motor Insurance provides consistent customer support to its discerning clients. Through them, one can acquire assistance at any time of the day, and they try to take care of every query, as fast as possible.
  • Smooth and Problem-freeClaim Services: The Shriram General Insurance Company Limited enables the policyholders to avail hassle-free cashless claim services in any company's network garages. They even provide the benefit of tracking the claim online.  
  • No Claim Bonus (NCB): The insurance provider offers a claim bonus as a distinct reduction on the premium sum, in case not even one claim is made for the motor insurance plan in the policy term. This NCB can be availed every renewal period where no claims have been made. One can also avail a maximum amount of 50% of no claim bonus reward if no claims have been made throughout the insurance policy's tenure.
  • Add on Covers:  In addition to the coverage provided under the Shriram General Insurance car insurance policies, people can also acquire cover for certain add-on risks. They can choose to invest in any one or all of the additional coverage with just a nominal extra premium amount. The following add-ons can be availed with car insurance policy offered under ManipalCigna Motor Insurance:
  • Zero Depreciation Cover: The term depreciation refers to the downgraded valuation of a carand its parts with age. This is due to multiple factors, right from obsolescence to high wear and tear. A car tends to be made up of various materials, including metal, glass, and plastic. All of them have distinguished deprecation values. If a person's car gets damaged in an accident, they essentially won't be able to recover the full amount for it.  A Shriram General Motor Insurance Plan with Zero Depreciation Cover would enable people in the replacement process of damaged components, subsequent to subtracting the depreciation sum.
  • Daily Reimbursement: Policy buyers can benefit from daily reimbursement in case of an accident if they opt for this add-on.
  • Return to Invoice: This add-on offers benefits of the invoice to the vehicle, along with road tax, registration fee, as well as insurance information. The Insurers have to pay the needed amount confirmed in the invoice if a total loss is declared.
  • Personal Belongings: Through this add-on, one can ensure the protection of various personal belongings inside a locked vehicle and suffer a loss. This includes items like electronic equipment, car accessories, laptop, and so on.
  • Emergency Transportation and Hotel Charges: Sudden vehicle breakdown can cause a lot of problems. Finding adequate transportation and accommodation in an unknown place especially becomes extremely difficult if a car breaks down in the middle of a journey. This is where the Emergency Transportation and Hotel Charges add-on comes as a huge advantage. This cover includes the expenses incurred in overnight stay along with taxi costs.
  • Key Replacement: The event of car keys getting lost or misplaced is extremely common, for which the Shriram General Insurance Company Limited has a perfect solution.  Through this add-on, the vehicle owners would easily get a replacement key.
  • Multicar Rebate: This rebate is provided to people who desire to cover more than one car. The rebate would also extend to diverse add-ons, including:
  • Depreciation deduction waiver
  • Key replacement
  • Personal belongings benefits

Product Portfolio of the Shriram General Insurance Company

The flagship products of the company include the following:

  • Shriram General Insurance Company Car Insurance
  • Shriram General Insurance Company Two-wheeler Insurance

Shriram General Insurance Premium Payment Process

One can pay premium for their Shriram general insurance policies online, through the official protal.

When paying their insurance premium online, one would get the option to make their payments through multiple channels. Among these channels, they can simply choose the one that is the most feasible for them. Here are the channels that people can use to make their online premium payments:

  • Online wallets
  • Internet banking
  • debit cards
  • credit cards etc.

Alternatively, people can also make their Shriram General Insurance Premium Payment through paisawiki.com. The Paisawiki website has a simple premium payment process for diverse insurance policies.

  • At a Branch: One may even opt to pay their Shriram insurance premium at their relevant issuing branch. Insured can even use the Paisawiki.com branch locator to find the insurer's nearest branch to make their premium payments.

The premium sum of the Shriram General Insurance motor plans tends to be chargeable at a single go. The premium rating of this company depends on multiple factors, including:

  • IDV
  • Cubic capacity
  • Geographical zone
  • Age of the vehicle
  • Add on Covers

Shriram General Motor Insurance Claim Process

The claim process of the motor insurance plans offered by this company is extremely easy and hassle-free. They follow quite a standard process, which is easy for everyone to understand and follow.  People can notify them of a claim 24x7, and they offer timely assistance and customer services throughout the day. The following points underline the claim procedure followed by the company:

  • Give a call at the toll-free number of the company for the purpose of lodging the claim. The numbers where one can give a call to intimate a claim are:
  • 1800-300-30000
  • 1800-103-3009
  • Subsequent to intimating the claim, the following information needed to be provided to the provider along with the Shriram Insurance Claim Form:
  • Policy Number
  • Date and time of the accident
  • Estimated loss and the description of the loss
  • Registration Certificate
  • Name of the driver along with contact number and their driving license details
  • Contact Details of the insured individual
  • Survey location where the vehicle can be surveyed by the loss assessor of the company
  • One can easily download the Shriram Insurance Claim Form from the official website of the insurer.
  • This document can be duly filled and send to the insurance provider.
  • Certain documents should be provided along with the form, such as
  • Motor Insurance policy with schedule and endorsement/clause.
  • Registration Certificate
  • Driving License
  • Police FIR (If any)
  • Fitness Certificate (Only for commercial vehicles)
  • The claim representative of the Shriram General Insurance Company Limited shall contact the insured individual for the further process. They shall give the claim reference number that would be needed for any kind of future reference.  
  • Subsequent to the claim submission and approval, a text message would be sent to the policyholder that would intimate the surveyor's details.
  • The surveyor would be appointed to assess the loss of the insured vehicle and its thorough inspection.
  • The surveyor shall contact the insured to fix a suitable time for the survey.
  • After the surveyor's assessment, approval would be given, and the insured shall be intimated about the Shriram Insurance claim status.
  • People can easily track the Shriram Insurance claim status for motor insurance plans through the insurance company's website.  

Shriram General Insurance Policy Renewal Process

The policies offered by the Shriram General Insurance can be renewed extremely easily at Paisawiki.com. One just has to follow the simple steps mentioned below to do so:

  • Visit the official website of Paisawiki.com.  
  • Click on the quick renewal option mentioned there.
  • Insert the relevant details about the existing policy, as well as certain specific details based on the insurance product they have invested in.
  • Verify all the details present on the page, and if it is correct, then one should proceed with the next step.
  • Once the policy details are verified, one shall be redirected to the payment page.
  • One can make the renewal payment through net banking, debit/credit card.
  • As soon as the insurance renewal payment of a person is completed fully, the person would receive a soft copy of the policy document on the registered email id.
  • In case the policyholders face any issues during this process, they must contact the insurance company's customer service desk to get the required assistance.

Anyone who does not want to make Shriram Insurance Online Payment for renewals may choose certain other methods as well.  They may visit their nearest Shriram General Insurance Company Limited branch to renew their plan.  For this, they have to:

  • Locate the nearest branch office of Shriram Insurance. This can be done by checking out the Shriram General Insurance Company Limited branch locator page at the paisawiki.com
  • Subsequent to visiting the branch, people need to get in touch with any of the customer service executives of the company present there.
  • The customer service executive shall provide the insurer with the renewal form, which they have to duly fill up.
  • Subsequent to filling up the form, people have to make their renewal payment. This can be done through multiple channels.
  • Subsequent to the payment completion, the policy shall be renewed.

To acquire further details about the policy renewal process, as well as Shriram Insurance Online Payment, one may give the insurance company a call at their toll-free number. The renewal amount of the policyholder shall additionally be debited if they have filled in a debit mandate form initially at the time of policy purchase and sign up.

Achievements and Awards of the Shriram General Insurance

Over the years, the Shriram General Insurance has received several awards and accolades, including:

  • CELENET India Insurance Awards in 2011
  • CELENET India Insurance Awards in 2012
  • India Insurance Summit & Awards 2018
  • Excellence in Growth Award 2011
  • Fincare Small Finance Bank Valued Customer
  • Best General Insurance Company of the Year 2019
  • Excellence in Growth Award 2012

Frequently Asked Questions

  • Q. In case I opt to invest in Shriram General Insurance plan online, how would I be able to get my policy documents and certificates?

    Ans. In case you opt to invest in Shriram General Insurance plan online, you would be able to acquire crucial information like the policy number, through SMS or your registered email address. The details would be made available to you instantly through these methods. You may even opt to get your policy details online on a PDF file, subsequent to providing certain details. These details may include the chassis, engine, or registration number, in addition to the typical policy number.

  • Q. Is it a good idea to buy a Shriram General Motor Insurance plan online?

    Ans. Yes. Buying a Shriram General Motor Insurance plan online can be a good idea, especially for the individuals who do not have enough time to physically visit any branch office of the company. In addition to being swift and easy, buying insurance plans for two-wheelers, as well as cars through the website of the Shriram General Insurance is extremely easy and hassle-free. Moreover, people may also acquire distinct offers on premiums and benefits from the insurer in case they opt to invest in these plans online.

  • Q. How much time does it take to buy insurance online through the Paiswiki website?

    Ans. It hardly takes 5 minutes to buy an insurance policy through the official website of insurance aggregators like Paisawiki.com.  One simply has to fill in their details on the website, and they shall be provided with a list of insurance product options as per their requirements. People can easily make their payment for these plans through net banking or credit/debit cards.

  • Q. Is it possible for me to make any changes or endorsement in the motor insurance plans provided by the Shriram General Insurance Company Limited?

    Ans. Yes. You can make certain changes or endorsement in the motor insurance plans provided by the Shriram General Insurance Company Limited.  Endorsement basically implies any kind of written evidence on an agreed change to the insurance plan of a person. This document tends to feature all the changes made in the terms of the plan. All alterations and changes needed by people on their insurance policies can be done through an endorsement. Endorsements typically would be issued right at the time of the policy purchase, for the purpose of providing added coverage and benefits to the insurance provider, such as legal liability to the driver. In certain cases, these endorsements can also be made to impose distinct restrictions, such as accidental damage deductible. The insurance company itself provides the definite wordings of these endorsements.  These might be issued to record change of name, address, as well as the model of the vehicle.  

  • Q Will I be able to make an insurance claim if my vehicle was driven by someone else at the time of the accident?

    Ans. Yes.  You shall be able to make an insurance claim if my vehicle was driven by someone else at the time of the accident, provided the other person has a valid driving license and was driving the car with your permission.

  • Q. How can I cancel a Shriram General Insurance plan?

    Ans. For the purpose of cancelling a plan, one may easily give at call to 1800-300-30000. They may even opt to visit the nearest branch of the insurer to cancel their insurance policy.

  • Q. What is meant by a third party risk policy?

    Ans. According to the Section 146 of Motor Vehicles Act 1988 it is mandatory for the owners of all motor vehicles to invest in a third party insurance coverage. The overall scope of a third party insurance plan is to pay compensation for accidental death due to bodily injuries of any third party, as well as the damage caused to the property of any third party due to the vehicle of the policyholder.

  • Q. Would it be a good idea to make small claims on my Shriram General Insurance Company Limited motor plans?

    Ans. In certain situations, it would be advisable not to make small claims. Generally, whenever your two-wheeler or car would need repairs, you would get an estimate for it. In case the no claim bonus you would forfeit in the coming year exceeds the estimated amount, it would be prudent to not raise a claim and pay for the damages from your pocket instead.

  • Q. What is meant by the Shriram personal accident insurance?

    Ans. The personal accident insurance policy offered by the Shriram General Insurance provides people with the much needed financial security in case they are met with mishaps like road and train accidents.

  • Q. What are the key features of the Shriram personal accident insurance?

    Ans. The prime features of the Shriram personal accident insurance include:

    • 100% sum insured provided to the beneficiary in case of the accidental death of the policyholder.
    • This plan can be bought for people up to the age of 70 years.
    • Education of children is also covered under this place in case policyholders are faced with accidental death or permanent total disability.
  • Q. What are the add-on benefits provided with the Shriram personal accident insurance?

    Ans. The add-on benefits provided with the Shriram personal accident insurance are:

    • Transportation of Mortal Remains
    • Education Benefit of children
    • Hospital Confinement Allowance
    • Accidental Hospitalization Cover
    • Reimbursement for medical expenses
    • Modification of Residential Accommodation and Vehicle
  • Q. What would be the documents needed for a Permanent Total Disability or Permanent Partial disability claim for the IRCTC Travel Insurance provided by the Shriram General Insurance Company Limited?

    Ans. Here are the documents that are needed to file a Permanent Total Disability or Permanent Partial disability claim for the IRCTC Travel Insurance provided by the Shriram General Insurance Company Limited:

    • Personal Accident Claim Form duly completed by signed by the insured or the nominee
    • Report of the Railway Authority confirming the accident of the train or untoward incident
    • Report of the treating doctor confirming the level of disability.
    • Medical bills corresponding to doctor’s prescription
    • Disability certificate received from the Civil Surgeon of the hospital sating the percentage of disability.
    • Attested copy of FIR
    • All X-Ray or reports of investigation and films that support disablement
    • Claim form with NEFT details and cancelled cheque of the beneficiary
    • Photograph before and after disability
  • Q. What are the coverage options that come under the Shriram general insurance overseas travel insurance policy?

    Ans.  Here are the primary elements that are covered under the coverage options that come under the Shriram general insurance overseas travel insurance policy.

    • Medical Expenses Cover
    • Cashless hospitalization across the world
    • Dental Treatment
    • Total Loss of Checked in Baggage
    • Delay of Checked in Baggage
    • Loss of Passport
    • Personal Accident
    • Financial Emergency Assistance
    • Trip Cancellation and Interruption
    • Daily allowance in the scenario of hospitalization
  • Q. Why are the types of policies offered by the Shriram General Insurance Company Limited?

    Ans. The Shriram General Insurance Company Limited provides a host of risk management solutions, which includes:

    • Car Insurance
    • Two Wheeler Insurance
    • Home Insurance
    • Travel Insurance
    • Commercial Vehicle Insurance
    • Fire Insurance
    • Engineering Insurance
    • Marine Insurance
    • Liability Insurance
    • Shopkeeper Umbrella Package Insurance
    • Householder’s Umbrella Package Insurance
    • Fidelity Guarantee Policy
    • All Risk Insurance
    • Business Protector Policy
    • Shri Suraksha Insurance
    • Personal Accident Insurance
    • Burglary Insurance
Written By: Paisawiki - Updated: 05 November 2020

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