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Shriram General Insurance Company
Having started in September 2012, Shriram General Insurance is a joint venture between Shriram Capital Limited, a major non-banking financial company of India, and Sanlam Limited, a leading Financial Services Group of South Africa. Since then, the company has been serving its customers faithfully, creating a customer base of around 12 million overall, and focusing on addressing the customer needs, making the client-friendly general insurance plans to create value from the bottom of the pyramid. The company is putting special attention to bringing innovative products and maximum application of IT developments in its operations to address the varied needs of different individuals, especially the common people.
Shriram General Insurance Company has come up with a wide array of general insurance plans ranging from motor insurance, personal accident insurance, liability insurance, travel insurance to burglary insurance so that the policy-seekers can find the most appropriate one for them. The ‘Self-Care’ option also helps you get to know about your policy, track the claim status, and many more. SGI believes in the motto “Be Insured, Rest Assured”, and till now it has maintained its philosophy successfully.
Key Facts of The Company
To know about the major facts of Shriram General Insurance Company, have a look at the below table.
|Incurred claim ratio (in the financial year of 2019-2020)||65.04%|
|Number of policies sold (in the financial year of 2019-2020)||1318|
|Premium underwritten (in the financial year of 2019-2020)||Rs. 2466.19 crores|
|Solvency Ratio (March 2020, for general insurance)||3.67|
|Equity Share Capital (as of March 31, 2020)||Rs. 259.16 crores|
|Cashless facility||Yes, available|
|Preferred insurance partner||IRCTC|
Awards and Recognitions
Best General Insurance Company
Of The Year 2019.
Amiable Insurer in the
Non-Life Insurance 2018.
Fincare Small Finance Bank
Excellence in Growth Award for 2 consecutive years (2011 and 2012)
To cater to the varied needs of different individuals, Shriram General Insurance has come up with a sack full of various general insurance plans, so that everyone can find a policy according to his/her convenience. You can find motor, travel, home, burglary, personal accidents, and many other general insurance plans at an affordable premium rate under this company. Let us have a look at the plans briefly offered by Shriram General Insurance.
As a car is one of the most valuable and dearer possessions of ours, we also need to provide protection to it. A car insurance plan promises to safeguard you and your vehicle by providing different covers such as damage or loss to the insured vehicle, personal accident cover, third party liability benefit, and many more.
Shriram General Insurance has presented different types of car insurance plans to provide you with the utmost benefits and facilities to secure yourself and your car from a large number of unforeseen events and perils that your car is exposed to.
Shriram Comprehensive Car Insurance Policy
It is a type of comprehensive motor insurance plan that offers protection to your car from different types of unfortunate events such as natural calamities, manmade hazards, third party liability, and property liability and come with many other benefits such as emergency road-side assistance, cashless repair, and unnamed passenger cover at a nominal premium rate. The company also offers you a wide range of add on covers to make your policy stronger, like, zero depreciation cover, zero reimbursements, return to invoice, personal belongings cover, emergency transport and hotel expenses reimbursement, key replacement, and multi-car rebate. With the help of the plan’s additional features, you can also safeguard your electrical & electronic accessories like music players, seat covers, LCD mini-TV, fog lights, etc. along with the bi-fuel system (CNG/LPG Kit): Your CNG/LPG Kit be, it is in-built or fitted separately.
Liability Car Insurance Policy
This policy is there to provide the insured person unlimited coverage related to the third party liability that is accidental death or bodily injuries caused by your vehicle, any damage or loss that happened to the other people, and third party property liability that is subject to a maximum limit of Rs. 7,50,000. If you have a car, be it new, old or second-hand you have to have third party liability insurance, according to the Motor Vehicle Act of India, 1988. Shriram General Insurance has also come up with Long Term Car Third Party insurance for new cars that offers two options to choose from and they are – Long-term Package cover offering both Motor Third Party insurance and Own Damage insurance for three years and a bundled cover with three years for the third party component and a one-year term for the Own Damage.
Shriram Private Car insurance policy
If you own a car and that is registered in your name with the Regional Transport Authority in India, this policy is ideal for you as along with the basic covers, this plan also comes with various discounts such as voluntary deductible discount (up to Rs. 2500), automobile association discount, and discount for anti-theft devices. You can also enjoy personal accident cover under this policy for yourself, the driver of your car, and the unnamed passengers according to the vehicle’s seating capacity for Rs. 15 lakhs. You can avail of a wide range of add on covers and additional benefits, available with the policy.
2. Shriram Two Wheeler Insurance Plans
Your two wheeler is as precious to you as a car, rather it is generally more exposed to different kinds of dangers. To provide protection to your two wheeler a two wheeler insurance policy comes with a wide array of benefits such as third party cover, own damage benefit, cover against natural disasters and manmade hazards, and compulsory personal accident (CPA) cover.
Shriram General Insurance has come up with different types of two wheeler plans to safeguard you a wide range of perils and thus offer peace of mind and financial security. Let us know about the two wheeler plans offered by Shriram.
Comprehensive Two Wheeler Insurance
Just paying a little extra premium, you can avail of this comprehensive, complete package of two wheeler policy that not only safeguards you from the third party liabilities including third party damage to the vehicle and third party damage to the property but also offers you own damage covers arising out of different eventualities such as theft, natural calamities, manmade hazards, accident, and personal accident. This plan also offers different additional covers to make your policy stronger, such as pillion cover, geographical extension cover, and electrical and electronic accessories cover and comes with no claim bonus benefit (up to 50% discount). Apart from your new two wheeler, you can also buy this policy for your second-hand bike and old bike.
Third Party Two Wheeler Insurance
As per the Motor Vehicles Act of India,1988, if you are an owner of a two-wheeler, be it new, old, or second-hand, this policy is mandatory and also offered by Shriram General Insurance. The third party cover protects you from the expenses of damage or loss to the third party property or vehicle including the co-passengers too and thus keeps you away from penalties and fines keeping you safe financially. This plan also comes with personal accident cover, including no claim bonus benefit (up to 50% discount).
Shriram Long Term Two Wheeler Insurance Policy
As per the latest circular by the IRDAI, 1st September 2018 after honorable Supreme Court order it is mandatory to have a 5 years insurance policy for fresh (new) two wheeler in India. The policy tenure of two wheeler long term insurance policy is 2 years, 3 years, and 5 years in one go for all two wheeler owners across India permitted by IRDAI to combat non-renewal and also to encourage people to buy or renew mandatory two wheeler third party liability policy on time. This plan has come up with a wide array of benefits, multiple discounts on the premium rates and also helps to combat the yearly third party inflation rate on premiums.
As a house provides you shelter, one of the basic needs of human beings, you also need to provide your house protection from unfortunate accidents and a wide range of unforeseen perils. A home insurance plan exactly does so it safeguards your home from natural calamities, manmade hazards, lawsuits, and third party liabilities, and many more and thus provides you financial security and a hassle-free life.
Shriram general insurance has come up with a sack full of different home insurance plans to address the varied needs of every individual. Here are the mentions of the home insurance plans offered by this company.
Shriram Complete Package Home Insurance
This comprehensive package policy offers you a wide range of covers such as physical loss or damage or destruction to the insured property, fire, explosion, natural catastrophe, manmade hazards, missile tensing operation, leakage from automatic sprinkler installations, and many more. The policy offers you multiple additional covers to choose from according to your conveniences such as valuable contents cover, burglary and theft cover, employee’s compensation, personal accident cover, breakdown of the electrical and mechanical appliance, baggage, public liability, and many more. Apart from these, you can also go for the add on cover(s) for making your policy stronger, like removal of debris, the act of terrorism cover, loss of rent clause, architect, surveyors, and consulting engineer’s fees, and some more.
Shriram Dwelling Insurance Policy
If you suffer any financial loss due to the damage occurred by any covered hazards, this policy offers you compensation for the repair of your dwelling that is the physical structure or area you live in, including building, apartment, house, and attached structures such as garage, porch, fence, and deck. If you avail of this policy, the sum insured will be deemed to have increased by 10% of the original sum insured at the end of every 12 months period. You can only obtain this policy if you are the owner of your house, or an authorized occupier of your home or structure is occupied by a tenant, a licensee, or your employee, or you are a tenant under an agreement in writing and are liable for insurance.
Shriram Content Insurance Policy
This policy is specially designed to protect the contents of your house such as furniture, jewelry, other valuable items, electronic appliances, refrigerators, televisions, microwave ovens, toasters, and any other contents that come under the policy wordings. To avail of this plan, you need to be the owner of the articles, or you have purchased the contents under installments or hire purchase system, or on the lease, or you are responsible for the things as part of a written contract of employment.
Shriram Tenant Insurance Policy
As the name suggests, this plan is exclusively for the tenants who do not own any house but have valuable things and articles in their legally rented flat or house and want to protect those from a wide range of perils. This plan has a unique feature that is, if you are sharing your house with your roommate, you can also buy this home insurance plan, for part of your content.
Shriram Landlord Insurance Policy
Shriram General Insurance has come up with this plan to cater to the needs of the landlords by protecting them from unforeseen damages and loss that may be caused by a tenant or the other residents of the building. This plan provides protection to the landlords not only against the loss of rents but also from public liability. This plan would be ideal for you if you are a landlord and want to have a smooth flow of rents and to safeguard you, your family, and your house from unforeseen eventualities.
4. Shriram Travel Insurance Plans
If you need to travel to a different place, be it an educational tour, or, for business purposes, or on vacation, you will certainly want it to be a smooth and hassle-free trip. For that, a travel insurance policy has come up with a wide array of covers and benefits such as travel, baggage, and trip-related advantages, to address your needs.
Shriram General Insurance understands your needs and therefore presents you with a complete package of travel insurance covers that can satisfy you and can make your trip enjoyable. Let us have a look at the policy details.
Shriram Overseas Travel Plan Insurance Policy
This policy is beneficial for the individuals who have to travel abroad for different reasons as it has come up with a sack full of benefits such as cover for medical expenses, repartition of remains, daily allowance in case of hospitalization, delay and total loss of checked-in baggage, loss of passport, personal accident, personal liability, dental treatment, hijack crisis, financial emergencies, trip cancellation, golfers hole in one, bail bond and many more along with a number of add on covers. This plan comes with three types namely, a) Single Trip b) Family Floater c) Annual Multi-Trip and each plan comes with three variants such as Shri Travel (USD 50000), Shri Travel Plus (USD 100000), and Shri Travel Elite (USD 200000). The plan also allows you to extend the days of your trip and you can curtail and customize the benefits as per the nature of your trip and your requirements.
5. Shriram Personal Accident Insurance Plans
Accidents may come at anywhere, any moment, without any prior notice causing you and your family immense losses and damages. In this scenario, a personal accident insurance plan plays a pivotal role as it financially safeguards you and your family from unfortunate events as it provides financial safety against accidental death, permanent total or partial disabilities, and more.
Shriram General Insurance has come up with different personal accident insurance plans to ensure that you and your family can live a financially healthy life even after such an unfortunate event. Let us have a look at the plans below.
Individual Personal Accident Insurance (IPA) Plan
You can purchase this plan as an individual and for your family members including legal spouse, 2 dependent children, and dependent parents to protect yourself from any type of accidental damage or loss such as accidental death, loss of limbs, sights, permanent/partial disablement and some more. Any person who has earnings and in between the age group of18 years to 70 years can buy this policy to get up to Rs. 5 lakhs of the sum insured whereas, the entry age for dependent children is 5 years to 25 years. Under this plan, there are several add-on covers to choose from such as transportation of mortal remains, child’s education benefit, hospital confinement allowance, and many more.
Group Personal Accident Insurance (GPA) Plan
If you are an employer of an enterprise, be it small, large, or medium, and want to safeguard your employees from unfortunate, unforeseen events of accidents at an affordable premium rate, this policy is ideal for you. Along with the basic covers, the plan has come up with a wide range of additional covers such as medical expense reimbursement, accidental hospitalization cover, modification of residential accommodation and vehicle cover, etc. this is a cost-effective policy with worldwide coverage and under this plan, the capital sum insured (CSI) should not exceed 60 months’ salary/income from active employment.
SGI Personal Accident Insurance Plan
This plan has come up with four different types and they are – Basic Plan, Basic Plus Plan, Advance Plan, and Comprehensive Cover. This plan offers a bundle of benefits such as accidental death cover, permanent total disability cover, permanent partial disability cover, and temporary total disability cover along with a wide range of additional benefits to choose from as per your convenience. Apart from this, the plan covers the family members too and comes with worldwide coverage, ambulance expenses benefit, financial assistance in unfortunate events, 24×7 support, and availability, and many more advantages.
6. Shriram Commercial Vehicle Insurance Plans
A commercial vehicle not only acts as an important aid to your finances, but also it is a valuable asset for you, which needs protection too. Commercial vehicle insurance safeguards your vehicle as well as you from different types of unpleasant unfortunate events such as accidents, damages, or loss due to natural calamities and manmade hazards, third party liabilities, and so on.
Keeping in mind the importance of this type of insurance plan, Shriram General Insurance has come up with a comprehensive commercial vehicle insurance plan to provide your vehicle maximum protection. Look at the below for more details about this policy.
Shriram Commercial Vehicle Insurance Policy
This policy is a comprehensive insurance plan that not only safeguards the commercial vehicle owners from the mandatory third party liabilities including third party bodily injury or death and property damage but also has come up with a wide array of covers such as cover for the loss or damage to your vehicle arising out of natural calamities, manmade disasters, accidents, the act of terrorism, fire, burglary and theft and many more. The company also allows you to change your car registration from private to commercial, but in that case, you have to buy this specific whole new policy as a commercial vehicle insurance plan’s terms and conditions are completely different from private car insurance. This policy remains active for 12 months after the day of commencement and offers a direct settlement facility at special garages and multiple add-on covers to make your policy stronger.
7. Shriram Corporate/Other Insurance Plans
Shriram General Insurance Company has come up with a sack full of general insurance plans of a different variety to address the varied needs of individuals and to make their plans more customer-friendly. This ranges from engineering insurance, fidelity insurance, marine insurance to burglary insurance, and a lot more. Here is a complete list of other insurance plans including the brief details as offered by Shriram.
8. Shriram Fire Insurance Plans
A firm insurance policy helps you to protect your assets from the unforeseen events of fire and some other natural calamities. Shriram General Insurance has come up with three fire insurance policies to cater to the specific needs of the policy-seekers. Let us have a look at the brief details of the plans.
Standard Fire and Special Perils Policy
This policy is there to safeguard your assets such as building, plant and machinery, stock, furniture, and fixtures from the loss or damages arising out of the fire, lightning, explosion, aircraft damage, riot, strike, various natural catastrophes, leakage from automatic sprinkler installation, bush fire and many more. This plan also offers a wide range of add on covers to choose from such as start-up expenses, spoilage material damage cover, leakage and contamination cover, temporary removal of stocks clause, spontaneous combustion, and a lot more.
Industrial All Risk Policy
You can avail of this policy up to the sum insured of Rs. 50 crores at one or more locations in India to get cover for your assets from all risks including A) material damage such as standard fire and special perils, burglary, machinery breakdown, boiler explosion, electronic appliances, and B) business interruption like fire loss of profit, machinery loss of profit (optional cover). The covers will be on a Reinstatement Value basis only, whereas the stocks will be covered on a Market Value basis.
Fire Loss of Profit Policy
If your premises suffer any loss or damage due to any peril insured under Standard Fire and Special Perils Policy and causes interruption to the smooth flow of your business, this policy comes as a savior as it enables the insured person to recover his loss of gross profit due to a reduction in turnover and increased cost of working incurred in minimizing that loss of gross profit. The sum insured for this policy is based upon the annual net profit of the business according to the previous year’s accounts and the ‘standing charges.’ Under this policy, lots of extensions are available to make your policy stronger such as loss of wages, lay off and retrenchment, auditor’s/account’s fees, loss of goods laying at suppliers’ premises and, loss due to accidental failure of public electricity or gas or water supply.
9. Shriram Engineering Insurance Plans
An engineering insurance policy acts as a financial safeguard to all the risks that are faced by the ongoing construction project, installation project, and machines and equipment that are used in project operation. Shriram General Insurance provides different types of engineering insurance policies to address the specific need of the policy-seekers. Here are the mentions of those plans with brief details.
Contractors All Risk Insurance Policy
This policy provides protection to a wide array of civil construction projects, ranging from building, theatres, factory to reservoirs, tunnels, sewage disposal works against different types of perils such as material damage by accidental physical loss and third party liabilities. The sum insured, for this policy, will include landed cost at the site of imported or indigenous materials and construction costs. The insured can also extend the policy cover any including any of the available add on covers such as maintenance visit and extended maintenance cover, earthquake, clearance, and removal of debris, third party liability and owner’s surrounding property, escalation, and the act of terrorism.
Erection All Risk (EAR) Insurance Policy
This policy is designed to cover all the risks except specifically excluded pertaining to projects during storage, erection, testing, and commissioning. This plan includes freight, customs duty, and cost of erection, and the sum insured is calculated on the basis of the erected value of the plant and machinery. Under this policy, you can also opt for add on cover(s) available with the policy.
Electronic Equipment Insurance Policy
If you want to safeguard your electronic equipment, such as personal computers, micro-processor, telecommunication equipment, audio-visual equipment, and sophisticated gadgetry, this plan is ideal for you. It offers cover against any unforeseen physical loss or damage to your insured electronic equipment, external data media and the expenses for reconstruction and re-recording of information, and increased cost of working.
Machinery Breakdown Insurance Policy
This policy is specially designed to cover loss or damage to machinery and equipment arising out of all types of accidental, electrical, and mechanical breakdown, be it external or internal causes. The amount of sum insured for this policy should be equal to the new replacement cost, including freight, erection cost, and customs duty. You can also go for any of the extensions of your choice available under the policy, such as air freight, express freight, overtime, and holiday wages, insured’s own surrounding property, and third party liabilities.
Contractor’s Plant and Machinery Insurance
If you are a contractor and want to protect your construction equipment like bulldozers, cranes, excavators, compressors, etc. from the damage or loss arising out of an accident or any kind of external perils, this policy is ideal for you. The sum insured for this policy is based on the current replacement value of the machinery or the equipment of the same kind and same capacity. Like the other Engineering Plans, available under Shriram, you can also avail of different add on covers as per your convenience, under this policy.
Boiler and Pressure Plant Insurance Policy
Anyone who is using a boiler, be it related to a firm, company or factory can avail of this policy. This plan has come up with multiple covers such as damage to both fired and unfired boilers against the losses arising out of explosion or collapse, damage to the surrounding property due to explosion or collapse of the pressure plant while it is at its normal work, and so on. You can extend the coverage of your policy by choosing any of the available add-on covers such as express freight, air freight, third party liabilities, additional customs duty, and some more.
Shriram Cargo Insurance Policy (Marine Insurance):
Shriram General Insurance has presented a marine plan, called Cargo Insurance Policy that offers cover for cargo while it is in transit to safeguard the buyers, sellers, buying agents, contractors, and anyone who is involved in the business or movements of goods. The plan has 3 variants, namely Inland Cargo Insurance, Import Cargo Insurance, and Export Cargo Insurance. Generally, the sum insured for this policy is CIF + 10% and the insured can opt for a number of add on covers such as strike, riot, and civil commotion cover, war benefit, and duty insurance cover.
10. Shriram Liability Insurance Plans
A liability insurance plan is a type of general insurance policy that helps to protect the insured person from the risks of liabilities imposed by lawsuits and similar claims and also safeguards if you are sued for claims. Shriram General Insurance has come up with a sack full of liability insurance plans to protect you from every aspect of liabilities. Let us have a look at the plans with their varied benefits.
Professional indemnity Policy
This policy can be obtained by doctors, and medical practitioners, engineers, architects, chartered accountants, cost accountants, management consultants, lawyers, etc. to avail of the covers of all sums that the insured person becomes legally liable to pay as damages caused by alleged to have been caused by error, omission or negligence on the part of the insured while he is at his professional work, during the policy period. This policy also covers the legal costs and expenses, and it is always issued with a limit of liability.
Commercial General Liability
If you are engaged in commercial activity and want to protect yourself from third party liabilities, this insurance policy is best suited for you as this policy offers you protection against the death of or bodily injury to other people, accidental damage, or loss to the other person, third party property damage, and provides defense costs within the limit of liability. This plan can be availed of by any person, firm, organization, association, and companies, which owns, operate or engage in any commercial activity.
Errors and Omissions Liability Insurance
This policy is exclusively for those people who are connected to any medical establishment, and it provides protection to them from any third party legal liabilities arising out of any error or omission committed by a named professional or qualified medical assistant. The list of medical establishments that are covered under this policy are laboratories, diagnostic centers, hospitals, mental homes, nursing or convalescent homes, homes for physically challenged people, clinics, dispensing pharmacies, and veterinary hospitals and clinics.
Product Liability Insurance
Shriram General Insurance has specially designed this insurance plan to safeguard the product manufacturers from third party liabilities as this plan not only safeguards their organizations from claims but also covers legal expenses associated with defending these claims against their organizations. This plan covers the accidental death or bodily injury or disease to any third party and accidental damage or loss to any property belonging to a third party. It also has come up with add-on covers to provide you more protection, such as vendor’s liability extension, North American jurisdiction extension, and technical collaborators inclusion clause.
Public Liability Insurance (Non-Industrial)
This policy can be purchased by any person, firms, association, companies that operate, own, or engaged in commercial activities to protect themselves from the third party liabilities that not only safeguards them from the claims arising out of damage or injury due to an accident but also from the property damage of the third party within their premises. The insured person can also opt for different add on covers such as notification extension clause, extended claim reporting clause, food and beverage extension, care, control and custody extension, and extra facilities extension.
Workman Compensation Insurance
If you are an employer and want to safeguard your employees from the unforeseen events of accidents and diseases of occupation, this plan is ideal for you. Under this policy, you can also insure employees irrespective of the fact whether or not they fall within the scope of the Workmen’s Compensation Act of 1923.
Shri Suraksha Insurance Plan
This policy is specially designed for those people and their family members who are vehicle owners or any person who is engaged in operation and maintenance of the vehicle to offer them protection from personal accidents, and fire and allied perils cover for their house building and its contents. The maximum entry age for availing of this policy is 70 years and this policy has two sections, Section I and Section II. Under Section I, you can choose the benefits as per your marital status and you would get personal accident cover up to Rs. 250000 and for Section II, the maximum sum insured is Rs. 3,00,000.
Householder’s Umbrella Package Insurance Plan
This policy is made to cater to the needs of the householders under a single insurance policy, whereas the insured person can have the flexibility to choose a plan from the available options, Pan A, Plan B, Plan C, and Plan D, as per his/her convenience. This plan has come up with a wide range of benefits such as cover against fire and allied perils, burglary cover, loss of cash due to assault to the insured benefit, and personal accident cover. Premium, under this policy, is available in two categories; one is full coverage and the other one is without fire and allied perils and building/flat.
Shopkeeper Umbrella Package Insurance Plan
This policy is beneficial to the small shopkeepers as it comes with the flexibility to choose from 10 sum insured options as per the need of the person. Under this plan, the sum insured is fixed, and the premium is based on the chosen sum insured, which is also fixed. This plan has come up with a wide range of covers such as fire and allied perils and contents (Section I), burglary (Section II), money while in transit or within premises (Section III), PA (Section IV), and fidelity guarantee (Section V).
Fidelity Guarantee Policy (Prospectus)
This type of liability insurance policy protects the firms, corporates, and individuals who are involved in commercial activities and are exposed to different types of pecuniary and financial losses arising out of any act or fraud and dishonesty as committed by any employee of the insured person. This plan has come up with four types and they are – Named Basis, Designation Basis, Floater Basis (with loading), and Blanket Policy. The policy will only extend to cover losses if it has been occurred by an employee during the policy period but discovered by the insured person within 30 days of the expiry of the policy.
Shriram Burglary Insurance Plan
This policy has come up with two types, namely Full Value Insurance and First Loss Insurance to offer protection against any loss or damage to the property or any part whilst contained in the premises due to burglary or housebreaking and damage caused to the premises or locks to make stronger and protected by the insured as an effect of burglary or housebreaking. The insured person can also opt to add cover(s) such as theft in the premises, purchase protection coverage, and fidelity guarantee coverage, in order to make his policy stronger.
Shriram All Risk Insurance Plan
This policy aims to provide protection to firms, companies, shops, or individuals who are engaged in commercial activities and who provide portable equipment, such as laptops, computers, mobiles, cameras and, etc. for the official purpose from the loss or damage incurred due to fire, riot, theft, strike, accident and many more. One can opt for the India-wide Cover or the Worldwide cover. This plan comes with some special conditions, like Single Article Limit and Articles in Pairs or Sets.
Shriram Business Protector Policy
This is a comprehensive policy that is specially designed to cater to the needs of SME and office establishments, hotels, restaurants including the IT and ITES Sector and it allows you to curtail and customize your policy according to your requirements. This policy has 12 sections to choose from and they are – fire and allied perils (Section I), burglary and housebreaking (Section II), glass and sanitary fittings (Section III), neon sign/glow sign (Section IV), machinery breakdown (Section V), electronic equipment (Section VI), portable equipment (Section VII), money insurance (Section VIII), baggage insurance (Section IX), fidelity guarantee (Section X), public liability (Section XI), and personal accident (Section XII). Apart from that, this policy also offers you a sack full of add-on covers, and a minimum of three sections are required to avail of this policy.
Why Are The Reasons For Buying a insurance policy from Shriram General Insurance?
As the insurance market is flooded with different types of general insurance plans offered by various companies, it becomes very difficult for a policy-seeker to find an appropriate one for himself, which will satisfy him the most. But, if we keep in mind certain parameters while choosing the ideal company, it becomes easier to select the best-suited one. After assessing and evaluating all the parameters for Shriram, it can be said that Shriram General Insurance can be on your bucket list. Here are the mentions of the reasons.
Claim Settlement Ratio – We buy an insurance plan so that it can safeguard us in our most needed time. For that, the company’s claim settlement ratio matters a lot as it denotes the reliability and the capacity of settling the claim of the company. According to the IRDA Annual Report, the incurred claim ratio in the financial year of 2019-2020 is 65.04% of Shriram General Insurance, which is way ahead of many other general insurance companies. So, it can be said that once you take a general insurance plan from Shriram, you are totally safe under it.
Types of plans – Each individual comes with different needs. Therefore, to cater to the varied needs of different individuals, it is necessary to have a sack full of various general insurance plans, so that everyone can find the most suitable one according to his/her convenience. Shriram General Insurance has come up with a wide array of general insurance plans, ranging from motor, travel, home, third party insurance to fire, burglary insurance, and many more and most of them have different variants too. So, it is evident that as you are given so many options to choose from, certainly you can find the best one for you that can fulfill all your requirements.
Market Share – According to the IRDA Annual Report, the Premium underwritten in the financial year of 2019-2020 of Shriram General Insurance is Rs. 2466.19 crores, which highlights the fact that the company has enough capability to handle any financial crisis situation in near future and can pay off the claim amounts of its policyholders. So, it can be said, once you purchase a general insurance plan from the company, you are totally protected and secure.
Network Garages – To avail of the cashless facility, it is mandatory to get the service done in a network garage of the company. At the time of emergency, you cannot travel a long distance to find a network garage, and additionally, you need to get a garage of your choice where you can avail of the best services. Therefore, the number of garages denotes the possibility to find a proper network garage within your vicinity. As Shriram General Insurance has come up with more than 2065 network garages, you can easily find one within your area without much trouble.
Solvency Ratio – The solvency ratio depicts the potential of the company to meet its long-term financial goal. If the solvency ratio is higher for a company, you can easily rely on it as it denotes that the company has the potential to pay off the lump sum claim amount of its customers. As per the IRDA Annual Report, the solvency ratio of Shriram General Insurance is 3.67 as of March 2020, which is good enough to rely on the company.
Distribution Network – This factor is important because a company can only be called a good one when it can connect to its customers easily and effectively. Shriram General Insurance company has more than 6000 experienced and efficient employees across 3000 official branches all over the country. Apart from that, it also has licensed and registered agents who work tirelessly to connect with the consumers. So, it is evident that the company is always ready to provide you with the best services whenever you need them.
Online Services – In the world of digitalization, everybody wants comfort like home by getting things done online. Shriram General Insurance has built its official website in such a way that there you can buy, renew, file a claim, locate branch or network garage, track claim status; in fact, you can do almost everything that an insurance policy requires. The company’s ‘Self-Care’ option enables you to handle your policy effortlessly.
Customer Services – Shriram General Insurance Company has kept its door wide open for its consumers. Their customer service is available 24×7. You can also contact them through email. The company is always at your service according to your convenience.
Buy Shriram General Insurance Plans
You can buy a general insurance policy from Shriram General Insurance in both ways, online and offline. Here are detailed processes of them.
To avail of a smooth online buying process, follow the below-mentioned steps.
Go to the official website of the company. Under the ‘Products’ tab, click on the desired insurance plan.
There you will find, ‘Buy Online’ or ‘Click Here to Buy’ option and click on that.
Put the basic details like your name, address, age, period of insurance and, etc., and click on the ‘Proceed Next’ option.
Again, fill the form, and finally, you will be shown the quote for the selected insurance plan on the basis of your provided details.
Pay the premium amount and upon successful payment, you will be notified.
The policy details will be sent to your registered mobile number or email ID.
You can also buy a general insurance plan from Shriram General Insurance Company by visiting the official website of Probus Insurance.
If you are more comfortable with the offline buying process, go to the nearest branch of the company and their experts will guide you throughout the buying process thoroughly. You can also call on to the company’s contact number to get assistance with the buying process. Apart from these, you have the option to get in touch with one of the licensed and registered agents of the company to seek their help for the seamless buying process.
File a claim for Shriram General Insurance Policy
As Shriram General Insurance has presented a wide category of insurance plans, each differs from the other. Additionally, there are two ways to file your claim, – cashless claim and reimbursement claim. But, for your understanding, the claim process is divided into two parts with a detailed process for each. Have a look at the below.
Motor Insurance Claim Process
After the eventuality, intimate the insurer as soon as possible and then register your claim. You can do it online by visiting their official website or by calling on their toll-free number. Provide the necessary details such as engine and chassis number, accident date and time, description and location of the accident, motor inspection address, reading, and police complaint, in case of theft(mandatory). In the meantime, take your vehicle to the garage for the repairing purpose or have it towed there to avoid any further damage. A surveyor might be appointed on the behalf of the company, if necessary. Submit all the necessary documents as asked by the insurer to the surveyor or garage/dealer. He will verify and assess the documents. If your claim is found genuine, without any discrepancy, your claim will be directly settled with the garage. But, remember, you need to pay for the excess amount as it is mentioned in your policy wordings, including the deductibles, salvage, etc. the company will notify and update you about the claim process from time to time either via text messages or via email.
Other Insurances Claim Process:
As soon as the incident takes place, inform your insurer and state the nature of the claim that you want to file. Click the picture of the damaged property or accident or contents, if required. Submit all the required documents to the insurer, such as repair bills, fire brigade report (in case of fire), your own identity proof, FIR (if any), address proof, and others. Make sure that you submit the duly filled and signed claim form as early as possible, at least within 30 days from the day you first notice the loss or damage. On behalf of the company, a surveyor might be appointed to assess and evaluate the loss. Cooperate with him because, on the basis of his report, the insurer will take the decision regarding your claim. Do not produce any false documents. Then, the company will verify your documents. If no discrepancy is found, the claim amount will be settled effortlessly. You need to be updated regarding each step of the claim process.
Frequently Asked Questions
1. Can I renew another insurer’s policy for car insurance from the website of Shriram General Insurance?
Yes, Shriram has come up with a unique feature that for car insurance you can also renew a policy that you have bought from any other insurer. For that, you need to go to the company’s official website and under the ‘Products’ tab, click on the ‘Car Insurance’ option. There, you will find the ‘Renew Other Insurer’s Policy’ option. Click on that and provide the necessary things like car details and personal details. Pay a certain amount for renewal and your job is done.
2. How do I know my claim status for Shriram?
You can know your claim status online, easily. For that, go to the company’s official website and there you will find the ‘Claim Status’ option under the ‘Self-Care’ category. Click on that and put necessary details such as policy number, claim number, and registration number and submit. You can see the status of your claim.
3. What is break-in insurance?
When there is a gap in the new insurance risk starting date and previous policy end date.
4. I want to take my car abroad. Will the car insurance plan of Shriram be valid there?
Yes, your Shriram car insurance policy will still give you protection, you take your car abroad. For that, you need to buy an add on the cover, a Geographical Extension Cover.
5. What will happen if I want to sell my bike?
In that case, the company will change the name of the buyer through name transfer endorsement and the policy will also be transferred to the new owner. The buyer has to apply for the transfer of insurance to the company within 14 days from the date of transfer of the vehicle in his/her name.
6. What are the policy periods available under the Shriram Two Wheeler Insurance Policy?
The policy period depends on the nature and type of the two wheeler policy that you have opted for. The available policy periods are 1, 2, 3, and 5 years.
7. Can I take a home insurance policy from Shriram General Insurance, if I run a business at my house?
No, homes used for business purposes do not come under the home insurance plans for Shriram.
8. I am going to travel abroad to get medical treatments. Will the Shriram Travel Insurance Policy provide protection for that?
No, traveling abroad for medical treatments falls under the category of exclusions for Shriram Travel Insurance.
9. Does the Personal Accident Plan offer coverage only in India?
No, Personal Accident Plan provides its coverage globally and 24×7.
10. For how long a Motor Insurance Policy is valid under Shriram?
It is valid for 12 months from the date of commencement.
11. What are the payment modes available under Shriram General Insurance?
The available payment modes are – cheque, debit card, net banking, credit card, cash card, and mobile payment options.
12. How can I download my policy online?
You can download your policy by following the mentioned steps. First, go to the official website of the company and click on the ‘Download Policy PDF’ option under the ‘Support’ tab. Put your type of policy and the other required details such as policy number, registration number, and other(s) if any. Put the right captcha and click on the ‘Search’ option and download your policy.