Latest news with #ShriramLifeInsurance
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Business Standard
06-08-2025
- Business
- Business Standard
Shriram Life Q1 individual new business premium rises 21% on wider reach
Shriram Life Insurance Company Ltd reported a 21 per cent year-on-year growth in individual new business premium (NBP) in the first quarter of fiscal 2026, driven by a broader distribution footprint, higher average ticket size, and branch expansion, the company said in a statement on Wednesday. The NBP rose from ₹212 crore in Q1FY25 to ₹257 crore in Q1FY26. For Q1FY26, the average ticket size — the average premium amount per policy sold — for individual policies stood at ₹24,799, compared with ₹15,192 in Q1FY25. In comparison, the average ticket size for the private industry in Q1FY26 was ₹87,373. Casparus J.H. Kromhout, managing director and chief executive officer, Shriram Life Insurance, said: 'Shriram Life Insurance is guided by a clear vision — to deepen its presence in rural and semi-urban markets and reach every corner of the country. Our strategy is focused on making life insurance simpler and more accessible for everybody we serve.' Renewal premium across the individual business rose 25 per cent year-on-year to ₹323 crore in Q1FY26 from ₹259 crore in Q1FY25. Total premium for Q1FY26 increased 27 per cent year-on-year to ₹863 crore from ₹679 crore. SLIC's assets under management (AUM) grew 17 per cent to ₹13,799 crore in Q1FY26 from ₹11,841 crore in Q1FY25. The company sold 86,750 policies in Q1FY26. The solvency ratio for the quarter stood at 1.75. During the first quarter of FY26, the company settled 18,023 claims in both individual and group policies, compared with 15,924 claims in the same period last fiscal. In FY25, the company settled 98.31 per cent of individual claims, with 93 per cent of all non-investigated claims settled within 12 hours of receiving the last document. SLIC has been deepening strategic partnerships to broaden its reach into the remotest corners of the country, reinforcing its commitment to financial inclusion. 'We believe protection should not be a privilege, but a basic financial right for every Indian household — no matter where they live or what they earn. That's why these partnerships matter,' said Kromhout. With a network of 537 branches across the country, the company offers a range of affordable products including term, endowment, unit-linked insurance plans (ULIPs), and annuities tailored for rural and urban middle-class customers.
News18
22-07-2025
- Business
- News18
Shriram Life, ESAF Bank tie up to bring insurance to underserved communities
Last Updated: Chennai, Jul 22 (PTI) Shriram Life Insurance partnered with ESAF Small Finance Bank to expand the reach of its life insurance products to underserved communities across India, a top official said. Under the tie-up, ESAF Small Finance Bank will act as a corporate agent, distributing Shriram Life's insurance offerings through its extensive branch network. The partnership aims to reach first-time insurance buyers, low-income families, and rural households, Shriram Life Insurance said in a press release on Tuesday. As of June 30, 2025, ESAF operates 788 branches and 1,095 customer service centres across 24 states and two union territories, serving over 5.6 million customers. Shriram Life Insurance MD and CEO Casparus J H Kromhout said, 'Our mission has always been to serve the underserved by making insurance simple, affordable, and accessible. We believe protection shouldn't be a privilege, but a basic financial right for every Indian household, regardless of where they live or what they earn. That's what makes this partnership so meaningful." 'With ESAF's strong local presence and our shared commitment, we can move closer to the goal of 'Insurance for All'," he added. ESAF Small Finance Bank MD and CEO K Paul Thomas said, 'This partnership strengthens our mission of serving the underserved by providing essential insurance solutions that promote financial security and resilience. Together, we are committed to building a more inclusive and empowered future for our communities". PTI VIJ SSK VIJ SSK ADB First Published: July 22, 2025, 19:45 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
19-06-2025
- Time of India
Raja Raghuvanshi murder: Meghalaya cops question acquaintances of Sonam, her lover
Indore, A Meghalaya police team probing the murder of Indore businessman Raja Raghuvanshi on Thursday questioned a few acquaintances of main accused Sonam Raghuvanshi and her alleged lover Raj Kushwaha . They also questioned a taxi driver who is suspected to have taken Sonam to Uttar Pradesh from Indore in the aftermath of the murder. Raja Raghuvanshi, who married Sonam on May 11, went missing on May 23 during their honeymoon in Meghalaya. His mutilated body was found in a deep gorge near a waterfall in Sohra area (also known as Cherrapunji) of East Khasi Hills district on June 2. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 23.7% Returns in last 5 years with Shriram Life's ULIP Shriram Life Insurance Undo According to police, Sonam was having an affair with Kushwaha who worked in her family's business of Sunmica sheets. Her brother Govind Raghuvanshi was seen on Thursday outside the office of the Crime Prevention Branch of the local police where the special investigation team of Meghalaya Police carried out questioning. Live Events He was called to the office but was not questioned, he told reporters. Police recorded the statements of some people working in his family's business and a few associates of Kushwaha, Govind said. The SIT also recorded the statement of a taxi driver who allegedly took Sonam from Indore to Uttar Pradesh. According to police, after her husband's murder, Sonam returned to Indore and hid in a rented flat for a few days. She surrendered before police in Ghazipur district of Uttar Pradesh on June 8. Police have so far arrested Sonam, Raj Kushwaha and Kushwaha's friends Vishal Chauhan, Akash Rajput and Anand Kurmi in the case.
Time of India
13-06-2025
- Business
- Time of India
Air India flight AIC129 to London makes mid-air U-turn, returning to Mumbai
Air India flight AIC129 , which departed from Mumbai for London early Friday morning, is returning to Mumbai, according to data from flight tracking service Flightradar24. The flight, operated by Air India, had taken off as per schedule but later initiated a return to its origin. The exact reason for the turnaround has not yet been disclosed by the airline or aviation authorities. There is no immediate information on whether the return was precautionary or due to any technical or operational reasons. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 23.7% Returns in last 5 years with Shriram Life's ULIP Shriram Life Insurance Undo This comes at a time when aviation authorities are already dealing with the recent Air India crash in Ahmedabad. Moreover, tensions rising in the Middle East on wee hours of Friday, has prompted airspace closures in various regions. More details on the incident are awaited. Live Events — PTI_News (@PTI_News)
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Business Standard
11-06-2025
- Business
- Business Standard
Deferred annuity plans: Lock in steady retirement income with guarantee
Grant Thornton's recently published report titled India's pension landscape: A study on retirement reality and readiness highlights low engagement with annuity plans. It says 76 per cent of respondents had not invested in these plans, despite the role they can play in providing stable post-retirement income. How do they work? In a deferred annuity plan, the customer pays premiums, either once or over several years. This money is invested and grows over time. 'Once a person retires, the corpus turns into a source of income as the person receives payouts. A deferred annuity plan allows a person to get a steady income stream during retirement,' says Casparus J H Kromhout, managing director and chief executive officer (CEO), Shriram Life Insurance. A deferred annuity scheme has an accumulation stage and a payout stage. It is different from an immediate annuity scheme. 'In the latter, the policyholder pays the insurer a lump sum. The company starts paying the policyholder right away, usually within a month or a year,' says Kromhout. A deferred annuity can be either guaranteed-return or market-linked. Lock in returns As a country develops, its interest rates witness a secular decline. 'In a reducing interest rate scenario, a deferred annuity plan locks in the annuity rate in advance, mitigating interest rate changes,' says Maneesh Mishra, chief product and marketing officer, Bandhan Life. Guaranteed return plans provide predictability. 'They can offer investors a fixed return of around 6–7 per cent per annum. The annuity rates are locked in at the time of investment and are not affected by market movements,' says Vivek Jain, chief business officer of life insurance, Policybazaar. For market participation, individuals may opt for unit-linked insurance plan (Ulip)-based deferred annuity plans. 'They offer market-linked growth. At vesting — typically at age 60 — the investor can withdraw up to 60 per cent of the corpus tax-free. The remaining 40 per cent (or more) must be used to purchase an annuity. Alternatively, the entire corpus can be annuitised,' says Jain. A deferred annuity allows the corpus to grow tax-free. 'You only pay taxes when you take the money out. Such a plan helps build a savings habit. Fixed and indexed deferred annuities can protect your principal,' says Kromhout. Payouts impacted by inflation Guaranteed return plans make fixed payouts. 'Do not forget the impact of inflation on retirement expenses. A fixed annuity payout might not keep up with it,' says Abhishek Kumar, Sebi-registered investment adviser and founder, Some of these plans come with high fees. These plans also lack liquidity. 'They levy hefty surrender charges, which can significantly reduce the amount you get back,' says Kumar. For instance, in a policy surrendered within the first seven years, the policyholder may only get around 50 per cent back as surrender value. One would also have to pay tax on the entire surrender value, as it is considered taxable income during the year. Consider risk appetite, return Start by assessing your risk tolerance. 'Based on it, decide whether you want a fixed, indexed or variable annuity scheme,' says Kromhout. Consider the return the plan offers. It should match your retirement needs. Choose between a fixed payout for a set period (five, 10 or 20 years) and a lifetime payout. A fixed payout option usually pays more, but the buyer risks outliving the payouts. Married persons should consider including their spouse in the plan to ensure that payments continue for the latter's lifetime. Check the policy document for charges like surrender charges, annual fees and other costs. Should you buy? Guaranteed deferred annuity plans are suitable for risk-averse investors. 'People aged between 45 and 55, who want a steady income during retirement, should go for these plans,' says Kumar. Mishra adds that one may use deferred annuity to cover at least 60 per cent of expenses in retirement. Kumar says these plans work well for those who have other savings and are unlikely to need early withdrawals. Those who may need liquidity should avoid these plans. 'People who do not have a health cover in their retirement years should also avoid them, as they could end up blocking a large portion of their corpus in annuities and might face liquidity problems during a health emergency,' says Kumar. Finally, compare annuity plans from different insurers, focusing on their payouts and fees.
