The Dream of ‘Insurance for All’ : Shriram Life Insurance Is Turning It Into Reality

Lucknow : In India, expanding life insurance penetration has long faced structural hurdles—not from a shortage of products, but from high complexity, lack of trust, and poor last-mile delivery. Shriram Life Insurance (SLIC) is reshaping this narrative by using robust data architecture and mobile technology to advance the national mission of "Insurance for All by 2047."

At the core of SLIC’s digital strategy is its proprietary agent-facing technology, the Astra app. Driven by artificial intelligence, the platform has digitized the onboarding journey, resulting in nearly 95% of the company's business operating fully paperless. This shift has dramatically slashed processing times and eliminated geographical barriers, enabling seamless policy issuance even in remote parts of the country.

Shriram Life’s core operational focus targets financial inclusion for rural and semi-urban families. The strategy reflects clear, ground-level outcomes:

Surging Rural Penetration: The share of rural markets in SLIC’s retail new business policies rose significantly from 35% in FY25 to 53% in FY26.

Affordable Ticket Size: SLIC keeps coverage accessible for low- and middle-income households with an average ticket size of ₹27,823 (as of March 2026), compared to the broader private industry average of ₹98,278.

Mass Scale Volume: The company sold 5,41,409 new policies during FY26.

To reinforce trust among first-time policyholders, the insurer has maintained a swift claims engine. In FY26, SLIC settled 77,790 claims, disbursing a total payout of ₹795 crore while maintaining a high claim settlement ratio of 98.5%.

Demonstrating sustained momentum, SLIC has tripled its overall scale since FY22, backed by steady premium growth across segments.

The insurer's year-on-year growth trajectory highlights sustained business expansion, recording 24% growth in FY23, 39% in FY24, 45% in FY25, and 16% in FY26. By combining affordable pricing, digital-first operations, and localized distribution, Shriram Life continues to establish a reliable safety net for India’s underserved populations.