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Shriram Accident Benefit Rider (SP) is an add-on insurance product that can be taken along with the base plan to enhance the insurance coverage. When a policyholder decides to opt for a rider, he/she will be required to pay an additional premium to the insurer for the extra coverage. The total rider premium (of all riders taken by the life assured) should not be more than the basic plan premium.
Listed below are the eligibility conditions associated with the Shriram Accident Benefit Rider (SP). A customer has to fulfill these conditions in order to purchase the add-on plan.
|Minimum Entry Age||18 years|
|Maximum Entry Age||65 years|
|Maximum Maturity Age||70 years|
|Minimum Policy Term||5 years|
|Maximum Policy Term||25 years|
The minimum sum assured under the plan varies as shown below:
|Minimum Sum Assured||Rs.50,000|
|Maximum Sum Assured||Rs.25 lakh|
The sum assured under the Shriram Accident Benefit Rider (SP) should not exceed the sum assured under the base plan to which the rider is attached.
The policyholder is required to pay a single premium towards the add-on plan.
The Shriram Accident Benefit Rider (SP) offers the following benefits:
|Rider Benefit||Within the rider term, if the life assured faces death or total and permanent disability in an accident, the rider sum assured is payable. In the event of total and permanent disability in an accident, after the disability benefit is paid out, the accidental death benefit option is automatically cancelled.|
Shriram Life Insurance will not be liable to pay the benefit under this rider, if the death or disability of the life assured occurs as a result of any of the following:
Additional features of the Shriram Accident Benefit Rider (SP) are described below:
|Free-look period||The policyholder can review the terms and conditions within the policy document within 15 days of receipt of the policy document. If he/she is dissatisfied with any of the conditions mentioned therein, the policy can be returned to Shriram Life Insurance, stating relevant reasons. The insurer will return the paid premiums, after deducting the stamp duty charges and medical examination costs, if any. Policies that were bought through distance marketing channels like telephonic sales, emails, etc. have a free-look period of 30 days.|
|Surrender value||There is no surrender value under the plan.|
|Paid-up value||The policy does not offer any paid-up value.|
|Loans||The policyholder cannot avail any loan under the plan.|
Tax rules are subject to change from time to time. Hence, it is advisable to consult a tax advisor to understand the latest provisions before investing in the rider.
Additional benefits of buying the Shriram Accident Benefit Rider (SP) from the insurer include:
|Online application||Insurance policies can be easily purchased through the Shriram Life Insurance website.|
|Customer support||The insurance company has a dedicated customer service team that provides resolution to customer issues and queries in a timely manner. The team can be contacted at firstname.lastname@example.org.|
|Grievance redressal||Customers can raise complaints and grievances at the toll-free number, 1800 3000 6116.|
|Premium calculator||The online premium calculator at the Shriram Life Insurance website enables customers to understand the amount of premium that each insurance policy requires. This helps customers in making a judicious decision when making a purchase.|
|Premium payment||A customer can pay insurance premiums through debit cards, credit cards, or net banking.|
Shriram Life Insurance is a prominent insurance solutions provider in the Indian insurance industry. The insurer has a very efficient claim settlement process and queries/issues raised by customers are resolved within the shortest possible time. The company also offers a wide range of products, ranging from ULIPs to term insurance plans, child plans and group insurance schemes.
Shriram Life Insurance has been conferred with several awards for its customer centricity and unique marketing initiatives in the past. Some of these include:
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