Shriram Life Accident Benefit Rider (SP)

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.

Eligibility - Who is the Shriram Accident Benefit Rider (SP) for?

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.

Parameter	Eligibility
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

Sum Assured and Premium Range - What you get and what it costs?

Sum Assured:

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.

Premium:

The policyholder is required to pay a single premium towards the add-on plan.

Plan Coverage - What the Shriram Accident Benefit Rider (SP) covers?

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.

Exclusions - What the Shriram Accident Benefit Rider (SP) doesn’t cover?

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:

• Attempted suicide, insanity, or intentional self-injury.
• The life assured being under the influence of drugs or alcohol.
• Involvement of the life assured in a flying activity apart from being a passenger in commercial airlines.
• Injuries in riots, rebellion, civil war, commotion, hunting, invasion, mountaineering, racing, steeple chasing, or war of any kind.
• Involvement of the life assured in an unlawful activity.

Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

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 Benefits – How you can save with the Shriram Accident Benefit Rider (SP)?

• Premiums paid towards the Shriram Accident Benefit Rider (SP) are eligible for tax benefits under Section 80C of the Income Tax Act.
• Maturity benefit and death benefit payable under the plan are eligible for tax deductions under Section 10(10D) of the Income Tax Act.

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.

Other Benefits – How you can save with the Shriram Accident Benefit Rider (SP)?

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 onlinesupport@shriramlife.in.
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.

Why you should buy the Shriram Accident Benefit Rider (SP) from Shriram Life Insurance?

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:

• The ‘Indian Insurance Award' for the best non-urban coverage in 2016.
• The 'Best Life Insurance Company' award in 2016 in the private sector.