Shriram Accident Benefit Rider is an add-on insurance plan that is used to enhance the coverage offered by the base policy. The policyholder will have to pay a nominal premium towards the plan. The premiums contributed towards all riders taken by the policyholder cannot exceed the premium of the base plan.
The eligibility conditions that a customer has to satisfy in order to be able to buy the Shriram Accident Benefit Rider are as shown below:
|Minimum Entry Age||18 years|
|Maximum Entry Age||65 years|
|Maximum Maturity Age||75 years|
|Minimum Policy Term||6 years|
|Maximum Policy Term||25 years|
The minimum sum assured under the rider is Rs.50,000, whereas the maximum sum assured is Rs.25 lakh. The sum assured under the Shriram Accident Benefit Rider should not exceed the sum assured under the base plan to which it is attached.
The policyholder is required to pay regular premiums to avail the rider coverage. Premiums can be paid annually, half-yearly, or quarterly.
An annual premium of Rs.1.25 per Rs.1000 sum assured is charged for this rider. No premium rebates are offered under the rider.
The Shriram Accident Benefit Rider offers the following benefits:
|Rider Benefit||If the life assured faces death or total and permanent disability in an accident during the rider term, the rider sum assured is payable. Also, if the life assured becomes totally and permanently disabled in an accident, all future premiums payable under the base plan are waived off. This waiver is effective on the premium immediately following the accident of the life assured and it continues either till the end of the rider term or death (whichever occurs earlier). Once the disability benefit is granted, the accidental death benefit under the plan is not applicable.|
|Surrender value or paid-up value||The rider does not offer any surrender value or paid-up value.|
|Policy loan||Loans are not available under the rider.|
The insurance company will not pay the benefit under the Shriram Accident Benefit Rider if the death or disability was caused by any of the following:
The salient features of the Shriram Accident Benefit Rider are described below:
|Free-look period||If the policyholder is not satisfied with the terms and conditions mentioned in the policy, within 15 days of receipt of the document, he/she can return the plan back to the insurer. The policyholder should specify the reasons for the return of the policy. The insurer will then refund the paid premiums after deductions pertaining to medical examination costs and stamp duty charges. The free-look period for policies that were bought through distance marketing is 30 days. Distance marketing refers to sale of insurance plans through channels such as emails, telephones, etc., where face-to-face interaction is absent.|
|Grace period||Grace period for the rider will be the same as the grace period allowed for the base plan.|
Tax rules may change from time to time. In order to understand the latest tax provisions, it is recommended to consult a tax advisor before you invest in the rider.
Additional benefits of buying the Shriram Accident Benefit Rider from the insurance company include:
|Online application||Customers can easily buy insurance policies through the website of Shriram Life Insurance.|
|Premium calculator||The insurer’s website has an online premium calculator using which customers can calculate premiums for different insurance policies. This way, they will be better equipped when making an online insurance purchase.|
|Premium payment||Payment of premiums can be done conveniently through credit cards, debit cards, or net banking.|
|Customer support||Shriram Life Insurance has a dedicated customer service team that assists customers in getting a resolution to their issues or queries. The customer care team can be contacted at the email ID, email@example.com.|
|Grievance redressal||Customers can call the toll-free number, 1800 3000 6116, to log grievances or complaints.|
Shriram Life Insurance is a prominent player in the Indian insurance domain today. The company offers an extensive range of insurance solutions, including child plans, ULIPs, pure term insurance policies, and group insurance.
The insurer has 528 branches across the country and has successfully managed above Rs.1,020 crores in revenue. The claim settlement process of the insurer is commendable and payouts are made at the earliest possible time. The customer service cell of the insurer is also noteworthy as it offers quick solutions to the issues/queries raised by customers.
Shriram Life Insurance has received several awards in the past that highlight the company’s dedication towards customer service and strategic marketing initiatives. Some of the awards that the company was honoured with include:
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