Shriram Accident Benefit Rider

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.

Eligibility - Who is the Shriram Accident Benefit Rider for?

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:

Parameter	Eligibility
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

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

Sum Assured:

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.

Premium:

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.

Plan Coverage - What the Shriram Accident Benefit Rider covers?

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.

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

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:

• Intentional self-injury, insanity, attempted suicide, etc.
• The life assured being under the influence of alcohol or drugs.
• An accident when the life assured was involved in an aviation activity, other than as a passenger in a commercial flight.
• Injuries caused by riots rebellion, civil commotion, war, hunting, invasion, steeple chasing, mountaineering, or racing of any kind.
• The life assured’s involvement in an illegal activity with criminal intent.

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

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

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

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.

Other Benefits – How you can save with the Shriram Accident Benefit 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, onlinesupport@shriramlife.in.
Grievance redressal	Customers can call the toll-free number, 1800 3000 6116, to log grievances or complaints.

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

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:

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