Shriram Accidental Death & Disability Income Rider

The Shriram Life Accidental Death and Disability Rider by Shriram Life Insurance is a linked, non-participating life insurance rider that provides added protection and coverage to policyholders. The rider can be purchased by an individual who already has a Shriram Life insurance policy. The rider provides for additional protection in the event of the accidental death or permanent disability of the life insured by providing a fixed income for a specified period of time. This allows the policyholder to meet expenses and support himself/herself and dependents.

Eligibility - Who is the Shriram Life Accidental Death and Disability Income Rider for?

The Shriram Life Accidental Death and Disability Rider is an add-on cover that can be purchased to enhance protection under a basic life insurance policy. The rider has certain eligibility criteria that are to be met, which are listed in the table below:

Parameter	Eligibility
Minimum entry age	18 years
Maximum entry age	65 years
Maturity age	70 years
Minimum policy term	5 years
Maximum policy term	25 years
Minimum sum assured	Rs.50,000
Maximum sum assured	Rs.50 lakh

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

Sum Assured:

The sum assured is the amount that the policyholder will receive from the insurer, excluding benefits. The minimum sum assured under this rider is Rs.50,000 while the maximum is Rs.50 lakh. The sum assured amount would be payable only if the rider conditions are fulfilled.

Premium:

The premium is the amount that the policyholder pays as a charge for the coverage provided. The minimum amount payable towards a premium is Rs.55, while the maximum amount payable is Rs.9,000, which is subject to underwriting.

Plan Coverage - What the Shriram Life Accidental Death and Disability Income Rider Covers?

The coverage provided under the Shriram Life Accidental Death and Disability Rider is as follows:

• In the event of the life insured accidental death, which is defined as a sudden, unforeseen event caused by external forces. Accidental injuries that occur directly and independently of other causes and result in the death of the life insured within 180 days of their occurrence will also be considered an accidental death and come under the purview of the rider.
• In the event of the total and permanent disability of the life insured due to an accident caused by external, violent and unforeseen circumstances. Disability occurring within 180 days of such an accident, provided sufficient proof and evidence is provided, would be considered. If the life insured dies during this period, no disability benefit will be paid. Instead, the death benefit will be paid and the rider will be terminated.

Under this clause, a life insured below the age of 60 years will have to meet 2 out of the 3 criteria mentioned below to qualify for disability benefit:

• Unable to work: The life insured’s injury due to an accident renders him/her unable to work or engage in any occupation that would turn a profit.
• Loss of limbs or sight: The life insured’s accident has resulted in the total and irreparable loss of his/her eyesight in both eyes and the loss of limbs due to amputation. The loss of limbs would have to be both the hands and both the feet above the ankles. It could also be the amputation of one hand and one foot above the ankle.
• Loss of independent existence: The life insured’s accident has resulted in him/her being unable to perform any 3 of the below mentioned tasks:
  • Washing: The ability to wash in the bath or shower (including being able to get in and out of the bath or shower).
  • Dressing: The ability to get oneself dressed (includes putting on and taking off clothes, securing and unfastening all garments and any surgical appliances or artificial limbs).
  • Mobility: The ability to move around on level surfaces and from room to room.
  • Feeding: The ability to feed oneself.
  • Using the bathroom: The ability to use the lavatory or manage bowel movements at a level that maintains personal hygiene.
  • Transferring: The ability to move to a wheelchair or an upright chair and vice versa.

The coverage under the plan is listed below:

Death benefit	In the event of the life insured’s death fulfilling the rider criteria, 1% of the sum assured would be payable each month to the nominees.
Disability benefit	In the event of the life insured’s disability fulfilling the rider criteria, a monthly income of 1% of the sum assured would be paid for a period of 10 years or till the rider term ends, whichever is higher.

Exclusions - What the Shriram Life Accidental Death and Disability Rider doesn’t cover?

The following are the exclusions under the Shriram Life Accidental Death and Disability Rider:

• Suicide or attempted suicide, notwithstanding the life insured’s mental health.
• Any pre-existing condition whose symptoms or signs the life insured was diagnosed with or had taken medical advice for within 48 months of the rider inception date.
• Self-inflicted injuries.
• Committing an assault or act of criminal intent that results in an injury or death or permanent disability.
• Injuries or death due to war, terrorism, acts of foreign aggression, civil war, rebellion, revolution, military aggression or riots. War could be declared or undeclared.
• Engaging in professional sports that are hazardous to life such as bungee jumping, cliff diving, sky diving, races, underwater activities.
• Injuries sustained as a result of participation in martial arts.
• Injuries or death as a result of abuse of alcohol, narcotics, psychotropic substances except under medical supervision.

Other Key Features - Freelook Period, Surrender Value, Grace Period etc.

Other features associated with the HDFC Life Income Benefit on Accidental Disability Rider are listed below:

Free look period	If the policyholder is not satisfied with the provisions of the rider, he/she may return it within a period of 15 days (30 days in case of distance marketing) stating the reason for the return. All charges and fees associated with the rider would be refunded and waived.
Grace period	Grace period would be as per the base policy.
Lapse	The rider will lapse if the premium payments are not made.
Revival of rider	The rider can be revived subject to the base policy revival terms.
Surrender benefit	There is no surrender value or benefit available.
Maturity benefit	There is no maturity benefit available.

Other Benefits - How you can save with Shriram Life Accidental Death and Disability Income Rider?

The Shriram Life Accidental Death and Disability Rider by Shriram Life provides policyholders with benefits associated with the rider. Additionally, policyholders can enjoy the following benefits:

• Tools and calculators: Policyholders can calculate the value of the premium amount payable as well as benefits they stand to receive from a policy through the online premium calculators and tools on the company website.
• Ease of payment: Policyholders can pay their premiums through multiple avenues based on their convenience and choice. Shriram Life has made online premium payments available for its policies, enabling policyholders to pay their premiums through facilities such as netbanking, credit or debit cards, standing orders, NEFT etc. They can also choose to pay via cheque or cash.

Why you should buy the Shriram Life Accidental Death and Disability Income Rider from Shriram Life?

Shriram Life Insurance is a life insurance joint venture between the Shriram Group and the South Africa-based company Sanlam. Set up in the year 2005, the private insurance company has sought to reach out to sectors that have been overlooked by the insurance sector by providing them with insurance options.

The company provides a range of insurance products that cover everything from ULIP plans to retirement and savings plans, providing every individual with an insurance solution that caters to his or her individual needs.

In addition to a quick claims processing facility as well as round the clock assistance and support, the company has a large presence across the country.