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.
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:
|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|
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.
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.
The coverage provided under the Shriram Life Accidental Death and Disability Rider is as follows:
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:
|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.|
The following are the exclusions under the Shriram Life Accidental Death and Disability Rider:
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.|
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:
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.
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