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    Shriram Accidental Death & Disability Rider

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    The Shriram Accidental Death and Disability Rider is a linked, non-participating rider plan that can be availed along with a basic plan. This is generally opted for by the life assured for add-on protection for himself/herself and his/her loved ones. A nominal premium must be paid for the rider policy while purchasing the basic plan. Total premium under the add-on benefits must never exceed the premium for the basic plan.

    Eligibility – Who is the Shriram Accidental Death and Disability Rider Plan for?

    In order to buy the Shriram Accidental Death and Disability Rider plan, a customer has to fulfil certain eligibility criteria with respect to his/her age and the amount of insurance he/she seeks. These conditions are as shown below:

    Parameters Criteria for eligibility
    Minimum age at entry 18 years
    Maximum age at entry 65 years
    Maximum age at maturity 70 years
    Minimum term of the policy 5 years
    Maximum term of the policy 25 years

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

    Sum Assured - It is the sum that is paid out to the nominee or family of the insured individual in the event of the assured's unfortunate demise or permanent disability. In case of the Shriram Accidental Death and Disability Rider plan, the minimum sum assured stands at Rs.50,000. The maximum sum assured in case of the Shriram Accidental Death and Disability Rider plan is Rs.50,00,000.

    Maximum Sum Assured Rs.50,00,000
    Minimum Sum Assured Rs.50,000

    Premium – It is the amount the assured person mays at one go or regular intervals in order to keep his/her policy alive and active. The minimum premium amount for the Shriram Accidental Death and Disability Rider plan stands at Rs.55. The maximum premium amount under the Shriram Accidental Death and Disability Rider plan is Rs.9,000. However, the maximum premium is subject to the underwriting consideration according to the Board approved policy.

    Minimum premium amount Rs.45
    Maximum premium amount Rs.4,500 (subject to the underwriting consideration according to the Board approved policy)

    Disclaimer – Premiums may vary depending upon factors like location, term of the plan, age, etc.

    Plan Coverage – What the Shriram Accidental Death and Disability Rider Plan covers?

    Accidental death benefit – Under the Shriram Accidental Death and Disability Rider plan, accidental death benefit is payable in case the assured individual encounters death in an accident. The policy will be terminated after the accidental death benefit has been rolled out. No further benefits will be available under the Shriram Accidental Death and Disability Rider plan.

    In case of an accident where the assured individual (below the age of 60 years) encounters permanent disability, benefits are payable upon meeting all 3 following conditions. However, in case of assured people above the age of 60 years, at least 2 out of the 3 following conditions must be met. The conditions are as follows:

    • Loss of use of sight or limbs – The assured individual suffers from irrecoverable or total loss of both eyes, amputation of both hands above wrists, amputation of both feet above ankles or amputation of one hand and one feet above the wrist and ankle, respectively.
    • Unable to work – The insured person encounters and injury after which he/she is unable to actively take part in any form of business or employment for profit or remuneration.
    • Loss of the independent existence – The insured person is unable to carry out daily activities mentioned below:
      • Feeding – the ability to feed himself/herself after the food has been cooked and made available.
      • Toileting – the ability of using the toilet or lavatory for bladder and bowel functions in order to maintain personal hygiene.
      • Mobility – the ability to go from one room to another room inside the house.
      • Transfer – the ability to move to a wheelchair or an upright chair from the bed.
      • Dressing – the ability to take off, put on fasten or unfasten garments or fixing artificial limbs, braces etc. by oneself.
      • Washing – the ability to bathe, shower or wash satisfactorily.

    Exclusions – What the Shriram Accidental Death and Disability Rider Plan does not cover?

    The following are excluded under the Shriram Accidental Death and Disability Rider plan:

    • Attempted Suicide or suicide or any self-inflicted injury, whether insane or sane.
    • Any pre-existing condition for which the insured individual had symptoms or signs and received medical treatment within a period of 48 months before the Shriram Accidental Death and Disability Rider plan was opted for.
    • Invasion, war, terrorism, martial law, civil war, revolution, rebellion, riots, etc.
    • Engaging in any assault, crime or illegal activity.
    • Taking part or engaging in hazardous sports like car racing, underwater activities, bungee jumping, mountain climbing, parachuting, etc.
    • Consuming alcohol and drugs that have not been prescribed by any registered medical practitioner.

    Other Key Features of Shriram Accidental Death and Disability Rider Plan:

    Grace Period Grace period under the Shriram Accidental Death and Disability Rider plan is applicable as per the base policy.
    Premium Payment Premium for the Shriram Accidental Death and Disability Rider plan is charged on unit fund by the cancelling units at the start of every month.
    Free Look Period In case, the policy holder is not happy or satisfied with the Shriram Accidental Death and Disability Rider plan, he/she can easily return the policy within a period of 15 days. In case of Distance Marketing, the policy holder can avail a free look period of 30 days. The policy holder must the reasons for not choosing the Shriram Accidental Death and Disability Rider plan. After deducting appropriate charges, the insurer will refund the value to the policy holder. In case there are any medical examinations carried out at the insurer’s cost, proportionate charges will be deducted.

    Tax Benefits – How you can save under the Shriram Accidental Death and Disability Rider Plan?

    Tax benefits as per the prevalent tax laws are applicable under the Shriram Accidental Death and Disability Rider plan.

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

    Shriram Life Insurance is one of the top insurers in India. The insurance solutions offered by this company come with a myriad of benefits and features. The Shriram Accidental Death and Disability Rider plan is generally opted for by the life assured for add-on protection for himself/herself and his/her loved ones. A nominal premium must be paid for the rider policy while purchasing the basic plan. Total premium under the add-on benefits must never exceed the premium for the basic plan. This particular plan takes care of all the insurance needs of an individual in the event of accidental permanent disability.

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