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  • Shriram Critical Illness Care 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

    We are all well aware about the problems you can face financially when you are struck with a critical illness and you don’t have the financial backing to get proper treatment. You do not possess the foresight to anticipate such a situation. Shriram Critical Illness Care Rider helps you with your financial troubles when you are diagnosed with a critical illness. This is a linked rider that covers 6 critical illnesses. The rider can be attached to the following insurance products:

    • Shriram Ujjwal Life (UIN 128L034V02)
    • Shriram Wealth Plus (UIN 128L036V02)
    • Shriram Ujjwal Life SP (UIN 128L035V02)
    • Shriram Fortune Builder Insurance Plan (UIN 128L038V02)

    Eligibility – Who is the Shriram Critical Illness Care Rider for?

    Listed below are the parameters that a customer has to meet if he/she would like to avail the benefits of the Shriram Critical Illness Care Rider:

    Parameters Details
    Entry Age (Minimum) 18 years as of last birthday
    Entry Age (Maximum) 65 years as of last birthday
    Minimum Policy Term 5 years
    Maximum Maturity Age 70 years as of last birthday
    Maximum Policy Term 25 years

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

    Sum Assured:

    The minimum sum that is assured when you purchase the Shriram Critical Illness Care Rider is Rs.50,000 while the maximum sum that is assured is Rs.25 lakhs.

    Premium Range:

    Premiums that need to be paid will be charged on the unit fund. This is done by cancelling the units that are due at the beginning of each and every month of the term of the policy. Premiums will be revised every three years and will remain unchanged until the said revision is implemented.

    Plan Coverage – What the Shriram Critical Illness Care Rider covers?

    The Shriram Critical Illness Care Rider offers coverage to 10 different critical illnesses and these are mentioned below:

    Critical Illness The Shriram Critical Illness Care Rider offers coverage for 6 critical illnesses and also offers extra benefits if the policyholder survives for 30 days from the date of diagnosis of the illness. The critical illnesses that are covered under the Shriram Critical Illness Care Rider are listed below:
    • Cancer of Specified Severity
    • Heart Attack of Specified Severity
    • Kidney Failure Requiring Regular Dialysis
    • Stroke Resulting in Permanent Symptoms
    • Major Organ/Bone Marrow Transplant
    • Open Chest Coronary Artery Bypass Graft (CABG)

    Exclusions – What the Shriram Critical Illness Care Rider doesn’t cover?

    The company will not be liable to pay any benefits that fall under the rider to the policyholder if the critical illness of the life insured arises due to the following reasons:

    • Attempted suicide or intentional self-inflicted injury whether sane or insane
    • Alcohol or any other solvent abuse
    • Consumption of any drugs, narcotics or psychotropic substance apart from the use of taking it in accordance with the directions given by a practicing physician
    • Participation of the insured in any type of criminal act
    • Participation in riots or armed groups
    • Any condition that has been diagnosed or has shown symptoms within 48 months from the time the first policy that was purchased
    • Taking part or engaging in any dangerous or hazardous sports which includes but not limited to riding or driving of any kind for the sake of sport, underwater activities that involve the use of a breathing apparatus, martial arts, hunting, bungee jumping, parachuting, and mountaineering
    • Nuclear contamination, hazardous or explosive nature of any nuclear material or property that has been contaminated due to nuclear materials or any type of accidents that could arise from the nuclear facility

    Each of the 6 critical illnesses that have been listed earlier all come with their own exclusions and these are listed below:

    • Cancer of Specified Severity:
      • Tumours that show malignant changes of the carcinoma in situ and tumours that are histologically described as being non-invasive or premalignant in nature which includes but not limited to cervical dysplasia CIN-1, CIN-3, and CIN-2 and carcinoma in situ of breasts.
      • Apart from invasive malignant melanoma, any other form of skin cancer
      • All tumours of the prostate unless classified as possessing a Gleason Score that is greater than 6
      • Micro carcinoma of the urinary bladder
      • All tumours arising from HIV infection
      • Chronic lymphocytic leukaemia
    • Heart Attack of Specified Severity:
      • Non ST-segment Elevation Myocardial Infarction (NSTEMI)
      • Any other alternate acute coronary syndromes
      • All types of angina pectoris
    • Stroke Resulting in Permanent Symptoms
      • Traumatic injury of the brain
      • Transient ischemic attacks (TIA)
      • Vascular disease that affects the optic nerve or vestibular function
    • Major Organ/Bone Marrow Transplant
      • When transplants are limited to islets of Langerhans
      • Stem cell transplants
    • Open Chest Coronary Artery Bypass Graft (CABG)
      • Any laser or keyhole surgery
      • Angioplasty and/or other intra-arterial procedures

    Other Key Features of Shriram Critical Illness Care Rider:

    The key features of the Shriram Critical Illness Care Rider are listed below:

    Particulars Details
    Waiting and Survival Period Rider benefit can be claimed by the life insured if he/she is diagnosed with a critical illness at least 90 days from the date of commencement/revival of the policy. The life insured receives the payout if he/she survives for a period of 30 days from the date of diagnosis of the critical illness.
    Assignment Assignment is provided under the prevailing laws under Section 38 of the Insurance Act, 1938.
    Free Look Period A policyholder has a period of 15 days (30 days in the case of distance marketing) to read the terms and conditions of the policy and decide if he/she would want to purchase the policy. The Free Look period begins from the day of receipt of the policy documents. The policyholder can return the policy if they desire and any premiums paid during this period will be returned after deducting any expenses incurred by the insurer such as stamp duty charges, medical expenses if any, etc.
    Nomination Nomination facility is available for a policyholder to avail as per the prevailing laws under Section 39 of the Insurance Act, 1938.

    Tax Benefits of Shriram Critical Illness Care Rider:

    Under the prevailing tax laws under Section 80C of the Income Tax Act, 1961, any premiums that are paid towards the policy shall not be susceptible to be taxed.

    Why you should buy the Critical Illness Rider from Shriram Life Insurance?

    Shriram Life Insurance was founded in 2005 and started operations in the year 2006. The company is responsible for providing products that are designed to cater to the needs and requirements of its customers. The company has seen three consecutive years of profit after its first year of operations and is currently the most profitable life insurance company in India. The company offers low-risk plans accompanied by guaranteed returns at the end of a policy term. A customer is entitled to receive slow but steady returns as these returns are not dependent of the performance of the market. A customer can also avail tax benefits under Section 80C and tax rebates under section 10(10D) of the Income Tax Act.