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:
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:
|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|
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.
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.
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:
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:
Each of the 6 critical illnesses that have been listed earlier all come with their own exclusions and these are listed below:
The key features of the Shriram Critical Illness Care Rider are listed below:
|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.|
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.
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.