Shriram Critical Illness cover Rider

Shriram Critical Illness Cover Rider is an add-on insurance plan that can be attached to a base policy to increase its coverage. The rider offers protection to the life assured against a set of pre-defined critical illnesses. The payout received from the plan can be used to cover medical expenses and rehabilitation costs. This rider can be attached to several Shriram Life Insurance plans.

The rider can be bought only at the time of proposal. However, if the life assured was a minor at the time of base policy inception, the rider can be chosen when he/she attains majority.

Eligibility - Who is the Shriram Critical Illness Cover Rider for?

A customer should fulfill the following eligibility criteria in order to be able to buy the Shriram Critical Illness Cover Rider:

Parameter	Eligibility
Minimum Entry Age	18 years
Maximum Entry Age	65 years
Maximum Maturity Age	70 years
Minimum Policy Term	5 years
Maximum Policy Term	25 years, subject to the maximum limit for maturity age

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

Sum Assured:

The minimum sum assured under the Shriram Critical Illness Cover Rider is Rs.50,000. The maximum sum assured is the same as the sum assured of the base plan, subject to a maximum amount of Rs.25 lakh.

The total rider sum assured under all policies that the life assured holds should not exceed Rs.25 lakh as well.

Premium:

The policyholder is required to pay premiums towards the rider to avail its benefits. Premiums can be paid at yearly, half-yearly, quarterly, and monthly frequencies. Alternatively, the policyholder can pay a single premium.

The rider term, mode, premium payment term, and age depends on the base policy to which the rider is attached.

Plan Coverage - What the Shriram Critical Illness Cover Rider covers?

The Shriram Critical Illness Cover Rider offers the following benefits:

Rider Benefit

If the life assured is diagnosed with a critical illness covered under the plan, the insurer pays the critical illness cover benefit as a lump sum amount. The payout is made at the first instance of diagnosis only. The life assured receives 100% of the rider sum assured in this scenario. The rider covers 6 critical illnesses, namely: Cancer Heart attack Coronary artery bypass surgery Stroke Major organ transplant Kidney failure In order to receive the rider benefit, the life assured should also survive for at least 30 days from the diagnosis of the critical illness.

Exclusions - What the Shriram Critical Illness Cover Rider doesn’t cover?

• The insurance company will not offer coverage under the rider to people involved in hazardous occupations, namely, sea diving, steeple chasing, hunting, mountaineering, any kind of racing, etc. Also, if the insured event occurs when the life assured engages in any of these dangerous activities, the rider benefits will not be paid.
• The following illnesses are excluded from the coverage:
  • Tumours that show malignant changes of carcinoma in situ. Tumours that are identified to be premalignant or non-invasive are also excluded.
  • Skin cancers apart from invasive malignant melanoma.
  • All prostate tumours, except those that are classified with a Gleason score of above 6 or those that have progressed to at least T2N0M0 classification.
  • Chronic lymphocytic leukemia that is below RAI stage 3.
  • Papillary micro-carcinoma affecting the thyroid gland with a diameter less than 1 cm.
  • Micro carcinoma affecting the bladder.
  • All tumours when the individual is infected with HIV as well.
  • Transient ischemic attacks (TIA).
  • Traumatic injury of the brain.
  • Vascular disease that affects only the vestibular functions or the type/optic nerve.
  • Intra-arterial procedures or angioplasty
  • Any laser or keyhole surgery.
  • Stem cell transplants
  • Transplantation of islets of Langerhans.
• The company shall not pay the rider benefit to the life assured if the illness was due to any of the following:
  • Attempted suicide, intentional self-inflicted injury, irrespective of the sanity of the life assured.
  • Diseases that are present along with HIV infection.
  • Alcohol or drug abuse.
  • Diseases that the life assured has previously suffered from. The benefit is payable only at the first occurrence of a specified critical illness.
  • Diseases that occur within 90 days of start of the coverage.
  • Invasion, war, hostilities, civil war, rebellion, revolution, strikes, etc.
  • Participation of the life assured in a naval, air force, or military operation.
  • Participation of the life assured in a flying activity, apart from being a passenger in a commercial aircraft.
  • Participation of the life assured in a criminal act.
  • Engaging in sports that include riding, diving, underwater activities, racing, martial arts, mountaineering, hunting, bungee-jumping, or parachuting.
  • Nuclear contamination.

Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

The salient features of the Shriram Critical Illness Cover Rider are described below:

Waiting and survival period	The rider benefit can only be claimed if the following conditions are satisfied: The critical illness is diagnosed at least 90 days after the risk commencement date or the date of policy revival, whichever is later. The life assured survives for at least 30 days after the diagnosis of the critical illness.
Grace period	The grace period under the rider is 30 days. The policyholder can pay the outstanding premiums within this period to keep the insurance coverage intact.
Cooling off period/Free-look period	If the policyholder does not agree to the terms and conditions specified in the policy document, he/she can return the plan back to the insurer. The policyholder should state reasons for the objection as well. The policy return should be done within 15 days from the receipt of the policy document. This interval is referred to as the free-look period. The free-look period for policies that were bought through distance marketing channels such as emails and telephonic sales is 30 days. Once the insurer receives the returned policy, it will refund the paid premiums to the policyholder. However, deductions will be made pertaining to stamp duty charges and medical examination costs.
Surrender value/maturity value/policy loan/paid-up value	Not available under the rider.
Revival/alteration of the rider	This depends on the base policy to which the rider is attached.
Review of rates	The rates are reviewable on the 5th policy anniversary and every subsequent anniversary. These are, however, subject to IRDAI approval.
Discontinuance of the base plan	The rider benefit will cease when the base plan is either discontinued, terminated, or made paid-up. After a claim is paid out, the rider benefit ceases.

Tax Benefits – How you can save with the Shriram Critical Illness Cover Rider?

• Premiums paid towards the Shriram Critical Illness Cover Rider are eligible for tax benefits under Section 80D of the Income Tax Act.
• Also, the benefits payable under the rider are eligible for tax deductions under Section 10(10D) of the Income Tax Act.

Since tax rules are subject to change, it is ideal to consult a tax advisor and understand the latest provisions before investing in the plan.

Other Benefits – How you can save with the Shriram Critical Illness Cover Rider?

Additional benefits of buying the Shriram Critical Illness Cover Rider from the insurance company include:

Online application	It is possible to buy insurance plans from the Shriram Life Insurance website in a convenient manner.
Premium payment	Customers can pay premiums using their debit cards, credit cards, or through the net banking facility offered by their banks.
Premium calculator	The website of Shriram Life Insurance has an online premium calculator using which customers can calculate the premiums for various insurance policies. This helps customers in making a calculated decision when they finally purchase a plan.
Grievance redressal	Customers can call the toll-free number, 1800 3000 6116, to log grievances or complaints.
Customer support	The insurance company has a dedicated customer service team that offers solutions to customer queries and issues in a timely manner. The team can be contacted at the email ID, onlinesupport@shriramlife.in.

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

Shriram Life Insurance is a leading player in the Indian insurance market today. The company offers a wide range of insurance solutions, including child plans, ULIPs, pure term insurance policies, and group plans. The insurer has an extensive network of branch offices around the country and caters to a large customer base.

The claim settlement process of the company is highly efficient and payouts are made in a timely manner. The customer service team of the insurer is also very proficient and assists in delivering solutions to customer issues/queries.

The insurance company has received several awards in the past that highlight its customer centricity and marketing strategies. The honours conferred to the insurer include:

• The 'Best Life Insurance Company' award in the private sector in 2016.
• The ‘Indian Insurance Award' for the best non-urban coverage in 2016.