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.
A customer should fulfill the following eligibility criteria in order to be able to buy the Shriram Critical Illness Cover Rider:
|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|
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.
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.
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:
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:
|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.|
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.
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, firstname.lastname@example.org.|
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:
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