Shriram Extra Insurance Cover Rider is a non-participating, non-linked insurance rider that you can add to your base insurance plan. The Extra Insurance Cover Rider offers additional life cover offers additional coverage to the life assured in the event of an unforeseen circumstance. The additional cover will help the family of the assured to fulfil any financial commitments that a family would have to face like medical expenses, funeral costs, etc. The rider would cost the life insured a small extra cost but the benefits that your kin would receive would be worth the extra amount paid.
|Minimum Age for Entry||18 years as of last birthday|
|Maximum Age of Entry||55 years as of last birthday|
|Maximum Age t Maturity||70 years as of last birthday|
The sum that is assured is based entirely on the premiums that you would have to pay to avail the benefits offered by the Extra Insurance Cover Rider. The sum that is assured with the Extra Insurance Cover has been given below:
|Minimum Sum Assured||Rs.50,000|
|Maximum Sum Assured||Same as the sum assured with the base plan|
|Minimum Duration of the Rider Term||5 years|
|Maximum Duration of the Rider Term||25 years|
Premiums which are paid to the insurer by a policyholder for the purchase of a Shriram Extra Insurance Cover Rider so that the individual can reap the benefits and come under the coverage of the policy. The premiums which the policyholder will have to pay and the policy term have been given below:
|Premium Payment Term||Same as the premium payment term of the policy.|
|Premium Payment Mode||The premium payment modes that are available are:
|Maximum Premium||No Limit|
*Premiums paid vary based on age, location, plan term and other factors
Premiums for Shriram Extra Insurance Cover Rider can be made using any of the following ways:
The Shriram Extra Insurance Cover Rider offers a number of different benefits and these have been listed below:
|Maturity Benefit||There is no maturity benefit that is payable by the insurer for this rider.|
|Death Benefit||In case of an unfortunate event that leads to the death of the life insured, the sum assured will be payable to the nominee of the insured on condition that the death of the insured occurred during the rider cover term.|
|Revival||Any type of revivals or alterations can only be done with the base plan. The rider cannot be altered or revived alone.|
|Free Look Period||A policyholder has 15 days (30 days in the case of distance marketing) to read and understand the “Terms and Conditions” documents of the plan. If the policyholder is not satisfied with the “Terms and Conditions”, the policyholder can return the policy to the insurer and have the premiums paid returned. The insurer will deduct any fees or expenses incurred during this period as well as stamp duty charges.|
|Grace Period||The grace period for the Extra Insurance Cover Rider will be the same as the grace period for the base plan.|
|Termination||The rider will be terminated if premiums have not been paid or if the base plan is discontinued. The rider benefit will also cease if a claim on the policy has been made.|
If a policyholder commits suicide, no benefit shall be payable to the nominee of the life insured under this rider.
Other exclusions that come under this rider are:
Any premiums that are paid for the Extra Insurance Cover Rider are eligible for a rebase as per the prevailing laws under Section 80C of the Income Tax Act of 1961. Any benefits received under this policy is also exempt from being taxed under Section 10(10D) of the Income Tax Act, 1961.
With over 528 branches located around India, Shriram Life Insurance has been a frontrunner in the insurance field providing quality products and services. The company strives to provide products that are tailored to the needs and requirements of its customers. The company has a large customer base which is made up of over 14 million customers. The Extra Insurance Cover Rider comes as a safety net for your family when it comes to financial safety. With a large payout, you can live with a sense of peace knowing that your family will be taken care of financially in case you meet with our demise.
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