Shriram Extra Insurance Cover Rider

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.

Some of the key features of this rider have been listed below:

• A policyholder can enhance their life cover with the same policy by purchasing this rider
• Avail tax benefits that come under prevailing tax laws
• Provides a lump sum amount to the nominee of the policyholder in case of an unfortunate event

Eligibility – Who is the Shriram Extra Insurance Cover Rider for?

Parameters	Details
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

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

Sum Assured

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:

Parameters	Details
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*

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:

Parameters	Details
Premium Payment Term	Same as the premium payment term of the policy.
Premium Payment Mode	The premium payment modes that are available are: Monthly Quarterly Half-Yearly Yearly Premium payment modes depend on the modes of payment chosen for the base plan.
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:

• Through the use of debit or credit cards
• ECS/Direct Debit/Salary Deduction Scheme
• Payment in cash at the insurer’s branch office
• With a cheque or demand draft
• Using payment gateways or internet banking

Plan Coverage – What the Shriram Extra Insurance Cover Rider covers?

The Shriram Extra Insurance Cover Rider offers a number of different benefits and these have been listed below:

Parameters	Details
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.

Exclusions – What the Shriram Extra Insurance Cover Rider doesn’t cover?

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:

• If the life insured dies due to intentional self-injury, while under the influence of alcohol, under the effects of illegal narcotics, pharmaceutical drugs which were not prescribed by a qualified physician or insanity.
• If the life insured dies due to an aviation accident which the life insured was engaged in other than as a paying passenger
• As a result of indulging in riots, armed gangs, civil unrest, rebellion, war, hunting, invasion, mountaineering, racing of any kind or steeple chasing.
• If the life insured dies while committing a crime or breaking the law with criminal intent.

Tax Benefits – How you can save with the Shriram Extra Insurance Cover Rider?

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.

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

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.