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Shriram Family Income Benefit Rider (SP)

Shriram Family Income Benefit Rider (SP) is an add-on plan that can be taken to enhance the base insurance policy. The plan offers additional protection to the family of the life assured at a nominal premium. The total premium under all riders taken by the life assured should not exceed the premium of the basic plan.

Eligibility - Who is the Shriram Family Income Benefit Rider (SP) for?

A customer can buy the Shriram Family Income Benefit Rider (SP) if he/she fulfills the following eligibility criteria:

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

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

Sum Assured:

The minimum sum assured under the plan is Rs.50,000 and the maximum sum assured is Rs.25 lakh. The sum assured under the Shriram Family Income Benefit Rider (SP) should not be more than the sum assured under the base plan.

Premium:

The policyholder is required to pay a single premium for the rider coverage. The total premium under all riders taken by the policyholder should not exceed the premium of the base plan.

Plan Coverage - What the Shriram Family Income Benefit Rider (SP) covers?

The Shriram Family Income Benefit Rider (SP) offers the following benefits:

Rider Benefit In the event of total permanent disability or death of the life assured in an accident during the rider term, 1% of the sum assured is paid. The payment commences immediately after the accident. It is made on a monthly basis for a duration of 10 years or till the rider term ends, whichever occurs first. When the disability benefit is granted under the policy, the accidental death benefit is automatically cancelled.
Surrender value or paid-up value The rider does not offer any surrender value or paid-up value.
Policy loan Loans are not available under the rider.

Exclusions - What the Shriram Family Income Benefit Rider (SP) doesn’t cover?

The insurance company will not pay the benefits under the Shriram Family Income Benefit Rider if the death or disability of the life assured occurs due to:

  • Attempted suicide, intentional self-injury, or insanity.
  • The life assured being under the influence of drugs or alcohol.
  • The life assured being involved in a flying activity other than as a passenger in a commercial aircraft.
  • Injuries caused by civil commotions rebellion, riots, war, hunting, invasion, steeple chasing, mountaineering, or any form of racing.
  • The life assured’s involvement in an unlawful event with criminal intent.

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

The salient features of the Shriram Family Income Benefit Rider (SP) are described below:

Free-look period The policyholder has 15 days from the date of receipt of the policy document to read through the terms and conditions. If he/she does not agree to any of these terms, the policy can be returned to the insurer with relevant reasons. The free-look period for policies that were bought through distance marketing is 30 days. Distance marketing refers to the sale of policies through channels like telephonic sales and emails. Once the insurance company receives the returned policy, it will refund the premium after deducting expenses such as medical examination costs and stamp duty charges.

Tax Benefits – How you can save with the Shriram Family Income Benefit Rider (SP)?

  • Premiums paid towards the Shriram Family Income Benefit Rider (SP) are eligible for tax benefits under Section 80C of the Income Tax Act.
  • Maturity benefit and death benefit payable under the rider are eligible for tax deductions under Section 10(10D) of the Income Tax Act.

Since there is a possibility of change in tax rules from time to time, it is recommended to consult a tax advisor to understand the latest regulations before investing in the plan.

Other Benefits – How you can save with the Shriram Family Income Benefit Rider (SP)?

Additional benefits of buying the Shriram Family Income Benefit Rider (SP) from the insurance company include:

Premium calculator Using the online premium calculator at the Shriram Life Insurance website, customers can calculate the premiums required for each insurance policy. This way, they will be able to judiciously purchase an affordable insurance plan.
Customer support The insurance company has a proficient customer service team that offers solutions to all queries and issues within the shortest turnaround time. The customer care team of Shriram Life Insurance can be contacted at onlinesupport@shriramlife.in.
Online application It is possible to buy insurance policies online through the website of Shriram Life Insurance.
Premium payment Customers can pay premiums through debit cards, credit cards, or the net banking facility offered by their banks.
Grievance redressal Grievances and complaints can be registered by calling the toll-free number, 1800 3000 6116.

Why you should buy the Shriram Family Income Benefit Rider (SP) from Shriram Life Insurance?

A leading insurance provider in India, Shriram Life Insurance has more than 520 branch offices throughout the country. In the past, the company has managed more than Rs.1,020 crores in revenue as well.

Shriram Life Insurance has a robust claim settlement process. The issues or queries raised by customers are also resolved within the shortest possible time by their efficient customer servicing team. The wide range of insurance products offered by the company include child plans, pure term insurance policies, group insurance plans, and unit linked insurance schemes.

The insurer has received several awards in the past for its marketing strategies and customer centricity. Some of the awards conferred to the company include:

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

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