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.
A customer can buy the Shriram Family Income Benefit Rider (SP) if he/she fulfills the following eligibility criteria:
|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|
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.
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.
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.|
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:
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.|
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.
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 firstname.lastname@example.org.|
|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.|
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:
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