Shriram Group Accidental Death & Disability Rider

A non-participating and non-linked rider, the Shriram Group Accidental Death and Disability rider comes with a number of unique benefits. Riders are an additional part of a life insurance plan but a highly recommended one. Individuals will have to pay an additional amount for the same but not a very high amount and in turn they can avail additional protection. There are various types of riders available and individuals have the option to pick and choose the ones that would suit their needs and requirements.

The Group Accidental Death and Disability Rider by Shriram Life provides three different rider options and these are -

• Accidental Death Benefit
• Accidental Disability Benefit
• Accidental Death and Disability Benefit

Individuals can choose the option that they want and avail all benefits under it.

Eligibility - Who is the Shriram Group Accidental Death and Disability Rider for?

In order to avail the above rider, individuals will have to meet the following eligibility criteria:

Parameter	Limit
Minimum age at entry (in years)	18
Maximum age at entry (in years)	69
Maximum age at maturity ( in years)	70

All ages are based on the last birthday of the individual.

The above rider can be attached to the products given below:

• Shriram Group Term Life Insurance Plan
• Shriram Group Term Life Insurance in lieu of EDLI

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

Sum Assured:

Sum Assured that can be availed by the individual depends on the premium, policy tenure and other factors.

Minimum Rider Sum Assured	Rs.5,000 per member
Maximum Rider Sum Assured	Rs.50,00,000 per member

Policy Tenure and Premium:

Minimum policy tenure	1 year
Maximum policy tenure	Yearly renewable
Minimum group participation	Complete participation
Modes of Premium Payment	Annually/Semi-annually/Quarterly/Monthly
Premium	Minimum - Rs.0.60 per annum for one member Maximum - Rs.9,350 per annum for one member

Customers should note that premiums can vary based on location, age, plan term and other factors.

Rider Coverage - What the Shriram Group Accidental Death and Disability Rider covers?

Individuals have the option to choose from three different types of rider plans, which are:

• Shriram Accidental Death Benefit
• Shriram Accidental Disability Benefit
• Shriram Accidental Death and Disability Benefit

Shriram Accidental Death Benefit Rider:

If case of untimely demise of policyholder directly as a result of an accident prior to end of the policy tenure, 100% of the Rider Sum Assured will be paid and all rider benefits will cease. The following conditions need to be satisfied-

• Death should be due to an unforeseen, sudden and involuntary accident due to violent, visible, external means.
• Injuries due to an accident resulting in death of the policyholder within a period of 180 days from the date of the accident will also be considered as death as a result of an accident.
• In case of accident during policy term that results in death after the successive annual renewal date but prior to 180 days from date of the accident, rider benefit will be paid.
• This benefit will be paid in case accident occurs when the rider term is ongoing but death occurs when the rider has been lapsed, but within a period of 180 days from the date of the accident.
• There will not benefit paid in case policyholder survives until the end of the rider tenure.

Shriram Accidental Disability Benefit Rider:

In case the policyholder becomes permanently and completely disabled as a result of an accident, 100% of the Rider Sum Assured will be paid and all rider benefits will cease to exist. The following conditions will have to be satisfied-

• In case of permanent but partial disability of the individual due to an accident, half of the Rider Sum Assured will be paid. The rider will go on for the remainder 50% of the Rider Sum Assured to cover all contingency of complete permanent disability. After 50% of Rider Sum Assured is paid, future rider premiums will stop.
• Disability refers to disability of a policyholder due to accident when it occurs in an unforeseen manner, suddenly and involuntarily due to external and violent causes and within a period of 180 days from when the trauma has occurred.
• In case accident occurs during policy tenure and results in total and permanent disability after the successive annual renewal date but prior to 180 days from the date of the accident, the rider benefit will be paid.
• This claim will also be paid if accident has occurred while rider term is in-force but disability, whether partial or complete occurs when the rider is in a lapsed state but within a period of 180 days from the accident.
• In case the Life Assured meets with accident during the first policy year and suffers from partial but permanent disability, 50% of the Sum Assured will be paid. If the policy is then renewed, the policyholder will be covered along with the rest of the group for successive policy years.
• Accident Permanent Partial Disability is referred to an event wherein any of the following occurs-
  • Loss of an eye
  • Loss of a leg
  • Loss of an arm
  • Loss of a foot
  • Loss of a hand
• Accidental Permanent Total Disability refers to an event wherein any of the following occurs-
  • Loss of both eyes
  • Loff of both arms/hands
  • Loss of both legs
  • Loss of both feet
  • Loss of a hand and a leg
  • Loss of an arm and a leg
  • Loss of an arm and a foot
  • Loss of a hand and a foot
  • Removal of lower jaw

Shriram Accidental Death and Disability Benefit Rider:

In case of completely permanent disability or death due to an accident prior to rider tenure, 100% of the Rider Sum Assured will be provided and rider will cease. Following conditions will have to be satisfied-

• Upon permanent but partial disability as a result of an accident prior to end of rider tenure, 50% of Rider Sum Assured will be provided and the rider will go on for other contingencies. Future rider premiums will stop once 50% of the Rider Sum Assured has been paid.
• In case of death of policyholder within a period of 180 days from accident, only death benefit will be paid.
• Rider claim will be paid if accident has occurred while the rider is ongoing but disability or death occurs when the rider has lapsed within a period of 180 days from the accident date.

Maturity Benefit	There is no maturity benefit available under this plan.
Surrender Benefit	There is no surrender benefit available under this plan.

Exclusions - What the Shriram Group Accidental Death and Disability does not cover?

Policyholder will not be eligible to procure any of the accidental benefits if any of the following occurs:

• Attempted suicide/suicide or injury that is self-inflicted regardless of whether the policyholder is sane or insane medically.
• A condition that is pre-existing for which policyholder had signs of symptoms or was diagnosed and/or received medical treatment within a period of 48 hours before the first policy that was taken by the insured.
• The pre-existing disease will not be excluded for over 48 months from the date of occurrence.
• Terrorism, war, hostilities, civil war, invasion, rebellion, martial law or riot.
• Taking part in dangerous activities such as diving, hunting, martial arts, underwater activities, bungee jumping, mountaineering, etc.
• Drug or alcohol abuse unless taken under the advice of a registered medical practitioner.
• Nuclear contamination or accident arising from such a situation.
• Disability as a result of psychiatric illness, post-traumatic stress disorder, chronic pain, chronic fatigue or fibromyalgia.

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

Termination of Rider	This rider will cease if - Premiums have been discontinued Death of member Membership anniversary when he/she attains the age of 70 Maturity or surrender/termination of base group policy Membership stops under the base group policy After rider claim has been paid Rider cover will not continue if the base policy has been lapsed. However, if the base policy is revived then benefits will be restored. All revival rules that are applicable to the base policy will be applicable here as well.
Free Look Period	In case customers are not satisfied with the policy, they have the option to return the policy along with stated reasons, within a period of 15 days from the date on policy receipt. In case the plan has been sold via distance marketing channels, such as telephone conversation or online, 30 days is the Free Look Period available.
Grace Period	Grace policy is applicable as is under the base policy.
Policy Revival	Revival is applicable as is under the base policy.
Service Tax	Service tax will be applicable based on ongoing service tax laws.

Other Benefits - How you can save with the Shriram Group Accidental Death and Disability Rider?

One of the well-known providers of insurance in the country, Shriram Life offers a huge number of plans to suit every individual’s discerning requirements. Along with the sheer number of plans available, Shriram Life also boasts of other advantages. Keeping up the digital age, a number of this company’s products can be viewed, procured and even renewed online by paying the premium through Net Banking methods or via Credit/Debit card.

In case of other queries or doubts, individuals can also contact the Shriram Life Customer Care number. In addition to this, customers can also make use of the premium calculator on the Shriram Life website and find out information regarding the premiums that they would have to pay for their plan.

Why you should buy the Group Accidental Death and Disability Rider from Shriram Life?

With more than 528 branches, over 1 crore customers and over Rs.1,020 crores in revenue, Shriram Life is a go-to option for all insurance related products. This company made profits within the first three years itself and is currently one of the most profitable companies in the market. Shriram Life is a partnership between Shriram Group and Sanlam which is the second largest insurance companies in South Africa. Shriram Life boasts of one of the highest claim-settlement ratios in the company. Superior customer care service along with cutting edge technology makes this company one of the most popular insurance providers in the company.