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 -
Individuals can choose the option that they want and avail all benefits under it.
In order to avail the above rider, individuals will have to meet the following eligibility criteria:
|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:
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|
Customers should note that premiums can vary based on location, age, plan term and other factors.
Individuals have the option to choose from three different types of rider plans, which are:
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-
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 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-
|Maturity Benefit||There is no maturity benefit available under this plan.|
|Surrender Benefit||There is no surrender benefit available under this plan.|
Policyholder will not be eligible to procure any of the accidental benefits if any of the following occurs:
|Termination of Rider||This rider will cease if -
|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.|
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.
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.
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