Shriram Life Insurance Riders

Most life insurance policies come with a death cover; some with maturity and surrender benefit. However, these life insurance plans always have some exception, and fail to cover all unexpected situations that a policyholder might be faced with.

Different plans allow the policyholders to opt for different riders. Not all riders are available with every basic plan. Shriram Life Insurance has a host of such riders to benefit their customers, from accidental death riders to riders covering permanent disability to critical illnesses.

Benefits of Shriram Life Insurance Riders:

• Shriram Life Insurance have 10 different types of riders to cover every need of their clients.
• The riders cover critical illness, accidental deaths, sudden income loss, permanent disability, and also allows for extra insurance cover.
• The riders cover individuals, families and also group members under an insurance plan.
• Insurance riders help people get cover for circumstances and events which are not covered under basic life insurance policies.
• These riders provide for extra cash in times of exigent circumstances, thus creating an effective life and income cover.
• The riders also provide additional tax benefits on the rider premiums under Section 80C of the Income Tax Act, 1961 and on the amount received as rider benefits under Section 10(10D) of the Income Tax Act, 1961.

List of Riders Provided By Shriram Life Insurance:

Following are the 10 different riders provided by Shriram Life Insurance on getting of one the basic Shriram Life Insurance plan:

Shriram Accident Benefit Rider (SP):

This rider is single premium payment rider that benefits policyholders who become victims of the unfortunate accidents. This rider can be taken with most basic Shriram Insurance plans. The rider has to be chosen by the policyholder at the time of policy commencement by paying a nominal amount as premium.

Benefits and Features of Accident Benefit Rider (SP):

• The total premium for all riders cannot exceed the amount of premium under the basic plan.
• If the policyholder dies due to an unforeseen accident, or if he/she becomes permanently and totally disabled due to the result of an accident, then the rider benefit payable will be equal to the sum assured under the rider.
• If the policyholder becomes permanently and totally disabled as the result of an accident and the disability benefit is paid, it cancels the scope of getting any further benefit under this rider in the future.

Plan Name	Entry Age	Maturity Age	Sum Assured
Accident Benefit Rider (SP)	Minimum: 18 years. Maximum: 65 years.	Minimum: 23 years. Maximum: 70 years.	Minimum: Rs.50,000. Maximum: Rs.25 lakh.

Shriram Family Income Benefit Rider (SP):

This is another single premium rider available along with basic life insurance plans from Shriram. This rider affords additional protection for the family members of the policyholder. Family Income Benefit Rider (SP) can be chosen at the time of basic policy commencement by paying a nominal rider premium.

Benefits and Features of Family Income Benefit Rider (SP):

• The total premium for all riders, however, cannot exceed the amount of premium under the basic plan.
• If the policyholder dies due to an unforeseen accident, or if he/she becomes permanently and totally disabled due to the result of an accident within the term of the rider, then the rider benefit will be equal to 1% of Sum Assured payable every month
• The benefit payment begins immediately at the end of the accident month and continues till the end of rider term or for a period of 10 years, whichever higher.

Plan Name	Entry Age	Maturity Age	Sum Assured
Family Income Benefit Rider (SP)	Minimum: 18 years. Maximum: 65 years.	Minimum: 23 years. Maximum: 70 years.	Minimum: Rs.50,000. Maximum: Rs.25 lakh.

Shriram Accident Benefit Rider:

Accidental Benefit Rider comes into effect if the life insured faces a loss of income due to death or permanent disability caused by an accident. This rider can be availed along with a basic Life Insurance plan by paying a nominal rider premium at the time of policy commencement.

Benefits and Features of Accident Benefit Rider:

• If the policyholder dies due to an unforeseen accident, or if he/she becomes permanently and totally disabled due to the result of an accident within the term of the rider, then the rider benefit payable will be equal to the Sum Assured.
• If the policyholder becomes permanently and totally disabled as the result of an accident, all premiums under the basic policy due to be paid in future will get waived starting from the accident date to the end of the term of the rider.

Plan Name	Entry Age	Maturity Age	Sum Assured
Accident Benefit Rider	Minimum: 18 years. Maximum: 65 years.	Minimum: 23 years. Maximum: 70 years.	Minimum: Rs.50,000. Maximum: Rs.25 lakh.

Shriram Family Income Benefit Rider:

This Rider can be chosen by the life insured when getting a life insurance basic plan from Shriram. This rider affords additional protection for the family members of the policyholder against loss of income due to accidental death or permanent disability.

Benefits and Features of Family Income Benefit Rider:

• If the policyholder dies due to an unforeseen accident, or if he/she becomes permanently and totally disabled due to the result of an accident within the term of the rider, then the rider benefit will be equal to 1% of Sum Assured payable every month
• The benefit payment begins immediately at the end of the accident month and continues till the end of rider term or for a period of 10 years, whichever higher.
• Annual premium for this rider is Rs.1.50 per Rs.1,000 amount of Sum Assured.

Plan Name	Entry Age	Maturity Age	Sum Assured
Family Income Benefit Rider	Minimum: 18 years. Maximum: 65 years.	Minimum: 24 years. Maximum: 70 years.	Minimum: Rs.50,000. Maximum: Rs.25 lakh.

Shriram Extra Insurance Cover Rider:

This rider is a non-participating, non-linked option that helps policyholders get additional coverage to fulfill their financial commitments and secure their future in event of any unforeseen circumstances. This rider can be opted for at the time of policy inception or at one of the yearly renewal dates of the policy. This benefit comes at the cost of a nominal extra premium, determined based on the policyholder’s age.

Benefits and Features of Extra Insurance Cover Rider:

• The Life Assured can choose to enhance their life cover under the ambit of the base policy by opting for this rider, subject to considerations of underwriting.
• It provides the nominee of the policyholder a lump sum death benefit in event of the unfortunate death of the Life Assured.
• The rider premium can be paid in different modes of Monthly, Quarterly, Half-yearly, and Yearly. The rider payment mode actually depends on the mode of payment of the base plan.

Plan Name	Entry Age	Maturity Age	Sum Assured
Extra Insurance Cover Rider	Minimum: 18 years. Maximum: 55 years.	Minimum: 23 years. Maximum: 70 years.	Minimum: Rs.50,000. Maximum: Equal to basic plan.

Shriram Critical Illness cover Rider:

Critical Illness Cover is available as a rider with most Shriram Life Insurance plans. It helps the Life Insured make necessary lifestyle adjustments warranted because of a serious illness. The policyholder gets the entire Sum Assured under the Rider as benefits if diagnosed with any one of the 6 listed critical illness.

Benefits and Features of Critical Illness cover Rider:

• The rider provides for financial benefit, equal to 100% of the Sum Assured (Rider), in case the policyholder comes down with one of the listed critical illness, to help cover the medical bills and rehabilitation expenses.
• This rider provides cover against these 6 major critical illnesses:
  • Heart Attack.
  • Cancer.
  • Kidney Failure.
  • Stroke.
  • Major Organ Transplant.
  • Bypass Surgery of the Coronary Artery.
• Rider benefit can be claimed if the diagnosis of the critical illness comes at least 90 days after the commencement/revival date or the date of the policy, whichever later. The policyholder also has to survive the diagnosed illness for at least 30 days from diagnosis date.

Plan Name	Entry Age	Maturity Age	Sum Assured
Critical Illness cover Rider	Minimum: 18 years. Maximum: 65 years.	Minimum: 23 years. Maximum: 70 years.	Minimum: Rs.50,000. Maximum: Equal to basic plan, up to a maximum of Rs.25 lakh.

Shriram Accidental Death & Disability Rider:

Shriram Accidental Death & Disability is a non-participating linked rider that can be opted for with the basic insurance plan. This rider lets the policyholder obtain both accidental death and disability cover by paying only a nominal rider premium at the time of policy commencement.

Benefits and Features of Accidental Death & Disability Rider:

• If the policyholder dies due to an unforeseen accident, or if he/she becomes permanently and totally disabled due to the result of an accident within the term of the rider, than rider benefit equal to the rider Sum Assured is paid.
• The minimum premium payable for this rider is Rs.45 and the maximum is Rs.4,500 subject to underwriting considerations.
• There are 3 disability criteria for the rider:
  • Unable to work: For people under 60 years of age.
  • Loss of use of Limbs or Sight: For all ages.
  • Loss of Independent Existence: For all ages.

Plan Name	Entry Age	Maturity Age	Sum Assured
Accidental Death & Disability Rider	Minimum: 18 years. Maximum: 65 years.	Minimum: 23 years. Maximum: 70 years.	Minimum: Rs.50,000. Maximum: Rs.50 lakh

Shriram Accidental Death & Disability Income Rider:

Shriram Accidental Death & Disability Income Rider is a non-participating linked rider, which can be taken along with the basic plan. It can be opted for by the policyholder for protecting the income of the family, by paying a nominal rider premium at the time policy inception.

Benefits and Features of Accidental Death & Disability Income Rider:

• If the policyholder dies due to an unforeseen accident, or if he/she becomes permanently and totally disabled due to the result of an accident within the term of the rider, then the rider benefit will be equal to 1% of Sum Assured payable every month
• The benefit payment begins immediately at the end of the accident month and continues till the end of rider term or for a period of 10 years, whichever higher.

Plan Name	Entry Age	Maturity Age	Sum Assured
Accidental Death & Disability Income Rider	Minimum: 18 years. Maximum: 65 years.	Minimum: 23 years. Maximum: 70 years.	Minimum: Rs.50,000. Maximum: Rs.50 lakh

Shriram Critical Illness Care Rider:

Shriram Critical Illness Care Rider is available as a rider with most Shriram Life Insurance plans. It helps the Life Insured make necessary lifestyle adjustments warranted because of a serious illness. The policyholder gets the entire Sum Assured under the Rider as benefits if diagnosed with any one of the 6 listed critical illness.

Benefits and Features of Shriram Critical Illness Care Rider:

• This rider covers 6 major critical illnesses including:
  • Cancer of severity specified.
  • First heart attack - of severity specified.
  • Permanent symptoms resulting from stroke.
  • Regular dialysis due to kidney failure.
  • CABG - Open chest.
  • Bone marrow/major organ transplant.
• The rider provides for financial benefit, equal to 100% of the Sum Assured (Rider), in case the policyholder comes down with one of the listed critical illness.
• The benefits are applicable only if the diagnosis has been made 90 days from policy commencement/revival date and the policyholder has survived at least 30 days from the first diagnosis date.
• The rider can be opted for along with the following Shriram Life Insurance plans:
  • Shriram Ujjwal Life.
  • Shriram Ujjwal Life SP.
  • Shriram Wealth Plus.
  • Shriram Fortune Builder Insurance Plan.

Plan Name	Entry Age	Maturity Age	Sum Assured
Shriram Critical Illness Care Rider	Minimum: 18 years. Maximum: 65 years.	Minimum: 23 years. Maximum: 70 years.	Minimum: Rs.50,000. Maximum: Rs.25 lakh

Shriram Group Accidental Death & Disability Rider:

This Rider is a non-participating, non-linked rider option that gives accidental death, accidental disability, and a combined death and disability benefit for group members of selected Shriram basic group insurance plans.

Benefits and Features of Group Accidental Death & Disability Rider:

• Benefits of Option I: Accidental Death
  • If a group member dies due to the result of an accident within the rider term, the death benefit will be equal to 100% of the Sum Assured (Rider) as chosen by the member and the rider cover is terminated.
• Benefits of Option II: Accidental Disability
  • If a group member is permanently and totally disabled due to an accident, the benefit will be equal to 100% of the Sum Assured (Rider) as chosen by the member and the rider cover is terminated.
  • If a group member is permanently but partially disabled due to an accident, the benefit will be equal to 50% of the Sum Assured (Rider) as chosen by the member. The rider cover will continue for the remaining 50% of the sum assured to cover the possibility of permanent and total disability.
• Benefits of Option III: Accidental Death and Disability
  • If a group member dies or is totally disabled due to the result of an accident, the death benefit will be equal to 100% of the Sum Assured (Rider) as chosen by the member and the rider cover is terminated.
  • If a group member is permanently but partially disabled due to an accident, the benefit will be equal to 50% of the Sum Assured (Rider) as chosen by the member. The rider cover will continue for the remaining 50% of the sum assured to cover the possibility of permanent and total disability and/or death of the policyholder.
  • In event of death of the policyholder within 180 days of accident, no separate disability benefits will be paid under this rider. The nominee is receive only the accidental death benefit in the event of death during this period of disability establishment.
• This rider can be opted for along with the following Shriram Life Insurance products:
  • Shriram Group Term Life Insurance Plan.
  • Shriram Group Term Life Insurance in lieu of EDLI.

Plan Name	Entry Age	Maturity Age	Sum Assured
Group Accidental Death & Disability Rider	Minimum: 18 years. Maximum: 69 years.	Maximum: 70 years.	Minimum: Rs.5,000 for each member. Maximum: Rs.50 lakh for each member.

Why do you need Shriram Life Insurance Riders?

Although Shriram Life Insurance have some excellent base plans under there bouquet of life insurance products, covering a wide range of requirements, there are often times when these plans may fall short of the requirement of an individual as each person has different insurance requirements. Shriram Riders cover this gap between the need and the availability of coverage and ensures each Shriram Life Insurance customer is adequately protected.