FAQs related to Policy Related
Why do you need Life insurance?
Life insurance is designed to protect you and your family against financial uncertainties. By choosing the right policy as per your needs i.e., customised solutions, you will be able to plan for a secured future for yourself and your loved ones
Is there any benefit of buying life insurance other than the risk cover?
Other than the risk cover, the most important benefit is your eligibility to receive Income Tax Relief, which means premiums paid reduce your tax liability. (Refer to Central Board of Direct Taxation rules for more details).
How can I get a duplicate physical copy of my life insurance policy document?
To get a duplicate physical copy of your policy document, you need to visit any Shriram Life Insurance branch with a notarized copy of an indemnity bond printed on stamp paper of Rs. 100/-. Cheque/ Demand Draft of Rs. 100/- (towards reprint charges) in favour of Shriram Life Insurance Company Ltd.
What are Life Insurance Riders?
A Life Insurance Rider is an add-on cover to the primary policy, which offers benefits over and above the policy subject to certain conditions. These riders are additional benefits over a base policy, which offers coverage in case of a specific eventuality. They offer financial cover in a life insurance policy for a nominal additional rider premium.
What are the different kinds of life insurance riders?
Critical Illness rider, Disability rider, Accidental death benefit rider and term rider are the types of add-ons that are available for a nominal fee. SLIC also offers Accident Benefit Rider, Shriram Extra Insurance Cover Rider, Shriram Critical Illness Cover Rider, Family Income Benefit Rider and more
Can we add or delete riders?
A Rider can be added at the time of purchase of the policy and deleted at any time during the policy term as per the choice coinciding with policy anniversary.
What is Benefit Illustration?
Benefit Illustration shows the client the product’s nature benefits and under what circumstances the benefit will be paid. It also distinguishes between guaranteed benefits and non-guaranteed benefits. The benefit illustration documents show the details of charges and growth of the fund expected over the duration of the policy.
Are pregnant women covered in the life insurance policy?
Yes, pregnant women are covered in the policy subject to the conditions & merits of the profile.