FAQs for Shriram Life Accident Benefit Rider
What is the Accident Benefit Rider?
It offers additional protection in case of accidental death or disability, along with a waiver of future premiums in case of disability.
When can I opt for this rider?
You can choose it at the time of buying the base policy or on policy anniversary, if eligible.
What happens if I survive till the end of the rider term?
No benefit is payable on survival; this rider only covers death or disability due to accident.
Can I buy or surrender this rider separately from the base plan?
No, the rider must be attached to the base plan and cannot be purchased or surrendered independently.
Can I buy this rider without a base policy?
No, it can only be purchased along with a valid base life insurance plan.
Does the rider offer any surrender value?
Yes, under Limited and Single Pay options, it may acquire surrender value after certain conditions are met. For Limited Pay, the rider acquires surrender value only if the premiums have been paid for at least 2 full years. For Single Pay, rider acquires surrender value from the 1st year itself.
Is the rider still valid if the base policy is discontinued?
No, the rider benefit ceases immediately if the base policy lapses or is terminated.
If I become permanently disabled and later die due to the same accident, will both benefits be paid?
No, once a disability claim is paid, the rider benefit ends and no further payout is made for death from the same accident.
How is total and permanent disability medically verified under this rider?
It must be certified by a registered medical practitioner as per the rider’s defined criteria of disability.
If I opt for Limited Pay and stop paying after two years, what happens to the rider?
It continues as a reduced paid-up policy, and benefits are paid proportionately if a valid claim occurs.
Can I revive only the Accident Benefit Rider if it lapses due to non-payment?
No, the rider can only be revived along with the base policy as per the revival terms of the base plan.
What is the time limit within which death or disability must occur after the accident to qualify for a claim?
The death or total permanent disability must occur within 180 days from the date of the accident to be eligible for a claim.
