Shriram Life Critical Illness Plus Rider
What is Shriram Life Critical Illness Plus Rider?
Shriram Life Critical Illness Plus Rider is a non-linked, non-participating health individual pure risk premium rider that provides coverage for 24 critical illnesses
- Buy Shriram Life Critical Illness Plus Rider online
- Comprehensive coverage for 24 critical illnesses
- Provides financial security for your loved ones
- Claim lump-sum payment for financial support
- Get a second opinion from the company's panel of doctors
- Affordable premium with high sum insured
- Get tax benefits under Section 80D of the Income Tax Act, 1961
Rider Type
Shriram Life Critical Illness Plus Rider by Shriram Life Insurance
Rider Term
5 to 52 years
Minimum Premium
Depends on Base Policy*
Maturity Age
70 years
Features and Benefits of the Shriram Life Critical Illness Plus Rider
Coverage for a Wide Range of Critical Illnesses
The policy covers the treatment expenses for 24 critical illnesses, including cancer, heart attack, kidney failure and stroke. In case of diagnosis, a lump-sum payment is made by the insurer to the policyholder after a waiting period of 30 days.
Financial Security for Loved Ones
The rider provides a high sum assured, which takes care of medical expenses when diagnosed with a critical illness. The policyholder can be assured of financial security for their loved ones, as the payout can be used for any purpose.
Second Opinion from a Doctor
The policy provides a second opinion from the company's panel of doctors, which can be valuable in ensuring the diagnosis is accurate and that the right treatment is being provided.
Assured Payout
In case of diagnosis of a covered critical illness, the company pays the entire sum assured of the policy. This can help to reduce the financial burden on the policyholder and their family during a challenging time.
Loyalty Benefit
The sum assured under the rider is increased by 15% of the initial rider sum assured at the end of the third policy year and the increased rider cover continues until the end of the rider term. This helps to keep the policy relevant to changing healthcare costs and provides long-term financial protection.
Tax Benefit
The premium paid for the Shriram Life Critical Illness Plus Rider is eligible for tax benefits under section 80D of the Income Tax Act. This can help to reduce the policyholder's tax liability and provides additional savings.
Eligibility and Documents Required for Shriram Life Critical Illness Plus Rider
| Eligibility Criteria | Limits |
|---|---|
| Age Criteria | Entry Minimum: 18 years (age last birthday) Maximum: 65 years (age last birthday) |
| Maximum Maturity Age | Age 70 years (age last birthday) |
| Rider Term | Minimum:5 years Maximum: 52 years |
| Premium Paying Term | Regular Pay: Same as Policy Term Limited Pay: 5 to 51 years Single Pay: Single |
| Premium Mode | Yearly, Half-yearly, Quarterly, Monthly |
| Sum Assured | Minimum: ₹50,000 Maximum: ₹ 25,00,000(As per Board approved underwriting policy) |
What Does the Shriram Life Critical Illness Plus Rider Cover?
The Shriram Life Critical Illness Plus Rider provides coverage for 24 critical illnesses, including cancer, stroke resulting in permanent symptoms, major organ/bone marrow transplant, permanent paralysis of limbs, coma of specified severity and others. If the life assured is first diagnosed with any of the covered critical illnesses, the rider pays 100% of the Critical Illness Plus Rider sum assured along with a loyalty benefit. The loyalty benefit is provided by way of increments in the rider sum assured during the term of the rider, provided all premiums due are fully paid. At the end of the third policy year, the sum assured under the rider will be increased by 15% of the initial rider sum assured and the increased rider cover will continue till the end of the rider term.
What Does the Shriram Life Critical Illness Plus Rider Not Cover?
The Shriram Life Critical Illness Plus Rider does not cover certain conditions or situations, including pre-existing conditions or conditions connected to a pre-existing condition. A pre-existing disease is any condition, ailment, injury, or disease diagnosed or for which medical advice or treatment was recommended within 48 months prior to the policy's effective date or reinstatement. Other exclusions include self-inflicted injury, suicide, insanity, illegal or criminal acts, use of intoxicating drugs/alcohol/solvents and participation in criminal activities or avocations/activities such as hunting, mountaineering, or professional sports. The rider does not cover any external congenital anomaly, radioactive contamination due to a nuclear accident, or treatment of a donor for the replacement of an organ. Additionally, there is no death or maturity benefit payable under this plan.
Download Documents for Shriram Life Critical Illness Plus Rider
For the convenience of our valued customers, all policy-related documents are readily accessible on our website, www.shriramlife.com. You can easily locate and download policy documents, brochures and presentations by visiting the download section on the policy page.
FAQ's
What are the features and benefits of the Shriram Life Critical Illness Plus Rider?
The Shriram Life Critical Illness Plus Rider gives coverage for a wide range of critical illnesses, financial security for loved ones, a second opinion from a doctor, 100% payout, loyalty benefit and tax benefits under section 80D of the Income Tax Act.
What is the waiting period for the Shriram Life Critical Illness Plus Rider?
The waiting period for the Shriram Life Critical Illness Plus Rider is 30 days from the date of commencement of the policy.
What is the loyalty benefit provided under the Shriram Life Critical Illness Plus Rider?
The loyalty benefit under the Shriram Life Critical Illness Plus Rider is an increment in the rider sum assured by 15% of the initial rider sum assured at the end of the third policy year. The increased rider cover will continue till the end of the rider term, provided all premiums due are fully paid.
What are the eligibility criteria for the Shriram Life Assured Income Plus?
The minimum entry age for the Shriram Life Assured Income Plus is 18 years (age last birthday), the maximum entry age is 65 years (age last birthday) and the maximum maturity age is 70 years (age last birthday). The policy term ranges from 5 to 52 years and the premium paying term can be regular pay, limited pay, or single pay. The minimum sum assured is ₹50,000 and the annual premium depends on the base policy.