FAQ's related to Shriram Life Critical Illness Plus Rider

The Shriram Life Critical Illness Plus Rider 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 policy holder after a waiting period of 30 days.

The benefits of Shriram Life Critical Illness Plus Rider include 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.

You can buy Shriram Life Critical Illness Plus Rider online in just four simple steps.

The policy term of Shriram Life Critical Illness Plus Rider is 5 to 52 years.

The minimum premium for Shriram Life Critical Illness Plus Rider depends on the Base Policy.

The maximum age at maturity for Shriram Life Critical Illness Plus Rider is 70 years.

The claim process for Shriram Life Critical Illness Plus Rider is hassle-free.

The sum assured under the Shriram Life Critical Illness Plus 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.

The premium paid for Shriram Life Critical Illness Plus Rider is eligible for tax benefit under section 80D of the Income Tax Act.

The minimum entry age for the Shriram Life Critical Illness Plus Rider is 18 years (age last birthday) and the maximum age is 65 years (age last birthday). The maximum maturity age is 70 years (age last birthday). The policy term ranges from 5 to 52 years.

The minimum age to enter the Shriram Life Critical Illness Plus Rider is 18 years (age last birthday) and the maximum age is 65 years (age last birthday). The maximum maturity age for the policy is 70 years.

The premium paying term can be regular pay (same as policy term), limited pay (5 to 51 years), or single pay (single) under Shriram Life Critical Illness Plus Rider.

The waiting period for Shriram Life Critical Illness Plus Rider is the first 90 days from the date of acceptance of risk (policy inception/revival), during which the Critical Illness benefit is not payable.

The minimum sum assured for Shriram Life Critical Illness Plus Rider is ₹50,000 and the maximum sum assured is as per the board-approved underwriting policy. The annual premium for the rider depends on the base policy.

If a policy holder is not satisfied with the terms and conditions of the policy, the policy can be returned to the company for cancellation within 15 days (30 days in case of distance marketing) from the date of receipt of the policy bond under Critical Illness Insurance. The company will refund the premium after deducting the proportionate rider premium for the period the company has provided rider cover, expenses incurred on medical examination, if any and stamp duty charges.

Surrender or paid-up value is not applicable to all Critical Illness Insurance. Only LP and SP policies acquire surrender value on payment of two years' premium/single premium. The surrender value payable is calculated based on the number of premiums paid, the number of premiums payable, the number of months elapsed and the total cover term in months. RP policies do not have any surrender or paid-up value and riders cannot be surrendered separately from the base policy.

The Shriram Life Critical Illness Plus Rider covers a range of critical illnesses such as cancer, heart attack, stroke, kidney failure, major organ transplant and more. The claim process for each critical illness is similar, where the insured needs to intimate the claim by filling out the necessary forms and submitting the required documents. The documents may include medical reports, policy documents, KYC documents and bank details, among others. It is important to note that the attending doctor's certificate with a clear diagnosis of the critical illness is mandatory for the claim to be processed. Upon successful processing of the claim, the claimant will receive the sum assured as per the policy terms and conditions.