Shriram Life Extra Insurance Cover Rider
What is Shriram Life Extra Insurance Cover Rider?
The Shriram Life Extra Insurance Cover Rider is a non-participating, non-linked term rider that is available with Shriram Life insurance plans for added protection.
- Add Shriram Life Extra Insurance rider when buying the plan or on any policy anniversary
- Additional benefit on premature demise during the term
- Maximum coverage up to ₹25 lakhs
- Long-term coverage option
- Flexible premium payment term
- Guaranteed benefits plus tax exemptions
Rider Type
Shriram Life Extra Insurance Cover Rider by Shriram Life Insurance
Rider Term
Up to 52 years
Minimum Premium
Depends on the risk covered
Maturity Age
70 years
Features and Benefits of Shriram Life Extra Insurance Cover Rider
Long Term Protection
Enjoy coverage for up to 52 years for complete peace of mind.
Flexible Premium Payment
Depending on the base plan chosen, you can pay a regular, single or limited premium for the rider. Moreover, choose to pay the premium annually, half-yearly, quarterly or monthly at your convenience.
Optimal Coverage
Get additional protection with the rider sum assured, going up to ₹25 lakhs.
Enhanced Protection
The rider pays an additional benefit if the insured passes away during the policy tenure. So, you get enhanced protection against premature demise.
Rebates
Enjoy premium rebates if you choose a high rider sum assured.
Easy Availability
Choose the rider when buying the base policy or at any other policy anniversary per your needs.
Eligibility and Documents Required For Shriram Life Extra Insurance Cover Rider
| Eligibility Criteria | Limits |
|---|---|
| Age Criteria | Minimum: 18 years (age last birthday) Maximum: 65 years (age last birthday) |
| Maximum Maturity | Age 70 years (age last birthday) |
| Policy Term | Minimum: 5 years Maximum: 52 years |
| Premium Paying Term | Regular Premium - Equal to the chosen policy term Single Premium – Once Limited Premium – 5 years to 51 years |
| Premium Mode | Yearly, Half-yearly, Quarterly, Monthly and Single (Applicable as per Base Plan) |
| Sum Assured | Minimum: ₹ 50,000 Maximum: ₹ 25,00,000 (As per Board approved Underwriting policy) |
| Note: The sum assured under the rider shall not exceed the sum assured under the base policy. | |
Coverages for Shriram Life Extra Insurance Cover Rider
The Shriram Life Extra Insurance Cover Rider can be purchased as an add-on to enhance your policy. It provides cover in the event of premature demise of the life insured. With this rider the policy acquires a paid-up value if you pay a single or limited premium. If you want to terminate the base policy, you will get a surrender value under the rider.
Download Documents for Shriram Life Extra Insurance Cover Rider
Shriram Life has simplified the process of downloading policy documents. You can visit www.shriramlife.com and select the rider. You can easily download the brochure and policy document on the rider page in a few steps. There is no need to physically visit the branch as the documents are available online, which is hassle-free.
FAQs
What does Shriram Life Extra Life Insurance Cover?
Shriram Life Extra Life Insurance Covers the risk of a premature demise. If the life insured passes away during the policy tenure, the rider pays an additional rider sum assured.
Is it possible to buy Shriram Life Extra Life Insurance Policy without a base plan?
You cannot buy Shriram Life Extra Life Insurance Policy without a base plan because it is a rider which can be availed only by adding it to a base policy.
What will be the rider sum assured under Shriram Life Extra Life Insurance if my sum assured for my base plan is ₹30 lakhs?
The rider sum assured will be ₹25 lakhs which is the maximum sum assured that the Shriram Life Extra Insurance rider offers.
What happens on maturity under Shriram Life Extra Life Insurance policy?
If the base plan matures under the Shriram Life Extra Life Insurance policy, the rider benefit ceases. No additional rider benefit is paid to the policyholder.