FAQ's related to Shriram Life Extra Insurance Cover Rider

The Shriram Life Extra Life Insurance rider is a good rider because it provides additional coverage in the case of a premature demise. The rider pays an additional death benefit to the insured's family and helps them deal with the financial loss they suffer when the insured passes away.

There is no bonus under the Shriram Life Extra Life Insurance policy because it is a protection-oriented rider that only covers the risk of premature demise. 

The maximum policy tenure of Shriram Life Extra Life Insurance policy is 52 years.

The Shriram Life Extra Life Insurance rider covers accidental and normal deaths, provided such deaths occur within the rider's tenure.

The Shriram Life Extra Life Insurance rider provides a premium rebate of 15% if you choose a rider sum assured of ₹1 lakh or above. 

The rider premium payment tenure is similar to that of the base Shriram Life Extra Life Insurance policy. So, if you choose to pay a single premium for the base policy, you will also have to pay a single premium for the rider.

You cannot choose the Shriram Life Extra Life Insurance rider if you are 70 years old because the maximum entry age for the rider is 65 years.

The paid-up value under the Shriram Life Extra Life Insurance policy rider is paid at the time of claim.

The rider pays the surrender value under the Shriram Life Extra Life Insurance policy when you terminate the base plan before its tenure. 

The Shriram Life Extra Life Insurance rider coverage continues during the grace period. If the insured dies during the grace period, the rider sum assured is paid after deducting the outstanding rider premium. 

It is possible to apply for Shriram Life Extra Life Insurance rider online through www.shriramlife.com. You can buy the rider when buying a base plan from Shriram Life or at any policy anniversary of an existing Shriram Life policy.

You can add the Shriram Life Extra Life Insurance policy later on at any policy anniversary of the Shriram Life plan that you have.

There is a free-look period of 15 days after the policy is issued. You can cancel the Shriram Life Extra Life Insurance rider during the free-look period and claim the refund of the rider premium.

You can pay the premium for the Shriram Life Extra Life Insurance rider online or offline. For online payments, yYou can pay the premium for the Shriram Life Extra Life Insurance rider online or offline. For online payments, you can choose debit cards, credit cards, net banking, mobile wallets, UPI, etc. For offline payments, you can choose cash, cheque, demand drafts, etc.ou can choose debit cards, credit cards, net banking, mobile wallets, UPI, etc. For offline payments, you can choose cash, cheque, demand drafts, etc.

The nominee is the individual who receives the rider claim if the life insured passes away during the policy tenure under the Shriram Life Extra Life Insurance policy.

The Shriram Life Extra Insurance Cover Rider pays a claim even if you do not appoint a nominee. However, the claim is paid to the legal heirs or beneficiaries in such cases. 

The claim is usually paid by directly crediting the claimant's bank account. However, if this is not possible, Shriram Life Extra Life Insurance policy might also issue a cheque or demand draft in the claimant's name to pay the claim amount. 

If you appoint multiple nominees, you would have to specify the proportion in which the claim should be divided among them under the Shriram Life Extra Life Insurance policy. Then, when the claim is paid, it is distributed among the nominees in the specified percentage.