FAQ's related to Shriram Life Extra Insurance Cover Rider
What is the main benefit of the Extra Insurance Cover Rider?
It provides an additional death benefit to support your family financially in your absence.
Can this rider be opted for separately without a base policy?
No, it must be attached to a base life insurance policy and cannot be bought standalone.
What is the entry age eligibility for this rider?
You must be between 18 to 65 years old at the time of entry.
What is the maximum age at maturity for this rider?
The rider can be held up to 70 years of age.
Is any maturity or survival benefit available under this rider?
No, it offers only a death benefit; there is no maturity or survival payout.
What is the minimum and maximum sum assured?
Minimum ₹50,000 and maximum ₹25,00,000, subject to underwriting guidelines.
Can this rider be revived if it lapses?
Yes, but only along with the base policy, under the same revival terms.
Is surrender value available under this rider?
Yes, for Limited and Single Pay options, based on specific conditions and formulas. . 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.
Are loans available against this rider?
No, policy loans are not allowed under this rider.
Will the rider benefit be paid if the base policy is not in force at the time of death?
No, the rider benefit is payable only if the base policy is active at the time of the insured's death.
Can I increase or decrease the rider sum assured during the policy term?
No, the rider sum assured once selected cannot be altered during the policy term.
Can a minor opt for this rider?
No, it can only be chosen once the life assured attains majority.
