Shriram Group Accidental Death & Disability Rider

Shriram Group Accidental Death & Disability Rider is a non linked non participating rider.

Key Benefits

Option I: Accidental Death Benefit

In case of member's death as a direct result of accident before the end of the rider term, 100% of rider sum assured chosen for the member will be paid and the rider will be terminated.

Accidental death: Death due to an accident where accident is sudden, unforeseen and involuntary event caused by external, visible and violent means. Accidental injuries, solely, directly and independently of all other causes resulting in death of the life assured within 180 days from the date of accident, shall be considered as death due to accident.

Option II: Accidental Disability Benefit

  • In case of permanent total disability of a member as a result of accident, 100% of the rider sum assured chosen for the member will be paid and the rider will be terminated

  • In case of permanent partial disability of a member as a result of accident, 50% of the rider sum assured chosen for the member will be paid. The rider will continue for the balance 50% of the rider sum assured to cover the contingency of permanent total disability.

  • Disability means disability of a member as a result of an accident where accident is sudden, unforeseen and involuntary event caused by external, visible and violent means occurring independently of any other causes and within 180 days of such trauma, subject to conditions for Partial/Total and Permanent Disability being met the Company shall pay to the Life assured the rider benefits.

  • In the event of accident during the currency of the policy results into permanent partial/total disability after the next annual renewal date but before 180 days from the date of accident, the rider claim will be paid.

  • The rider claim will also be paid in case of accident occurring while the rider is in force but Partial/Total and Permanent Disability occurs while the rider is in lapsed condition but within 180 days from the date of accident.

  • In case a policyholder meets with an accident in First Year of the policy and suffers from permanent partial disability and 50% of the SA is settled. Subsequently if the policy is renewed the member shall also be covered along with the rest of the group for subsequent years.

Option III: Accidental Death and Disability Benefit

  • On death or permanent total disability due to accident before the end of the rider term, 100% of rider sum assured will be paid and rider will be terminated

  • On permanent partial disability due to accident, before the end of the rider term, 50% of the rider sum assured will be paid and the rider will continue for other contingencies of total disability and death due to accident for the balance 50% of rider sum assured. The future rider premiums will cease after payment of 50% of the rider sum assured.

  • In the event of death of the life assured within the period of establishment of disability i.e. within 180 days of accident , no disability benefits will be payable under Partial/Total Permanent Disability. However accidental death benefit will be paid in case of death during the period of establishment of disability within 180 days of accident.

  • If the event of accident during the currency of the policy results into death or Partial/Total Permanent Disability after the next annual renewal date but before 180 days from the date of accident, the rider claim will be paid. The rider claim will also be paid in case of accident occurring while the rider is in force but death or Partial/Total and Permanent Disability occurs while the rider is in lapsed condition but within 180 days from the date of accident.

  • There is no benefit on survival up to the end of the rider term.



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