Shriram Life Child Plans Premium Components

The primary premium component is life cover. The sum assured is paid in a lump sum or on a regular payout basis to secure one's financial future. The insurance company takes the risk to assure you that in your absence, the nominee shall be paid the amount in due course.

Some plans under Shriram Life Child Plans provide an option of regular earnings in the form of a family income benefit. It can help the family meet their monthly expenses in the absence of the policyholder. 

A few of the plans have maturity and survival benefits. So, upon the policy getting matured or the survival of the policyholder, a lump sum will be paid. It is based on the sum assured. Premium paid comes back to you in this form as a reward just like a savings plan. A part of the premium consists of a charge for the same. 

There are a few hidden benefits that do not show up as a distinct rider but work well to replace a rider. For example, family income benefits. 

Rebates are allowed on high sum assured, i.e. if the sum assured goes above a certain amount. Similarly, if you decide to buy a plan for a longer term, the premium amount can considerably go down.

Up to four optional riders are provided with Shriram Life Child Plans for additional protection and coverage. You can look up the available riders based on the plan you have selected. 

• Accident Benefit Rider 

This rider protects against accidental demise and total permanent disability. The rider sum assured is paid as a lump-sum payment if any of these events affect the life covered while the policy is in effect. Future premium payments are also waived in case the life assured suffers a permanent disability.

• Family Income Benefit Rider

The rider covers accidental demise and disability. Nonetheless, the rider sum assured is paid in instalments in each of these situations. It is paid every month immediately from the end of the month of the accident for a period of 10 years or till the end of the rider term, whichever is higher.

• Shriram Life Extra Insurance Cover Rider

Additional protection against early demise is paid by this rider. The rider sum assured is paid in one lump sum payment if the insured passes away while the policy is in effect.

• Shriram Life Critical Illness Plus Rider

This rider provides coverage for 24 severe illnesses. The rider sum is paid through one lump sum if the life insured contracts any of the covered illnesses during the term.