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Shriram Life Insurance Life T&Cs
The existing policyholders with Shriram Life Insurance Company have to abide by the following terms and conditions:
1. Grace Period: According to the IRDAI regulations the grace period of Shriram Life Insurance Co Ltd depends upon the premium frequency the policyholder has. A grace period of 30 days is allowed from the due date of the premium if the premium paid is on an annual, half-yearly, or quarterly basis. A grace period of 15 days is allowed if the premium is paid monthly. Shriram accepts the premium amount during this particular period, without charging any late fee.
2. Lapse: If the policyholder has not paid the policy premium by the end of the grace period, which is offered after the expiry date of the policy, then the plan will lapse with immediate effect and no benefits under the policy will be provided.
3. Nominations and Assignment: Nomination is allowed in the policies of Shriram Life Insurance. If the nominee dies before the maturity of the policy, the policyholder has the option to change the nominee or the legal heirs of the nominee would get the policy benefits. The assignment option is available in Shriram Life insurance policies.
4. Statutory Impositions: All the statutory impositions levied by the government are subject to payment by the policyholder.
5. Free Look Period: The Shriram Life Insurance policies have a 15-day look period. The policy would have a 30-day look period if the policy has been purchased via a distance marketing method. If during the free-look period, the policyholder doesn’t like the policy due to any reason then s/he can surrender the policy and obtain the premium paid by him back. The company is allowed to deduct processing fees and stamp duty.
6. Tax Benefits: Shriram Life Insurance policies offer income tax benefits under section 80C of the Income Tax Act. Premiums amounting to Rs. 1,50,000/- are deducted from the income tax bracket. Section 10D also helps with taxation benefits by removing all the benefits gained by the maturity or death claim from subjection to income tax.
7. Fraud: Shriram Life Insurance can reject the claim or the entire policy if it is found that the information provided is false. The nominee can make the company reconsider their decision if they can prove that the information they have provided is correct and best to their knowledge. If the age provided is wrong then the benefits are reduced to match the original age of the policyholder.
8. Revival of Policy: A lapsed policy by Shriram Life Insurance can be revived within 5 years of the last unpaid premium due date and before the maturity of the policy. The policyholder has paid all the outstanding premiums for the policy and the late fee to revive the policy.
9. No right to blame the company for system damage: Shriram Life Insurance Company has no responsibility for incurring any damage to any of its users or policyholder's computer system. Downloading any content reference material or information from our official website is entirely the user's responsibility.
10. Jurisdiction: Disputes, if any, are subject to resolution as per laws applicable in India.
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Claim Process at Shriram Life Insurance
Claim IntimationIn the event of the death of the life assured, the insurance company should be intimated as early as possible.
Submission of DocumentsFor easy claim settlement, claim form, original policy document, death certificate and others documents should be submitted on time.
Claim EvaluationAfter successful submission of documents, the insurance company will thoroughly evaluate the claim filed.
Claim SettlementIf claim request is approved, claim is settled within 30 days. In case of additional investigation, claim process may take 120 days.