Policy NN012203163316 PrintNew
Policy NN012203163316 PrintNew
Policy NN012203163316 PrintNew
GSTN : 36AAJCS1033P1Z2
Accounting Code of Services : 997132 - Life insurance services
Place of Supply : Maharashtra
Reference No : 0120220316342 State Code : MH
Basic Premium 2474.00 0.00 0.00 0.00 0.00 18.00 445.00 445
Date : 17/03/2022
Plan Name : SHRIRAM LIFE SMART PROTECTION PLAN POS
Policy Number : NN012203163316
One rupee revenue stamp under Procs No: GS05/4592/R/2013 dated 18/05/2013
**Eligible for deduction under section 80C of the Income Tax Act subject to the conditions specified therein.
POLICY SCHEDULE
Shriram Life Insurance Company Limited, herein after called "the Company", having received a proposal and declaration with the statements contained and referred to
hereunder, and the first premium from the proposer/life assured named in the schedule hereunder, and the said proposal and declaration and the statements thereto having
been agreed to by the proposer / life assured and the company as basis of this assurance, do by this policy agree, in consideration and subject to the due receipt of premiums
on the days stipulated in the schedule, to pay the benefitsas set out in the policy, to the person/s to whom the same is payable as per the schedule, on submission of proof of
the claimant's right to the policy moneys. Further, it is hereby declared that this policy of assurance shall be subject to the conditions and privileges printed in the policy
document and that the following schedule and any endorsement placed by the Company shall be deemed part of the policy.
Plan Name : SHRIRAM LIFE SMART PROTECTION PLAN POS (UIN: 128N069V03)
Death Benefit : Sum Assured plus accrued Reversionary Bonuses plus Terminal bonus(if any)
Nominee : KUSUM-42-Spouse
Appointee :
Agent Name, Code and Contact Number: SHRIRAM TRANSPORT FINANCE COMPANY LTD,
C0000031 and 02240957575
We wish to inform you that if you not satisfied with the terms and conditions of this policy, you can opt for cancellation
within fifteen days from the receipt of this policy document by you. We will deduct charges from the premium paid by you
on account of stamp duty, medical expenses, if any and mortality charges for the period under cover.
Shriram Life Insurance Company Limited
Shriram Life Smart Protection Plan & UIN: 128N069V01
PART B: Definitions
B1. Age: Age of Life assured as on last birthday (in without any penalty/late fee.
completed years) B11. You, or Your: The Policyholder as mentioned in the
B2. Annualised premium: shall be the premium Policy Schedule. The Policyholder may or may not
payable in a policy year chosen by the policy
holder excluding the underwriting extra premium, be the life Assured.
rider premium, and loading for modal premiums, if B12. Lapsed/ Discontinued Policies: If the renewal
any. premium is unpaid at the end of the grace period,
B3. Authority: means the Insurance Regulatory and
and the policy has not attained a surrender value,
Development Authority of India established under
the provisions of section 3 of the Insurance the policy status will be changed to lapse and
Regulatory and development Authority Act, 1999 benefits are not payable.
(41 of 1999) B13. Life Assured: The person on whose life death risk is
B4. Bank rate: means “Bank rate fixed by the Reserve
Bank of India (RBI) at the beginning of the financial covered.
year in which claim has fallen due” B14.Maturity Benefit: means the benefit payable on
B5. Complaint/Grievance: means written expression maturity as specified in the policy document.
( includes communication in the form of
B15.Policyholder: Person who has proposed to
electronic mail or other electronic scripts) of
dissatisfaction by a complainant with insurer, purchase the policy and pays the premium under
distribution channels, intermediaries, insurance the policy.
intermediaries or other regulated entities about B16.Policy Schedule: Document featuring the main
an action or lack of action about the standard of
details and benefits of the policy.
service or deficiency of service of such insurer,
distribution channels, intermediaries, insurance B17. Proposal form: means a form to be filled in by the
intermediaries or other regulated entities prospect in written or electronic or any other
B6. Complainant: means a policyholder or prospect or format as approved by the Authority , for
any beneficiary of an insurance policy who has furnishing all material information as required by
filed a complaint or grievance against an insurer or
the insurer in respect of a risk, in order to enable
a distribution channel
B7. Cover: means an insurance contract either in the the insurer to take informed decision in the
form of a policy or a cover note or a Certificate of context of underwriting the risk, and in the event
insurance or any other form as approved by the of acceptance of the risk, to determine the rates,
Authority to evidence the existence of an advantages, terms and conditions of the cover to
insurance contract.
be granted.
B8. Death Benefit: Shall mean benefit agreed at the
B18. Proposer: Person proposing insurance on own life or
inception of the contract, which is payable on
on the life of another person.
death as specified in the policy document.
B19. Prospect: means any persons who is a potential
B9. Distribution channels: means persons and entities customer of an insurance and likely to enter into an
authorized by the Authority to involve in sale and insurance contract either directly with the insurer or
service of insurance products through a distribution channel.
B10. Grace period: The time granted by the Company B20. Prospectus: means a document either in physical or
for payment of premium from the due date electronic or any other format issued by the insurer
This option shall be chosen at the time of proposal only and cannot be changed during the policy term.
I. Death Benefit:
“Death Sum Assured” is defined as highest of
• 10 times the annualised premium for all ages
• Absolute amount assured to be paid on death
• 105% of the premiums paid till the date of death
Guaranteed Maturity sum assured
Where
‘Annualised premium’ means the premium payable in a year chosen by the policyholder excluding
underwriting extra premiums and loadings for modal premiums, if any.
‘Guaranteed Maturity Sum Assured’ is an absolute amount of benefit which is guaranteed to become
payable on maturity of the policy. Under this product the Guaranteed Maturity sum assured is zero.
Absolute amount assured to be paid on death’ is equal to the sum assured chosen by the policyholder at
inception of the policy.
The future premiums after the incidence of the covered critical illness will be waived.
The plan covers SIX major critical illnesses under the in-built Accelerated Critical Illness Benefit namely;
Cancer of specified severity, Myocardial infarction (first heart attack of specified severity), Open Chest
CABG, Stroke Resulting In Permanent Symptoms, Kidney Failure Requiring Regular Dialysis and Major
Organ /Bone Marrow Transplant.
2. MYOCARDIAL INFARCTION
(First Heart Attack of specific severity)
I. The first occurrence of heart attack or myocardial infarction, which means the death of a portion of the
heart muscle as a result of inadequate blood supply to the relevant area. The diagnosis for Myocardial
Infarction should be evidenced by all of the following criteria:
i. A history of typical clinical symptoms consistent with the diagnosis of acute myocardial
infarction (For e.g. typical chest pain)
ii. New characteristic electrocardiogram changes
iii. Elevation of infarction specific enzymes, Troponins or other specific biochemical
markers.
3. OPEN CHEST CABG
I. The actual undergoing of heart surgery to correct blockage or narrowing in one or more coronary
artery(s), by coronary artery bypass grafting done via a sternotomy (cutting through the breast bone) or
minimally invasive keyhole coronary artery bypass procedures. The diagnosis must be supported by a
coronary angiography and the realization of surgery has to be confirmed by a cardiologist.
4. KIDNEY FAILURE REQUIRING REGULAR DIALYSIS
If the premium remains unpaid at the expiry of the Grace Period, the policy will lapse and no benefits will be
paid.
D1. Lapse:
The objective of this plan is to ensure your family receives the guaranteed amount. This will be achieved
only if you continue to pay the premiums as and when due.
If the premium remains unpaid at the expiry of the Grace Period during the first two years, the policy will
lapse and no benefits will be paid.
A written request has to be submitted by the policyholder within a period of two years from the date of
first unpaid premium,
Satisfactory evidence of insurability of the Life Assured as per Board approved under writing policy is
submitted and accepted by the Company in writing.
All Premiums due from the date of first unpaid premium to the date of revival together with interest at
a rate equal to 8% p.a. is paid by the policy holder.
A request received by the Company for free look cancellation of the policy shall be processed and
premium shall be refunded within 15 days of receipt of the request
D6. Loans:
No loans are available under the plan.
However, if the correct age at entry is such that the policy cannot be offered or would have made the life
assured ineligible, the policy contract will be terminated immediately by refunding the premiums paid after
deducting a proportionate risk premium for the period on cover, stamp duty and the expenses incurred by
the company on medical examination, if any, subject to the section 45 of the Insurance Act 1938 as
amended from time to time.
F3. Payment of Premium:
The schedule of the policy clearly specifies the due dates for payment of premium. In view of this, it is not
obligatory for the insurer to issue a reminder in this respect. The Life Assured/ Proposer should pay premiums as
and when they fall due. The premium shall be adjusted on the due date even if it has been paid in advance.
F4. Suicide Exclusion:
If the Life Assured commits suicide for any reason, while sane or insane, within one year from the date of
inception of the policy, 80% of the premiums paid shall be paid to the nominee or beneficiary and the policy will be
terminated.
If the Life Assured commits suicide for any reason, while sane or insane, within one year from the date of revival of
the policy, an amount equal to 80% of the premiums paid till the date of death, shall be paid to the nominee or
beneficiary and the policy will be terminated.
F5. Exclusions under option Gold: Life cover with in-built Accidental Death Benefit:
The policy will not be entitled to any accidental death benefits caused, occasioned, accelerated or aggravated
directly or indirectly due to any of the following:
a) The Company is immediately notified of the Life Insured’s death in writing, and in any event within 90 days of
death.
b) The Company is provided with the opportunity of establishing to its satisfaction that a claim is payable.
c) The Company shall be entitled to receive all reasonable cooperation and to seek any documentation and
information, including but not limited to:
The Company’s claim form duly completed.
The Policy Document in original.
Evidence of the date of birth of the Life Insured if the Company has not admitted the age of the Life
Insured.
The original or a legalised copy of the death certificate showing the circumstances, cause and the date of
death of the Life Insured
F15. Taxes
Premiums are exclusive of taxes.
All Premiums are subject to applicable taxes, cesses and levies which shall be paid by you along with the
Premium. If any additional Taxes /Cesses /Levies are imposed by any statutory or administrative body of this
country under this Policy, the Company reserves the right to claim the same from policyholder”.
Divisional Office,
Address:
Second Step
In case you are not satisfied with the decision of the above office, or have not received any response within 10 days,
you may contact the following official for resolution:
Grievance Redressal Officer,
Shriram Life Insurance Company Limited,
Regd Office: Plot no 31-32, Ramky Selenium
Financial district, Gachibowli
Hyderabad,
Telangana - 500032
Contact No: 040-23009400
Email Id: [email protected]
If you are not satisfied with the response or do not receive a response from us within 14 days, you may approach the
Grievance Cell of the Insurance Regulatory and Development Authority of India (IRDAI). The contact details are as
follows
IRDAI Grievance Call Centre (IGCC) TOLL FREE NO:155255
Email ID: [email protected]
You can also register your complaint online at http://www.igms.irda.gov.in/
Address for communication for complaints by fax/paper:
Consumer Affairs Department
Insurance Regulatory and Development Authority of India ,9th floor, United India Towers, Basheerbagh
Hyderabad – 500 029, Telangana Fax No: 91- 40 – 6678 9768
Third Step
In case you are not satisfied with the decision or resolution of the company, you may approach the Insurance
Ombudsman at the address given overleaf, if your grievance pertains to:
a) delay in settlement of claims, beyond the time specified in the regulations, framed under the Insurance
Regulatory and Development Authority of India Act, 1999;
b) any partial or total repudiation of claims by the life insurer;
c) disputes over premium paid or payable in terms of insurance policy;
d) misrepresentation of policy terms and conditions at any time in the policy document or policy contract;
e) legal construction of insurance policies in so far as the dispute relates to claim;
f) policy servicing related grievances against insurers and their agents and intermediaries;
Shriram Life Smart Protection Plan –Policy Document Pag 14 of 22
Regd Office: Shriram Life Insurance Company Limited. Plot no 31-32, Ramky Selenium, Financial district,
Gachibowli, Hyderabad -500031. Phone: 040-23009400, Toll free No.1800 3000 6116 Fax:040-23009414
Shriram Life Insurance Company Limited
Shriram Life Smart Protection Plan & UIN: 128N069V01
g) issuance of life insurance policy, which is not in conformity with the proposal form submitted by the proposer;
h) non-issuance of insurance policy after receipt of premium in life insurance
i) any other matter resulting from the violation of provisions of the Insurance Act, 1938 or the regulations,
circulars, guidelines or instructions issued by the IRDAI from time to time or the terms and conditions of the
policy contract, in so far as they relate to issues mentioned at clauses (a) to (f)
The complaint shall be in writing, duly signed by the complainant or through his legal heirs, nominee or assignee and
shall state clearly the name and address of the complainant, the name of the branch or office of the insurer against
whom the complaint is made, the facts giving rise to the complaint, supported by documents, the nature and extent of
the loss caused to the complainant and the relief sought from the Insurance Ombudsman
No complaint to the Insurance Ombudsman shall lie unless—
a) the complainant makes a written representation to the insurer named in the complaint and—
i. either the insurer had rejected the complaint; or
ii. the complainant had not received any reply within a period of one month after the insurer
received his representation; or
iii. the complainant is not satisfied with the reply given to him by the insurer;
b) The complaint is made within one year—
i. after the order of the insurer rejecting the representation is received; or
ii. after receipt of decision of the insurer which is not to the satisfaction of the complainant;
iii. after expiry of a period of one month from the date of sending the written representation to the
insurer if the insurer named fails to furnish reply to the complainant
All communication in relation to this policy shall be addressed to:
SHRIRAM LIFE INSURANCE CO LTD.
Plot no. 31-32, Ramky Selenium,
Financial District
Gachibowli, Hyderabad,
Telangana-500032
In case of any grievance under the policy, the address of the Insurance Ombudsman is as under:-
Office of the Insurance Ombudsman
6-2-46, 1st Floor, Main Court Lane
Opp. Saleem Function Palace, AC Guards
Lakdi-ka-pool, HYDERABAD -500 004 .
Addresses and contact details of the Insurance Ombudsman along with its area of jurisdiction is mentioned in enclosed
Annexure. The Policy Holder may approach the concerned Insurance Ombudsman.
Shriram Life Assured Child Benefit Plan – Policy Document – Dated 12.12.2016 Page 17 f 22
Regd Office: Shriram Life Insurance Company Limited. Plot no 31-32, Ramky Selenium, Financial district,
Gachibowli, Hyderabad -500031. Phone: 040-23009400, Toll free No.1800 3000 6116 Fax :040-23009414
Shriram Life Insurance Company Limited
Shriram Life Smart Protection Plan & UIN: 128N069V01
Tel.:- 044-24333668 / 24335284
Fax:- 044-24333664
Email:- [email protected]
DELHI State of Delhi
Office of the Insurance Ombudsman,
2/2 A, Universal Insurance Building,
Asaf Ali Road,
New Delhi – 110 002.
Tel.:- 011-23239611/7539/7532
Fax:- 011-23230858
Email:- [email protected]
ERNAKULAM Kerala, Lakshadweep, Mahe-a part of Pondicherry
Office of the Insurance Ombudsman,
2nd floor, Pulinat Building,
Opp. Cochin Shipyard,
M.G. Road,
Ernakulum - 682 015.
Tel.:- 0484-2358759/2359338
Fax:- 0484-2359336
Email:- [email protected]
GUWAHATI States of Assam, Meghalaya, Manipur, Mizoram, Arunachal Pradesh,
Office of the Insurance Ombudsman, Nagaland and Tripura.
'Jeevan Nivesh’, 5th Floor,
Nr. Panbazar over bridge, S.S. Road,
Guwahati – 781001(ASSAM).
Tel.:- 0361- 2132204 / 2132205
Fax:- 0361-2732937
Email:- [email protected]
HYDERABAD States of Andhra Pradesh, Telangana and Union Territory of Yanam - a
Office of the Insurance Ombudsman, part of the Union Territory
6-2-46, 1st floor, "Moin Court" of Pondicherry.
Lane Opp. Saleem Function Palace,
A. C. Guards, Lakdi-Ka-Pool,
Hyderabad - 500 004.
Tel.:- 040-65504123/23312122
Fax:- 040-23376599
Email:- [email protected]
JAIPUR State of Rajasthan.
Office of the Insurance Ombudsman,
Jeevan Nidhi-II Bldg.,
Ground Floor,
Bhawani Singh Marg,
Jaipur - 302005.
Tel.:- 0141-2740363
Email:- [email protected]
Simplified version of provisions of Section 38 & 39 of Insurance Act 1938 as amended from time to
time.
A. Section 38 - Assignment and Transfer of Insurance Policies as amended from time to time
Assignment or transfer of a policy should be in accordance with Section 38 of the Insurance Act, 1938 as
amended from time to time. The extant provisions in this regard are as follows:
1. This policy may be transferred/assigned, wholly or in part, with or without consideration.
2. An Assignment may be effected in a policy by an endorsement upon the policy itself or by a separate
instrument under notice to the Insurer.
3. The instrument of assignment should indicate the fact of transfer or assignment and the reasons for
the assignment or transfer, antecedents of the assignee and terms on which assignment is made.
4. The assignment must be signed by the transferor or assignor or duly authorized agent and attested
by at least one witness.
5. The transfer of assignment shall not be operative as against an insurer until a notice in writing of the
transfer or assignment and either the said endorsement or instrument itself or copy there of
certified to be correct by both transferor and transferee or their duly authorised agents have been
delivered to the insurer.
6. Fee to be paid for assignment or transfer can be specified by the Authority through Regulations.
7. On receipt of notice with fee, the insurer should Grant a written acknowledgement of receipt of
notice. Such notice shall be conclusive evidence against the insurer of duly receiving the notice.
8. If the insurer maintains one or more places of business, such notices shall be delivered only at the
place where the policy is being serviced.
9. The insurer may accept or decline to act upon any transfer or assignment or endorsement, if it has
sufficient reasons to believe that it is
a. not bonafide or
b. not in the interest of the policyholder or
c. not in public interest or
d. is for the purpose of trading of the insurance policy.
10. Before refusing to act upon endorsement, the Insurer should record the reasons in writing and
communicate the same in writing to Policyholder within 30 days from the date of policyholder giving
a notice of transfer or assignment.
11. In case of refusal to act upon the endorsement by the Insurer, any person aggrieved by the refusal
may prefer a claim to IRDAI within 30 days of receipt of the refusal letter from the Insurer.
12. The priority of claims of persons interested in an insurance policy would depend on the date on
which the notices of assignment or transfer is delivered to the insurer; where there are more than
one instruments of transfer or assignment, the priority will depend on dates of delivery of such
notices. Any dispute in this regard as to priority should be referred to Authority.
13. Every assignment or transfer shall be deemed to be absolute assignment or transfer and the
assignee or transferee shall be deemed to be absolute assignee or transferee, except
Shriram Life Smart Protection Plan –Policy Document Pag 20 of 22
Regd Office: Shriram Life Insurance Company Limited. Plot no 31-32, Ramky Selenium, Financial district,
Gachibowli, Hyderabad -500031. Phone: 040-23009400, Toll free No.1800 3000 6116 Fax:040-23009414
Shriram Life Insurance Company Limited
Shriram Life Smart Protection Plan & UIN: 128N069V01
a. where assignment or transfer is subject to terms and conditions of transfer or assignment OR
b. where the transfer or assignment is made upon condition that
i. the proceeds under the policy shall become payable to policyholder or nominee(s) in
the event of assignee or transferee dying before the insured OR
ii. the insured surviving the term of the policy
Such conditional assignee will not be entitled to obtain a loan on policy or surrender the policy. This
provision will prevail notwithstanding any law or custom having force of law which is contrary to the
above position.
14. In other cases, the insurer shall, subject to terms and conditions of assignment, recognize the
transferee or assignee named in the notice as the absolute transferee or assignee and such person
a. shall be subject to all liabilities and equities to which the transferor or assignor was subject to at
the date of transfer or assignment and
b. may institute any proceedings in relation to the policy
c. obtain loan under the policy or surrender the policy without obtaining the consent of the
transferor or assignor or making him a party to the proceedings
15. Any rights and remedies of an assignee or transferee of a life insurance policy under an assignment
or transfer effected before commencement of the Insurance Laws (Amendment) Ordinance, 2014
shall not be affected by this section.
Nomination of a life insurance Policy is as below in accordance with Section 39 of the Insurance Act,
1938 as amended from time to time. The extant provisions in this regard are as follows:
1. The policyholder of a life insurance on his own life may nominate a person or persons to whom
money secured by the policy shall be paid in the event of his death.
2. Where the nominee is a minor, the policyholder may appoint any person to receive the money
secured by the policy in the event of policyholder’s death during the minority of the nominee. The
manner of appointment to be laid down by the insurer.
3. Nomination can be made at any time before the maturity of the policy.
4. Nomination may be incorporated in the text of the policy itself or may be endorsed on the policy
communicated to the insurer and can be registered by the insurer in the records relating to the
policy.
5. Nomination can be cancelled or changed at any time before policy matures, by an endorsement or a
further endorsement or a will as the case may be.
6. A notice in writing of Change or Cancellation of nomination must be delivered to the insurer for the
insurer to be liable to such nominee. Otherwise, insurer will not be liable if a bonafide payment is
made to the person named in the text of the policy or in the registered records of the insurer.
7. Fee to be paid to the insurer for registering change or cancellation of a nomination can be specified
by the Authority through Regulations.
8. On receipt of notice with fee, the insurer should grant a written acknowledgement to the
policyholder of having registered a nomination or cancellation or change thereof.
Shriram Life Smart Protection Plan –Policy Document Pag 21 of 22
Regd Office: Shriram Life Insurance Company Limited. Plot no 31-32, Ramky Selenium, Financial district,
Gachibowli, Hyderabad -500031. Phone: 040-23009400, Toll free No.1800 3000 6116 Fax:040-23009414
Shriram Life Insurance Company Limited
Shriram Life Smart Protection Plan & UIN: 128N069V01
9. A transfer or assignment made in accordance with Section 38 shall automatically cancel the
nomination except in case of assignment to the insurer or other transferee or assignee for purpose
of loan or against security or its reassignment after repayment. In such case, the nomination will not
get cancelled to the extent of insurer’s or transferee’s or assignee’s interest in the policy. The
nomination will get revived on repayment of the loan.
10. The right of any creditor to be paid out of the proceeds of any policy of life insurance shall not be
affected by the nomination.
11. In case of nomination by policyholder whose life is insured, if the nominees die before the
policyholder, the proceeds are payable to policyholder or his heirs or legal representatives or holder
of succession certificate.
12. In case nominee(s) survive the person whose life is insured, the amount secured by the policy shall
be paid to such survivor(s).
13. Where the policyholder whose life is insured nominates his
a. parents or
b. spouse or
c. children or
d. spouse and children
e. or any of them
the nominees are beneficially entitled to the amount payable by the insurer to the policyholder
unless it is proved that policyholder could not have conferred such beneficial title on the nominee
having regard to the nature of his title.
14. If nominee(s) die after the policyholder but before his share of the amount secured under the policy
is paid, the share of the expired nominee(s) shall be payable to the heirs or legal representative of
the nominee or holder of succession certificate of such nominee(s).
15. The provisions of sub-section 7 and 8 (13 and 14 above) shall apply to all life insurance policies
maturing for payment after the commencement of Insurance Act as amended from time to time.
16. If policyholder dies after maturity but the proceeds and benefit of the policy has not been paid to
him because of his death, his nominee(s) shall be entitled to the proceeds and benefit of the policy.
17. The provisions of Section 39 are not applicable to any life insurance policy to which Section 6 of
Married Women’s Property Act, 1874 applies or has at any time applied except where a nomination
is made in favour of spouse or children or spouse and children whether or not on the face of the
policy it is mentioned that it is made under Section 39. Where nomination is intended to be made to
spouse or children or spouse and children under Section 6 of MWP Act, it should be specifically
mentioned on the policy. In such a case only, the provisions of Section 39 will not apply.