Shriram Life New Shri Vidya

Your child’s future is the most important concern for you. With the soaring educational expenses in today’s life, giving good education will be tough unless it is planned. We have Shriram New Shri Vidya (UIN: 128N051V02) plan designed for you to make your child’s aspirations come true. The plan offers survival benefits to adjust according to your child’s education requirements and also insurance cover in case of any unfortunate event happens to you.

KEY FEATURES

  • Sum assured plus stream of monthly income on death to offset monetary losses

  • Reversionary Bonuses to enhance your savings and life cover

  • Additional protection through Riders

  • Attractive high sum assured rebates

  • Additional sum assured to suit your child’s educational requirements

KEY BENEFITS

Survival Benefits

In case of survival of the life assured up to the end of each of the last four years of the policy, provided the policy is in force, 25% of basic sum assured at the end of each of the last four years will be paid.

Maturity Benefit

In case of survival of the life assured up to the end of the policy term, provided the policy is in force, Accrued Reversionary Bonuses and Terminal Bonus (if any) will be paid.

Death Benefits

In case of death of the life assured anytime during the policy term, provided the policy is in force, the death benefit will be paid as mentioned below –

  • Sum Assured along with the accrued reversionary bonuses (if any) and terminal bonus (if any) Immediately on Death plus
  • Additional Benefit :
    • Family Income Benefit of 1% of the sum assured at the end of each month following the date of death till the end of the policy term but not less than 36 monthly payments
    • 25% of the sum assured at the end of each of the last policy years

The option to receive entire death benefit in lump sum can be exercised by the policyholder anytime during the policy term or by nominee(s) at the time of death.
The Lump sum benefit payable at the time of death is equal to “Sum Assured on Death” along with Accrued Reversionary Bonuses (if any) and terminal bonus (if any).

Sum Assured on Death is higher of –

  • 10 times the Annualised Premium
  • Sum Assured plus discounted value of Additional Benefit at the end of month of the death

However the death benefit will be at least 105% of All Premiums Paid till the date of death.

The policy will not accrue any future bonuses after death.

Eligibility

ENTRY AGE

Minimum

18 Yrs

Maximum

50 Yrs

(Age last birthday)

MATURITY AGE

Minimum

28 Yrs

Maximum

70 Yrs

(Age last birthday)

SUM ASSURED

Minimum

1 Lakh

Maximum

No limit, Subject to Board approved underwriting policy.

PREMIUM AND CORRESPONDING POLICY PAYMENT TERM (Years)

10

15

20

25

10

8, 10, 15

20

25

PREMIUM PAYMENT MODE

  • Yearly
  • Half yearly
  • Quarterly
  • Monthly

Calculator

Click this link to calculate you premium.

RIDERS (Add Ons)

You can opt any of the following Riders by paying additional premium.

Accident Benefit Rider (UIN 128B001V03)

In case of death or total and permanent disability due to accident during the rider term, we will pay 100% of the rider sum assured. Also, if the life assured becomes totally and permanently disabled in an accident, we will waive off all the future premiums under the policy. The benefit under this rider is applicable only once during the rider term.

Shriram Extra Insurance Cover Rider (UIN 128B009V03)

In case of unfortunate event of death of the life assured during the rider cover term, sum assured under rider will be paid to the nominee.

Shriram Critical Illness Cover Rider (UIN 128B010V03)

If you are diagnosed to be suffering from any of the 6 specified Critical Illnesses, we will pay 100% of the rider Sum Assured on survival of 30 days following the date of first instance of confirmed diagnosis.

MORE

Disclaimer

  • For more details on the risk factors, terms and conditions please read the sales brochure and/or sample policy document on our website carefully and/or consult our advisor.

  • Tax benefits are subject to change as per tax laws. Please consult your tax consultant on tax benefits.

Read the policy document here

Read the brochure here