FAQs on Shriram Life Child Plans

The standard procedure to get the death claim for Shriram Life Child Plans is to inform Shriram Life Insurance Company in case of the demise of the policyholder along with the necessary documents.

The documents required for raising a claim for Shriram Life Child Plans include the following:

i) Original policy document 

ii) Proof of demise/ Death certificate 

iii) Identity proof of Nominee(s) 

iv) Any other document depending on the cause of demise and nature of the claim.

Anyone who wants to secure the financial future of their child or children can buy Shriram Life Child Plans. It is one of the wisest ways to protect your children's interests through insurance. 

The applicable rate of GST is 18% for Shriram Life Child Plans. 

If there is any fraud or misstatement under Shriram Life Child Plans on the part of the policyholder, then the fine shall be paid as per section 45 of the rules of the Insurance Act,1938.

The premium paid for Shriram Life Child Plans shall be deductible under section 80C of the Income Tax Act up to a maximum limit of ₹1.5 lakh.

To calculate the premium for Shriram Life Child Plans, please visit the calculator page of Shriram Life Insurance Company. You can use the detailed calculator and select the type of plan and fill in the necessary details. 

Age plays a very crucial role in the case of any insurance plan including Shriram Life Child Plans. The benefits will be revised if the age entered is found incorrect as per the rules. Various provisions of the Insurance Act of 1938 shall be applicable in such situations.

Death benefits are always tax-free but maturity benefits in the Shriram Life Child Plans could be taxable based on the premium paid. 

A terminal bonus is paid on demise or maturity. It may be declared depending on the underlying experience of the participating fund and asset shares of the policies.