FAQ's related to Shriram New Shri Vidya Plan

Yes, child insurance plans make sense since they help you create a secured corpus for your child's future needs.

Shriram New Shri Vidya is a savings-oriented life insurance plan which serves as a child future plan since the plan allows you to create a corpus for the future and also enjoy insurance protection.

You can receive the additional death benefits paid out under the Shriram New Shri Vidya policy in two ways:

• In a lump sum
• 25% of the sum assured in a lump sum in the last four years of the policy plus the family income benefit. Under the family income benefit, 1% of the sum assured will be paid each month after demise until the end of the term. The payout will be made for a minimum of 36 months after demise. 

You can choose three riders under a Shriram New Shri Vidya plan. These include:

• Accident Benefit Rider - You will receive an additional benefit in case of accidental death during the policy term. Moreover, future premiums are waived in the case of total or partial disability.
• Shriram Extra Insurance Cover Rider - This assures an additional benefit if the insured passes away during the policy term.
• Shriram Life Critical Illness Plus Rider - This rider covers 24 critical illnesses. If the insured is diagnosed with any covered illness during the policy term, the rider sum insured will be paid.

Under the Shriram New Shri Vidya policy, you are allowed a grace period of 30 days for all premium payment frequencies, except the monthly mode. For monthly premiums, the grace period is 15 days.

The Shriram New Shri Vidya plan is a traditional savings plan that does not put your premium in the share market.

The sum assured starts from ₹1 lakh. There is no maximum limit. You can choose a sum assured based on your needs, subject to underwriting approval.

The premium depends on your age, the sum assured selected, riders, term, etc. The minimum premium starts at ₹8,000 per annum.

There are three riders available under the Shriram New Shri Vidya plan. You can choose one or more riders based on your needs.

You are covered up to the policy tenure that you choose. The maximum term is 25 years.