Shriram Life Child Plans

4 / 5 based on 23 User Reviews
*Please note that the quotes shown will be from our partners

Shriram Life Insurance Company is a joint venture between the Shriram Group with its headquarters in Chennai and Sanlam which is a leading financial services group based out of Cape Town, South Africa. While Shriram holds a stake of 74% of the company, the Sanlam Group has a 26% holding of the insurer. Founded in 2005, the company started its operations from 2006 and made a record of earning a profit for a consecutive period of 3 years. The company is more focused in meeting the insurance requirements of the lower segment of the society to benefit them. The products designed and offered by the company are of high quality at affordable rates to meet the pocket and the requirement of the common man.

Shriram Life Child Plans

Shriram Life Insurance Company deals in two types of child insurance plans which are both traditional plans in nature. The child education plan with their complete details are listed below:

Shriram New Shri Vidya Plan

The plan is a money-back child plan and has the listed benefit structure:

  • The plan qualifies for bonus declarations
  • The premiums can be paid either for the entire duration of the plan under the Regular Pay option or for a limited tenure under the Limited Pay option of premium payment.
  • 25% of Sum Assured is paid during the last 4 years of the term as money-back benefits if the insured survives till that period
  • On maturity of the policy, the total vested reversionary bonuses and Terminal Bonus, if available, is payable to the policyholder
  • If death occurs, the benefit paid will be the higher of basic Sum Assured plus the Additional Death Benefit or 10/7 times the premium payable annually including the vested reversionary bonuses and any Terminal Bonus.
  • The Additional Death Benefit is calculated by adding up the discounted value of the money-back benefits payable in the last 4 years of the policy and the inbuilt Family Income Benefit
  • The Family Income Benefit pays 1% of Sum Assured every month after the insured dies and till the completion of the policy tenure
  • The nominee can avail the death benefit in lump sum or choose to receive the money-back benefits as and when they accrue, i.e. in the last 4 years of the plan and the monthly Family Income Benefit of 1% of the Sum Assured following the date of death till the end of the tenure.
  • Loan can be availed under the plan which can be a maximum limit of 90% of Surrender Value
  • The plan can be customized by availing additional riders like Accident Benefit Rider, Shriram Extra Insurance Cover and Shriram Critical Illness Cover Rider.
  • Discounts are allowed to policyholders if the premiums are paid in advance
  • Rebates in premium is also allowed for opting for Sum Assured levels of Rs.5 lakhs and above

Eligibility Details

 

Minimum

Maximum

Entry Age of the Parent

18 years

50 years

Maturity Age

-

70 years

Policy Term

10 years

25 years

Premium amount

Depends on the coverage, tenure and age

Sum Assured

Rs.1lakh

No limit

Premium Payment Term

7 years

25 years

Premium Paying Frequency

Yearly, half-yearly, quarterly or monthly

 

Shriram New Shri Vivah Plan

A plan designed especially to take care of the expenses occurred during the marriage of the child. The features and benefits of the plan are as follows:

  • The plan The plan participates in the profits of the company by way of earning bonuses
  • The premiums under the plan can be paid either for the entire duration of the plan under the Regular Pay option or for a limited tenure under the Limited Pay option of premium payment.
  • On maturity of the policy, the basic Sum Assured and the vested reversionary bonuses and any Terminal Bonus is paid to the policyholder.
  • In case of the insured dying when the plan is running, the benefit paid will be higher of the basic Sum Assured plus the Additional Death Benefit or 10/7 times the annual premium paid along with the vested reversionary bonuses and any Terminal Bonus subject to a minimum of 105% of the premiums which were paid until death
  • The Additional Death Benefit is calculated by adding up the discounted value of the basic Sum Assured payable on maturity of the policy and the inbuilt Family Income Benefit
  • The Family Income Benefit pays 1.5% of the Sum Assured every month after the death of the insured till the end of the policy tenure
  • The nominee can avail the death benefit in lump sum or choose to receive the monthly Family Income Benefit of 1.5% of the Sum Assured as and when it accrues, i.e. following the date of death of the insured till the end of the tenure.
  • Loan can be availed under the plan up to a maximum of 90% of the Surrender Value
  • The plan can be customized by availing additional riders like Accident Benefit Rider, Shriram Extra Insurance Cover and Shriram Critical Illness Cover Rider.
  • Discounts are allowed to policyholders if the premiums are paid in advance
  • Rebates in premium is also allowed for opting for Sum Assured levels of Rs.5 lakhs and above

Eligibility Details

 

Minimum

Maximum

Entry Age of the Parent

18 years

50 years

Maturity Age

-

70 years

Policy Term

10 years

20 years

Premium amount

Depends on the coverage, tenure and age

Sum Assured

Rs.1 lakh

No limit

Premium Payment Term

7 years

20 years

Premium Paying Frequency

Yearly, half-yearly, quarterly or monthly

 

Applying for a Child Plan from the company:

Online

The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

Applying For Child Plans through PolicyBazaar

  1. On the PolicyBazaar homepage, click on Child Plans under the Personal tab.
  2. Click New Quotes to compare and choose from top insurance providers.
  3. Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
  4. Fill in your name, email address, city, country code, and mobile number. Click Continue.
  5. You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
  6. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
  7. You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
  8. This will take you to the insurer’s website. Fill in the necessary details to buy the plan.

Who needs a Child Plan?

A child plan is an insurance policy that insures the parents to ensure that the child’s financial needs are looked after. A child plan can be customized to get payments at important milestones of the child’s life. As a result, every modern day parent and their children need to be protected with a child insurance plan. These plans are specially needed for people who have tall ambitions for their children and wish to educate them in the top schools and college, in India and abroad. The plans are also very beneficial for parents who do not have a huge income but want their children to have a smooth education and lavish wedding later on. Child plans help in building up funds that make all these dreams come true.

Does a mid-level wage earner need a child plan?

Perhaps, people with mid-level earnings most require the child plans. And since the majority of the urban Indian population fall in this category, we see more and more people opting for child plans every day. A child plan helps you to build up a corpus for the future education costs of your child. Since a middle class person would find it difficult to arrange a huge fund at one go, building a fund over time helps. Then, a child plan also covers the life of the parent and if he or she dies, the plan remains active. The premium is waived but the child still receives the funds when needed. So this makes it very suitable for the middle class, who usually do not have a lot of money to fall back on in a testing financial situation.

Does a successful businessman need a child plan?

A successful businessman may have a huge bank balance and may think that the funds will suffice for his child’s future educational costs. While that is probable, in the modern day life we cannot predict anything. In an unfortunate situation, the tide may turn and the business may plunge into severe losses, eating away all the funds in the bank. As a result, even a rich and successful businessman needs to have a child plan to ensure that if he ever faces a challenging economical situation, his child’s education and future will remain unaffected.

Does a single parent need a child plan?

A single parent most definitely needs a child plan! Normally, if one parent dies, the other may be able to work and provide for the child. But when the child has only one parent, the risks are too high and under all circumstances does his/her future need to be secured.

Does a person with a sufficient life insurance policy need a child plan?

Even if you have a sufficient and large life insurance policy, you need to have a child plan. This is because the life insurance policy will pay the death benefit as soon as you die, in one lump sum and the policy will terminate. You must remember, that after your death, not only your child but the other members of your family like your spouse and parents will also require financial assistance. So the life insurance fund can get exhausted quickly. As a result you need a child plan that will continue even after your death and will guide the child till the time he/she is financially independent.

Thus, anyone with a child needs a child plan so that he can plan for his future expenses with a more clear mind and be financially aware of his future expenses and can thus plan accordingly. Each and every parent surely plans to do something for the child but opting for a child insurance plan is the first step taken towards a proper financial planning towards a better and a brighter future for the child. Thus opting for a child plan will not only help a child but a parent as well towards a healthy financial planning for the child’s future educational expenses.

Shriram Life Child Plans - FAQ

1. How to pay a premium? What are the modes of payment available?

Shriram Life Insurance Company offers 6 modes of premium payment namely:

  • Cash payment at the branch
  • Payment at the Axis Bank
  • Online Payment
  • NEFT
  • ECS
  • Pay Via Mobile

For the online payment mode, the policyholder can pay via;

  • Credit Card,
  • Debit Card
  • Net banking

2. How can I check policy status for Shriram Life child plans?

To check policy status you can log into the e-portal with your valid credentials.

3. What is the policy renewal process for Shriram Life child plans?

The Shriram Life Insurance company provides facility to renew the policy online.

Step 1: Sign into the e-Portal with policy details

Step 2: Select payment option (Bank, Debit/credit Card) to pay

Step 3: Save/print e-receipt

You can renew your policy via Mobile, please visit e-portal

4. What is the company’s process to settle claim for Shriram Life child plans?

For the claim, the nominee must submit the valid documents along with the claims form at the nearest branch. Upon successful validation of documents the claim is fully settlled within a few days.

5. What is the policy cancellation process for Shriram Life child plans?

Walk into the nearest branch of the Shriram Life insurance company with the policy documents. Surrender them and within a couple of days the refund will be directly credited into your bank.

Shriram Life Child Plans Reviews

TOTAL REVIEWS (23)
Karan
Nainital
July 26, 2016

Shriram Policy

My child insurance plan is very good which i bought from shriram life insurance. The claiming is easy and service is fast served by the executives and staff members of the company. Good future planing for my angel.

Rahul
Mangalpur
July 12, 2016

Child Plan

I buy child insurance policy in low premiums and policy coverage is maximum. Good future security for my child including his health and education and many more. Service is nice given by the staff members. Online service is nice it provide online renewals.

Sachin
Akhandnagar
June 30, 2016

Good

The child insurance plan i buy for my child. The service you provided is fantastic and the future paybacks are really very good. My child's future is secure with this policy. Policy coverage is high and it covers many scenario. Service is good with quick response.

RAJAT
Mumbai
May 11, 2016

superb plan

I found awesome shriram life child plan. The claim is high and the policy coverage is 93%. Service you provided is fast and very quick. Daily updates are mail and texted to me. The policy is good for future investment and it saves taxes also. The policy updates are mailed to me daily.

NALIN
Roorkee
May 11, 2016

Need To Improve

Shriram life child plan which is an average one. The service is fast and the policy coverage is approx. 77%. The claims are okay but the claiming process is bit lengthy. Executives and staff members are doing great work with good response. Okay policy and good for tax saving. Good for middle class person. Please improve the policy services and online facilities.

BHAWANA
Howrah
May 11, 2016

Working Good

I have child policy for my child which is very good and the insurer is shriram life insurance. The policy has many benefits like good investments for future and it save taxes also. Policy coverage is 89% and the claims are around 36 L after policy ends. Fair Terms and Conditions. I'm satisfied with it.

ARUJA
Pilani
May 11, 2016

Interest Is High

The best child plan i bought from shriram life insurance and the policy is awesome. The policy coverage is 92% and the claims are 39 L after policy get mature. The investment is low and the returns are high. Good future plan with tax protection. Service you provided is very quick and on time. Fantastic future investment with great interest.

VIBHU
Mohali
May 11, 2016

Satisfactory Policy

I have shriram life child plan. Policy coverage is good 88% but the premium is low. Service provided is bit slow and claims are good and Rs.31 L is the amount i get after policy get end. The updates regarding policy is send to me regularly. I just wanted to say that satisfactory policy plan.

KESHAV
Udaipur
May 11, 2016

Very Good

I purchase child policy plan by shriram life insurance. Policy coverage is 81% and the claims are high. Premium is low and the services are fast and with great response from executives and staff members of the company. Good future investment and it saves taxes. The executives and staff members behave well with there customers.

SURYAANSH
Saharanpur
May 11, 2016

Trustable

Purchase shriram life pension plan and the benefits are many. Policy coverage is good 86% and the payback amount is 35 L when policy ends. Claims are easily get due to great services facilitate by executives of the company. Nice future investment and it saves taxes also. The policy terms and conditions are very reliable, it make me very happy.

RAJ
Lonavla
May 11, 2016

Great Deal

I found awesome shriram life child plan for my child. The claim is high and the policy coverage is 90%. Service you provided is fast and very quick. Daily updates are mail and texted to me. The policy is good for future investment and it saves taxes also. Happy with your services.

DHRUV
Dwarakanagar
May 11, 2016

Awesome

Superb child policy plan which provided by shriram life insurance. The policy coverage is 86% and the claims are ~Rs.38 L after policy ends. The investment is ~Rs.14 K quarterly per year. Services are great and fast too. Great work guys. Good future investment with tax saving. The daily updates are send to me regularly.

SHIVANG
Laksar
May 11, 2016

Manageable

A child plan for my child from shriram life insurance. Policy coverage is high 89% but the premium is low. Claims are easy to get because of the fast service provided by the executives and staff members. Daily updates are also mailed to me time to time. Fine policy good work. Good future investment and it save tax also.

VIKRAM
Pune
May 11, 2016

Fantastic Service

I purchase shriram life child policy plan from shriram life insurance. The policy coverage is 92% and the claims are good with low premiums. Service you provided is very quick and the behaviour of the executives and staff members is nice. Good future investment and it reduces taxes also. I'm happy with it.

CHINTAN
Narendra_nagar
May 11, 2016

slow service issue

Shriram life child plan for my child through the best insurer in the market, cheap and affordable. The policy is nice, Good policy coverage ~91% and claiming amount is Rs.39 L after policy get mature. But the service is bit slow, please improve it. And the behaviour of the executives and staff members are nice. The updates about the policy is mailed or texted to me regularly.

MAANVEER
Moradabad
May 11, 2016

Good Job

I purchase shriram life child plan. Policy coverage is 84% and the claims are high. Premium is low and the services are fast and with great response from executives and staff members of the company. Good future investment and it saves taxes too. I must say good job guys.

SUMIT
Kolhapur
May 11, 2016

Average Policy

I have the best child policy i bought from shriram life insurance and the policy plan is awesome. The policy coverage is 88% and the claims are Rs.33 L after policy get mature. The investment is low and the returns are high. Good future plan with tax protection. Daily updates send me regularly.

PRIYANK
Manesar
May 11, 2016

Service Is Slow

I had child policy plan for my child through shriram life insurance. The policy is nice. Good policy coverage ~89% and claiming amount is Rs.35 L after policy get mature. But the service is bit slow, please improve it. And the behaviour of the executives and staff members are nice. Good future investment with saving tax too. Good investment for future.

YASH
Darjeeling
May 11, 2016

Tax Saver

I own shriram life child plan which has very good policy coverage ~87%. The service is also good, fast and on time. The claims are high ~ 40 L and claiming process is easy because the executive and staff members providing good response and quick services. Good investment with tax savings.

SHUBHANGI
Kolkata
May 11, 2016

Normal Policy

My child policy plan is not super policy but an average one. Shriram life insurance provide wide range of policies. My policy coverage is good 75%. Service is nice and work is done in short period of time. Claims are high and the payback amount is 31 L after policy get mature. The service provided by the executives and staff members are really nice. Good future security which save taxes too. I like the policy plan

SANJAY
Patiala
May 11, 2016

Above Average

The best child policy plan i bought from shriram life insurance and the policy plan is awesome. The policy coverage is 89% and the claims are 38 L after policy get mature. The investment is low and the returns are high. Good future plan with tax protection. Service you provided is very quick and on time. Good for tax saving too.

SHUBHAM
Ahmednagar
May 11, 2016

Fine Policy

I buy a child plan for my child from shriram life insurance. Policy coverage is high 85% and the premium is low. Claims are easy to get because of the fast service provided by the executives and staff members. Daily updates are also mailed to me time to time. Good future investment.

AARAMBH
Gwalior
May 11, 2016

Good Policy Coverage

I purchase child plan which i buy from shriram life insurance. Policy have various benefits but the policy coverage is the best ~94% is covered in the policy. Claims are high and the premiums are low. Service is good. Nice future investment which saves tax also. Good job.