Shriram New Shri Vidya Plan

Key Features

• It is a participating child plan with regular and limited premium payment options
• The plan promises lump sum benefits, monthly incomes and money-back benefits thus enhancing the benefit structure

Benefits

• On death, the Sum Assured on death and vested reversionary bonuses including terminal bonus if any is payable.
• The Sum Assured on death will be higher of 10 or 7 times the annual premium paid or basic SA + additional death benefit
• The additional death benefit is the discounted value of 25% of the SA payable in the last 4 years of the policy and Family Income Benefit which is the monthly income @ 1% of SA from date of death till end of term
• The benefit can be taken either in lump sum or 25% of SA in the last 4 years and regular monthly incomes
• On survival, 25% of the basic SA is paid in the last 4 years of the policy
• On maturity, aggregate of the reversionary bonuses and Terminal Bonus, if any is paid
• Income tax benefit on the premium paid as per Section 80C and on claims received as per Section 10(10D) of the Income Tax Act.

Product Specification:

Details About Premium

Benefit Illustration for a policy term and PPT of 15 years

Policy Details

• Grace Period: 30 days grace period is allowed for payment of premium. If policyholder fails to make payment within the grace period, the policy lapses
• Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 3 or 2 full years’ premium has been paid. The Surrender Value will be higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV).
• GSV = GSV % of premiums paid less survival benefits already paid and GSV of vested bonuses
• Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Inclusions

• Loan is available under the plan @ 90% of Surrender Value

Additional Features or Riders

The following riders are available:

• Accident Benefit Rider
• Shriram Extra Insurance Cover
• Shriram Critical Illness cover Rider
  • Rebates are allowed for high SA ranges of 5 lakhs and above
  • Discounts in premium for advance premium payments

Exclusions

• In case of suicide within 12 months of policy inception 80% of premiums paid will be paid and in case of suicide within 12 months of revival, higher of 80% of premiums paid or acquired Surrender Value will be paid

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and necessary KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.