Shriram New Shri Vidya Plan

Shriram New Shri Vidya Plan is a traditional participating child plan which guarantees the child’s future even if the parent is not around by providing enhanced benefits.

Investing in your child's future:A wise decision & a loving choice
  • Insurer pays premium in case of loss of life of parent

  • Create wealth for child’s aspirations

  • Tax Free maturity amount+

  • 12+ plans available

Nothing Is More Important Than Securing Your Child's Future

Invest ₹10k/month your child will get ₹1 Cr Tax Free*

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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:

  Minimum Maximum
Entry Age (Last Birthday) 18 years 50 years
Maturity Age (Last Birthday) - 70 years
Policy Term (PT) in years 10 25
Premium Paying Term (PPT) in years 7 25
Premium Paying Frequency Annual, half-yearly, quarterly, monthly
Yearly Premium Depends on Sum Assured
Sum Assured 100,000 No limit

Details About Premium

Benefit Illustration for a policy term and PPT of 15 years

Age 30 years 40 years 50 years
Sum Assured 250,000 250,000 250,000
Premium 21,750 23,625 29,625

Investment Investment
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Child Banner
Secure your child’s future with or without you
Start Investing
₹10,000/Month
& Get
₹1 Crore*
*Standard T & C Apply

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

Invest More Get More
Invest ₹10K/Month YOU GET ₹1 Crores* For Your Child View Plans
Invest ₹8K/Month YOU GET ₹80 Lakhs* For Your Child View Plans
Invest ₹5K/Month YOU GET ₹50 Lakhs* For Your Child View Plans
Standard T&C Apply *

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.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.

Child Plan

Investment

Child Plan

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Secure your Child’s
Career Goal
Start Investing ₹10,000/Month
& Get ₹1 Crore*
*Standard T & C Apply
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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