Shriram New Shri Vivah Plan

Shriram New Shri Vivah Plan is a traditional participating savings plan which is designed keeping in mind the huge expenses occurred in marriages. The plan provides enhanced benefits to tackle such expenses.

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 plan with regular and limited premium payment options
  • The plan promises lump sum benefits and monthly incomes thus enhancing the benefit structure

Benefits

  • On death, the Sum Assured on death and vested reversionary bonuses including terminal bonus if any is payable subject to a minimum of 105% of all premiums paid
  • 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 the basic SA payable on maturity and Family Income Benefit which is the monthly income @ 1.5% of SA from date of death till end of term
  • The benefit can be taken either in lump sum or the monthly incomes can be taken as and when they accrue
  • On maturity, the basic Sum Assured and the vested reversionary bonus 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

20

Premium Paying Term (PPT) in years

7

20

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 10 years

Age

30 years

40 years

50 years

Sum Assured

200,000

200,000

200,000

Premium

25,200

26,400

30,900

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 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.

*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.

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*Standard T & C Apply
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