Shriram Life New Akshay Nidhi Plan

Introduction/Overview

Shriram Life New Akshay Nidhi Plan is a traditional participating Money-back plan which provides income at periodic intervals to take care of cash requirements at important junctures of life

Key Features

• It is a participating money back plan with regular premium payment options
• Survival benefits start from the end of 5^th year itself

Benefits

• On death, the Sum Assured on death + accrued reversionary bonuses + Terminal Bonus, if any, is paid
• The Sum Assured on death is higher of 10 times or 7 times the annual premium as per age or  the basic Sum Assured
• The death benefit should be a minimum of 105% of all premiums paid till death
• On maturity, the vested reversionary bonus and Terminal Bonus, if any, is paid
• On survival till every 5 years, money back benefits will be paid as a % of Sum Assured depending on the policy term chosen
• 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)	30 days	60 years
Maturity Age (Last Birthday)	18 years	75 years
Policy Term (PT) in years	15	25
Premium Paying Term (PPT) in years	Equal to policy term
Premium Paying Frequency	Annual, half-yearly, quarterly, monthly
Yearly Premium	Depends on Sum Assured
Sum Assured	150,000	No limit

Details About Premium

Benefit Illustration for a policy term and PPT of 15 years

Age	40 years	50 years	60 years
Sum Assured	200,000	200,000	200,000
Premium	20,100	22,500	25,400

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 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 net of survival benefits already paid

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 4 riders are available to customize the plan:

a)     Accident Benefit Rider

b)     Family Income Benefit Rider

c)     Shriram Extra Insurance Cover Rider

d)     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.