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  • Shriram Life Child Plans

    Shriram Life Insurance

    Your child is your most precious resource. You would not want to be in the unenviable position of failing to fulfil varied aspirations of your child by not planning for his future financial requirements such as higher education and wedding expenses among others. There are several investment options in the market for you to choose from including insurance. Insurance is a safe and conventional form of financial instrument with which you can secure your child’s future on the basis of your financial resources. You can choose to invest a certain amount every year until the child turns 18 by availing of Shriram Life Child Plans.


    Why Shriram Life Child Plans?

    Shriram Life Child Plans are affordable insurance plans which secure your child’s future. The New Shri Vidya plan, aimed at fulfilling the educational needs of your child, provides sum assured in addition to a monthly income in the unfortunate event of your death. The New Shri Vivah plan provides sum assured upon maturity in addition to bonuses. You can choose either of the two plans based on your financial requirements.  

    Types of Shriram Life Child Plans

    Shriram Life offers two types of child insurance plans as listed below:

    • New Shri Vidya
    • New Shri Vivah
    • New Shri Vidya

    New Shri Vidya is a non-linked participating plan which offers survival benefits in line with your child’s education needs in addition to an insurance cover in the event of your unfortunate demise.

    Benefits of New Shri Vidya

    • 25% of basic sum assured for each of the last four years will be paid as survival benefit
    • In the unfortunate event of your death during the policy term, your nominee will receive death benefits as listed below:  
      • Sum assured on death
      • Reversionary Bonuses in addition to terminal bonus. The death benefit will be 105% of premiums paid till death sans rider premiums
    • Sum assured on death is higher of the following:
      • Under 45 years: 10X the annual premium
      • Above 45 years: 7X the annual premium
      • Basic sum assured and additional death benefit of 25% of basic sum assured and family income benefit (1% of basic sum assured every month following demise of the life assured). The additional death benefit can be taken as a lump sum as well.
    • Accrued reversionary bonuses and  terminal bonus will be paid as maturity benefit
    • This plan provides three riders, namely, accident benefit rider, extra insurance cover and critical illness cover
    New Shri Vivah

    New Shri Vivah is a non-linked participating plan which offers double life insurance cover besides maturity benefits. This plan offers monthly income to your loved one in case of your unfortunate death.

    Benefits of New Shri Vivah

    • Basic sum assured in addition to terminal bonus and accrued reversionary bonuses will be paid as maturity benefit, subject to payment of all premiums without fail  
    • Sum assured on death is higher of the following:
      • Under 45 years: 10X annual premium
      • Above 45 years: 7X annual premium
      • Basic sum assured and additional death benefit of basic sum assured at the end of the policy term and family income benefit (1.5% of basic sum assured every month following demise of the life assured). The additional death benefit can be taken as a lump sum as well.
    • This plan provides three riders, namely, accident benefit rider, extra insurance cover and critical illness cover
    • In the unfortunate event of your death during the policy term, your nominee will receive death benefits as listed below:  
      • Sum assured on death
      • Reversionary Bonuses in addition to terminal bonus will be paid immediately after death. The death benefit will be 105% of premiums paid till death sans rider premiums

    Example

    Anuradha Gupta, a 31-year-old software development engineer, opted for the New Shri Vivah insurance plan for her child for a policy term of 15 years. Upon her death, her nominee got the accrued reversionary bonuses, terminal bonus and basic sum assured in addition to the additional death benefit.

    Useful Tips

    You should consider various factors such as your current income, inflation and financial requirements of your child  before choosing a child insurance plan. Shriram Life offers two child insurance plan which are non-linked participating plans. You would do well to weigh the pros and cons of both plans offered by Shriram Life to make an informed decision. Both plans offer various advantages. For instance, New Shri Vivah plan offers tax benefits under section 80C of the IT act and the flexibility of altering your sum assured and make advance premiums while New Shri Vidya offers loan facility and rebates for high sum assured among others.

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