Shriram Life New Shri Vidya Plan

• Sum assured plus monthly income
• Additional sum assured for child’s education
• Get survival benefit
• Avail bonuses
• Enjoy limited or regular pay
• Rebates for high Sum Assured
• Loan facility
• Riders to boost protection
• Alterations allowed
• Get tax benefits

Death Benefit

In the event of death of the life insured during the term of the policy, Sum Assured on Death plus Accrued Reversionary Bonuses plus Terminal Bonus is payable.

The minimum death benefit payable is at least 105% of all the premiums paid. No bonuses will be accrued after death.

Sum Assured on Death is higher of 10/7 times the annual premium if age is less than 45 years/45 years and above, or Basic sum assured plus additional death benefit.

Here, additional benefit is the discounted value at the end of the year of death (@ 7.5% p.a ) of 25% of basic sum assured payable at the end of each of the last four years of the policy and family income benefit.

The additional death benefit can be taken in any one of the following two options

• Lump sum at the time of death.
• 25% of basic sum assured paid at the end of each of the last four years of the policy and Family income benefit.

Family Income Benefit

The monthly income benefit as 1% of the basic sum assured is payable at the end of every month following the date of death till the end of the policy term but not less than 36 monthly payments. This benefit payout may extend, in case of death during the last 3 years.

Survival Benefit

In case of survival of the life insured up to the end of each of the last four policy years of the policy and provided all the due premiums have been paid, 25% of basic sum assured at the end of each of the last four years are payable.

Maturity Benefit

Accrued Reversionary Bonuses and Terminal Bonus is payable, on the maturity of the policy.

Bonus

Reversionary Bonuses: The policy will share the profits of the Company’s participating business through declaring simple reversionary bonuses including Interim Bonuses. Reversionary Bonus rates may differ from year to year and will depend on actual experience and prevailing and expected economic conditions.

Terminal Bonus: The Company may pay a Terminal Bonus on death or maturity. The Terminal Bonus will be declared based on the underlying experience of the participating fund and asset shares of the policies.

Loan Benefit

Loan benefit can be availed up to a maximum of 90% of the surrender value.

Surrender Value

Surrender Value payable is higher of guaranteed surrender value or non-guaranteed Special Surrender Value. The policy will acquire a surrender value on payment of at least 2 full policy year’s premium, when premium paying term is 7 years and surrender value can be acquired on payment of at least 3 full policy year’s premium, when premium paying term is more than 7 years. The surrender value will be paid after deducting the survival benefits already paid.

Tax Benefit

You can avail tax benefits as applicable under the Income Tax Act, 1961, subject to prevailing tax laws.

Following riders can be opted, upon payment of additional rider premium.

• Accident Benefit Rider
• Shriram Extra Insurance Cover
• Shriram Critical Illness Cover Rider

Mr. Rakesh at 30 years of age, opts to buy Shriram New Shri Vidya Plan to secure his child’s future. He buys this plan with the policy term of 20 years, premium payment term of 10 years with the sum assured of Rs 10,00,000.

Scenario A: Rakesh Survives the Policy Term

Accrued Reversionary Bonuses and Terminal Bonus is payable, on the maturity of the policy. In case of survival of Rakesh up to the end of each of the last four policy years of the policy and provided all the due premiums have been paid, 25% of basic sum assured at the end of each of the last four years are payable.

Scenario B: Rakesh dies during the Term of the Policy

In the event of death of the life insured during the term of the policy, Sum Assured on Death plus Accrued Reversionary Bonuses plus Terminal Bonus is payable.