Shriram New Shri Vivah Plan

What is the Plan all About?

Shriram New Shri Vivah Plan is an affordable traditional cum endowment plan which offers financial security net for you and your family. It pays a lump sum payment in case of unfortunate death helping your family to take care of the financial loss occurred due to your unfortunate demise. Shriram New Shri Vivah Plan offers adequate double life insurance cover plus regular income apart from the maturity benefits.

What are the Key Features?

Double insurance cover
Monthly income on death to offset financial loss
Attractive sum assured rebate
Additional protection through riders
Avail Tax Benefit under IT Act

What are the Plan Benefits?

Death Benefit

In the event of death of the life insured during the policy tenure, the nominee will receive death sum assured as stated in the contract plus accrued reversionary and terminal bonus. The policy will not accrue any future bonuses after death.

Maturity Benefit

In case of maturity or survival of life assured up to the end of each of the last four 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 will be paid. Maturity Benefit plus accrued Reversionary Bonuses and Terminal Bonus, are payable,if any.

Bonus

Compounded Reversionary Bonus and Terminal Bonus are paid in the event of death or maturity as accrued in the policy.

Loan Benefit

Loan facility is available under this plan. The maximum loan amount which can be taken under this plan is 90% of the surrender value. Any outstanding loan amount is deducted from the policy proceeds of the policy.

Surrender Value

Policy is eligible for a non guaranteed special surrender value. Surrender value will generate if 3 full years premium is paid under regular pay and 2 years premium are paid under 7 pay option.

Tax Benefit

The plan offers tax benefits under section 80C and section 10 (10D) of the Income Tax Act,1961.

Who can Buy the Plan?

Factor	Minimum	Maximum
Age (as on last birthday)	18 Years	50 Years
Age at Maturity	-	70 Years
Policy Tenure	10/15 Years (for Regular Pay) 15/20 Years (for Limited Pay)	20 Years(for Regular Pay) 25 Years (for Limited Pay)
Premium Paying Term	Limited Pay- 10 Pay (for 10 Year Policy Term) Limited Pay- 7/10/15 Pay (for 15 Year Policy Term) Limited Pay- 7/10/20 Pay (for 20 Year Policy Term)	-
Premium Paying Mode	Annually,Semi Annually,Quarterly And Monthly	-
Premium Amount	-	-
Sum Assured	Rs 1 Lac	No Limit (Subject To Underwriting)
Freelook Period	15 Days/ 30 Days (for Distance Marketing Channel) From The Receipt Of The Policy	-
Grace Period	30 Days & 15 Days (for Monthly Mode)	-
Plan Type	Offline	-

Is any Rider Available with this Plan?

Following riders are available with this plan

Accident Benefit Rider
Extra insurance cover
Critical Illness cover

How the Plan Works?

Let us understand the plan benefits with the help of an example:

Life Insured: Ankit , Age: 32 years, Sum Assured: Rs. 5 Lacs, Policy Term: 15 years, Limited pay option: 7 pay

Scenario 1: Ankit survives the policy term

Base sum assured of Rs 5 Lacs is payable in installments. Installment amount is 25% of basic sum assured (Rs 1.25 Lacs) at the end of each of the last four years will be paid. Maturity Benefit plus accrued Reversionary Bonuses and Terminal Bonus, are payable,if any.

Scenario 2: Ankit dies during the policy term

Sum Assured on death will be payable to the nominee, which is equal to the base sum assured of 5 lacs or death sum assured as specified in the policy. Along with that, the nominee will also receive accrued terminal and reversionary bonus till the date of death and the policy terminates.