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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.
Get QuoteDeath 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.
| 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 | - |
Following riders are available with this plan
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.
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