Shri Vivah Plan

Shri Vivah Plan is a Traditional Child Plan. This is a Traditional Plan without Bonus facility. In this plan the life of the parent is insured and designed in such a way so as to take care of the child’s future is secured under all circumstances.

In this plan, the premium needs to be paid for the entire tenure. The Maturity the Sum Assured along with Bonus is paid is paid as Maturity Benefit. However, if the parent dies within the policy tenure, the Sum Assured is immediately paid along with vested bonus as Death Benefit. Further, 1% of the Sum Assured will be payable monthly to the nominee till the end of the policy term to take care of regular school expenses of the child. On Maturity the Sum Assured will again be paid for the child’s future, as planned by the parent. Bonus would be paid at the policy maturity or on earlier death of the Life Insured.

Triple Death Benefit

Maturity Benefit

Reversionary Bonus

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Key Features

This is a triple Death Benefit Traditional Plan

The Sum Assured is paid as Maturity Benefit
If the Life Insured dies within the policy tenure, then
The Sum Assured is paid immediately on death,

1% of the Sum Assured being paid monthly till the end of the policy term.

The Maturity Benefit is also paid as per schedule

Vested Simple Reversionary Bonus will be paid at the end of the policy term

This policy provides high sum assured rebate

Riders

There is 1 additional rider available in this plan- Accidental Death Benefit Rider

Accidental Death Benefit Rider

Benefits

Death Benefit

In case of death of the Life Insured, i.e. the parent, there is triple benefit

The Sum Assured + Vested Bonus is paid for immediate expenses and the policy continues

1% of the Sum Assured is paid monthly till the end of the policy term to the nominee for monthly expenses

Again the entire Sum Assured is paid as Maturity Benefit.

Maturity Benefit

On maturity the Sum Assured + Bonus. Bonus would be paid at the policy maturity or on earlier death of the Life Insured.

Income Tax Benefit

Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C

Eligibility

	Minimum	Maximum
Sum Assured (in Rs.)	50,000	No Limit
Policy Term (in years)	7	25
Premium Payment Term (in years)	Equal to Policy Term
Entry Age of Policyholder (in years)	18	50
Age at Maturity	-	75
Payment modes	Yearly, Half-Yearly, Quarterly

FAQs

You stop paying the premium within the first 3 years

The policy will lapse if the premium has not been paid within the grace period and the policy benefits stop. However, the policy can be revived within 5 years from the first unpaid premium due date.

You stop paying the premium after the first 3 years

If the premium has not been paid within the grace period, the policy will made 'Paid up' and the Sum Assured will be reduced proportionately and the plan does not accrue any further bonuses.

You want to surrender the policy

If premiums for 3 years have been paid up, then surrender of policy is allowed.

Guaranteed Surrender Value = 30% of basic premiums paid – 1st year’s premium and additional premium paid (if any).

You want a loan against your policy

There is loan available under this plan. A maximum loan of 90% of the Surrender Value of the policy at the time of availing the loan can be provided.