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Shriram Akshay Nidhi Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 Shriram Akshay Nidhi Plan

 

Shriram Akshay Nidhi Plan is a Regular Premium Participating Money Back Plan. It is a Traditional Plan with Bonus facility.

 

How it works – In this plan, premium needs to be paid till the end of the Policy Tenure of 15 or 20 years as chosen at policy inception.

 

In this Plan, on survival of the Life Insured, a pre-defined percentage of the Sum Assured is paid as Survival Benefit at the end of every 5 policy years which depends on the Policy Tenure. For a 15 year policy, 25% of the Sum Assured is paid at the end of 5th and 10th Policy Year as Survival Benefit and for a 20 year policy, 20% of the Sum Assured is paid at the end of the 5th, 10th and 15th Policy Year as Survival Benefit.

 

On survival till the end of the Policy Tenure, the remaining amount, i.e. 50% for a 15 years policy and 40% for a 20 years policy is paid to the policyholder as Maturity Benefit and the policy terminates.

 

However, if the Life Insured dies within the policy tenure, the entire Sum Assured along with the vested Bonus is paid as Death Benefit irrespective of the Survival Benefit already paid and the policy terminates.

 

There is an additional rider of Accidental Death Benefit.

 

 

Key Features of Shriram Akshay Nidhi Insurance Policy

 

  • This is a Participating Money Back Plan
  • If the Life Insured dies within the policy tenure, the entire Sum Assured along with the vested Bonus is paid irrespective of the Survival Benefit already paid
  • A specified percentage of the Sum Assured is paid as Survival Benefit at the end of every 5 policy years
  • And the remaining sum assured along with vested Bonus is paid as Maturity Benefit at the end of the policy tenure
  • There is High Sum Assured Discount in this plan
  • There is an additional rider of Accidental Death Benefit

 

COMPARE THIS PLAN WITH OTHER MONEY BACK PLANS

 

Benefits you get from Shriram Akshay Nidhi Insurance Plan

 

Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets the entire Sum Assured + vested Bonus as Death Benefit irrespective of the amount already paid as Survival Benefit.

 

Survival Benefit – On survival of the Life Insured till the end of every 5 policy years, a specific amount of money is paid as Survival Benefit and the policy continues.

At the End of

15 Years Policy

20 Years Policy

5th Year

25% of Sum Assured

20% of Sum Assured

10th Year

25% of Sum Assured

20% of Sum Assured

15th Year

Remaining 50% of Sum Assured + vested Bonus as Maturity Benefit

20% of Sum Assured

20th Year

NA

Remaining 40% of Sum Assured + vested Bonus as Maturity Benefit

 

 

Maturity Benefit – On survival of the Life Insured till the end of the policy tenure, the policyholder gets the remaining Sum Assured + vested Bonus as Maturity Benefit and the policy terminates.

 

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 and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.

 

 

Eligibility conditions & other restrictions in Shriram Akshay Nidhi Insurance Policy

 

 

Minimum

Maximum

Sum Assured (in Rs.)

1,00,000

No Limit

Policy Term (in years)

15

20

Premium Payment Term (in years)

Equal to Policy Tenure

Entry Age of Life Insured (in years)

7

60

Age at Maturity (in years)

-

75

Payment modes

Yearly, Half-Yearly and Quarterly

 

 

Sample illustration of premium of Shriram Akshay Nidhi Plan

 

The below illustration is for a healthy male of ages 30, 35 and 40 years respectively opting for a Sum Assured of Rs 5,00,000 for a Policy Tenure of 15 and 20 years.

Shriram Life Akshay Nidhi Plan Sample Premiums

 

Additional Features and Benefits of Shriram Akshay Nidhi Plan

 

Riders – There is 1 additional rider in this plan:

  1. Accidental Death Benefit Rider

 

 

What happens if?

 

You stop paying the premium - If the policy holder stops paying the premium, the policy lapses and all benefits cease to exist. However, if at least 3 years premiums have been paid, the policy gets converted to a Paid Up Plan and continues with reduced benefits. The plan can however be revived within a period of 5 years from the due date of the last unpaid premium.

 

You want to surrender the policy – There are Surrender Benefits in this plan if at least 3 years’ premiums have been paid.

Guaranteed Surrender Value= 30% of all premiums paid – 1st year’s premium

 

You want a loan against your policy – Loan facility is not available in this plan.

 

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