Shriram Akshay Nidhi Plan
Shriram Akshay Nidhi Plan is a Regular Premium Participating Money Back Plan. It is a Traditional Plan with Bonus facility.
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Shriram Akshay Nidhi Plan - Key Features
There is 1 additional rider in this plan:
Shriram Akshay Nidhi Plan - Benefits
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
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 continu
On survival of the Life Insured till the end of the policy tenure, the policyholder gets the remaining Sum Assured + vested Bonus as Maturity Benef
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 Pro
How Shriram Akshay Nidhi Plan 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.
ligibility 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 Term | |
| Entry Age of Life Insured (in years) | 7 | 60 |
| Age at Maturity | - | 75 |
| Payment modes |
Yearly, Half-Yearly, Quarterly
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Shriram Akshay Nidhi Plan - FAQs
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.
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
Loan facility is not available in this plan.
