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Shri Vidya Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 

Shri Vidya Plan from Shriram Life Insurance

 

Shri Vidya Plan is a Money Back Child Plan. This is a Traditional Plan with 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 educational expenses under all circumstances as planned by the parent.

 

In this plan, the premium needs to be paid till the end of the Policy Term. 25% of the Sum Assured is paid in the last 4 years of the policy along with Bonus as Maturity Benefit when the policy tenure ends.

However, if the parent dies within the policy tenure, the entire Sum Assured +vested Bonus is paid as immediate benefit but the Guaranteed Maturity Benefit is paid either ways. 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 and likewise.

 

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

 

 

Key Features of Shri Vidya Plan

 

  • This is a Traditional Money Back Plan where 25% of the Sum Assured is paid every year in the last 4 years
  • Vested Simple Reversionary Bonus will be paid at the end of the policy term
  • This plan has triple Death Benefit:
    • Entire Sum Assured + vested Bonus is paid as Immediate Death Benefit
    • 1% of the sum Assured will be payable monthly to the nominee till the end of the policy term
    • Maturity Benefit is also paid as per schedule
  • This policy provides high sum assured rebate
  • There is 1 additional rider available in this plan- Accidental Death Benefit Rider
 

 

COMPARE THIS PLAN WITH OTHER MONEY BACK PLANS

 

Benefits you get from Shri Vidya Policy

 

Death Benefit – In case of death of the Life Insured, i.e. the parent, the entire Sum Assured + vested Bonus is paid for immediate expenses; and the policy continues such that the Survival Benefits are either ways paid. Further, 1% of the sum Assured will be payable monthly to the nominee till the end of the policy term to take care of immediate expenses.

 

Survival Benefit – Is provided as below:                      

                               

Years before Maturity

% of Payout

3 years before Maturity

25% of Sum Assured

2 years before Maturity

25% of Sum Assured

1 year before Maturity

25% of Sum Assured

 

Maturity Benefit – On maturity the remaining 25% of Sum Assured + vested Bonus(if the Life Insured is alive). 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 conditions and other restrictions in Shri Vidya Policy

 

 

Minimum

Maximum

Sum Assured (in Rs.)

50,000

No Limit

Policy Term (in years)

10

20

Premium Payment Term (in years)

Equal to PT

Entry Age of Policyholder (in years)

18

50

Age at Maturity (in years)

-

70

Payment modes

Yearly, Half-yearly and Quarterly

 

 

Sample illustration of Bonus Rate of Shri Vidya Plan

 

Age of Policyholder = 30 years

Policy Tenure = 15 years

Sum Assured = Rs.1,00,000

Annual Premium = Rs. 8100

 

Guaranteed Benefits:

3 years before maturity = 25% of Sum Assured is paid = Rs 25,000

2 years before maturity = 25% of Sum Assured is paid = Rs 25,000

1 year before maturity = 25% of Sum Assured is paid = Rs 25,000

On Maturity = 25% of Sum Assured is paid = Rs 25,000 + Bonus

Shri Vidya Sample Bonus Rates from Shriram Life Insurance

 

Additional Features and Benefits of Shri Vidya Plan

 

Riders – There is 1 additional rider available in this policy

Accidental Death Benefit Rider

 

                                             

What happens if?

 

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.

 

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