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.

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

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

Age of Policyholder = 30 years

Policy Tenure = 15 years

Sum Assured= Rs.1,00,000

Annual Premium = Rs. 7,686

Riders – There is 1 additional rider available in this policy

Accidental Death Benefit Rider

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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.