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.
Key Features
- 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,
There is 1 additional rider available in this plan- Accidental Death Benefit Rider
- Accidental Death Benefit Rider
Benefits
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.
On maturity the Sum Assured + Bonus. Bonus would be paid at the policy maturity or on earlier death of the Life Insured.
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
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.
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.
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).
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.