Among the best child insurance plans available currently, we have the Shriram New Shri Vidya Plan. This is an excellent plan and a very good option for anyone who wants to invest in a safe, reliable and bankable life insurance plan to benefit their children.
Let us begin by looking at the key features of this policy. They are:
As you can see, these features make the Shriram New Shri Vidya Plan a very attractive child plan.
Listed below are the top benefits you get when you invest in this policy:
If the parent dies, the child gets a lump sum amount as the death benefit.
Since this is a participating plan, the bonuses earned will also be added to the death benefit and paid out as an additional amount. This will benefit the child even further.
If the policyholder outlives the policy period, there is a survival benefit which is 25% of the basic sum assured, which is paid in the concluding four years of the plan.
There are two income tax benefits available here. First and foremost, you get the benefit of INR 1.5 lakhs under Section 80 C for the premium you pay towards the child plan. Then, on the claim received, there is an income tax benefit available under Section 10 (10D)
If you want to surrender the plan after paying the premium for two or three years, you will get back the premium amount that you paid.
These are the benefits you get when you choose to buy the very beneficial Shriram New Shri Vidya Plan.
If you are wondering why you need the Shriram New Shri Vidya Plan, here is a list of advantages that will help you get the answer:
The biggest and most important reason to choose the Shriram New Shri Vidya Plan is to secure the financial wellness of your child, even in your absence. If you die unexpectedly, your child will receive all the financial aid he or she needs to complete his or her education and shine in life.
You can invest a part of the money and create a corpus for the safe financial future of your beloved son or daughter.
Loans are available against this plan. If you are in urgent need of cash, especially to take care of an expense related to your child, you can easily take a quick and hassle-free loan by using the Shriram New Shri Vidya policy documents as collateral.
If due to some reason you are unable to pay a premium on time, the plan won't get cancelled and your child’s future won't be at risk immediately. You will be given a grace period of 30 days within which time you can pay the premium and keep the cover active.
A free look period of 15 days is given within which you can cancel the plan if you are unhappy with it.
And finally, you can add some very handy riders to this policy such as the accidental benefit rider, critical illness rider, extra insurance cover, etc.
These are some of the best benefits you get when you decide to invest in the New Shri Vidya plan from Shriram Life Insurance.
Shriram Life Insurance is one of the leading life insurance companies in India. Ever since its inception in 2005, Shriram Life Insurance has worked with diligence and offered a number of unique and beneficial life insurance products to the citizens of India. The company has a high claim settlement ratio of almost 90% and this makes it a very reliable insurance company. It is a modern insurer with an excellent digital presence, along with a very good customer care team. When you buy a child insurance policy from Shriram Life Insurance, you get many benefits and this is precisely why you may consider getting the Shriram New Shri Vidya Plan.
The documents needed are very straightforward and you can easily arrange them. They include:
As you can see, the documents needed are quite simple and straightforward, making the plan very easy to buy.
Like all other insurance policies, the Shriram New Shri Vidya Plan also has a fixed set of exclusions. The most significant exclusion in this plan is suicide. If the policyholder dies by suicide within the first year of buying the plan, the surrender value will only be paid back to the nominee.
Maximum: 50 years (age last birthday) Maturity Age.
Minimum: 28 years (age last birthday)
Maximum: 70 years (age last birthday) Policy Term.
The maturity benefit is a lump-sum payment made by the insurance provider when the policy has reached its expiration date. It simply implies that if your insurance policy has a 15-year term, you, the insured, will get a payout at the end of those 15 years.
Tthe nominee must submit the valid documents along with the claims form at the nearest branch for the claim. Upon successful validation of documents the claim is fully settled within a few days.
