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  • Shriram Life Child Plans

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    Shriram Life Insurance Company Pvt Ltd is a private insurer in India offering a wide range of life insurance products. The company was set up in the year 2005 and began operations in the year 2006. Every life insurance policy offered by the company is designed keeping in mind the different insurance needs of customers. The company offers different types of life insurance policies such as ULIP plans, traditional plans, Child Plans, Online plans, Term Plans, and more.

    Shriram Life offers special life insurance policies which helps parents protect their children’s future and dreams. The company offers life cover for the insured and financial aid to the children of the insured when they require it. The company offers three types of Child insurance plans. Read on to know more about Shriram Life Insurance Child Plans.

    Benefits of Shriram Life Insurance Child Plans:

    Listed below are the benefits of Shriram Life Insurance Child Plans:

    • Transparency- The policyholder can find every information pertaining the Term plan on the company website. From the terms and conditions to the fees and charges, every detail is available Term for these policies which ensures complete transparency.
    • Convenient- Shriram Life Child Plans are much more convenient to apply for and maintain when compared to traditional life insurance policies. The applicant has to go the website and just submit the necessary documents to apply for the plan. Unlike traditional insurance policies, one can apply for Term policies without having to visit the bank or company.
    • Higher cover- The Child Plans come with a higher cover owing to the lesser add-on charges to the company. Child Plans offer better cover when compared to traditional insurance policies.
    • Easy assessment- Finding reviews and feedback for Term insurance plans is quite easy. The applicant can look into forums, blogs and even reviews on the company’s website to assess the Term plan. One can also check on the company Termon blogs or through reviews.
    • Quicker- Applying for a Term Life insurance policy takes lesser time when compared to traditional plans.
    • Easier to update details- If the customer has to change or update any details regarding the Term Life insurance policy, they can easily do so by logging on to the official website of the company and make the changes there following the procedure. The customer does not have to visit the bank to update or change details which in turn, saves time and money.
    • Tax benefits- Policyholder can avail tax benefits under Term Life insurance policies.

    List of Child Plans by Shriram Life Insurance Company:

    Given below is a list of Child Plans by Shriram Life Insurance Company:

    Shriram Life Genius Assured Benefit Plan:

    Shriram Life Genius Assured Benefit Plan is a child insurance policy by the company that offers the double benefit of life cover and payment on maturity of the policy. Read on to know more about Shriram Life Genius Assured Benefit Plan.

    Listed below are the features and benefits of the Policy:

    • This is a traditional life insurance policy.
    • The policy offers life cover along with maturity benefit when the insured pays premium for 10 years.
    • The plan offers financial aid to the children of the insured along with life cover for the insured.
    • The plan is very flexible as the insured can choose how they would like to receive education support benefit upon maturity of the policy.
    • The premium can be paid either monthly or yearly.
    • The policy offers auto cover once during the entire premium paying term.
    • The plan offers additional riders to enhance the life cover of the insurance policy.
    • The policy term ranges between 10 to 18 years.
    • The premium payment term of the policy is fixed at 10 years.
    • The minimum annual premium is Rs.21,732 and the minimum monthly premium is Rs.1,865.
    • The minimum sum assured range for the policy is Rs.2,00,000.
    • In case of unfortunate death of the insured, the nominee will be paid the death benefit. Sum assured amount, family support benefit, and Education support benefit is paid as death benefit.
    • Maturity benefit paid upon maturity of the policy consists of sum assured along with education support benefit.
    • The policy offers two types of add-on riders to enhance the plan cover:
      • Shriram Life Accident benefit rider- In case the insured gets into an accident and becomes totally or permanently disabled, the company pays sum assured. The company will waive off further premiums till the end of the policy term in case the insured is permanently and totally disabled due to the accident.
      • Shriram Life Critical Illness Cover rider- The rider offers financial aid to cover medical expenses incurred from a critical illness treatment. The rider offers cover for six major critical illnesses.
    Policy name Entry age Maturity age Premium
    Shriram Life Genius Benefit Assured Plan Minimum age at entry: 18 years Maximum age at entry: 45 years 63 years is the maximum maturity age for the policy This premium payment term is fixed at 10 years for the policy. The minimum annual premium is Rs.21,732 and the minimum monthly premium is Rs.1,865.

    Shriram New Shri Vidya Plan:

    Shriram New Shri Vidya is a Child plan that offers life cover along with financial aid for education purposes for the insured’s children.

    Listed below are the features and benefits of the term life insurance Policy:

    • The policy is a child life insurance policy that offers death benefit, survival benefit and maturity benefit.
    • The premium can be paid monthly, quarterly, biannually or annually.
    • In order to offset monetary losses in case of unfortunate death of the insured, the company pays sum assured along with a monthly stream of income.
    • Additional sum assured will be paid in installments upon maturity of the policy or on death of insured to fund the insured’s children’s education needs.
    • The following benefits will be offered to the nominee as death benefit in case of unfortunate death of the insured:
      • Sum assured on death
      • Terminal bonus along with accrued reversionary bonus
    • 25% of the basic sum assured will be paid as survival benefit at the end of last four years of the policy if the insured survives till then. The survival benefit is applicable provided that all premiums have been paid.
    • Terminal bonus and accrued reversionary bonus will be paid as maturity benefit upon maturity of the policy.
    • The policy offers three types of add on riders:
      • Accident benefit rider- In case the insured gets into an accident and becomes totally or permanently disabled, the company pays sum assured. The company will waive off further premiums till the end of the policy term in case the insured is permanently and totally disabled due to the accident.
      • Shriram Life Extra insurance cover- This rider lets the insured extend their policy cover for an additional small premium.
      • Critical Illness Cover rider- The rider offers financial aid to cover medical expenses incurred from a critical illness treatment. The rider offers cover for six major critical illnesses.
    Policy name Entry age Maturity age Premium
    Shriram Cash Back Term Policy Minimum age at entry: 18 years Maximum age at entry: 50 years 70 years is the maximum maturity age for the policy This premium payment is as follows for different policy terms:
    • 10 year term- 5 and 1 years
    • 15 year term- 5, 7, 10, and 15 years
    • 20 year term- 5, 7, 10, 15, and 20 years
    • 25 year term- 5, 7, 10, 15, 20, and 25 years

    Shriram New Shri Vivah Plan:

    Shriram New Shri Vivah is a child life insurance policy that offers life cover to the insured along with additional financial aid for their children’s future expenses.

    Listed below are the features and benefits of Shriram New Shri Vivah Plan:

    • It is a non-linked and non-participating term life insurance policy.
    • The policy offers life cover at affordable rates.
    • The policy comes for a fixed term of 10, 15, and 20 years.
    • The premium payment term is same as the policy term for this policy.
    • Minimum annualised premium is Rs.5,000.
    • The premium can be paid annually, bi-annually, quarterly or monthly.
    • The policy offers death benefit in case of unfortunate death of the insured. The sum assured is the highest of the following:
      • 10 times the annualised premium (if insured is less than 45 years) and 7 times the annualised premium (if insured is above the age of 45 years).
      • Basic sum assured.
      • 105% of the premiums paid.
      • Maturity sum assured.
    • The policy also offers maturity benefit upon maturity of the policy. The insured will get a maturity sum that is equal to all the premiums paid till the end of the policy.
    • The policy comes with three types of add-on riders that offer additional cover:
      • Accident benefit rider- In case the insured gets into an accident and becomes totally or permanently disabled, the company pays sum assured. The company will waive off further premiums till the end of the policy term in case the insured is permanently and totally disabled due to the accident.
      • Critical Illness Cover rider- The rider offers financial aid to cover medical expenses incurred from a critical illness treatment. The rider offers cover for six major critical illnesses.
      • Shriram Life Family Income Benefit - This rider offers the policyholder a chance to enhance their life cover for an additional premium payment.
    Policy name Entry age Maturity age Premium
    Shriram Life Secure Plus Plan Minimum age at entry: 18 years Maximum age at entry: 50 years 70 years is the maximum maturity age for the policy This premium payment term is as same as the policy term. The minimum annualised premium for the policy is R.5,000.

    Why you need Shriram Life Child Plans?

    Shriram Life Insurance Company offers three types of Child Plans for individuals. Each plan is different from the other to cater to different insurance requirements of customers. Each term policy comes with it’s own benefits. There are several reasons as to why one should opt for Shriram Life Child Insurance plans:

    • The insured can avail tax benefits under sections 80C of the IT Act, 1961 for the above mentioned insurance policies.
    • Some of the plans provide a facility called Auto Cover which will keep the policy active, provided at least 2 years of premium have been paid, even if the premium has not been paid within the grace period.
    • The child plans offered by Shriram can be enhanced using riders like Critical Illness and Accident Benefit riders.
    • Some of the plans don’t have a specific maximum limit on the sum assured, allowing for higher coverage.

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    This insurance company/organisation is not a partner of Bankbazaarinsurance.com. The content provided here is for informational purposes only. Readers should visit the branch office/website of the insurer for more details. The logos, trademarks, and other intellectual property on display belong to their respective owners.