Weddings are among the most auspicious events in an individual’s lifetime. In an effort to make the event happier and memorable, proper planning and arrangements are necessary. The wedding also has to be well financed if it is to be remembered for a long time. To help individuals have the best possible wedding they can, the Shriram New Shri Vivah Plan is an ideal solution as it offers financial support so that wedding expenses will be easier to meet. The plan also offers sufficient double life insurance in addition to regular income to add to the maturity benefits.
The Shriram New Shri Vivah Plan can be obtained with relative ease as it is quite affordable. In case of the death of the policyholder, the plan will pay out a lump sum to the nominee to ensure that they have the finances required to stay clear of death even in the absence of the main earning member of the family.
Individuals who purchase the Shriram New Shri Vivah Plan must adhere to the age restrictions which are as follow:
|Minimum Entry Age||18 years|
|Maximum Entry Age||50 years|
|Maximum Maturity Age||70 years|
|Policy Term||10 years / 15 years / 20 years in case of Regular Pay policies and 15 years / 20 years in case of Limited Pay policies|
Customers who purchase the Shriram New Shri Vivah Plan will have to select a sum assured when purchasing the policy. Customers will also have to make premium payments towards the plan at regular intervals of time. Following are some of the important details regarding the sum assured and premium payments towards the Shriram New Shri Vivah Plan:
|Minimum Sum Assured||Rs.100,000|
|Maximum Sum Assured||Limit is subject to underwriting from Shriram Life|
|Premium Payment Term||10 years for 10-year policy term, 7 years / 10 years / 15 years for 15-year policy term, 7 years / 10 years / 20 years for 20-year policy term|
|Mode of Premium Payment||Monthly / Quarterly / Semi-annual / Annual|
Following are some of the key benefits offered by the Shriram Shri New Vivah Plan:
|Death Benefit||If the life assured under the Shriram Shri New Vivah Plan dies during the policy term, the nominee will be eligible for the sum assured as well as terminal bonuses, if any, and accrued reversionary bonuses immediately after the death of the policyholder. The death benefit shall be a minimum of 105% of premium payments made till the date on which the life assured dies.|
|Maturity Benefit||Upon the maturity of the Shriram New Shri Vivah Plan, the life assured will be eligible for a maturity benefit which will be the sum assured in addition to accrued reversionary bonuses as well as terminal bonuses, if any.|
Following are some of the other key features of the Shriram New Shri Vivah Plan:
|Grace Period||In case the customer fails to make premium payments on time, he/she will receive a grace period of 30 days to ensure that due premiums have been paid.|
|Failure to Pay Premiums Post Grace Period||In case premium payments have not been made for two full years and the premium payment term is seven years, the plan will offer no benefits. The customers will also not be eligible for premium payments if the premium payment term is 10 years or more and premiums have not been paid for three full years.|
|Paid-Up Policy||The Shriram New Shri Vivah Plan will acquire a paid-up status in case the premium payment term is seven years and premiums have been paid for a minimum of two full years. The policy shall also acquire a paid-up status in case the premium payment term is 10 years or more and premium payments have been made for a minimum of three full years. The reduced paid-up sum assured will be the basic sum assured multiplied into the number of premiums paid divided by the total number of premiums payable.|
|Revival of Lapsed Plans||In case your Shriram New Shri Vivah Plan has lapsed due to non-payment of premium, it can be revived within two years from the date on which the first premium was due. To revive a plan, you will have to pay the overall premium dues along with interest and other revival requirements set by the company.|
|Surrender||In case a customer surrenders the policy, he/she will receive a surrender value. The surrender value will be acquired by the policy only if premium payments have been made for two full years in case the premium payment term is seven years, and if premium payments have been made for at least three years in case the premium payment term is 10 years or more.|
|Loan||The Shriram New Shri Vivah Plan has a facility through which customers who have the plan can avail a loan against it. The maximum amount of money that can be borrowed through a loan of this sort is 90% of the surrender value.|
|Reversionary Bonuses||The Shriram New Shri Vivah Plan will share in the company’s business and accrues simple reversionary bonuses in addition to interim bonuses. Rates of the reversionary bonuses will vary from year to year and shall depend on prevailing and predicted economic conditions as well as the actual experience.|
|Terminal Bonus||Shriram Life shall pay out a terminal bonus either on the death of the life assured or the maturity of the policy. Terminal bonuses, like reversionary bonuses, will depend on the actual experience of the participating business as well as prevailing economic conditions.|
|Nomination||Nomination under the Shriram New Shri Vivah Plan can be done based on Section 39 of the Insurance Act, 1938.|
|Assignment||Assignment under the Shriram New Shri Vivah Plan can be done in accordance with Section 38 of the Insurance Act, 1938.|
|Suicide Clause||In case the life assured commits suicide with a year from the date on which coverage began, the nominee will be eligible for 80% of the premiums paid. If the suicide is committed within a year from the date on which the policy was revived, the benefit offered to the nominee shall be higher of 80% of premiums paid till the date on which the policyholder died or the surrender value of the policy.|
|Free Look Period||Customers who are not satisfied with the terms and conditions of the Shriram New Shri Vivah Plan|
Customers who purchase the Shriram New Shri Vivah Plan can avail tax benefits as per prevailing tax laws.
The Shriram New Shri Vivah Plan can be purchased by anyone who wishes to financially secure the future of their family. Shriram Life Insurance Company Limited has been in business for over 10 years and had recorded profits in its first three years post inception, making it the only private insurance company to hold such a distinction. The company has grown into one of India’s biggest and best insurance providers thanks to excellent growth in recent years. There are over 60,000 employees working with the company across 2600 branches in India. An extensive portfolio with quality products and services to meet the requirements of a diverse customer base makes Shriram Life Insurance Company a trustworthy source for insurance products.
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