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Everything to Know About Shriram Child Plan

Updated on April 10, 2024 , 4312 views

Providing a child with a good education to secure a bright future in terms of career is one of the most important concerns of a parent. Also, to be ready with strong finance for emergency needs, saving for the child’s marriage, etc., are important parameters.

Shriram Child Plan

To extend help in terms of financial requirements of your child, Shriram Child Plan offers two popular plans like - Shriram New Shri Vidya Plan and Shriram Life Genius Assured Benefit Plan. Let's explore these plans and their benefits.

1. Shriram New Shri Vidya Plan

One of the most important concerns you might have is the future educational expenses for your child. Shriram New Shri Vidya Plan is designed to help you with securing your child’s future in every way. Let’s take a look.

Features

1. Bonuses

With the Shriram Life Insurance Child plan, you can avail reversionary bonus rates, which may vary from year to year after valuation. The bonus declared after this process will be added to the sum assured and guaranteed to become payable either on death or maturity. Future bonuses are not guaranteed and this is wholly dependent on your future experience and expected Economic Conditions.

Another bonus is the terminal bonus which the company will pay on death or maturity. This bonus will be declared on the Underlying experience of the participating fund and asset shares of the policies.

Note - If you want to receive all bonuses on time in full, make sure to pay all your premiums in full.

2. Death Benefit

The death benefit is made available on the passing away of the life assured during the policy term. It includes the sum assured along with accrued reversionary bonus and terminal bonus. Other additional benefits include the family Income benefit of 1% of the sum assured at the end of each month following the date of death till the end of the policy term, but not less than 36 monthly payments.

Furthermore, 25% of the sum assured at the end of each of the last policy years. Sum assured is 10 times the annualised premium.

3. Maturity

On maturity with Shriram Child Plan, you will get the benefit of the reversionary bonuses and terminal bonus if any.

4. Survival Benefit

Survival benefit refers to the survival of the life assured to the end of each of the last four years of the policy. This is applicable when the policy is in force. Remember, 25% of the sum assured will be paid at the end of each of the last four years.

Eligibility Criteria

The eligibility criteria to avail the benefits under this plan is mentioned below.

Check the premium paying term, policy term and more criteria.

Details Description
Entry Age Minimum- 18 years, Maximum- 50 years
Maturity Age Minimum- 28 years, Maximum- 70 years
Policy Term 10, 15, 20, 25
Premium Paying Term 10, 20, 25
Sum Assured Minimum- Rs. 1,00,000, Maximum- No limit. This is subject to Board approved underwriting policy
Minimum Annualised Premium Rs. 8000
Mode of Payment Yearly, Half-yearly. Quarterly, Monthly

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2. Shriram Life Genius Assured Benefit Plan

Do you ever find yourself thinking about what might happen to your child if you weren’t there? Well, that must have occurred to you at least once. To put your fears to rest, Shriram Life Genius Assured Benefit Plan is here to help your child and keep insured even if you are not around.

Features

1. Death Benefit

You can avail benefit in case of death of the life assured. This can be availed in a lump sum and instalment option. The ‘Death Sum Assured’ will be paid in a lump to the nominee(s) and the policy will end.

2. Maturity

On maturity with Shriram Child Plan, you will avail sum assured plus education support, but this will not be provided in lump sum.

3. Auto Cover

If you pay the premium for two full years and somehow miss out another premium payment even within the grace period, an auto cover will be initiated for you. You will be eligible for the auto cover.

Eligibility Criteria

The eligibility criteria to avail the benefits under this plan is mentioned below. Check the premium paying term, policy term, minimum age, etc..

Details Description
Entry Age 18 to 45 years
Maximum Maturity Age 63 years
Policy Term 10 to 18 years
Premium Paying Term 10 years
Sum Assured Minimum- Rs. 2,00,000 Maximum: No limit (subject to board approved underwriting policy)
Annualised Premium Minimum: Rs. 21,732, Maximum: No limit (subject to board approved underwriting policy)
Premium Payment mode Annual or Monthly

Shriram Life Insurance Customer Care Number

You can contact Shriram Life insurance for queries on 1800 3000 6116. Alternatively, you can get in touch via mail at customercare@shriramlife.in.

Conclusion

Shriram Child Plan is a great way to fund your children’s future needs and secure their life once and for all. Read all the policy-related documents carefully before applying.

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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