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FAQs
What are the premium payment components of the Shriram Life New Akshay Nidhi plan?
The premium payments paid for the Shriram Life New Akshay Nidhi plan include three components: demise benefit, maturity benefit, and survival benefit.
What is the demise benefit of the Shriram Life New Akshay Nidhi plan?
The demise benefit of the Shriram Life New Akshay Nidhi ensures that the nominee or beneficiary receives the sum assured on demise, along with any accrued reversionary and terminal bonuses. It will be at least 105% of all premium payments paid up to the date of demise.
What is the maturity benefit of the Shriram Life New Akshay Nidhi plan?
If the life assured survives until the end of the Shriram Life New Akshay Nidhi Policy tenure, they will receive any accrued reversionary and terminal bonuses.
What is the survival benefit of the Shriram Life New Akshay Nidhi plan?
The policy provides periodical payments as a percentage of the basic sum assured to the policy holders if they survive until the end of every fifth year under Shriram Life New Akshay Nidhi. The amount of payment depends on the Policy tenure.
What is the sum assured on the demise of the Shriram Life New Akshay Nidhi plan?
The sum assured on demise under Shriram Life New Akshay Nidhi is calculated based on the higher value between 10 times the annualized premium payments and the basic sum assured chosen by the policy holders during the proposal.
What are the eligibility criteria for the Shriram Life New Akshay Nidhi plan?
The entry age of the policy holders for Shriram Life New Akshay Nidhi should be a minimum of 30 days and a maximum of 55 years, and the age at maturity should be a minimum of 18 years and a maximum of 70 years. The Policy tenure can be 15, 20, or 25 years, and the premium payments-paying term is equal to the Policy tenure.
What are the minimum annual premium payments for the Shriram Life New Akshay Nidhi plan?
The minimum annual premium payment for the Shriram Life New Akshay Nidhi plan is ₹10,000.
What is the range of sum assured on the Shriram Life New Akshay Nidhi plan?
The minimum sum assured is ₹1,00,000, and there is no limit to the maximum sum assured, subject to the board-approved underwriting Shriram Life New Akshay Nidhi policy.
What is the high sum assured rebate on the Shriram Life New Akshay Nidhi plan?
Policy holders are eligible for a premium payments rebate based on the sum assured band they select under Shriram Life New Akshay Nidhi. The premium payments rebate ranges from 2% to 5% for a sum assured of ₹2.5 lakh to ₹10 lakh and above.
What does the Shriram Life New Akshay Nidhi plan cover?
The Shriram Life New Akshay Nidhi plan covers demise benefits, maturity benefits, and survival benefits. Additional protection via riders such as the Accident Benefit Rider, Family gain Benefit Rider, Shriram Critical Illness Plus Rider, and Shriram Extra Insurance Cover Rider can also be added to the policy.
What is not covered under the Shriram Life New Akshay Nidhi plan?
The Shriram Life New Akshay Nidhi plan does not cover education benefits for the child in case of the policy holders' demise during the policy tenure. Fraudulent claims are also not covered under this plan. In addition, the policy includes a Suicide Clause, which provides coverage for demise due to suicide within 12 months of policy issuance or revival.