FAQ's related to Shriram Life New Akshay Nidhi

The premium payments paid for the Shriram Life New Akshay Nidhi plan include three components: demise benefit, maturity benefit, and survival benefit.

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.

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.

 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.

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.

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.

 The minimum annual premium payment for the Shriram Life New Akshay Nidhi plan is ₹10,000.

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.

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.

 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.

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.