Secure your child's future today with the Shriram Life New Shri Vidya
FAQ's related to Shriram New Shri Vidya Plan
Do child insurance plans make sense?
Yes, child insurance plans make sense since they help you create a secured corpus for your child's future needs.
Is New Shri Vidya a future savings plan?
New Shri Vidya is a savings-oriented life insurance plan which serves as a child future plan since the plan allows you to create a corpus for the future and also enjoy insurance protection.
How are the additional death benefits paid for the Shriram New Shri Vidya plan?
You can receive the additional death benefits paid out under the Shri Vidya policy in two ways:
- In a lump sum
- 25% of the sum assured in a lump sum in the last four years of the policy plus the family income benefit. Under the family income benefit, 1% of the sum assured will be paid each month after demise until the end of the term. The payout will be made for a minimum of 36 months after demise.
What riders can I choose under the Shriram New Shri Vidya plan?
You can choose three riders under a Shriram child insurance plan. These include:
- Accident Benefit Rider - You will receive an additional benefit in case of accidental death during the policy term. Moreover, future premiums are waived in the case of total or partial disability.
- Shriram Extra Insurance Cover Rider - This assures an additional benefit if the insured passes away during the policy term.
- Shriram Life Critical Illness Plus Rider - This rider covers 24 critical illnesses. If the insured is diagnosed with any covered illness during the policy term, the rider sum insured will be paid.
What is the grace period if I miss the premium payment within the due date for the Shriram New Shri Vidya plan?
Under the Shri Vidya policy, you are allowed a grace period of 30 days for all premium payment frequencies, except the monthly mode. For monthly premiums, the grace period is 15 days.
Does the New Shri Vidya plan use my premium money in the share market?
The New Shri Vidya plan is a traditional savings plan that does not put your premium in the share market.
What is the sum assured under the policy?
The sum assured starts from ₹1 lakh. There is no maximum limit. You can choose a sum assured based on your needs, subject to underwriting approval.
How much do I need to pay for the New Shri Vidya plan?
The premium depends on your age, the sum assured selected, riders, term, etc. The minimum premium starts at ₹8,000 per annum.
How many riders can I buy with the New Shri Vidya plan?
There are three riders available under the New Shri Vidya plan. You can choose one or more riders based on your needs.
For how long am I covered against premature death?
You are covered up to the policy tenure that you choose. The maximum term is 25 years.