Professional Documents
Culture Documents
SHRIRAM AKSHAY NIDHI (UIN:128N023V01)
Financial necessities crop up at every stage of life – for instance child’s education, marriage etc. To support
you financially at such junctures, Shriram Life offers you a money back policy which helps in realizing your
dreams by providing periodic payments along with adequate insurance coverage.
SHRIRAM AKSHAY NIDHI is a regular premium money back policy with participation in profits. Premiums
are payable at regular intervals during the term of the policy. This plan comes with full insurance
protection throughout the term of the policy, irrespective of survival benefits paid.
KEY FEATURES:
9 Flexible premium payment in 3 different modes‐yearly, half‐yearly and quarterly.
9 Periodic survival benefits.
9 Option to choose a term that suits your needs.
9 Death benefits are full sum assured at any point of time during the term of the policy.
9 Participation in the profits of the company by receiving bonus.
9 Option to choose accident benefit rider along with base plan.
BENEFITS UNDER THE PLAN:
Event Benefit payable
On survival of life assured up to the end of every Periodic lump sum payments known as survival
5th year from the date of commencement of the benefits will be paid to the policyholder. In case
policy but before the end of the term. Life Assured is minor, the survival benefits will be
paid to the proposer.
1
On survival of life assured up to the end of the Sum assured less than the total amount of survival
term. benefits already paid together with vested bonus
will be paid to the policyholder.
On death of life assured during the term of the Sum Assured along with the bonus vested (if any)
policy. on the policy will be paid to the nominee
irrespective of survival benefits paid. In case of
policies issued to minor lives, the death benefit
shall be paid to the Proposer if the L.A is minor at
the time of death or to the nominee if the policy
has already been vested to the L.A by the time of
death.
SURVIVAL BENEFITS:
For every Rs.1, 000/‐ Sum Assured, life assured will be entitled to the following periodic payments
depending upon the term chosen:
At the end of Term
15 20
5th year 250 200
th
10 year 250 200
15th year 500 200
th
20 year ‐ 400
ENTRY CRITERIA:
Condition Limit
Minimum age at entry 7 years last birthday
Maximum age at entry 60 years last birthday
Maximum age at maturity 75 years
Minimum sum assured Rs.1,00,000/‐
Policy term 15 years to 20 years (fixed)
OPTIONS AND CONDITIONS UNDER THE PLAN:
• Age Proof: A standard age proof will have to be submitted along with the proposal form.
• Premium Payment Modes: Policy holder has an option to pay the premiums in 3 different
modes yearly, half yearly and quarterly. In case of minor lives, the Proposer will pay premiums.
If the Proposer dies, the premiums shall be paid from the estate of the Proposer.
2
• Vesting Rules in case policies issued to minor lives: On attaining majority, the policy shall not
be vested automatically, but on request of the Proposer, it will be assigned to the Life Assured.
• Rebate Under Mode:
Yearly 1.5% of tabular premium
Half Yearly 0.75% of tabular premium
• Rebate for High Sum Assured:
Sum Assured Rebate
Rs.1,00,000 to 1,99,000 Nil
Rs.2,00,000 to Rs.2,99,000 Rs.2 per thousand
Rs.3,00,000 and above Rs.3 per thousand
• Grace Period: A grace period of one month, but not less than 30 days will be available for the
payment of premiums. In case the premiums is not paid within the grace period, the policy
lapses.
• Income tax Benefit: “As per the current tax laws, the premium payable under this policy are
eligible for deductions as per the provisions of the Sec 80 C of the Income Tax Act, 1961 subject
to the conditions specified therein. Also the benefits receivable from the policy are exempt from
the income tax under the Sec 10(10D) of the income Tax Act, 1961.
Tax laws are subjected to change from time to time. It is therefore advised that the proposer
may consult his tax advised for details.”
• Revival of the Policy: if the premium due is not paid within the grace period, the policy lapses.
However, Policyholder has an option to revive the policy by paying the arrears of the premium
together with interest within a period of five years from the due date of first unpaid premium
subject to submission of evidence of good health and the continued insurability of the life
assured to the satisfaction of the company. The rate of interest charged by the company will be
determined from time to time.
• Paid Up: If the payment of premium is discontinued after paying for a minimum of three years
and three years have elapsed from the date of commencement of the policy, then such a policy
will not lapse but will be provided till the end of the term. Further survival benefits are not paid.
Paid up value = Sum Assured *(Amount of premiums paid Divided by total amount of premiums
payable during the policy term)
A Policy which becomes paid up will not participate in future profits but any vested bonus along
with paid up value will be given on death or maturity whichever is earlier.
3
• Surrender: Policyholder can surrender his policy provided three years have elapsed from the
date of the commencement of the policy and three years premiums have been paid. On
surrender, policyholder will receive surrender value and the policy will terminate.
The Guaranteed surrender values will be equal to 30% of the premiums paid, excluding the first
year premium, extra premiums and premiums paid for the riders if any reduced by the survivals
benefits paid already.
EXCLUSIONS:
• Suicide: If the Life Assured commits suicide for any reason, whether sane or insane, within one
year from the date of acceptance of the policy no benefits shall become payable under this
policy. Also if the Life Assured commits suicide within one year from the date of reinstatement
of the policy, the death benefit to the Guaranteed Surrender Value, if any, along with the vested
bonus will be paid. Riders Sum Assured, if any, will not be paid in either case.
• Loans: No loans will be granted under this plan.
• Occupational Exclusions: Hazardous occupations such as steeple chasing, sea diving,
mountaineering, hunting and racing of any kind will not be accepted. However, there are no
restrictions on travel and future occupation.
• Insurance cover is not extended after the policy term.
ADDITIONAL BENEFITS:
The proposer has got the option to select the following rider to be attached to the policy at the time of
proposal.
1. ACCIDENT BENEFIT RIDER (UIN:128B001V01)
Please refer to the relevant rider brochure for further information.
FREE – LOOK PERIOD:
If you are not satisfied with the ' Terms and Conditions of the Policy' the policy can be returned to the
Company within 15 days of receipt of the policy. However, the company reserves the right to deduct
necessary charges for Insurance Cover / Accident Benefit Rider cover for the duration of the free look
period together with the cost of issuance of the policy.
Section 41 of Insurance Act, 1938
• No person shall allow or offer to allow, either directly or indirectly, as an inducement to any
person to take out or renew or continue an insurance in respect of any kind of risk relating to lives
or property in India, any rebate of the whole or part of the commission payable or any rebate of
the premium shown on the policy nor any person taking out or renewing or continuing a policy
accept any rebate except such rebates as may be allowed in accordance with the published
prospectuses or tables of the insurer: provided that acceptance by an insurance agent of
commission in connection with a policy of insurance taken out by himself on his own life shall not
4
be deemed to be acceptance provided the insurance agent satisfies the prescribed conditions
establishing that he is a bone fide insurance agent employed by the insurer.
• Any person making default in complying with the provisions of this section shall be punishable
with a fine which may extend to Rs.500/‐
Section 45 of the Insurance Act, 1938:
No policy of life insurance effected before the commencement of this Act shall, after the expiry
of two years from the date of commencement of this Act, and no policy of life insurance
effected after the coming into force of this Act shall, after the expiry of two years from the date
on which it was effected, be called in question by an insurer on the ground that a statement
made in the proposal for insurance or in any report of a medical officer, or referee, or friend of
the insured, or in any other document leading to the issue of policy, was in accurate or false,
unless the insurer shows that such statement was on a material matter or suppressed fact which
it was material to disclose and that it was fraudulently made by the policyholder and that the
policyholder knew at the time of making it that the statement was false or that it suppressed
facts which it was material to disclose.
ABOUT THE COMPANY:
A pan India presence with over 160 branches and with over 21,000 insurance advisors, Shriram Life is
your trusted partner for prosperity. At Shriram Life we strive to provide our customers with elegant
solutions tailored to individual needs.
ADDRESS:
UIR No: SLIC/BROC/AUG/2010/8
5
SHRIRAM ACCIDENT BENEFIT RIDER (UIN: 128B001V01)
The Rider can be taken along with the basic plan, which can be chosen by the life assured, for a nominal
single premium at the taking the policy,subject to the condition that the total premium under all these
additional benefits shall not exceed 30% of the basic plan premium.
BENEFITS UNDER THE POLICY:
In the event of the death of the life assured due to an accident or in the event of the life assured
becoming totally and permanently disabled due to an accident within the policy term, additional sum
assured will become payable.
Granting of the disability benefit automatically cancels the accident benefit option under the policy.
Accidental death is defined as that which is caused by violent, accidental, and external and visible means
and independently of any physical or mental illness. Accidental injuries, solely, directly and independently
of all other causes resulting in death of the life assured within 180 days from the date of accident, shall be
considered as death due to accident.
The disability referred above should be disability, which is the result of an accident and must be total and
permanent and such that the life assured then or at a later date, shall not undertake any work, occupation
or profession to earn or obtain any wages or compensation or profit. Accidental injuries, excluding due to
other causes and within 180 days from the date of accident result in irrevocable loss of the entire eye sight
of both eyes or the amputation of both hands above the wrists, or in the amputation of both feet at or
above the ankles or in the amputation of one hand at or above the wrist and one leg at or above the
ankle, shall be deemed to be total and permanent disability.
ELIGIBILITY CONDITIONS
CONDITION LIMIT
Minimum age at entry 18 years age last birthday
Maximum age at entry 65 years age last birthday
Maximum age at maturity 70 years age last birthday
Minimum policy term 6 years
Maximum policy term 25 years
Note: The sum assured under the rider shall not exceed the sum assured under the basic policy.
AGE:
Age is determined by the last birthday i.e. the completed number of years.
PAYMENT OF PREMIUM:
Premiums can be paid yearly, half‐yearly or quarterly. No rebates are allowed under the riders.
1
SURRENDER VALUE & PAID UP VALUE:
No surrender value or paid up value will be available under the rider.
LOAN:
Not available under the rider.
INCOME TAX BENEFITS:
The premiums paid under the policy will be eligible for deduction as per Sec 80C of the Income Tax Act,
1961 subject to the conditions specified therein.
Benefits received from the policy are exempt from Income Tax under Sec 10(10D) of the income tax Act,
1961.
Tax Laws are subjected to change from time to time. It is therefore advised that the proposer may consult
his tax advisor for details.
OCCUPATION EXCLUSIONS:
Hazardous occupations such as steeple chasing, sea diving, mountaineering, haunting and racing of any
kind are excluded for riders.
EXCLUSIONS UNDER RIDER:
The benefits under the riders are not payable, if total and permanent Disability or death occurs as a result
of:
• Intentional self injury, attempted suicide, insanity, immorality or while the life assured is under
the influence of alcohol, drugs or narcotics.
• An Accident while the life assured is engaged in aviation or aeronautics other than as a fare
paying passengers.
• Injuries caused by riots, civil commotion, rebellion, war (whether war is declared or not),
invasion, hunting, mountaineering, steeple chasing or racing of any kind.
• The life Assured committing any breach of law.
SECTION 41 OF THE INSURANCE ACT 1938:
• No person shall allow or offer to allow, either directly or indirectly, as an inducement to any
person to take out or renew or continue an insurance in respect of any kind of risk relating to
lives or property in India any rebate of the whole or part of the commission payable or any
rebate of the premium shown on the policy nor shall any person taking out or renewing or
continuing a policy accept any rebate except such rebates as may be allowed in accordance with
the published prospectuses or tables of the insurer.
• Any person making default in complying with the provisions of this Section shall be punishable
with a fine which may extend to Rs. 500/‐.
2
SECTION 45 OF THE INSURANCE ACT 1938:
No policy of life insurance effected before the commencement of this Act shall, after the expiry of two
years from the date of commencement of this Act, and no policy of life insurance effected after the
coming into force of this Act shall, after the expiry of two years from the date on which it was effected,
be called in question by an insurer on the ground that a statement made in the proposal for insurance or
in any report of a medical officer, or referee, or friend of the insured, or in any other document leading
to the issue of policy, was in accurate or false, unless the insurer shows that such statement was on a
material matter or suppressed fact which it was material to disclose and that it was fraudulently made
by the policyholder and that the policyholder knew at the time of making it that the statement was false
or that it suppressed facts which it was material to disclose.
ABOUT THE COMPANY:
A pan India presence with over 160 branches and with over 21,000 insurance advisors, Shriram Life is
your trusted partner for prosperity. At Shriram Life we strive to provide our customers with elegant
solutions tailored to individual needs.
ADDRESS:
UIR No: SLIC/BROC/SEPT/2010/5
3
SHRIRAM LIFE INSURANCE COMPANY LIMITED
BENEFIT ILLUSTRATION – SHRIRAM AKSHAY NIDHI
Some benefits are guaranteed and some benefits are variable with returns based on the future
performance of your insurer carrying on life insurance business. If your policy offers guaranteed
benefits, then these will be marked “guaranteed" in the illustration on this page. If the policy offers
variable returns then the illustrations on this page will show two different rates of assumed future
investment returns. These assumed rates of returns are not guaranteed and they are not the upper or
lower limits of what you might get back, as the value of the policy is dependent on a number of factors
including future investment return.
ILLUSTRATION:
Age at entry : 30 years
Policy Term : 15 years
Mode of Annuity Payment : Yearly
Sum Assured : Rs.1,00,000
Annual Premium (After Rebate) : Rs.8746.80
Benefits payable on death before the Total Maturity
Total Death Benefit Survival/Maturity benefit payable
Benefit
End Total
end of policy term
of premium
year paid
Non guaranteed* Scenario Non guaranteed* Scenario Scenario
Guaranteed Scenario 1 Guaranteed
2 Scenario Scenario 1 2
Scenario 1 Scenario 2 1 2
15 131202.00 100000 34500 66000 134500 166000 50000 34500 66000 84500 116000
* Bonus under this plan
Note:
(1) This illustration is applicable to a non-smoker male/female standard (from medical, life style and
occupation point of view) life.
(2) The non guaranteed benefits are reversionary bonuses calculated based on projected investment
return by Shriram Life Insurance Company ltd at the rate of 6% p.a under scenario 1 and 10% per annum
under scenario 2 respectively, throughout the term of the policy.