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Shriram Life's Shri Vivah is a regular premium endowment plan designed to provide financial support to the family of a deceased policyh older, especially during events such as children's marriage. The policyholder here can choose anywhere between 7 and 25 years as the policy term.
Key Features
The unique selling point of Shri Vivah is its structured death benefit that this policy proclaims to give to the nominee. In the event of the death of the policyholder during the policy term, the scheme will pay death benefit to the nominee in three tranches:
(a) An amount equal to sum assured and vested bonuses, if any, immediately on death
(b) A sum equal to 1% of the sum assured per month till the end of the policy term
(c) One further sum assured at the end of the policy term i.e. on maturity
Shriram Life's Shri Vivah clearly scores on the death benefits that it proclaims to pay to the nominee of the policyholder. In fact, in the event of early death of the policyholder, say, within a few years of taking the policy, the scheme can end up paying more than three times the sum assured to the nominee.
The payment of monthly income throughout the policy term also ensures that the family of the deceased is not deprived of a regular source of income.
While the death benefits are far too lucrative, for survival benefit, only the amount of sum assured along with vested bonuses is payable. As the premiums charged by this scheme are high, in the event of policyholder surviving the entire insurance term, the premiums paid are likely to exceed the survival benefit.
We, thus, recommend this scheme for insurance rather than investment needs.
Assuming the age of the policyholder is 30 years and the policy term is of 25 years for a sum assured of 10,00,000, the annual premium payable will be 44,527.
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