Shriram New Akshay Nidhi Plan 2023 Benefits, Features, Details, Review

Shriram New Akshay Nidhi Plan – Shriram Life New Akshay Nidhi is an arrangement that assists you with satisfying your monetary responsibilities and objectives by turning out revenue at customary stretches. Additionally, the plan provides death and maturity benefits. Each year, bonuses are announced, which increase the maturity value and the plan’s life coverage. Customers who meet the requirements are eligible for the insurer’s attractive sum assured rebates. You can also get a discount and the option to pay your premiums in advance with Shriram Life Insurance. By purchasing optional riders from the insurer at a low cost, you can increase the coverage provided by the policy.

Are you looking to retire comfortably in your later years? If so, you’ll want to take a look at the Shriram New Akshay Nidhi Plan 2023. This retirement plan offers generous contributions and guaranteed returns, so you can rest assured that your money will be safe and secure. Plus, the plan is easy to use – all you have to do is make your initial deposits and watch your savings grow over time. If you’re ready to retire on a solid financial footing, the Shriram New Akshay Nidhi Plan 2023 is the perfect option for you!

Shriram New Akshay Nidhi Plan 2023

In this Plan, on survival of the Life Insured, a pre-defined percentage of the Sum Assured is paid as Survival Benefit at the end of every 5 policy years which depends on the Policy Tenure. For a 15 year policy, 25% of the Sum Assured is paid at the end of 5th and 10th Policy Year as Survival Benefit and for a 20 year policy, 20% of the Sum Assured is paid at the end of the 5th, 10th and 15th Policy Year as Survival Benefit. On survival till the end of the Policy Tenure, the remaining amount, i.e. 50% for a 15 years policy and 40% for a 20 years policy is paid to the policyholder as Maturity Benefit and the policy terminates.

Shriram New Akshay Nidhi Plan 2023 is very important for the people of India. This is because this plan will help to improve the quality of life for all Indians. It will also help to reduce poverty and unemployment. In addition, this plan will help to improve the healthcare system in India. Finally, this plan will help to reduce the budget deficit in India. So what are the details of this plan? Read on to find out!

Shriram New Akshay Nidhi Plan

Shriram New Akshay Nidhi Plan 2023 Details

Name Of Article Shriram New Akshay Nidhi Plan
Shriram New Akshay Nidhi Plan Click Here
Category Insurance
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What is the Plan all About?

The Shriram New Akshay Nidhi Plan helps you achieve your financial objectives, such as planning for life after retirement and the education and marriage of your children. In addition to maturity benefit and life insurance, this plan provides benefits for periodic survival.

Eligibility – Who is the Shriram Life New Akshay Nidhi plan for?

If you are an individual, the Shriram Life New Akshay Nidhi plan is available to you. If you are a joint family, the plan is available to all members of the joint family excluding the non-residential members. If you are a company, the plan is available to all employees who are permanent and enrolled in company insurance benefits.

To purchase the Shriram Life New Akshay Nidhi plan, a customer must meet certain eligibility requirements. The following table lists these factors:

Parameter Eligibility
Minimum Entry Age 30 days
Maximum Entry Age 60 years
Minimum Maturity Age 18 years
Maximum Maturity Age 75 years
Policy Term 15, 20, or 25 years
Premium Payment Term Equal to policy term

Sum Assured and Premium Range – What you get and what it costs?

Sum Assured:

Under the Shriram Life New Akshay Nidhi plan, the policyholder receives maturity benefit, regular survival benefit, and death benefit. The guaranteed minimum is Rs. 1,50,000.The policy’s maximum amount guaranteed is subject to underwriting considerations.

Premium:

The customer’s age, the amount of coverage, and the length of the policy all affect the premium. Premiums can be paid annually, semiannually, quarterly, or each month. The installment premium is the annual premium multiplied by the following modal factors when premiums are paid in frequencies other than the annual mode:

Mode Factor
Half-yearly 0.52
Quarterly 0.265
Monthly 0.09

Plan Coverage – What the Shriram Life New Akshay Nidhi plan covers?

Death Benefit The higher of the following is the guaranteed death benefit:

  • If the policyholder is younger than 45 years old,
  • they will pay 10 times the annual premium;
  • if they are older than 45 years old, they will pay 7 times the annual premium.
    Guaranteed base amount.
  • Sum assured upon death, in addition to the terminal bonus and the accrued reversionary bonus
Maturity Benefit The accrued reversionary bonus and terminal bonus will be paid as maturity benefit if the life insured survives the policy term.
Survival Benefit When the policy term is 15 years:

  • As a survival benefit, 25% of the basic sum assured is paid out at the end of the fifth policy year.
  • As a survival benefit, 25% of the basic sum assured is paid out at the end of the 10th policy year.
  • The survival benefit is 50 percent of the basic sum assured at the end of the 15th policy year.

 

When the policy term is 20 years:

  • As a survival benefit, 20% of the basic sum assured is paid out at the end of the fifth policy year.
  • As a survival benefit, 20% of the basic sum assured is paid out at the end of the 10th policy year.

policy term is 25 years:

  • As a survival benefit, 20% of the basic sum assured is paid out at the end of the fifth policy year.
  • As a survival benefit, 20% of the basic sum assured is paid out at the end of the 10th policy year.
  • As a survival benefit, 20% of the basic sum assured is paid out at the end of the 15th policy year.

Exclusions – What the Shriram Life New Akshay Nidhi plan doesn’t cover?

Suicide Exclusion: No matter how sane the life insured is, if they kill themselves within a year of the policy’s inception, the nominee receives 80% of the premiums paid. The payout is the highest of 80% of the paid premiums until death or the surrender value if the life insured takes their own life within one year of the policy’s revival date.

Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

  • 3% of the base premium applies to sums assured between Rs. 5 lakhs and Rs. 9.999 lakhs;
  • 4% of the base premium applies to sums assured above Rs. 10 lakhs.
Reversionary bonus Attached to the policy, the company may declare simple reversionary bonuses, including interim bonuses.
Terminal bonus At maturity and upon death, the insurer might offer a terminal bonus. This bonus is contingent on the participating business and current economic conditions.
Rider protection The plan can be enhanced with the addition of additional riders by paying the rider premium for regular premium policies. The following riders may be attached to the plan:
Sum assured rebate
Grace period In the event that the policyholder has not paid due charges, he/she gets a beauty time of 30 days for the installment. The life cover works during the grace period. The nominee receives the death benefit less any outstanding premiums if the life assured passes away during this time period.
Discontinuance of premiums The policy will expire if the outstanding premiums are not paid prior to the end of the grace period. In this situation, no further advantages under the arrangement are payable.
Policy revival Within the two-year revival period, the policyholder can revive a paid-up or lapsed policy. He or she would be responsible for all outstanding premiums and interest.
Policy surrender After the minimum of three years’ worth of premiums have been paid, the policy’s surrender value is acquired .A percentage of the premiums paid is the guaranteed surrender value.
  • Under Section 80C of the Income Tax Act, premiums paid for the Shriram Life New Akshay Nidhi plan are eligible for tax benefits.
  • Under Section 10(10D) of the Income Tax Act, the policy’s maturity benefit and death benefit are eligible for tax rebates.

Other Benefits: How the Shriram Life New Akshay Nidhi plan can help you save money

Extra advantages of purchasing the Shriram Life New Akshay Nidhi plan from the guarantor include:

  • Application online: From Shriram Life Insurance’s website, customers can easily purchase insurance policies.
  • Customer service: The insurer’s customer support team is excellent and responds promptly to all inquiries. The email address for the customer support team is [email protected]

Product Specification:

Minimum

Maximum

Entry Age (Last Birthday)

30 days

60 years

Maturity Age (Last Birthday)

18 years

75 years

Policy Term (PT) in years

15

25

Premium Paying Term (PPT) in years

Equal to policy term

Premium Paying Frequency

Annual, half-yearly, quarterly, monthly

Yearly Premium

Depends on Sum Assured

Sum Assured

150,000

No limit

Why should you choose Shriram Life Insurance to purchase the New Akshay Nidhi Plan?

Are you looking for a life insurance plan that offers great value for your money? Well, look no further than Shriram Life Insurance. Our New Akshay Nidhi Plan is a great option for those who are looking for comprehensive protection with minimal out-of-pocket expenses. Plus, our plans are backed by world-class customer service and a team of experienced experts. If you’re ready to take your life insurance needs to the next level, call us today!

With over 528 locations across the country, Shriram Life Insurance is a well-known insurance company in India. The organization has overseen above Rs.1,020 crores in income, and has a huge client base too. Shriram Life Insurance offers policies for rural customers as well as ULIPs, group plans, and basic term insurance plans. Additionally, Shriram Life Insurance has won numerous awards for its excellent customer service and marketing strategies. The business received:

  • The ‘Best Life Insurance Company’ award in the private sector in 2016.
  • The ‘Indian Insurance Award’ for best non-urban coverage in 2016.

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