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A child plan is an insurance policy that insures the parents to ensure that the childs financial needs are looked after. A child plan can be customized to get payments at important milestones of the childs life. As a result, every modern day parent and their children need to be protected with a child insurance plan. These plans are specially needed for people who have tall ambitions for their children and wish to educate them in the top schools and college, in India and abroad. The plans are also very beneficial for parents who do not have a huge income but want their children to have a smooth education and lavish wedding later on. Child plans help in building up funds that make all these dreams come true. Does a mid-level wage earner need a child plan? Perhaps, people with mid-level earnings most require the child plans. And since the majority of the urban Indian population fall in this category, we see more and more people opting for child plans every day. A child plan helps you to build up a corpus for the future education costs of your child. Since a middle class person would find it difficult to arrange a huge fund at one go, building a fund over time helps. Then, a child plan also covers the life of the parent and if he or she dies, the plan remains active. The premium is waived but the child still receives the funds when needed. So this makes it very suitable for the middle class, who usually do not have a lot of money to fall back on in a testing financial situation. Does a successful businessman need a child plan? A successful businessman may have a huge bank balance and may think that the funds will suffice for his childs future educational costs. While that is probable, in the modern day life we cannot predict anything. In an unfortunate situation, the tide may turn and the business may plunge into severe losses, eating away all the funds in the bank. As a result, even a rich and successful businessman needs to have a child plan to ensure that if he ever faces a challenging economical situation, his childs education and future will remain unaffected. Does a single parent need a child plan? A single parent most definitely needs a child plan! Normally, if one parent dies, the other may be able to work and provide for the child. But when the child has only one parent, the risks are too high and under all circumstances does his/her future need to be secured.

1. How to pay a premium? What are the modes of payment available? Shriram Life Insurance Company offers 6 modes of premium payment namely: Cash payment at the branch Payment at the Axis Bank Online Payment NEFT ECS Pay Via Mobile For the online payment mode, the policyholder can pay via; Credit Card, Debit Card Net banking 2. How can I check policy status for Shriram Life child plans? To check policy status you can log into the e-portal with your valid credentials. 3. What is the policy renewal process for Shriram Life child plans? The Shriram Life Insurance company provides facility to renew the policy online. Step 1: Sign into the e-Portal with policy details Step 2: Select payment option (Bank, Debit/credit Card) to pay Step 3: Save/print e-receipt You can renew your policy via Mobile, please visit e-portal 4. What is the companys process to settle claim for Shriram Life child plans? For the claim, the nominee must submit the valid documents along with the claims form at the nearest branch. Upon successful validation of documents the claim is fully settlled within a few days. 5. What is the policy cancellation process for Shriram Life child plans? Walk into the nearest branch of the Shriram Life insurance company with the policy documents. Surrender them and within a couple of days the refund will be directly credited into your bank. Gold Rate in Tamilnadu

Online The company offers specific plans which are available online only. The customer only needs to log into the companys website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued Intermediaries Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process. Applying For Child Plans through PolicyBazaar On the PolicyBazaar homepage, click on Child Plans under the Personal tab. Click New Quotes to compare and choose from top insurance providers. Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue. Fill in your name, email address, city, country code, and mobile number. Click Continue. You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan. You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed. This will take you to the insurers website. Fill in the necessary details to buy the plan.

Shriram Life Insurance Company deals in two types of child insurance plans which are both traditional plans in nature. The child education plan with their complete details are listed below: Shriram New Shri Vidya Plan The plan is a money-back child plan and has the listed benefit structure: The plan qualifies for bonus declarations The premiums can be paid either for the entire duration of the plan under the Regular Pay option or for a limited tenure under the Limited Pay option of premium payment. 25% of Sum Assured is paid during the last 4 years of the term as money-back benefits if the insured survives till that period On maturity of the policy, the total vested reversionary bonuses and Terminal Bonus, if available, is payable to the policyholder If death occurs, the benefit paid will be the higher of basic Sum Assured plus the Additional Death Benefit or 10/7 times the premium payable annually including the vested reversionary bonuses and any Terminal Bonus. The Additional Death Benefit is calculated by adding up the discounted value of the money-back benefits payable in the last 4 years of the policy and the inbuilt Family Income Benefit The Family Income Benefit pays 1% of Sum Assured every month after the insured dies and till the completion of the policy tenure The nominee can avail the death benefit in lump sum or choose to receive the money-back benefits as and when they accrue, i.e. in the last 4 years of the plan and the monthly Family Income Benefit of 1% of the Sum Assured following the date of death till the end of the tenure. Loan can be availed under the plan which can be a maximum limit of 90% of Surrender Value The plan can be customized by availing additional riders like Accident Benefit Rider, Shriram Extra Insurance Cover and Shriram Critical Illness Cover Rider. Discounts are allowed to policyholders if the premiums are paid in advance Rebates in premium is also allowed for opting for Sum Assured levels of Rs.5 lakhs and above