State Life Insurance Policy Shehnai Plan (Table-77)

The Shehnai Plan (Table-77) by State Life Insurance is a specialized life insurance product designed to help parents secure their children’s future financial needs. This plan is particularly aimed at addressing significant milestones in a child’s life, such as higher education, marriage, or other major expenses. It combines savings and protection features, ensuring that parents can plan for their child’s future with peace of mind.

Key Features of the Shehnai Plan

1. Eligibility Criteria

• Minimum Entry Age: 20 years
• Maximum Entry Age: 60 years
• Maximum Age at Maturity: 70 years

This wide eligibility range ensures that individuals across various age groups can take advantage of this policy to secure their children’s future.

2. Inflation Protection

One of the standout features of the Shehnai Plan is its built-in mechanism to combat inflation. Starting from the third policy year onward:

• The sum insured automatically increases by 6% annually.
• The premium also increases by 6% annually, ensuring that the policy’s value keeps pace with rising living costs.

This feature makes it an ideal choice for long-term financial planning in an ever-changing economic environment.

3. Maturity Benefits

The policy matures when the child reaches the age of 25 years. At maturity:

• The accumulated cash value, including all bonuses, is paid to the child.
• The payout can be received either as a lump sum or in five equal annual installments, offering flexibility based on individual preferences.

4. Death Benefit

In case of the unfortunate death of the insured during the policy term:

• Premium payments are waived off.
• The sum insured applicable at the time of death is deferred and becomes payable when the child turns 25.
• Additionally, this sum insured is added to the “adjusted opening cash value,” creating an “enhanced cash value.” This enhanced cash value continues to participate in State Life’s surplus until it is paid out.

This ensures that even in unforeseen circumstances, your child’s financial security remains intact.

5. Participation in Surplus

The Shehnai Plan participates in State Life’s surplus profits:

• Policyholders receive a bonus currently set at Rs 105 per thousand per annum on the adjusted opening cash value. This participation enhances the overall returns on your investment over time.

6. Surrender Value

The policy acquires a surrender value after being active for at least two consecutive years (provided no premiums are overdue). If needed, policyholders can request a quote for this surrender value from State Life.

Why Choose Shehnai Plan?

The Shehnai Plan offers a comprehensive solution for parents who want to ensure their child’s financial stability while addressing long-term goals like education and marriage expenses. Its unique combination of savings, inflation protection, and participation in surplus profits makes it one of the most reliable options available today.