Shriram Life Immediate Annuity Plus is a non-participating, non-linked, and single premium plan suitable for individuals who are looking for a stream of income after retirement. It is an affordable, hassle-free, and simple insurance plan that ensures the financial security of you and your family. In case of an unfortunate event like death, this plan will help your family in decreasing their loans. You can choose from 8 annuity options. Once you have made your choice, you will not be able to change your policy option in future. However, you will be given the option to choose your policy during the free look period.
If a customer wishes to purchase the Shriram Life Immediate Annuity Plus Plan, he/she will have to fulfill certain eligibility conditions with respect to his/her age and the amount of coverage required. The eligibility criteria is as detailed below:
|Minimum Entry Age||For joint life options, the minimum entry age is 18 years. Otherwise, the last birthday age is 0 years.|
|Maximum Entry Age||A maximum age of 85 years age as on last birthday. There is no maximum age limit for the nominee of the company's deferred pension policyholders.|
|Maximum Exit Age||There is no maximum exit age. The policy will get terminated on the death of the policyholder.|
|Premium Paying Term||Single|
|Policy Term||Entire Life|
|Annuity Mode||Annually, half-yearly, quarterly, or monthly|
Following are the annuity options available for the policyholders under Shriram Life Immediate Annuity Plus:
Sum assured: The amount of sum assured or annuity you get, depends on the annuity plan chosen by you. While the minimum annuity is Rs.12,407, the maximum annuity available per annum is Rs.20,328. The following is the annuity break up:
|Option||Annuity per annum|
|Option 5||An annuity certain for
Premium: The policyholder has to pay a single premium or a single purchase price. Incentive for paying a higher purchase price will be given according to the rise in annuity rate as follows:
|Price paid for purchase||Rise in annuity in Rs. per 1000 price of purchase|
|Up to Rs.4,99,999||0|
|Rs.5,00,000 to Rs.9,99,999||0.25|
|Rs.10,00,000 to Rs.24,99,999||0.50|
|Rs.25,00,000 to Rs.49,99,999||0.75|
|Rs.50,00,000 to Rs.99,99,999||1.00|
|Rs.1 Crore and above||1.25|
The Shriram Life Immediate Annuity Plan provides the following benefits according to the options you choose:
Suicide Exclusion - Irrespective of the sanity of the life assured, if he/she commits suicide within 1 year from the inception of the policy or within 1 year from the revival date, the policy will terminate immediately. The nominee or the beneficiary will receive 90% of the premium paid.
The other key features of the Shriram Life Immediate Annuity Plus Plan are described as below:
|Free-look period||If the policyholder disagrees with any of the provisions in the policy documentation, he/she can return the same back to the insurer stating relevant reasons for the objection. The policy should be returned back within the free-look period of 15 days. The free-look period for policies that were bought through online sales, telephonic purchase, or any other distance marketing channel is 30 days. The insurer will then refund the paid premiums after the deduction of charges for stamp duty and medical examination.|
|Annuity Payouts||The annual payment will be made in arrear once the chosen annuity payment mode ends. Hence, the first annual payment will be made after one year, six months, three months, one month after the date of the end of the policy depending on the mode of annuity chosen i.e., yearly, half yearly, quarterly or monthly respectively.|
|Grace Period||If the policyholder does not pay due premiums within the premium payment due date, the insurer allows an extra time during which the premium can be paid. This interval is referred to as the grace period. The grace period for policies with yearly and half-yearly premium payment frequencies is 30 days. For policies with monthly premium payment frequency, the grace period is 15 days.|
Tax rules are subject to change from time to time. So, you should consult a tax advisor to understand the latest tax rules, before investing in the plan.
Buying a policy from Shriram Life Insurance has its own benefits:
Shriram Life Insurance was established in 2005 and it started business in 2006. With more than 2600 branches and 14,500,00 customers, the Shriram Group has created a quite a reputation for itself. In the last 7 years, it has emerged as one of the strongest and most profitable life insurance company in India. Over the last 9 years, the Shriram Group has grown at with a CAGR of over 40%. The head office of the Shriram group is situated in Belville near Cape Town in South Africa.
This Insurance Company has not partnered with BankBazaarInsurance.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.
*The customer reviews/feedback/opinions expressed on this website are solely of their authors and do not reflect, in any way, the view of BankBazaar Insurance.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.