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Keeping in mind the increase in life expectancy and soaring medical expenses, Shriram Life Insurance has launched Retirement/Pension plans to help customers accumulate a retirement corpus that would benefit them in their retirement age. With such plans, customers have the benefit of structuring an annuity plan (fixed income), can make partial (33%) tax-free withdrawals or can make a complete withdrawal in the case of a medical emergency, etc.
Listed below are the Retirement/Pension plans offered by Shriram Life Insurance:
With the goal of accumulating wealth or a retirement corpus, Shriram Life Insurance has launched the Shriram Life Pension Plus. The Shriram Life Pension plans comes with several benefits such as death benefits, maturity benefits, free-look period, loyalty additions and gives customers the option of investing in four different funds.
Asset Allocation | |
Debt (Government and Corporate bonds) | 60% to 100% |
Money market/Liquid/Cash | 0% to 40% |
Risk | Low |
Asset Allocation | |
Equities | 20% to 40% |
Debt (Government and Corporate bonds) | 60% to 100% |
Money market/Liquid/Cash | 0% to 40% |
Risk | Medium |
Asset Allocation | |
Equities | 30% to 70% |
Debt (Government and Corporate bonds) | 20% to 50% |
Money market/Liquid/Cash | 0% to 40% |
Risk | Moderately high-risk |
Asset Allocation | |
Equities | 60% to 100% |
Money market/Liquid/Cash | 0% to 40% |
Risk | High-risk |
Plan Name | Entry Age (yrs) | Maturity Age (yrs) | Premium |
Shriram Life Pension Plus | Minimum: 18 years Maximum: 65 years | Minimum: 40 years Maximum: 80 years | Minimum: Regular: Yearly: Rs.25,000 Monthly: Rs.4,000 Limited: Yearly: Rs.48,000 Monthly: Rs.4,000 Single : Rs.1,00,000 Maximum: No Limit |
This non-linked non-participating insurance plan offers a whole life annuity plan. Following the single premium per year mode, the Immediate Annuity Plus has a number of annuity options for its customers.
Here, annuity will be paid uniformly till the death of the policyholder. There are no death benefits with this annuity option.
Along with the regular annuity that will be paid to the policyholder, in the case of untimely death of the policyholder, 100% of the purchase price will be passed on to the nominee.
Here, the compound interest of the annuity increases every single year.
The annuity increases at 3% per annum with this option. The increase in annuity percentage kicks in after the completion of the first year of the plan. The plan ceases with the death of the policyholder.
With the minimum age to be enrolled in this annuity option being 18 years of age, policyholders have the option of choosing the years they wish to receive annuity - between 5 to 20 years. In case of joint annuity plans, only the spouse of the policyholder can be the second party.
For this annuity option, the annuity is spread evenly across the tenure of the policy and 50% annuity payout is given to the second party in the case of untimely death of the policyholder.
Here, 100% of the annuity is passed on to the second party in the case of untimely death of the policyholder. After the payout, the policy is terminated.
Here, 100% annuity is granted to the second party in the case of untimely death of the policyholder. If the second party dies as well, 100% return purchase is granted to the nominee. After this, the annuity plan is terminated.
Plan Name | Entry Age (yrs) | Maturity Age (yrs) | Premium |
Immediate Annuity Plus | Minimum: 0 years Maximum: 85 years For joint annuity plan: 18 years (minimum age) | None specified | Minimum annuity is Rs.1,000 per month. |
Shriram Life Insurance pension plans provide you life insurance protection and investment benefits to financially secure your retirement years. These plans also provide tax benefits, as mentioned below:
In addition, it is possible to alter the premium payment frequency of the policy, as long as the existing and requested premium frequencies are in alignment.
At affordable premiums, the Shriram Life Pension Plus and the Immediate Annuity Plus offers customers with financial solutions for retirement. Customers can invest in equities, fixed-income securities, debt bonds and so on, as well as structure an annuity plan to benefit from the nature of a fixed income during their retirement years. A high return on investment is assured depending on the risk chosen by the policyholder.
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