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SHRIRAM LIFE IMMEDIATE ANNUITY PLUS

Retirement is neither an age nor a phase. Retirement is a decision to bid farewell to the task of working for a regular income over Years. Post- Retirement the work stops, but the income should not. During this time, you want to be empowered to do all that you dreams, pursue hobbies, spending time with friends and family, pilgrimage etc.

We at Shriram understand your needs the best, Hence Presenting you Shriram Life Immediate annuity plus a non- linked and non-participating single premium immediate annuity individual single Premium plan for individuals which offers you a comprehensive range of annuity options along with flexibilities, providing you an opportunity to always maintain your living standards..

KEY FEATURES

  • 9 Annuity Options to Choose from
  • Guaranteed Annuity rates for Lifetime
  • Return of Your Purchase Price in case of terminal illness
  • Option to choose Single Life or Joint Life

Option 1:Annuity payable for life

Option 2:Annuity payable for life and return of purchase price on his/her death or terminal illness

Option 3:Annuity payable for life with annual simple increase of 3%

Option 4:Annuity payable for life with annual compound increase of 3%

Option 5 :Annuity payable for minimum guaranteed period of 5/10/15/20 years and for life thereafter

Option 6 :Annuity payable for life with a provision of 50% of annuity to the survivor on death of the primary annuitant

Annuity Options available for NPS subscribers

Family Income option (Default Annuity Scheme)

Option 7:Annuity payable for life with a provision of 100% of annuity to the survivor on death of the primary annuitant

Option 8:Annuity payable for life with a provision of 50% of annuity to the survivor on death of the primary annuitant and return of purchase price on death or terminal illness of the last survivor

Option 9:Annuity payable for life with a provision of 100% of annuity to the survivor on death of the primary annuitant and return of purchase price on death or terminal illness of the last survivor

KEY BENEFITS

 

Maturity Benefits

There is no maturity benefit under the plan.

Surrendering the policy

Options (i.e. options 2, 8 and 9) where the benefit of return of purchase paid is payable are eligible for surrender value from first policy year onwards. The policy acquires surrender value immediately on payment of purchase price. The surrender value payable under the policy is as below:

Year 1 to 3: 85% of purchase price
Year 4 to 6: 90% of purchase price
Year 7 and above: 92.5% of purchase price
 

Tax Benefits

Tax benefits are as per Income Tax Laws & are subject to change from time to time. Please consult your Tax advisor for details.

Eligibility

ENTRY AGE

Minimum

0Yrs

18 Years(age last birthday)for joint life options

Maximum

85 Yrs

(As on last birthday)

POLICY TERM

 

Whole Life Yrs

Annuity MODE

  • Yearly
  • Half Yearly
  • Quarterly
  • Monthly

ANNUITY*

Minimum: Minimum annuity per annum for all the options is RS 12000.

 

Under all the options the monthly annuity shall be Rs. 1000 per month In case the proceeds of the Company’s Deferred Pension policy are not sufficient to purchase minimum annuity as stipulated by the Authority from time to time, the proceeds of the policy shall be paid as lump sum.

 

Maximum:No limit, Subject to board approved underwriting policys.

PURCHASE PRICE*

Minimum

₹ 2 Lakhs

Maximum

No limit, Subject to
board approved
underwriting policy

MAXIMUM EXIT AGE

 

No maximum exit age. Policy will terminate upon death of annuitant

PREMIUM PAYING TERM

 

Single

RIDERS (Add Ons)

No riders available.

more

Disclaimers:

*For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.

IRDAI Regn No. 128
CIN: U66010TG2005PLC045616

BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS/FRADULENT OFFERS

IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

The Trade Logo displayed above belongs to Shriram Value Services Limited (“SVS”) and used by Shriram Life Insurance Company Limited under a License agreement.”

SLIC/Elec/Dec 2021/166