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SHRIRAM LIFE SARAL PENSION

Shriram Life Saral Pension is a non- linked non-participating individual single premium immediate annuity plan for individuals. In exchange to the purchase price paid by the policyholder, the plan provides with a stream of regular income in the form of an annuity for the whole life and return of purchase price on death the annuitant.

The plan offers the following annuity options. The policyholder can choose an option at the time of inception. Once the option is selected, the option cannot be changed in future.

KEY FEATURES

  • Life Annuity with return of 100% purchase price (ROP)
  • Joint life last survivor annuity: Return of 100% of purchase price (ROP) on death of the last survivor.

KEY BENEFITS

 

Maturity Benefit


 

There is no maturity benefit under the plan

 

Taxes


 

Statutory Taxes, if any, imposed on such insurance plans by the Government of India or any other constitutional tax Authority of India shall be as per the Tax laws and the rate of tax as applicable from time to time. The amount of any applicable taxes payable as per the prevailing rates, shall be payable by the policyholder on the premium payable under the policy, which shall be collected separately in addition to the premium payable by the policyholder. The amount of tax paid shall not be considered for the calculation of benefits payable under the Policy

 

Surrender


 

The policy can be surrendered any time after six months from the date of commencement, if the annuitant/Secondary annuitant or the spouse or any of the children of the annuitant is diagnosed as suffering from any of the critical illnesses specified, based on the documents produced to the satisfaction of the medical examiner of the Company. On approval of the surrender, 95% of the Purchase Price shall be paid to the annuitant, subject to deduction of any outstanding loan amount and loan interest, if any. On payment of surrender value, the policy stands terminated.

 

Annuity Benefits

Option 1: Life Annuity with return of 100% purchase price (ROP)

Under this option, annuity is paid for life of the annuitant. In addition, 100% of purchase price will be returned to the nominee/legal heirs on death of the annuitant. The policy will be terminated on payment of death benefit.

Option 2: Joint life last survivor annuity with Return of 100% of purchase price (ROP) on death of the last survivor.

In this case, the annuity is first paid to the annuitant for life. After death of the annuitant, if the spouse is surviving, the spouse continues to receive the same amount of annuity for life till his/her death. Subsequently on death of the spouse, Purchase price shall be payable to the nominee/legal heirs. However, if the spouse has pre-deceased the annuitant, then on the death of the annuitant, the purchase price shall be payable to the nominee/legal heirs.

The annuity will be paid at a uniform rate in arrear for the life time of the annuitant. The annuity payment will be made in arrear at the end of the chosen annuity payment mode. i.e. the first annuity payment will commence one year, six months, three months, one month after the date of commencement of policy depending on the mode of annuity chosen i.e., yearly, half yearly, quarterly or monthly respectively.

Eligibility

ENTRY AGE

Minimum

40 Years

Maximum

80 Years

POLICY TERM

Whole Life

ANNUITY MODE

  • Yearly
  • Half Yearly
  • Quarterly
  • Monthly

ANNUITY

Minimum

Rs. 1000 per Month, Rs. 3000 per Quarter, Rs. 6000 per half year and Rs. 12000 per annum

Maximum

No Limit, Subject to board approved underwriting Policy

PREMIUM PAYING TERM (Purchase Price)

Single

RIDERS (Add Ons)

No riders available.

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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.”

ARN – SLIC/Elec/June 2021/74