What Coverages are offered in the Shriram Life Deferred Annuity Plan ?

Under this option the entire Death benefit shall be payable to the nominee(s) in lump sum. 

Under this option, the benefit amount payable on death shall be utilized for purchasing an Immediate Annuity from the company for nominee(s) effective from the date of death of the annuitant/last survivor. The annuity amount payable to the nominee(s) shall be based on the age of nominee(s) and immediate annuity rates prevailing as on the date of death of Annuitant (last survivor in case of Joint Life Annuity). This option can be opted for full or part of the benefit amount payable on death. 

However, the annuity payments for each nominee(s) shall be subject to the eligibility conditions of the annuity plan available at that time and then prevailing Regulatory provisions on the minimum limits for annuities. In case the eligibility conditions of the annuity plan available at that time are not met or the benefit amount payable on death is insufficient to purchase the minimum amount of annuity, then the said amount shall be paid as a lump sum to the nominee(s). 

Under this option the benefit amount payable on death can be received in instalments over the chosen period of 5 years instead of lump sum amount. This option can be exercised for full or part of the Death Benefit payable under the policy. The amount opted (i.e. net claim amount) can be either in absolute value or as a percentage of the total claim proceeds payable. The instalments shall be paid in advance at yearly or half- yearly, quarterly, or monthly intervals.