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Shriram Life Immediate Annuity Plus
What is 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 (UIN: 128N063V08) 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.
- 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
Policy Type
Retirement Plans
Policy Term
Whole life
Minimum Purchase Price
₹2,00,000
Maximum entry age
85 years
Features and Benefits of Shriram Life Immediate Annuity Plus
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
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
How to Apply for the Shriram Life Immediate Annuity Plus
You can apply for the Shriram Life Immediate Annuity Plus in four steps:
Step 01
Register using your Mobile Number
Step 02
Verify and Proceed using OTP
Step 03
Receive a Call from our representative
How to Claim for Shriram Life Immediate Annuity Plus
You can submit death claims, disability claims, cancer care claims and critical Illness claims for your Shriram Life Immediate Annuity Plus online on our website by following simple steps provided below.
Step 01
Come to the claim center, select intimate claim Button
Step 02
Choose in the dropdown Request Type - death
Step 03
Fill the details of insurer, death event, details of doctor who declared death (Doctor -Non mandatory)
Step 04
Fill the personal and bank details of claimants and upload the documents
Documents to be uploaded
- Death certificate issued by Local Body/Municipal Body
- Nominee bank passbook
- Postmortem report
- Claim form B
- Claim form A
- Policy Document
- Hospital Summary/Hospital records
- Nominee ID proof (ID proof /address Proof)
- FIR/ Panchnama/ Inquest Report and final investigation report
- Upload Signature of claimant
- Copy of driving license if Life Assured was driving the vehicle at the time of accident (applicable if Rider is opted)
- NEFT mandate form
- Claims form C and E wherever applicable
Eligibility and Documents Required for Shriram Life Immediate Annuity Plus
Age at Entry | Min : 0 years (age last birthday), |
|---|---|
Maximum Exit age | No Maximum Exit Age |
Policy Term | Whole life |
Premium (Purchase Price) Paying Term | Single |
Annuity Mode | Yearly, Half-yearly, Quarterly or Monthly |
Annuity | Min: 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. Max: No limit, Subject to board approved underwriting policy. |
Purchase Price | Min: Rs. 2,00,000 In case the proceeds of the 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. Max : No limit, Subject to board approved underwriting policy. |
What does Shriram Life Immediate Annuity Plus cover?
Shriram Life Immediate Annuity Plus is a non-linked, non-participating plan that focuses on helping you generate a regular savings over the course of the plan. It comes with nine different plan options to choose from, including the Whole-Life option under which you receive an annuity over your entire life.
What does Shriram Life Immediate Annuity Plus not cover?
Shriram Life Immediate Annuity Plus is an immediateannuity plan and does not provide death benefits or maturity benefits. It provides regular savings over the course of the plan. It also does not cover suicide cases.
Download Documents for Shriram Life Immediate Annuity Plus
All the policy-related documents are easily available online on the website for the comfort and ease of all our customers. You can simply visit our website www.shriramlife.com. go to the download section on the policy page and download the policy document, brochure and presentation.
Frequently Asked Questions
How easy is the claim process for Shriram Life Immediate Annuity Plus plan?
The claim process for the Shriram Life Immediate Annuity Plus plan is really simple and disbursements are quick. This makes it one of the best deferred annuity plans in India for policyholders.
Can I take a loan against the Shriram Life Immediate Annuity Plus plan?
You cannot take a loan against the Shriram Life Immediate Annuity Plus plan.
Are there any incentives available for a higher purchase price under the Shriram Life Immediate Annuity Plus plan?
In case you go for a higher purchase price under the Shriram Life Immediate Annuity Plus plan, then you become eligible to receive a higher annuity amount. The table below shows you the increase in the annuity amount based on the increase in the purchase price:
Purchase Price Band | Increase in Annuity Rate |
Less than ₹5,00,000 | Nil |
₹5,00,000 to less than ₹10,00,000 | 0.20 |
₹10,00,000 to less than ₹25,00,000 | 0.70 |
₹25,00,000 to less than ₹50,00,000 | 1.70 |
₹50,00,000 and less than 1 crore | 2.20 |
1 crore and above | 2.70 |
What are the annuity options I have if I am an NPS subscriber?
If you are a National Pension Scheme (NPS) subscriber, you can either opt for a default annuity scheme, i.e., the Family Income option or any of the above options as per the guidelines, regulations or circulars issued by the Provident Fund Regulatory & Development Authority (PFRDA).
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