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Factors to Consider When Buying Shriram Life Retirement Plans
Different Shriram Life Retirement Plans provide different benefits that help you grow your retirement fund while providing life coverage simultaneously. Here are the factors you should keep in mind before buying your retirement plan.
Type of the Policy
Shriram Life Retirement Plans include both annuity and assured income plans. There are plans that come with life protection and assured benefits together. So, you have to be sure about the kind of benefits you want before selecting the right type of retirement policy. You can also select policies that provide survival benefits and life coverage during the policy tenure and release the maturity sum at the end of the policy.
This denotes the benefits you shall receive from Shriram Life Retirement Plans. You can select vesting benefits, assured payouts, cash bonuses, super income or annuities for a lifetime. Depending on your retirement plans and financial needs, you can select the Shriram Life Retirement Plan that best suits your requirements.
Among the plans that provide maturity benefits, the sum assured released will also vary from ₹1.2 lakhs to a higher amount (subject to the company's board-approved underwriting policy).
Types of Payouts
You can receive the benefits in different ways with Shriram Life Retirement plans. You can either go for regular earnings that are released annually from the date of policy maturity or a lump sum payout right after the policy maturity. There are plans that let you combine both and receive 50% of payouts as monthly income and 50% as a lump sum amount.
Payouts can be in the form of lifetime annuities too, that are released to a single annuitant or joint life annuitants.
Depending on how long you want to get life coverage, you can select the policy tenure from 8 years to 75 years. This also applies to the premium paying term that will vary from a single payment to limited premium payments. The premium amounts will vary based on the tenure and the premium paying term you select.
There are Shriram Life Retirement Plans that come with additional riders for enhanced protection. These riders can help the policyholder or their nominee receive the rider sum assured in case they meet with an accident that leads to death or permanent disability. It also provides protection against certain specific critical illnesses where the policyholder can receive the full sum assured amount if they survive for 30 days from the date of diagnosis.