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Premium Components of Shriram Life Retirement Plans
The following are the different premium components that are covered under Shriram Life Retirement Plans -
Most Shriram Life Retirement Plans provide life coverage for the selected tenure or an extended tenure at an additional premium payment.
Some Shriram Life Retirement Plans provide two cash bonus options which are provided as a percentage of the sum assured. You can receive them during every policy anniversary till the policy’s maturity, or, you can opt to receive it along with maturity benefits once the policy matures.
Shriram Life Retirement Plans also provide lifetime annuities to the policyholder alone or together with their spouse. This is a part of the premium payment and is often released as monthly or annual payouts.
Super Income Benefits
Shriram Life Retirement Plans provide super income benefits where there will be an assured flow of income from the end of the premium paying term till the end of the policy tenure. This part of the premium component is only released if the policy is active.
Shriram Life Retirement Plans provide assured maturity benefits at the end of the policy tenure. This is a premium component and is often estimated as a percentage of the annualised premium paid by the policyholder.
Some unit-linked Shriram Life Retirement Plans include vesting benefits where the total accumulated fund value is given to the policyholder after the vesting period. The fund value is the initial purchase price paid by the policyholder.
Return of Purchase price
Annuity policies of Shriram Life Retirement Plans include Return of Purchase price (ROP). In case the annuitant or their family member is diagnosed with a critical illness, or in case of the demise of the annuitant, the purchase price of the policy will be returned to the nominee or the policyholder.
Some Shriram Life Retirement Plans have add-on riders for additional protection. These are part of the additional premium payments added to the base plan’s premium amount.