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What Coverages Are Offered Under Shriram Life Saral Pension?
Shriram Life Saral Pension offers two plan options and the coverage depends on the option selected:
Option 1 – Life annuity with 100% return of purchase price
Under this option, an annuity is paid for the lifetime of the annuitant. When the annuitant passes away, the purchase price is refunded.
Option 2 - Joint-Life survivor annuity with 100% return of purchase price on demise of the last survivor
Under this option, two lives are covered. An annuity is paid as long as the primary annuitant remains alive. On his demise, the annuity continues to be paid to the secondary annuitant. If the secondary annuitant also passes away, the purchase price is refunded.
Critical Illness Cover
There is also an inbuilt critical illness benefit in the Shriram Life Saral Pension that covers 20 major illnesses. If the annuitant suffers from one of the covered illnesses, the plan can be surrendered and 95% of the purchase price is refunded.