Shriram Life Deferred Annuity Plan (UIN: 128N105V01)
Shriram Life Deferred Annuity Plan (UIN: 128N105V01)
Shriram Life Deferred Annuity Plan (UIN: 128N105V01) A Non-linked Non-Participating Individual General Annuity Savings plan.
Shriram Life Deferred Annuity Plan will be playing a vital role in helping individuals secure their financial future, particularly during retirement.
Key Features
Guaranteed* annuity rates for Lifetime
Return of your Purchase price in case of Terminal illness#
Option to choose Single life or Joint life
Option to increase your annuity through top up premiums and loyalty additions
Flexibility to alter premium payment term and deferment period
Additional benefits like waiver of premium, high purchase price incentives
Plan Options and Benefits
Option 1: Annuity payable for life without Return of Purchase price
During deferment period: In case of death of the annuitant provided the policy is in force, the death benefit i.e. 125% of purchase price shall be paid to the nominee(s) and the policy will be terminated.
After Deferment Period: The annuity will be paid at a uniform rate in arrear for the lifetime of the annuitant. In case of death of the annuitant, the annuity payments will cease and the policy will be terminated.
Option 2: Annuity payable for life with return of purchase on his/her death or terminal illness
During deferment period: In case of death of the annuitant provided the policy is in force, the death benefit i.e. 125% of purchase price shall be paid to the nominee(s) and the policy will be terminated.
After Deferment period: The annuity will be paid at a uniform rate in arrear for the lifetime of the annuitant. In case of death of the annuitant, the annuity payments will cease and the policy will be terminated by paying the death benefit i.e. purchase price to the nominee(s). In case of terminal illness of annuitant, the death benefit will be paid to the annuitant and the policy will be terminated.
Option 3: Annuity payable for life with a provision of 100% of annuity to the secondary annuitant on death of the primary annuitant without return of purchase price
During deferment period: In case of death of the last surviving annuitant or simultaneous death of both the annuitants, provided the policy is in force, the death benefit i.e. 125% of purchase price shall be paid to the nominee(s) and the policy will be terminated.
After deferment period: The annuity will be paid at a uniform rate in arrear for the life time of the primary annuitant. In case of death of the primary annuitant, the annuity payments will continue to be paid to the secondary annuitant for life. If the secondary annuitant predeceases, the annuity payments will continue to be paid to the primary annuitant for life. In case the secondary annuitant dies after death of the primary annuitant the annuity payments will cease and the policy will be terminated.
Option 4: Annuity payable for life with a provision of 100% of annuity to the secondary annuitant on death of the primary annuitant and return of purchase price on death or terminal illness of the last survivor
During deferment period: In case of death of the last surviving annuitant or simultaneous death of both the annuitants, provided the policy is in force, the death benefit i.e. 125% purchase price shall be paid to the nominee(s) and the policy will be terminated.
After deferment period: You will receive the series of Payouts from the end of the deferment period chosen. On death, your Spouse will receive 100% of the original annuity till her/ his death and return of purchase price shall be done on the death/Terminal illness of the spouse, to the Nominee.
ELIGIBILITY
ENTRY AGE | Minimum: 40 years (age last birthday) for primary annuitant 30 years (age last birthday) for secondary annuitant |
|---|---|
PREMIUM | Minimum: Yearly: Rs. 60,000, Half Yearly: Rs 30,000, Quarterly: Rs15,000 and Monthly: Rs 6,000; Rs. 3,00,000 for Single Pay |
PREMIUM PAYMENT TERM | Single Pay Limited/Regular: 5-10 |
ANNUITY MODE | Yearly, Half Yearly, Quarterly, Monthly |
POLICY TERM | Whole Life |
MINIMUM VESTING AGE | 45 years |
MAXIMUM VESTING AGE | 80 years |
DEFERMENT PERIOD | 5-10 years |
ANNUITY | Minimum: ₹ 12000 |
