Shriram Life Immediate Annuity Plus (UIN:128N063V09)
What is Shriram Life Immediate Annuity Plus?
SHRIRAM LIFE IMMEDIATE ANNUITY PLUS
A Non-Linked Non-Participating Immediate Annuity Plan
UIN: 128N063V09
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 dream, 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 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
Features 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
Benefits
Option 1: Annuity payable for life
The annuity will be paid at a uniform rate in arrear for the life time of the annuitant. On death of annuitant the annuity payments will cease and the policy will be terminated. No benefit is payable on death/terminal illness of the annuitant.
Option 2: Annuity payable for life and return of purchase price on his/her death or terminal illness
The annuity will be paid at a uniform rate in arrear for the life time of the annuitant. On death of annuitant the annuity payments will cease immediately and purchase price will be paid immediately in lump sum on death or terminal illness of the annuitant. The policy will be terminated on payment of purchase price.
Option 3: Annuity payable for life with annual simple increase of 3%
The annuity will be paid in arrear for the life time of the annuitant. The annuity will increase annually by 3% p.a. of the annuity at inception. On death of annuitant the annuity payments will cease and the policy will be terminated. No benefit is payable on death/terminal illness of the annuitant.
Option 4: Annuity payable for life with annual compound increase of 3%
The annuity will be paid in arrear for the life time of the annuitant. The annuity will increase annually by 3% p.a. of the annuity at previous policy year. On death of annuitant the annuity payments will cease and the policy will be terminated. No benefit is payable on death/terminal illness of the annuitant.
Option 5: Annuity payable for minimum guaranteed period of 5/10/15/20 years and for life thereafter
The annuity will be paid in arrear for the life time of the annuitant or for a guaranteed period chosen by the annuitant whichever is later. On death of annuitant or at the end of guarantee period whichever occurs later the annuity payments will cease and the policy will be terminated. No benefit is payable on death/terminal illness of the annuitant.
For the following joint life annuity options the primary annuitant shall be the person taking out the policy on his/her life. The secondary annuitant is the person eligible to receive annuity benefits on death of the primary annuitant.
Joint Life: The joint life annuity can be taken between any two lineal descendant/ascendant of a family (i.e. Grandparent, Parent, Children, Grandchildren ) or spouse or siblings.
The minimum age for primary and secondary annuitant is 18 years age last birthday.
Joint life Annuities:
Option 6: Annuity payable for life with a provision of 50% of annuity to the survivor on death of the primary annuitant
The annuity will be paid at a uniform rate in arrear for the life time of the primary annuitant. On death of the primary annuitant, the secondary annuitant if alive, will receive 50% of the original annuity throughout life. On death of the last survivor, the annuity payments will cease and the policy will be terminated. If the secondary annuitant predeceases the primary annuitant the annuity payments will cease on death of the primary annuitant and policy will be terminated
Option 7: Annuity payable for life with a provision of 100% of annuity to the survivor on death of the primary annuitant
The annuity will be paid at a uniform rate in arrear for the life time of the primary annuitant. On death of the primary annuitant, the secondary annuitant if alive, will receive 100% of the original annuity throughout life. On death of the last survivor, the annuity payments will cease and the policy will be terminated. If the secondary annuitant predeceases the primary annuitant the annuity payments will cease on death of the primary annuitant and policy will be terminated.
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
The annuity will be paid at a uniform rate in arrear for the life time of the primary annuitant. On death of the primary annuitant, the secondary annuitant will receive 50% of the original annuity throughout life. On death or on diagnosis of terminal illness of the last survivor, the annuity payments will cease immediately and 100% of the purchase price is paid immediately in lump sum and the policy will be terminated. If the secondary annuitant predeceases the primary annuitant the annuity payments will cease on death or terminal illness of the primary annuitant and 100% of the purchase price is paid.
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
On death of the primary annuitant, the secondary annuitant will receive 100% of the original annuity throughout life.
On death or diagnosis of terminal illness of the last survivor, the annuity payments will cease immediately and 100% of the purchase price is paid immediately in lump sum and the policy will be terminated. If the secondary annuitant predeceases the primary annuitant the annuity payments will cease on death or diagnosis of terminal illness of the primary annuitant and 100% of the purchase price is paid.
The annuity payment will be made in arrear at the end of the chosen annuity payment mode. i.e. the first annuity payment will commence one year, six months, three months, one month after the date of commencement of policy depending on the mode of annuity chosen i.e., yearly, half yearly, quarterly or monthly respectively.
Surrendering the policy
Options (i.e. options 2, 8 and 9) where the benefit of return of purchase paid is payable are eligible for surrender value from first policy year onwards.
The policy acquires surrender value immediately on payment of purchase price. The surrender value payable under the policy is as below:
Year 1 to 3: 85% of purchase price
Year 4 to 6: 90% of purchase price
Year 7 and above: 92.5% of purchase price
Maturity Benefits
There is no maturity benefit under the plan.
Tax Benefits
Tax benefits are as per Income Tax Laws & are subject to change from time to time. Please consult your Tax advisor for details.
Shriram Life Immediate Annuity Plus Eligibility and Required Documents
| Age at Entry | Min : 0 years (age last birthday), 18 years (age last birthday), for joint life options Max: 85 years (age last birthday). |
|---|---|
| Maximum Exit age | No maximum exit age. Policy will terminate upon death of annuitant |
| Policy Term | Whole life |
| Premium Paying Term | Single |
| Annuity Mode | Yearly, Half-yearly, Quarterly or Monthly |
| Annuity* | Minimum: annuity per annum for all the options is Rs. 12000. Under all the options the monthly annuity shall be Rs. 1000 per month |
| Purchase Price* | Min: Rs. 2,00,000 Max : No limit, Subject to board approved underwriting policy. |
