Shriram Life Pension Plus
Shriram Life Pension Plus (UIN: 128L065V02) helps you to meet your retirement goals by building a large corpus on vesting for investment to enable the policyholder to have a steady regular income for life by purchasing an immediate annuity policy. The plan offers four types of funds to choose for investing premiums under this plan.
We all want to retire in a position where we are assured of financial security and peace of mind. This is very much possible if we plan ahead for retirement by 20-30 years into their working life. One of the ways to plan for retirement is with a unit-linked pension plan.
Unit-linked retirement plan or Pension ULIPs are market-linked pension products offered by life insurance companies. They are suitable for individuals looking for a long-term retirement plan that doubles up as an investment.
Shriram Life Insurance offers Shriram Life Pension plus V02 plan. In this policy, you can enjoy the opportunity to get potentially better returns and grow your money by investing in a mix of equity and debt. This combination helps you beat inflation while protecting your investments.
Reliability – through an assured retirement corpus
Flexibility – to pay premiums regularly or for a limited period
Security – by safeguarding your retirement years
No maximum limit on top up premium
On survival of the policyholder up to the end of the policy term, higher of:
- Total Fund Value
- Assured vesting benefit will be paid.
Where Assured vesting benefit is defined as 101% of total premiums paid.
The policyholder can utilise the vesting benefit either to
- Commute to the extent allowed under Income Tax Act and to utilize the balance amount to purchase immediate annuity from Shriram Life Insurance Company Limited, which shall be guaranteed for life, at the then prevailing annuity/pension rate, or
- Utilize the entire proceeds to purchase single premium deferred pension product/single premium immediate annuity plan from Shriram Life Insurance Company Limited
The Policyholder may also opt the following if his/her age at vesting date is below 55 years
- Extend the policy term within the policy with the same terms and conditions as the original policy up to the maximum vesting age of 80 years
In case of death of policyholder during the policy term, higher of:
- Total Fund Value
- Assured death benefit
will be paid to nominee and policy will be terminated.
Total fund value is defined as the sum of base premium fund value plus top-up fund value.
Base premium fund value is the value of the fund built from the base premiums.
Top-up premium fund value is the value of the fund built from the top-up premiums.
Assured death benefit is defined as 105% of the total premiums paid.
Total premiums paid are the total of base premiums paid and the top-up premiums paid.
The nominee/beneficiary shall utilize these proceeds by exercising one of the following options
- Utilize the entire proceeds of the policy or part thereof for purchasing an annuity at the then prevailing annuity/pension rate from Shriram Life Insurance Company Limited
- Withdraw the entire proceeds of the policy
PREMIUM PAYMENT TERM (Yrs)
15 to 19
20 to 35
Rs. 1 Lakh / Rs. 48,000* / Rs. 25,000*
Single / Limited / Regular
*Limited & Regular Premiums are yearly as stated and Rs.4000 monthly for both
No limit, subject to Board approved underwriting policy
PREMIUM PAYMENT MODE
- Monthly (ECS mode only)
10, 15 to 35 years
RIDERS (Add Ons)
No riders available.
Accurate personal and health details in the proposal form.
Read the policy document carefully as and when you receive the document.
Pay all your due premiums on time.
In case of any query/service request please contact Customer Care or the nearest branch.
For more details on the risk factors and the terms and conditions please read the sales brochure and/or sample policy document on our website carefully, and/or consult our advisor before concluding the sale
Tax benefits are subject to change as per tax laws. Please consult your tax consultant on tax benefits.