Premium Components for Shriram Life Deferred Annuity Plan

For regular/limited premium pay policies, the plan also provides a Waiver of Premium option in case of joint life annuity options on payment of additional premium. 

Upon death of the primary annuitant during premium paying period provided the policy is in force, future premiums i.e. all outstanding premiums payable from the date of death of primary annuitant to the end of the deferment period will be waived off. 

Loyalty additions as a percentage of base annuity amount shall be added to the base annuity amount provided all due premiums are paid fully by the time first annuity is due. 

These are the guaranteed additions paid as a reward for paying all due premiums and are only applicable on Regular & Limited Pay policies.

Allowed within the limits, subject to maximum deferred period allowed under the product as per Board approved underwriting policy. 

Allowed within the limits, subject to maximum premium payment period allowed under the product as per Board approved underwriting policy. 

Option to pay premiums yearly, half-yearly, quarterly and monthly mode under regular and limited premium payment options. 

Annuity can be paid yearly, half-yearly, quarterly and monthly. 

• Top-up premium is an amount of premium that is paid by the policyholders at irregular interval besides basic premium payments specified in the contract and is treated as single premium for all purposes. 
• Top-up premiums can be remitted to the company during the period of deferment only, where due basic premiums are paid up to date. 
• All top-up premiums made shall have insurance cover as applicable for single premium policy. The top-up annuity rates are based on the age (last birthday) at the top-up payment and the outstanding deferment period in years. The final annuity shall be derived by adding the annuity applicable for top -ups to the base annuity.
• No minimum limit on amount of top-up premium and number of top-up payments. 
  Top-up premiums can be surrendered only with surrender of base policy.