FAQ's related to Shriram Life Immediate Annuity Plus

An annuity plan is a type of savings plan that allows you to save money and spend on a particular annuity policy. This policy pays a fixed amount at regular intervals to you over a period of time.

You can change the annuity option under the Shriram Life Immediate Annuity Plus plan within the free-look period.

You have a period of 15 days from the date of issuance of the policy to go through the terms and conditions. In case you disagree with any of the terms and conditions, you get a period of 15 days to return the policy by stating your reason for doing so. This is known as the free-look period. Your request for cancellation of the policy shall be processed for a refund of the premium and you will receive the same within 15 days of receipt of the cancellation request.  

A minor can be a nominee under the Shriram annuity policy. However, you will have to appoint a person to receive the annuity as long as the nominee is a minor.

You can claim annuity plan taxation benefits for the premium paid under the Shriram Life Immediate Annuity Plus plan. The benefits will be calculated as per the prevailing tax laws.

You will receive a refund in case of free-look cancellation of the annuity plan. However, this is subject to the following conditions:

• If the annuity plan is purchased using the proceeds of a deferred pension policy of any other insurance company, the refund shall be made to that insurance company from which money is received.
• If the annuity policy is purchased out of the proceeds of a deferred pension policy of Shriram Life Insurance, the refund shall be made to the insurance company from which the policyholder wants to purchase the annuity.
• If the annuity plan is purchased using funds from the National Pension Scheme, the refund shall be made to the account of the CRA (Central Record Keeping Agency) from which the money is received.

The immediate annuity plan solves one of the most important problems generally faced by people: savings generation. It allows you to save to systematically generate savings over a period of time. You can use this passive savings for any purpose.

A Joint-Life annuity can be taken out under the Shriram annuity plan by two lineal ascendants/descendants of a family. This can include grandparents, parents, children and grandchildren

An annuity plan ensures a regular flow of savings even if you are not actively earning. Thus, it allows you to meet all your regular and routine expenditures. This makes Shriram Life Immediate Annuity Plus one of the best immediate annuity plans.

The minimum age for annuity under the Shriram Life Immediate Annuity Plus policy starts at 0 years. Hence, anyone can claim benefits under this policy making it one of the best immediate annuity plans in India.