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Shriram Life Pension Plus
What is Shriram Life Pension Plus?
Shriram Life Pension Plus (UIN: 128L065V03) is a unit-linked, non-participating, deferred annuity plan that allows you to build a retirement corpus while enjoying insurance protection.
- Buy Shriram Life Pension Plus online in four simple steps.
- Enjoy long-term coverage for up to 35 years.
- Choose from different investment funds to suit your strategy.
- Enjoy loyalty additions during the tenure.
- Facility to pay unlimited top-up premiums.
- Free unlimited switching and premium redirection.
Policy Type
Retirement Plan
Policy Term
Up to 35 years
Minimum Premium
₹25,000
Vesting Age
Up to 80 years
Features and Benefits of Shriram Life Pension Plus
Market-Linked Returns
Shriram Life Pension Plus invests your premium in market-linked securities so that you can enjoy market-linked returns and create a suitable retirement corpus.
Flexible-Premium Payments
You can choose to pay the premium regularly or for a limited tenure. Moreover, a range of premium payment frequencies is allowed under the plan.
Different Fund Options
You get a choice of 11 fund options to invest the premium per your risk appetite and investment strategy.
Flexibility of Managing Investments
You can make unlimited switching between funds and also redirect future premiums. Moreover, there's no limit on top-ups and you can make partial withdrawals after five years.
Loyalty Additions
Enjoy loyalty additions after five years which help in enhancing the fund value.
Rebates in Charges
Get rebates in premium allocation charges for paying higher premium amounts.
How to Apply for Shriram Life Pension Plus?
You can apply for Shriram Life Pension Plus in just four easy steps:
Step 01
Register using your Mobile Number
Step 02
Verify and Proceed using OTP
Step 03
Receive a Call from our representative
How to Claim for Shriram Life Pension Plus?
You can submit death claims, disability claims, cancer care claims and critical Illness claims for your Shriram Life Shriram Life Pension Plus online on our website by following simple steps provided below.
Step 01
Come to the claim center, select intimate claim Button
Step 02
Choose in the dropdown Request Type - death
Step 03
Fill the details of insurer, death event, details of doctor who declared death (Doctor -Non mandatory)
Step 04
Fill the personal and bank details of claimants and upload the documents
Documents to be uploaded
- Death certificate issued by Local Body/Municipal Body
- Nominee bank passbook
- Postmortem report
- Claim form B
- Claim form A
- Policy Document
- Hospital Summary/Hospital records
- Nominee ID proof (ID proof /address Proof)
- FIR/ Panchnama/ Inquest Report and final investigation report
- Upload Signature of claimant
- Copy of driving license if Life Assured was driving the vehicle at the time of accident (applicable if Rider is opted)
- NEFT mandate form
- Claims form C and E wherever applicable
Eligibility and Documents Required for Shriram Life Pension Plus
| Eligibility Criteria | Limits |
|---|---|
| Age Criteria | Entry Minimum: 20 years (age last birthday) Maximum: 65 years (age last birthday) |
| Vesting Age | 40 - 80 years (age last birthday) |
| Policy Term | Minimum:10 years or15 years to 35 years |
| Premium Paying Term | Regular premium - Equal to the chosen policy term Limited premium: Term 10 years - 6 years Term 15 to 19 years - 6 years or 10 years Term 20 to 35 years - 6 years, 10 years or 15 years Single premium - Once |
| Premium Mode | Regular/Limited: Yearly and Monthly (on NACH mode only) |
| Annual Premium | Minimum: Regular –Yearly: ₹25,000 Monthly: ₹4,000 Limited – Yearly – ₹48,000 Monthly – ₹4000 Single – ₹1,00,000 Maximum: No limit, subject to board-approved underwriting policy |
What does Shriram Life Pension Plus Cover?
Shriram Life Pension Plus is a deferred annuity plan with tenures going up to 35 years. The plan covers premature demise during the policy tenure and pays higher of the total fund value or the assured death benefit. On the other hand, if the life insured survives the tenure and the plan matures, a vesting benefit is paid which is higher than the total fund value or the assured vesting benefit. The policyholder can use the vesting benefit to buy an immediate or deferred annuity policy from Shriram Life or another insurer. Alternatively, the policyholder can commute up to 60% of the benefit and receive an annuity from the remaining corpus. There is also the option to extend the vesting date if the life insured is below 60 on maturity.
Download Documents for Shriram Life Pension Plus
To download the documents of your Shriram Life Pension Plus you can simply visit the website of Shriram Life at www.shriramlife.com. We believe in giving you instant access to your policy documents and so, the documents are available online. You can open the plan page on the website and download your policy document, brochure or product presentation for your reference.
FAQ's
What type of pension plan is Shriram Life Pension Plus?
Shriram Life Pension Plus is a deferred annuity pension plan which helps you save up and create a corpus for retirement. The plan is also a unit-linked plan which invests your premiums in market-linked instruments to generate good returns.
Does the pension plan offer a monthly pension scheme?
The pension plan offers a monthly pension scheme on vesting. When the plan vests, you have the option to buy an immediate annuity plan from the vesting benefit. Once bought, the immediate annuity plan will double up as a monthly pension scheme and give monthly pensions (if selected).
Do I earn any bonus under the Shriram Life Pension Plan?
Bonus is not available under Shriram Life Pension Plan because it is a market-linked policy.
What is the sum assured under the pension plan?
Shriram Life Pension Plan does not have a sum assured.
Do I get guaranteed returns from the pension plan?
Guaranteed returns are not provided by the pension plan because it is a unit-linked plan. The returns will depend on the fund that you invest in and how it performs.
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