FAQ's related to Shriram Life Pension Plus

Switching means changing the investment fund, i.e., moving your investment from one fund to another. 

Premium redirection means redirecting the future premium to another fund than what you originally selected. 

There is no limit on the maximum top-up premium amount. You can pay any amount provided that it is approved by the underwriting board of the company. 

There are different types of charges under the pension plan which are as follows -

• Premium allocation charge
• Policy administration charge
• Mortality charge
• Discontinuation charge (applicable if you surrender the policy within the first five years)
• Fund management charge

There are five equity funds available under the pension plan. These are as follows:

• Pension Maximiser - Equity allocation of 30% to 70%
• Pension Multi Cap Aggressive Fund - Equity allocation of 60% to 100%
• Maximus - Equity allocation of 0% to 70%
• Accelerator - Equity allocation of 90% to 100%
• Tyaseer - Equity allocation of 90% to 100%

The death benefit payout options are as follows -

• In a lump sum
• Using the death benefit fully or partially to buy an immediate or deferred annuity plan from Shriram Life
• Using 50% of the benefit, net of commutation, to buy the annuity from another insurer

The minimum top-up premium is ₹5000.

Partial withdrawals are available in the following instances -

• Children's higher education
• Children's marriage
• Purchase or construction of a residential property
• Treatment of critical illnesses of self or spouse 

The lock-in period is the tenure during which you cannot surrender the policy or make partial withdrawals. The pension plan has a lock-in period of 5 years. 

The grace period is an additional time given to policyholders to pay the outstanding premium once the due date is over. The Shriram Life pension plan allows a grace period of 30 days for annual premium payment frequencies and 15 days for monthly modes.