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Shriram Life Retirement Plans
What are Shriram Life Retirement Plans?
Shriram Life Retirement Plans are designed to help you plan your retirement, so that you can receive financial benefits in the future.
- Buy Shriram Life Retirement Plans by following a few simple steps
- Receive life protection during the tenure with extended coverage options
- Enjoy tax benefits on the premiums paid
- Choose from single life and joint life last survivor annuity options after retirement
- Receive additional protection through riders
Policy Type
Shriram Life Retirement Plans
Premium
Monthly premiums starting from ₹1,000
Death Benefit
Assured death benefits starting from ₹1.2 lakhs
What is covered?
- Demise during the policy tenure
- Accidents leading to demise or disability
(Offerings depends on the type of policy selected)
Features and Benefits of Shriram Life Retirement Plans
The features and benefits of Shriram Life Retirement Plans are as follows -
Annuity for Lifetime
The policyholder can receive annuities for a lifetime till their demise in the form of monthly earnings. This will be useful to manage expenses and fulfill financial goals after retirement.
Vesting Benefits
Shriram Life Retirement Plans help you participate in unit-linked funds to receive vesting benefits during retirement. To receive vesting benefits, you can select suitable retirement plans from the various plan options available.
Return of Purchase Price
Depending on the policy selected, Shriram Life Retirement Plans have a return of purchase price option where you can get back the one-time policy price you paid for certain reasons.
Additional Cash Bonuses
Shriram Life Retirement Plans provide accrued cash bonuses along with maturity benefits.
Single or Joint Life Annuity
Shriram Life Retirement Plans provide annuities to the policyholder if the Single Life Annuity option is selected. These plans can also help your partner receive annuities after your demise. Whoever faces a demise first, the second survivor will continue to receive annuities as monthly income through the Joint Life Annuity option.
Surrender Options
A certain percentage of the purchase price will be provided to the policyholder when surrendering the policy. The amount will depend on when the policy is surrendered from the year of purchase.
Rider Benefits
There are additional rider benefits available with Shriram Life Retirement Plans. The riders available with these plans are Shriram Accident Benefit Riders, Shriram Family Income Benefit Riders, Shriram Critical Illness Plus Riders and Shriram Extra Insurance Cover Riders.
Eligibility and Documents Required for Shriram Life Retirement Plans
| Age Criteria | Entry Minimum: 30 days Maximum: 55 years (age last birthday) |
|---|---|
| Maximum Maturity | Age 70 years (age last birthday) |
| Policy Term | 8 / 10 / 12 / 15 years |
| Premium Paying Term | Same as Policy Term |
| Benefit Payout Period | Equal to Policy Term |
| Premium Mode | Yearly, Half-Yearly, Quarterly, Monthly |
| Annualized Premium | Minimum: Rs 15,000 Maximum: No limit, subject to Board approved underwriting Policy |
| Basic Sum Assured (Policy Term X Annualised Premium) | Minimum: Rs. 1,20,000 Maximum: No limit, subject to Board approved underwriting Policy |
What is Covered Under Shriram Life Retirement Plans?
Shriram Life Retirement Plans provide life coverage during the tenure of the policy, where the death sum assured will be paid in case of the policyholder’s premature demise. The plans also provide maturity benefits that you can withdraw in lump-sum amounts or annual payouts. The higher the premium payment and tenure, the higher the assured benefits.
Shriram Life Retirement Plans also cover survival benefits that you can receive at every policy anniversary. Moreover, certain plans provide annuity benefits where you can receive annuities during your retirement.
Factors to Consider While Choosing Shriram Life Retirement Plans
Shriram Life Retirement Plans not only enable you to start saving for your later years but also protect the financial interests of your family in case of unforeseen events. You must consider the following factors before selecting a Shriram Life Retirement Plan:
Assured Benefits
Shriram Life Retirement Plans have different types of maturity benefits. Select what kinds of benefits you would need, whether it is an annuity, maturity benefits or cash bonuses.
Premium Payment Frequency
The premium payment mode and frequency vary for different Shriram Life Retirement Plans. There are single and limited terms available, and the premium payment frequencies you can choose from include quarterly, half-yearly, annual and monthly.
Policy Tenure
The policy tenure determines the time period for which you will receive life coverage. The available policy tenure with Shriram Life Retirement Plans is from 5 years to a lifetime.
Riders
Additional riders are present in many Shriram Life Retirement Plans. If you select them, they can provide you with enhanced protection.
Life Protection Availability
Few Shriram Life Retirement Plans come with life protection options. You can plan to protect your life during the policy tenure while building your retirement fund at the same time.
FAQ's
What does vesting sum assured mean in Shriram Life Retirement Plans?
The vesting sum assured in Shriram Life Retirement Plans means the total fund value or 101% of the Annualised Premium, whichever is higher.
How can a partner of the policyholder receive annuity benefits after the policy holder’s demise in Shriram Life Retirement Plans?
Under Shriram Life Retirement Plans, the partner of the policyholder receives annuity benefits after the policyholder’s demise with the joint life annuity option.
Can I receive cash bonuses as an annual earning amount in Shriram Life Retirement Plans?
You can receive cash bonuses as an annual earning in Shriram Life Retirement Plans during the policy tenure. You can also get them as lump sum amounts after the policy maturity.
What are the survival benefits that Shriram Life Retirement Plans provide?
The survival benefits that Shriram Life Retirement Plans provide are regular annual payouts during every policy anniversary till the end of the tenure.
Can I receive annuities in different ways in Shriram Life Retirement Plans?
You can receive annuities in different ways in Shriram Life Retirement Plans. There are up to nine annuity options available in Shriram Life Retirement Plans where the annuity is payable, and how it is withdrawn differs for each option.
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