FAQs on Shriram Life Retirement Plans

If you miss a premium payment in Shriram Life Retirement Plans, you will get a grace period of 30 days to make it before the policy lapses. You can revive a lapsed policy five years from the date of the non-payment by paying the pending premiums.

The guaranteed annuity rates available in Shriram Life Retirement Plans are a simple or compound increase of 3% from the annuity payable for every year.

You can receive compounded bonuses in Shriram Life Retirement Plans by selecting the super growth option. This will help you receive accumulated bonuses along with terminal bonuses (if any) with the total maturity benefits.

The guaranteed maturity benefits in Shriram Life Retirement Plans are the assured payouts in lump sum amounts, regular payouts, or both together. This is measured as a percentage of annualised premiums paid or the chosen sum assured while buying the policy.

The base premium fund value in Shriram Life Retirement Plans means the total amount of purchase price paid by the policyholder during the purchase of the policy.

The premium paying modes available in Shriram Life Retirement Plans are quarterly, half-yearly, annual and monthly. You can also make the payments in a single term for some annuity and retirement plans.

The vesting amount you will receive in Shriram Life Retirement Plans is the higher value among the total fund value or the assured vesting benefits (101% of the annualised premiums paid).

The maximum number of years for which you can receive the super income benefit in Shriram Life Retirement Plans is 25 to 45 years, provided you apply for the plan when you are 25 years old. Super income benefit is provided around the end of the policy paying term (10 to 25 years) till the end of the tenure (75 minus the age at entry).

You can receive premium discounts in Shriram Life Retirement Plans by selecting higher premium payments when choosing the plan. 

Surrender benefits are available in plans with annuity benefits, where you can return or surrender the policy 6 months after its purchase in case of terminal illness of the annuitant or their family members.