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Shriram Life Saral Pension
What is Shriram Life Saral Pension?
Shriram Life Saral Pension (UIN: 128N092V01) is a non-linked, non-participating, immediate annuity plan that generates regular income.
- You can buy the Shriram Life Saral Pension in four steps
- Pay a single premium and get immediate income payouts
- Choose from single-life or joint-life options
- Earn a pension for the rest of your life
- Purchase price refunded on demise
- Choose from different annuity frequencies.
Policy Type
Retirement Plans
Policy Term
Whole life
Minimum Premium
Depends on the annuity rate
Premium Payment term
Single payment
Features and Benefits of Shriram Life Saral Pension
Two annuity options
The plan offers two annuity options. You can choose to receive annuities on a single-life or on a joint-life basis.
Single premium
Pay the premium only once and the annuity payouts start according to the plan.
Refund of purchase price
After the annuitant's demise, the single premium is refunded back.
Lifelong annuity payment
The annuity payments continue lifelong. There is no maximum age up to which the payments can be made.
Higher annuity for higher premiums
Pay a higher premium amount and claim higher annuity rates.
Inbuilt critical illness cover
The plan offers coverage against 20 critical illnesses. You can surrender the plan on diagnosis of any of the covered illnesses.
How to Apply for Shriram Life Saral Pension
You can apply for Shriram Life Saral Pension in simple 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 Saral Pension
You can submit death claims, disability claims, cancer care claims and critical Illness claims for your Shriram Life Shriram Life Saral Pension 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 Saral Pension
| Eligibility Criteria | Limits |
|---|---|
| Age Criteria | Age Criteria 40 years - 80 years (age last birthday) |
| Policy Term | Whole Life |
| Premium Paying Term (Purchase Price) | Single Premium |
| Annuity Payment Mode | Yearly, Half-yearly, Quarterly or Monthly |
| Annual Premium | Minimum: Rs. 1000 per Month, Rs. 3000 per Quarter, Rs. 6000 Per half year and Rs. 12000 per annum Maximum : No Limit (Subject to board approved underwriting Policy) |
What does Shriram Life Saral Pension Cover?
Shriram Life Saral Pension pays annuity incomes to a single life or two lives if the joint-life option is selected. In the case of single life, annuity payments are made lifelong and the purchase price is refunded on demise. On the other hand, in the case of a joint-life annuity, annuity payments are made until the last survivor remains. On the last survivor's demise, the purchase price is refunded. There is also an inbuilt critical illness benefit that covers 20 major illnesses.
Download Documents for Shriram Life Saral Pension
You can easily download all policy documents online. Simply visit www.shriramlife.com and open the plan page; under the Download section, you will find the options to download a soft copy of the policy document, brochure and presentation.
FAQ's
What is the Saral Pension Plan?
The Saral Pension Plan is an immediate annuity plan that pays lifelong pension income immediately after you buy the policy.
Can two individuals buy the Saral Pension plan?
Only one individual can buy the Saral Pension plan. However, the individual can choose the Joint-Life option and get annuity on the life of another individual.
How much annuity can I receive under the Saral Pension Plan?
Under the Saral Pension Plan, the amount of annuity depends on the premium that you pay, the annuity frequency and your age. The minimum annuity starts from ₹1,000 per month and there is no maximum limit.
How do I calculate the annuity that I can receive under the Saral Pension plan?
You can use the Saral Pension Yojana calculator to find out the annuity that you can receive under the Saral Pension plan. Enter the required details and the calculator will show you the exact annuity amount.
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