Shriram Life Immediate Annuity Plus(UIN - 128N063V03)
SHRIRAM LIFE IMMEDIATE ANNUITY PLUS
Retirement is neither an age nor a phase. Retirement is a decision to bid farewell to the task of working for a regular income over Years. Post- Retirement the work stops, but the income should not. During this time, you want to be empowered to do all that you dreams, pursue hobbies, spending time with friends and family, pilgrimage etc.
We at Shriram understand your needs the best, Hence Presenting you Shriram Life Immediate annuity plus a non- linked and non-participating single premium immediate annuity individual single Premium plan for individuals which offers you a comprehensive range of annuity options along with flexibilities, providing you an opportunity to always maintain your living standards..
KEY FEATURES
9 Annuity Options to Choose from
Guaranteed Annuity rates for Lifetime
Return of Your Purchase Price in case of terminal illness
Option to choose Single Life or Joint Life
KEY BENEFITS
Maturity Benefits
There is no maturity benefit under the plan.
Surrendering the policy
Options (i.e. options 2, 8 and 9) where the benefit of return of purchase paid is payable are eligible for surrender value from first policy year onwards. The policy acquires surrender value immediately on payment of purchase price. The surrender value payable under the policy is as below:
Year 1 to 3: 85% of purchase price
Year 4 to 6: 90% of purchase price
Year 7 and above: 92.5% of purchase price
Tax Benefits
Tax benefits are as per Income Tax Laws & are subject to change from time to time. Please consult your Tax advisor for details.
ELIGIBILITY
| ENTRY AGE | Minimum 0Yrs 18 Years(age last birthday)for joint life options Maximum 85 Yrs (As on last birthday) |
|---|---|
| POLICY TERM | Whole Life |
| ANNUITY MODE | Yearly Half Yearly Quarterly Monthly |
| ANNUITY* | Minimum: Minimum annuity per annum for all the options is RS 12000. Under all the options the monthly annuity shall be Rs. 1000 per month In case the proceeds of the Company’s Deferred Pension policy are not sufficient to purchase minimum annuity as stipulated by the Authority from time to time, the proceeds of the policy shall be paid as lump sum. Maximum:No limit, Subject to board approved underwriting policys. |
| PURCHASE PRICE* | Minimum ₹ 2 Lakhs Maximum No limit, Subject to board approved underwriting policy |
| MAXIMUM EXIT AGE | No maximum exit age. Policy will terminate upon death of annuitant |
| PREMIUM PAYING TERM | Single |