Pension Life Insurance Plans

We all dream of leading a comfortable and respectable life after our retirement. For truly enjoying the golden period of our lives, without depending on anyone for our medical expenses and other day to day needs, we need to invest in a good pension plan. With a suitable pension plan, we can get a constant flow of income even after retirement.


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Shriram life pension Plus

Shriram Life Pension Plus helps you to meet your retirement goals by building a large corpus on vesting for investment to enable the policyholder to have a steady regular income for life by purchasing an immediate annuity policy.

Plan Details



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Immediate Annuity Plus

Shriram Life Immediate Annuity Plus is a non- linked and non-participating single premium immediate annuity assurance for individuals. The plan aims to provide a lifetime income stream post retirement. In exchange to the single purchase price paid, the plan provides with a stream of regular income in the form of an annuity for the whole life.
Plan Details




Pension Life Insurance Plans:

We all dream of leading a comfortable and respectable life after our retirement. For truly enjoying the golden period of our lives, without depending on anyone for our medical expenses and other day to day needs, we need to invest in a good pension plan. With a suitable pension plan, we can get a constant flow of income even after retirement.

Types of Pension Life Insurance Plans:

Broadly, the Pension plans can be categorized into two kinds - Traditional Plans and ULIPs. The payout amount is guaranteed in Traditional plans while in the ULIPs the premiums are invested in financial instruments that can increase over a period of time.

Deferred Annuity:

It is a popular pension plan, where the consumer builds corpus via paying single or timely premiums over a set period, which is fixed under the policy terms. The pension starts as soon as the policy term is over.

Immediate Annuity:

Here, as the name suggest, the consumer starts receiving pension immediately after the money deposit. Here, one can credit a large amount in a single instant to start his or her pension.

Guaranteed Period Annuity:

Under this kind of annuity, pension is paid to the annuitant for a period and then throughout his/her life time. However, if under any unforeseen circumstances, the pensioner dies during that period, the amount is paid to the beneficiary.

Life Annuity:

In life annuity, the amount of pension is paid to the consumer throughout the life. In case of the annuitant demise, the retirement amount is continued and paid to the spouse. For this, the pensioner must select the option of "with spouse".

National Pension Scheme (NPS):

Introduced by the Government, in NPS you can build pension by putting your savings in the new pension scheme. Here, the savings are invested in equity and debt market, as per one's preference. From the invested amount, one can withdraw up to 60 percent as retirement amount. The remaining 40 percent of the amount can be used for purchasing annuity.

Pension Funds:

Pension funds are a popular kind if you wish to accumulate a large sum of money. Here, the front load charges are comparatively lesser, allowing for building a large corpus. These are mostly for long term.

Annuity Certain:

According to this annuity, the pensioner is paid annuity for a specific number of years which are decided by the annuitant himself. If the pensioner dies during that particular period, the annuity is transferred to the beneficiary.

'With cover' and 'without cover' plans:

The two prominent features of pension plans are "with cover" and "without cover". You get life cover under the "with cover" pension plans that allow the pension amount to be paid to the beneficiary in case of annuitant death. In without cover pension plans, there is no cover which can be provided to the pensioner.


Why Pension Life Insurance Plans:

  • Allows you to plan your years after retirement in an independent manner.
  • To secure a cash flow for meeting various requirements such as medical expenses
  • To fulfill the idea of your life after retirement and your long postponed dreams
  • You enjoy tax benefits 33 percent of final payout can be withdrawn without being taxable. The remaining amount is taxable

How to choose Pension Plans:

  • Before selecting, finalize a mode of payment for your pension, whether you want the pension in installments or would like to collect a large corpus annually
  • Check whether and how much terminal illness benefit your plan provides
  • Decided whether you want to do the payment in single premium or monthly or yearly premiums
  • Do check the bonus declaration clause of your plan
  • Check the flexibility of the plan. Evaluate if the features of the plan suits you, especially in case of any unforeseen circumstances.

Right time to choose a pension plan:

The cost of insurance also gets higher with the advance of the retirement age. Hence, it is better to opt for a pension plan as early as possible and to secure a comfortable journey during the golden years of your life.

Things to be careful of:

Compare pension plans: It is advisable to evaluate various features of pension plans. Every plan has a different characteristic. So it is essential to compare various plans and then choose the one that suits your requirements the most. Also, check whether you can customize your plan as per your preferences. For instance, while choosing do consider aspects such as the mode and amount of payment, bonuses and terminal illness benefits that are offered.



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About Shriram Group

Padma Bhushan Mr. R.Thyagarajan founded the Rs 90,000 Cr. Shriram Group, headquartered in Chennai. Established in 1974, the Group caters to the needs of the mass segment, and has evolved as a premium financial services network. Over the last ten years, Shriram Group has grown at an enviable rate, with a CAGR of over 40%. The group has over 2600 branches, with more than 60,000 employees. The group plans to expand its businesses into non- financial services in the near future.

The Group, and is well known for its philosophies which have been imparted by Mr Thyagarajan. These philosophies and values have been methodically instilled and institutionalized into the Shriram group over the last 3 decades- Serve the Underserved thereby creating wealth in the community. Shriram Group Website: www.shriram.com


About Sanlam

Sanlam is a leading financial services group, originally established as a life insurance company in 1918.Their head office is in Bellville near Cape Town in South Africa and they have offices throughout South Africa and business interests elsewhere in Africa, Europe, India, the USA and Australia.

The relationship started in 2005 with emergence of Shriram Life Insurance Company (SLIC), a part of diversified Shriram Group, where SANLAM has 26% stake. In last 8 years the strength of relationship has grown impressively and now SANLAM has 26% stake in the holding company Shriram Capital, which owns companies like Shriram Transport Finance and Shriram City Union Finance (SCUF). Sanlam Website: www.sanlam.co.za

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