What is Shriram Life 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.
Who should buy this plan?
Shriram Life Immediate Annuity Plus Plan is an affordable, easy-to-obtain financial security net for you and your loved ones. It pays a lump sum payment in case of unfortunate death helping your family to reduce their debts.
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Plan Annuity options:
- Annuity for life
- Annuity for life with return of 100% purchase price on death
- Annuity for life increasing @ 3% p.a. simple rate
- Annuity for life increasing @ 3% p.a. compound rate
- Annuity certain for 5/10/15/20 years and thereafter for life
- Joint life last survivor annuity with 50% annuity to last survivor on the death of the annuitant
- Joint life last survivor annuity with 100% annuity to last survivor on the death of the annuitant
- Joint life last survivor annuity with 100% annuity to last survivor on the death of the annuitant with 100% purchase price on death of the last survivor
Plant at Glance
Criteria Eligibility
Minimum Age At Entry 0 years age last birthday, 18 years age last birthday for joint life options
Maximum Age At Entry 85 years age last birthday. No maximum age limit for the n ominees of the Company’s deferred pension policy holders.
Maximum exit age No maximum exit age. Policy will terminate upon death of annuitant
Policy Term Whole Life
Premium (Purchase price) paying term single
Annuity mode yearly, half yearly, quarterly or monthly
Minimum Annuity per annum
|
Option |
Annuity p.a. |
| 1 | Rs.20340 |
| 2 | Rs.20106 |
| 3 | Rs.14415 |
| 4 | Rs.12407 |
| 5 | Annuity certain for 5 years- Rs.20328 10 years- Rs.20313 15 years -Rs.20292 20 years- Rs.20274 and for life thereafter |
| 6 | Rs.20208 |
| 7 | Rs.20109 |
| 8 |
Rs.20085 |
Under all the options the minimum monthly annuity shall be Rs. 1000 per month. The minimum annuity condition is not applicable for policyholders/nominees of the company’s deferred pension products to offer the annuity benefits under this product.
Minimum Purchase price Rs.3,00,000. There is no minimum purchase price condition for policyholders/ nominees of the company’s deferred pension products to offer the annuity benefits under this product.
Maximum Purchase price No limit, Subject to board approved underwriting policy
Key Benefits
Benefits to the members of the group of
Maturity benefit:
On survival of the life assured up to the end of the policy term, no benefit will be payable.
Tax Benefits:
Tax benefits under this plan are available as per the provisions of the Income tax Act.
