- 1 Benefits of Shriram Life Insurance Retirement and Pension Plans
- 2 Shriram Life Insurance’s list of retirement and pension plans
- 3 Shriram Life Pension Plus
- 4 The Shriram Life Pension Plus’s Features and Benefits
- 5 Immediate Annuity Plus by Shriram Life Insurance Pension Plans
- 6 Features and Advantages of the Immediate Annuity Plus
- 7 Why are Shriram Life Insurance Retirement and Pension Plans necessary?
- 8 FAQs
- 8.1 Q1. Which of Shriram Life Insurance Company’s pension plans is the best?
- 8.2 Q2. Which of Shriram Life Pension Plans 2018’s pension plans is the best?
- 8.3 Q3. Which Shriram Life Pension Plan is the best over the long term?
- 8.4 Q4. What are the benefits of buying Shriram Life Pension Plans?
- 8.5 Q5. How is the premium paid? What kinds of payment options are offered?
- 8.6 Q6. How do I access the Shriram Life Pension Plans policy status?
Shriram Life Insurance Pension Plans is the first thing that comes to mind when considering retirement is income. Even though you may have left the military after serving for a while, how will you pay for your post-retirement
Benefits of Shriram Life Insurance Retirement and Pension Plans
Shriram Life Insurance Pension Plans offer options for both types of investors—whether you want to invest a lump sum that you have received as superannuation benefits after retiring or want to start planning for retirement at the start of your career.
● An annual, half-yearly, quarterly, or monthly premium mode is available to customers.
● Customers can try the plan out for free to determine if it is right for them.
● There are options for regular, single, or limited premium payments in the majority of Shriram Life Insurance Retirement/Pension Plans.
● Benefits for maturity and death are guaranteed with Shriram Life Insurance Retirement/Pension Plans.
● Internet-based insurance plan issuance.
● Even more options are available to customers, including the option to pay an additional premium to increase the plan’s benefits and the amount insured.
Shriram Life Insurance’s list of retirement and pension plans
The company began selling insurance in 2006. Shriram Life Insurance was established in 2005. Leading business organizations such as Piramal Group, Shriram Group, and Sanlam Group are partners in the project. An international associate with headquarters in South Africa. It has a 26% ownership stake in the insurance firm. In contrast, Indian conglomerates Shriram Group and Piramal Group operate in various industries. Shriram Life Insurance Pension Plans has become a well-known name in the life insurance industry as a result of all stakeholders’ contributions to the organization’s efficiency and financial stability.
- Shriram Life Smart Protection Plan
- Shriram Life Secure Plus Plan
- Shriram Life Cash Back Term Plan
- Shriram Life Family Protection Plan
- Shriram Easy Life Cover Plan
Shriram Life Pension Plus
A non-participating unit-linked pension plan is this.
The Benefits of the Product
a. Benefits of Death: Higher of a. Total fund value (the sum of the base premium and top-up fund values). The amount of base premiums that have been paid in full makes up the base premium fund value. The value of all top-up premiums paid is represented by the
top-up premium fund value.
Total premiums = Total base premiums + total top-up premiums.
b. Death benefit: The death benefit is equal to 105% of the total premiums paid.
c. The nominee has two options: either withdraw all of the policy’s proceeds OR use the entire proceeds to buy an annuity from Shriram Life at the current annuity/pension rates
Vesting Benefit: If you live through the policy term, you will receive the greater of the following:
a. Total value of the fund.
b. The guaranteed vesting benefit is equal to 101% of the total premiums paid.
c. The policyholder has several options, including the ability to commute (withdraw) a portion of the proceeds and use the remaining sum to buy an annuity from Shriram Life Insurance Pension Plans at the current annuity/pension rates OR use the entire sum to purchase a single premium immediate annuity plan from Shriram Life. OR, if you are under 55, the policy term can be extended to the maximum vesting age of 80 years.
Loyalty additions: Assuming that all premiums have been paid, loyalty additions will be added to the base premium fund value as additional units. As a percentage of the average daily base premium fund value over the previous two years, these are added at the conclusion of the fifth policy year. The annualized/single premium slab affects the rate of loyalty additions
The following funds, or a combination of funds, are available for investment, giving you a wide range of options:
a. Pension Protector (primarily debt-based funds)
b. Higher Debt, Lower Equity Pension Balancer
c. Pension Maximizer (Equal shares of debt and equity funds)
d. Pension Multicap Aggressive Fund, which mainly invests in equity funds
e. Maintainer (Mainly Debt)
f. Balancer (Equal shares of debt and equity funds)
g. Maximus (lower debt, mostly equity)
h. Accelerator (Mainly Equity)
i. Tyaseer (Mainly Equity)
j. Defender (lower equity; higher debt)
Benefits pertaining to taxes: Section 80C of the Income Tax Act
The Shriram Life Pension Plus’s Features and Benefits
• It is a simple investment strategy with no sum involved. At the end of the policy term, the maximum returns are guaranteed to be generated.
• An auto transfer feature that is built in to reduce investment risk
• The option to select the term for which you wish to pay the premiums and the vesting age in accordance with your retirement age
• The best investment strategy for your money, based on your risk tolerance, is offered by 4 investment funds
• Complete transparency, allowing you to understand how much premium was invested and how much money you made.
• The choice to purchase the top immediate annuity plan available on the market when one retires
• Make use of the Income Tax Act of 1961’s tax benefits
Immediate Annuity Plus by Shriram Life Insurance Pension Plans
- Both phases and ages of life include retirement. A decision to retire means saying goodbye to the years of laboring to earn a consistent income. Even though work stops after retirement, income shouldn’t. You want to be able to accomplish all of your goals during this time, including following your interests, spending time with friends and family, going on pilgrimages, and other activities.
- Your needs are best understood by Shriram. Presenting Shriram Life Immediate Annuity Plus, a non-linked and non-participating single premium immediate annuity plan for individuals that offers you a wide variety of annuity options along with flexibility, giving you the chance to always maintain your living standards.
Features and Advantages of the Immediate Annuity Plus
Customers who purchase the Immediate Annuity Plus have eight annuity options:
● Lifetime pension
● In this case, annuity payments will be made consistently until the policyholder’s death. With this annuity choice, there are no death benefits.
Lifetime annuity with a death-related return of the full purchase price
● When a policyholder passes away unexpectedly, 100% of the purchase price will be transferred to the nominee in addition to the regular annuity that will continue to be paid to the policyholde
Lifetime annuity rising at a compound annual rate of 3%
● The annuity’s compound interest in this case grows yearly.
Lifetime annuity rising at a simple annual rate of 3%
● With this choice, the annuity grows by 3% annually. After the first year of the plan is over, the annuity percentage starts to increase. Upon the policyholder’s passing, the plan expires.
Annuity certain for 5 years, 10 years, 15 years, 20 years, and thereafter for life
The minimum age to enroll in this annuity option is 18, and policyholders can select the number of years they want to receive an annuity, ranging from 5 to 20. Only the spouse of the policyholder may be the second party in joint annuity plans
When the annuitant dies, a joint life last survivor annuity will pay a 50% annuity to the last survivor.
● In the case of this annuity option, the annuity is paid out in equal installments
over the course of the policy, and in the event of the policyholder’s untimely
death, the second party will receive 50% of the payout.
When the joint life last survivor annuitant dies, the last survivor will receive a 100% annuity.
● In this case, in the event of the policyholder’s untimely death, 100% of the annuity is transferred to the second party. The insurance policy expires following the payout
Joint life last surviving annuity with a 100% annuity to the last surviving person upon the annuitant’s death and a return of 100% of the purchase price upon the last surviving person’s demise
● In this situation, in the event of the policyholder’s untimely death, a 100% annuity is given to the second party. The nominee has entitled to a 100% return purchase in the event that both parties pass away. The annuity plan then comes to an end.
● According to Section 39 of the 1938 Insurance Act, the policyholder may propose nominees
● According to Section 38 of the Insurance Act of 1938, the policyholder may also assign policies
● 90% of the premium will be transferred to the nominee if the policyholder dies by suicide within a year of the policy’s start date. There won’t be any additional benefits in this situation
● A 15-day free-look period is available to policyholders. During the free-look period, the policy and premium may be returned if the policyholder objects to the terms and conditions
● The provisions of the Income Tax Act of 1961 permit policyholders to take advantage of tax benefits.
|Plan Title||Age at Entry (Years)||Maturi ty Age in Years||Premium|
|ImmediateAnnuityPlus||Minimum: 0 years Maximum: 85 years The minimum age for joint annuity plans is 18.||Nothing specific||A $1,000 monthly minimum annuity is required|
Why are Shriram Life Insurance Retirement and Pension Plans necessary?
In order to secure your financial future during retirement, Shriram Life Insurance offers you life insurance protection and investment benefits. The following are additional tax advantages that these plans offer:
● According to Section 80CCC of the Income Tax Act, premium payments for the policies are tax deductible.
● The Income Tax Act’s Section 10(10A) allows tax refunds on the commutation amount as well
As long as the requested and existing premium frequencies coincide, it is also possible to change the frequency at which the policy’s premium payments are made. The Immediate Annuity Plus and Shriram Life Pension Plus provide customers with retirement
financial solutions at reasonable premiums. In order to benefit from the nature of a fixed income during their retirement years, customers can structure an annuity plan as well as invest in equities, fixed-income securities, debt bonds, and other financial instruments. Depending on the risk level that the policyholder chooses, a high return on investment is guaranteed.
Q1. Which of Shriram Life Insurance Company’s pension plans is the best?
Ans – Traditional, non-participating, single premium Annuity Plans without profits are what the Shriram
Immediate Annuity Plan offers. As long as you live, this plan will give you regular payments in
order to keep you going. The designated nominee will be eligible to receive the policy’s purchase price in the event of a sudden death prior to the policy’s expiration.
Q2. Which of Shriram Life Pension Plans 2018’s pension plans is the best?
Ans – If you are under 25 years old or over 60 years old, Shriram Life Pension Plus or Shriram Life Immediate Annuity Plus would be the best pension plan options from Shriram Life Pension Plans
Q3. Which Shriram Life Pension Plan is the best over the long term?
Ans – Depending on your age, Shriram Life offers different pension plans:
1. If you are under 25 years old, choose Shriram Life Pension Plus because it is a unit-linked non-participating pension plan that aids in wealth creation. In other words, there will be fluctuations in the value of the policy fund if you select any pension plan with equity exposure, such as Pension Balancer, Pension Maximiser, Pension Multicap Aggressive Fund, Balancer, Maximus, Accelerator, Tyaseer, or Defender. It is necessary to pay a number of fees, including those for the administration of the policy and the allocation of premiums. Starting in the eleventh policy year, premium allocation fees are the lowest. Your policy’s maturity benefit is maximized if you choose a 35-year term. This is due to the fact that equity offers the highest long-term return of any asset class.
2. 60 years of age or older: At this stage of your life, you would need to invest a lump sum amount to get an assured regular income to enjoy your retirement. Shriram Life Immediate Annuity Plus is the best Shriram Life policy available in this situation. You can pick from a variety of pension options. Decide how much retirement income you’ll need each month, then buy the necessary annuity. The free-look period (15 days after receiving the policy) is the only time during which you can modify the annuity option; once the policy has vested, no such modification is possible.
Q4. What are the benefits of buying Shriram Life Pension Plans?
Ans – In India, one of the most well-known life insurance companies is Shriram Life, which offers a
wide range of plans, from pension plans to unit-linked insurance plans. The premiums for the
policies they offer are reasonable. They have a substantial ratio of claims settled. Shriram Life
Pension Plans are a wise choice if you require a strong pension strategy to provide consistent
income during retirement.
Q5. How is the premium paid? What kinds of payment options are offered?
Ans – You have the option of paying your premium with a check, cash, credit card, or debit card. Draw
the check or demand draft in the name of Shriram Life Insurance Company Ltd. The information
you must include on the back of the check includes your name, policy number, phone number,
and email address. Additional payment options include ICICI Bank, Axis Bank, common service
centers, online, NEFT, ECS, Paytm, and Paytm
Q6. How do I access the Shriram Life Pension Plans policy status?
Ans – Log in to the Shriram Life Pension Plans e-portal using your user name and password to view
the status of your policy.