Shriram Life Pension Plans

Shriram Life Insurance Company is a joint venture between the Shriram Group with its headquarters in Chennai and Sanlam which is a leading financial services group based out of Cape Town, South Africa. While Shriram holds a stake of 74% of the company, the Sanlam Group has a 26% holding of the insurer. Founded in 2005, the company started its operations from 2006 and made a record of earning a profit for a consecutive period of 3 years. The company is more focused in meeting the insurance requirements of the lower segment of the society to benefit them. The products designed and offered by the company are of high quality at affordable rates to meet the pocket and the requirement of the common man. Today, the range of products offered by Shriram Life Insurance include Protection plans in the form of term plans, Child Plans, Savings and Investment Plans which are available in both conventional or ULIPs form and pension plans. With a wide range of products, the company strives to meet every individual’s insurance related requirement at a single source.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

What are Pension Plans?

Pension Plans or annuity plans are plans which are designed to take care of the income flow for the individual after retirement. Post retirement when the income of the individual dries up, the lifestyle expenses continue and there must be a provision to meet such expenses. Retirement plans help in providing a regular cash flow to individuals so that they can enjoy their retirement peacefully.

Some unique features of pension plan which are listed below:

  • There is a concept of vesting which is the date at which the plan terminates or matures
  • Pension plans can be taken as Immediate Annuity Plans or Deferred Annuity Plans. Under Immediate Annuity Plans, a lump sum is paid by the policyholder and the annuity payments start immediately from the next period chosen. Under deferred annuity, premiums are first paid by the policyholder which accumulate into a corpus and thereafter annuity payments start from the vesting date
  • There is no life cover. Annuity payments stop when the annuitant (or his spouse in case of joint life annuity) dies. However, under deferred annuity, death benefit is applicable if the annuitant dies in the deferment period
  • On vesting, either the entire corpus can be used to avail annuity or 1/3rd of it can be withdrawn in cash and the rest 2/3rd can be used to avail annuity. The withdrawn part is called commuted pension.

Why Pension Plans

Being dependent on others, especially financially is a curse. It is always better to provide for one’s finances even when there is no income. Retirement is a period where the expenses remain the same or maybe increase but income either decreases or diminishes completely. Having an insurance plan is prudent in such a scenario as the plan will provide an individual with the necessary finance required in the old age. Pension plans offered by life insurance companies provide a regular stream of income and come in many variants. They can be taken to cover the life of the policyholder’s spouse as well under the joint annuity plans. So, buying a pension plan is a prudent step towards an individual’s retirement planning.

Shriram Life Pension Plans

Shriram Life Insurance Company offers one plan in the category of retirement plans which is an immediate annuity plan where annuity payouts are payable immediately after paying the single premium. Let us take a look at the plan in details and its various features and benefits.

Read More: What is Annuity | Annuity Calculator

Shriram Immediate Annuity Plan

Traditional pension plan which takes care of the expenses incurred during retirement by providing regular cash flows. The features and benefits of the plan are as follows:

  • Under the plan, the annuity payments will start immediately from the next chosen frequency (quarterly, half-yearly or annually) after the payment of the single premium
  • Loan is not available under the plan
  • If the annuitant commits suicide, no benefit will be payable but if the Return of Purchase Price Option is chosen by the policyholder, then, on suicide, the Purchase Price is paid back to the nominee
  • The premium paid to buy the plan is exempt from taxation under Section 80CCC of the Income Tax Act.

Eligibility Details




Entry Age

40 years

75 years

Annual Annuity amount


No limit

Purchase Price

Rs.50, 000

No limit

Annuity Payout Frequency

Yearly, half-yearly or quarterly

Applying for a Pension Plan from the company:


The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued


Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Applying For Pension Plans through PolicyBazaar

    • On the PolicyBazaar homepage, click on Retirement under the Personal tab.
    • Click New Quotes to compare and choose from top insurance providers.
    • Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
    • Fill in your name, email address, city, country code, and mobile number. Click Continue.
    • You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
    • After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
    • You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.

This will take you to the insurer’s website. You will have to fill in the necessary details to buy the plan.

Other Plans :

Shriram Term Insurance

Shriram Investment Plans

Shriram Life Pension Plans - FAQ

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 23 Reviews)
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Shriram Life Pension Plans Reviews & Ratings

4.3 / 5 (Based on 23 Reviews)
(Showing Newest 23 reviews)
Mumbai, July 26, 2016
Retirement plan
Shriram life insurance provided me pension plan in less premiums. Service is fast and on time too. Good behaviour of staff members of the company and 24X7 assistance. Updates are mailed or texted to me regularly.
Laharpur, July 12, 2016
Pension Plan
The pension plan i purchase for my parents is fantastic. It has all the benefits, premium of the policy is also less. Service is superb provided by the company members. Claims are easily sanctioned because of this. Online service makes easy renewals of the plan.
Ahmedabad, June 30, 2016
My pension plan is very nice and terms and conditions are very reliable. Policy cover's most of the scenario and even accidental death benefits is also pre-inbuilt in the insurance policy. Fantastic future planing which secure the upcoming time. Claims are easily sanctioned due to fast service provided by the company members.
Varanasi, May 11, 2016
Best Plan
I purchase shriram life pension plan. Policy is good with nice services and always on time which is provided by the executives and staff members. Policy coverage is 90% and the claim is of Rs.39 K per month after policy ends. Investment is low and returns are high. The behaviour from executives is nice. Good future investment with tax saving. I like the plan.
Faridabad, May 11, 2016
Excellent Policy
I found the best pension plan for old age with shriram life insurance . The plan is for my mother and she like the policy very much. The policy coverage is 89% and return is ~Rs.38 K per month. The service is good and the amount is directly transfer to mom bank account. I so stress free now. Good future investment and good benefits.
Lalitpur, May 11, 2016
Perfect Plan
I own the shriram life pension plans. The investment is low and the returns is huge. Policy coverage is high approx. 93% and claims are even better. The service is awesome with very calm behaviour of executives and team. Good future investment and it saves taxes also. The daily updates regarding policies is mailed to me.
Pune, May 11, 2016
Super Policy
By my friend suggestion to invest money for future, then i purchase shriram life insurance and have pension plan. The policy coverage is high ~89% and the claim is around Rs.35 K per month after policy get mature. Great services with fast interface. Good future investment and saving taxes.
Bikaner, May 11, 2016
Damn Good
Buy pension plan from shriram life insurance. The policy reimburse the complete amount when i admit in hospital. Dental related problems are not covered. Great future investment and it save taxes also. Good pension plan and great services. Nice behaviour by executives and staff members.
Coimbatore, May 11, 2016
Quality Investment
I purchase shriram life pension plan for my parents. My family was happy with the policy terms and conditions and its benefits too. Policy coverage is high and the premium amount is low. The amount of Rs.40 K is given per month for each of them after the policy mature. The behaviour of executives and staff members are nice.
Bhopal, May 11, 2016
Manageable Policy
Recently purchase shriram life pension plan. Great retirement plans with low premiums and nice policy coverage. The service providers are cooperative and doing there jobs very well. Claims easy to get and time period is less. Daily updates are send to me regularly. Nice deal, satisfied.
Surat, May 11, 2016
Future Security
I invest my money for my future security with shriram life insurance. I have pension policy plan. Policy coverage is 83% and claims are around 39 K per month. Service is good and executives behave well. Daily updates are mailed to me time to time.
Patna, May 11, 2016
Normal Policy
Recently buy a very fine policy i.e., shriram life pension plan. Now, I'm tension for future because of great policy plan. The coverage is good around 85%, service is great and fast too, even the claims are fantastic. Good web services too.
Karnal, May 11, 2016
Fair Policy
My shriram life pension policy is for my parents. My parents are happy with the policy due to low premiums and lots of other benefits. The returns are high ~Rs.39 K per month for each. The policy coverage is high ~89% and service is rapid and on time. The online facilities are simple and easily accessible. Now I'm relaxed and tension free for future.
Thiruvananthapuram, May 11, 2016
Very Nice Plan
I purchase shriram life pension plan and happy to have it. The policy coverage is ~89%. No doubt the service is good. The claiming experience i don't have yet. Good future investment with low premiums. The behaviour of executives and staff members are really very nice. The updates are send to me regularly.
Raj_nagar, May 11, 2016
Good Policy Coverage
Shriram life pension plan is the one which i finding for long time. The policy coverage is high ~88% and the claim is around Rs.30 K per month after policy get mature. Good future investment which reduces taxes too. The service facilitate by the executives and staff members is nice and on time.
Indore, May 11, 2016
Responsive Faculty
I buy very good policy from shriram life insurance. The policy is great for future investment nice pension policy plan. The coverage is good ~90%, service is great, even the claims are the best. Good behaviour from executives and staff members. Daily updates mailed to me regularly.
Bijnor, May 11, 2016
Wonderful Policy
I own a pension policy plan like every one does. The policy is great with high returns and low premiums. Policy coverage is also nice ~ 87% and service is fast. Really good job guys, you provide best shriram life pension plans The behaviour of the executives and staff members are nice.
Jaipur, May 11, 2016
Above Average
My pension policy plan is suggestion by the friend, So i took it from shriram life insurance. Staff members and executives provide good and quick services. Policy coverage is good approx. 81% but the premiums are normal. Good terms and conditions in compare with other. Nice future investment and it saves taxes too. Good job.
Gautam_buddha_nagar, May 11, 2016
Future Investment
I have my pension policy from shriram life insurance. Policy coverage is good ~82%. Service is also nice provided by the executives and stuff and the claim sanctioning easily. The executives and staff members behave well and there work is on time. Good future investment.
Dholpur, May 11, 2016
Fantastic Plan
I got shriram life pension plan. The policy has good coverage approx. 85% with low premium. Claims are also high and the returns is Rs.37 K per month after policy end. Service is fantastic and the executives do best work. Good investment for future and taxes are also reduced. I like it.
Haldwani, May 11, 2016
Shriram life pension plan i choose by a friend advice. Plan is an average one with okay services, 74% policy coverage, Rs.29 K per month returns. Good future investment which reduces my taxes too. The behaviour of the executives and staff members. Manageable policy which is very good future investment.
Babhleshwar, May 11, 2016
Good Plan
I bought shriram life insurance pension plan which has low premiums which payed quarterly. Policy coverage is 89% and claims are high and the payback amount is around Rs.39 K per month. Service is very good and fast. The policy is nice investment for future and it is good tax saver too. Good work.
Agra, May 11, 2016
Fair Policy
My shriram life pension plan is good. I'm relaxed now for my future, the returning amount is 35 K per month after the policy end. The policy coverage is 90% and claims are also high with low premiums. The behaviour of the executives and staff members are really very good. Good future investment which save taxes.
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