Shriram Immediate Annuity Plan

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Introduction/Overview

Shriram Immediate Annuity Plan is a traditional pension plan where annuity starts immediately after paying a lump sum premium and thus it allows the policyholder to plan for retirement.

Key Features

  • It is an Immediate Annuity Plan with single premium option where the annuity starts immediately after premium payment from the next chosen date

Benefits

  • Annuity payouts will be paid as per the frequency chosen immediately after the premium paid
  • Income tax benefit on the premium paid as per Section 80CCC of the Income Tax Act.

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

40 years

75 years

Purchase Price

50,000

No limit

Annuity Payout

1000

No limit

Annuity payout Frequency

Quarterly, half-yearly, yearly

Policy Details

Grace Period: Grace period is not applicable.

Policy Termination or Surrender Benefit: the policy cannot be surrendered anytime

Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Inclusions

  • Loan is not available under the plan

Exclusions

  • No benefit is paid if the policyholder commits suicide. But if the Life Annuity with Return of purchase Price option is chosen, the purchase price is returned to the nominee

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.