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.

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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.

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  • On vesting, either the entire corpus can be used to avail annuity or 1/3rd of it can be withdrawn in cash and the rest 2/3rd can be used to avail annuity.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

  Minimum Maximum
Entry Age 40 years 75 years
Annual Annuity amount Rs.1000 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.

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

  • Q.How to pay a premium? What are the modes of payment available?

    Ans: Shriram Life Insurance Company offers 6 modes of premium payment namely:
    • Cash payment at the branch
    • Payment at the Axis Bank
    • Online Payment
    • NEFT
    • ECS
    • Pay Via Mobile

    For the online payment mode, the policyholder can pay via;

    • Credit Card,
    • Debit Card
    • Net banking
  • Q.How can I check policy status for Shriram Life pension plans?

    Ans: To check policy status you can log into the e-portal with your valid credentials.
  • Q.What is the policy renewal process for Shriram Life pension plans?

    Ans: The Shriram Life Insurance company provides facility to renew the policy online.

    Step 1: Sign into the e-Portal with policy details

    Step 2: Select payment option (Bank, Debit/credit Card) to pay

    Step 3: Save/print e-receipt

    You can renew your policy via Mobile, please visit e-portal

  • Q.What is the company’s process to settle claim for Shriram Life pension plans?

    Ans: For the claim, the nominee must submit the valid documents along with the claims form at the nearest branch. Upon successful validation of documents the claim is fully settlled within a few days.
  • Q.What is the policy cancellation process for Shriram Life pension plans?

    Ans: Walk into the nearest branch of the Shriram Life insurance company with the policy documents. Surrender them and within a couple of days the refund will be directly credited into your bank.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
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Shriram Life Pension Plans Reviews & Ratings

4.3 / 5 (Based on 23 Reviews)
(Showing Newest 10 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.
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