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When you think of retirement, the first concern you have is income. You might have retired from your active service, but how will you meet the expenses post retirement?
If you want to enjoy a stress-free life after retirement and do not wish to compromise on your lifestyle, then pension plans from Shriram Life would be your best choice.
Whether you want to plan for retirement at the beginning of your career or want to invest a lump sum that you have received as superannuation benefits post retirement, Shriram Life has options for both categories.
This is a unit-linked non-participating pension plan.
Death Benefit: Higher of
Vesting Benefit: If you survive till the end of the policy term, you will receive the higher of:
|Entry Age||20 years||65 years|
|Vesting Age||40 years||80 years|
|Policy Term||10/15 to 35 years||-|
|Premium payment frequency (PT)||Regular/Limited: Yearly & Monthly (ECS mode)||-|
|Premium Paying Term (PPT)||Regular: Same as policy term Limited: PT (10) - PPT 6 PT (15-19) - PPT 6/10 PT (20-35) - PPT 6/10/15 Single||-|
|Minimum Premium||Regular: Yearly – 25000 Monthly - 4000 Limited: Yearly - 48000 Monthly - 4000 Single: 100000||No limit|
How does the Plan work
This is a non-linked, non participating single premium immediate annuity plan.
|Entry age||0 18 (joint life options)||85|
|Policy Term||Whole Life||-|
|Premium Paying Term||Single||-|
|Annuity Mode||Yearly, half yearly, quarterly, monthly||-|
|Minimum Annuity Per annum||
|Minimum Purchase Price||Rs. 3 lacs||No limit|
|Annuity modal factor||
How Plan works
Which is the best pension plan that ShriramLife Insurance Company offers?
The best pension plan from Shriram Life Pension Plans would be Shriram Life Pension Plus if you are below 25 years of age and Shriram Life Immediate Annuity Plus if you are over 60 years of age. This is because you need to create a retirement corpus when you start your career and you need regular income when you are retired.
Which is the best pension plan of Shriram Life Pension Plans 2018?
The best pension plan 2018 from Shriram Life Pension Plans would depend on your age. If you are starting your career, you need to create a corpus for retirement. Hence, Shriram Pension Plus with numerous investment options including debt and equity would be the right choice. When you are over 60, you would need a pension plan that provides regular income. In this case, Shriram Life Immediate Annuity Plus would be the right choice.
Which is the best Shriram Life Pension Plan for long term?
The best pension plan from Shriram Life would depend on your age:
If your age is below 25 years: If you have just started your career, then you should opt for Shriram Life Pension Plus as this helps in wealth creation being a unit-linked non-participating pension plan. That means if you choose any pension plan with equity exposure like Pension Balancer, Pension Maximiser, Pension Multicap Aggressive Fund, Balancer, Maximus, Accelerator, Tyaseer, or Defender there will be fluctuation in the policy fund value. There are various charges like premium allocation charge, mortality charges, and policy administration charges to be paid. Premium allocation charges are lowest from the 11th policy year onwards. When you go for the 35-year policy term, then you maximise the maturity benefit. The reason for this is equity as an asset class gives you the highest return in the long run.
Age 60 and above: At this stage in your life, you would need to invest a lump sum amount to get an assured regular income to enjoy your retired life. The best Shriram Life Policy here would be the Shriram Life Immediate Annuity Plus. You have multiple pension options to choose from. So, determine the pension amount you need monthly and then purchase the required annuity. You need to remember that you can only change the annuity option during the free-look period (15 days from receipt of the policy) as no option for changing the policy is available after vesting.
Why should I buy Shriram Life Pension Plans?
Shriram Life is a renowned life insurer in India and provides various plans starting right from unit-linked insurance plans to pension plans. They offer policies at affordable premiums. They have a high claim settlement ratio. If you need an effective pension plan for regular income during retirement, then Shriram Life Pension Plans are an excellent choice.
How to pay premium? What are the modes of payment available?
You can pay your premium either by cheque, cash, credit, or debit card. The cheque or demand draft should be drawn in favour of Shriram Life Insurance Company Ltd. You need to mention your policy number, name, contact number, and email id on the reverse side of the cheque. You could also pay at Axis Bank, common service center, online, national electronic fund transfer (NEFT), ECS, Paytm or ICICI Bank.
How can I check policy status for Shriram Life Pension Plans?
To check your policy status, log on to the e-portal of Shriram Life Pension Plans with your id and password.