Shriram's New Deferred Annuity Plan Ensures Financial Independence for Seniors

Shriram Life Insurance Company has introduced a Deferred Annuity Plan designed to provide steady retirement income. With flexible entry ages and deferment periods, it offers financial independence especially for those without pensions. It features benefits like Return of Purchase Price for terminal illness and death, making it a secure investment.

Shriram Life Insurance Company has launched a new Deferred Annuity Plan aimed at ensuring financial independence for seniors. The plan is designed to offer a consistent retirement income, said the company in a recent press release.

With an initial annual payment starting at Rs 60,000, the entry age for this plan ranges from 40 to 75 years. It includes options for payouts with or without Return of Purchase Price. Annuity payments commence after a deferment period of 5 to 10 years.

'Financial independence is essential, especially as one ages and faces rising costs and health vulnerabilities,' said Managing Director and CEO Casparus J H Kromhout. 'Our Deferred Annuity Plan aims to bridge the gap for those without pensions or PF savings, providing financial support for individuals and their spouses.'

The plan also targets entrepreneurs who are not covered under social security schemes, offering them affordable rates. It includes a Return of Purchase Price benefit, protecting the initial investment in the event of terminal illness or death. If this occurs after the deferment period, the entire premium amount is refunded to the investor or their family. Additionally, the death benefit during the deferment period is 125% of the total purchase price, the highest in the industry.

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