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. Shriram Immediate Annuity Plan A 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 Applying for a Pension Plan from the company: Online The company offers specific plans which are available online only. The customer only needs to log into the companys 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 Intermediaries 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 insurers website. You will have to fill in the necessary details to buy the plan. Other Plans : Shriram Term Insurance Shriram Investment Plans
