CHENNAI: Private sector life insurance company Shriram Life Insurance Company has launched a deferred annuity plan aimed at providing a stable retirement income for customers, the company said.
With annuity plans starting at Rs 60,000 per annum, the entry age for the plan is 40 to 75 years and includes payouts with or without return of the purchase price.
The moratorium period is 5 to 10 years after which the annuity payments will start.
“As one gets older, financial independence is an important factor, especially with rising costs and increasing health vulnerabilities. Not everyone is protected by pension or PF savings, thus the onus is on the individual to find their own retirement solution. Shriram Life Deferred Annuity Plan seeks to bridge this gap and secure financial support for customers and their spouses without having to depend on their children or others.” Casparus J H Kromhout, managing director and CEO of the company, said in a press release on Friday.
“Its affordable rates also target customers who are entrepreneurs and not covered under social security schemes,” he said.
The plan features a return on purchase price benefit, which protects the customers' initial investment in the event of terminal illness or death. If a customer suffers a stroke and dies after the moratorium period, the entire premium amount invested is returned to him or his family.
The death benefit received during the moratorium period is 125 per cent of the total purchase price, which is the highest in the industry, the release said.
With annuity plans starting at Rs 60,000 per annum, the entry age for the plan is 40 to 75 years and includes payouts with or without return of the purchase price.
The moratorium period is 5 to 10 years after which the annuity payments will start.
“As one gets older, financial independence is an important factor, especially with rising costs and increasing health vulnerabilities. Not everyone is protected by pension or PF savings, thus the onus is on the individual to find their own retirement solution. Shriram Life Deferred Annuity Plan seeks to bridge this gap and secure financial support for customers and their spouses without having to depend on their children or others.” Casparus J H Kromhout, managing director and CEO of the company, said in a press release on Friday.
“Its affordable rates also target customers who are entrepreneurs and not covered under social security schemes,” he said.
The plan features a return on purchase price benefit, which protects the customers' initial investment in the event of terminal illness or death. If a customer suffers a stroke and dies after the moratorium period, the entire premium amount invested is returned to him or his family.
The death benefit received during the moratorium period is 125 per cent of the total purchase price, which is the highest in the industry, the release said.
