Shriram Immediate Annuity Plan

Shriram Immediate Annuity Plan is a traditional pension plan where annuity starts immediately after paying a lump sum premium and thus it allows the policyholder to plan for retirement.

Get Guaranteed Lifelong Pension
For You And Your Spouse

Invested amount returned to your nominee

Pension Options

Invest ₹20k monthly & Get yearly pension of ₹4.2 Lacs for Life
Guaranteed Return For Life
Multiple Annuity Options

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7.7 Crore

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Insurance Partners

4.2 Crore

Policies Sold

Get Guaranteed Lifelong Pension^{^^}
For You And Your Spouse

Invested amount returned to your nominee

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We are rated^~

7.7 Crore

Registered Consumer

Insurance Partners

4.2 Crore

Policies Sold

Disclaimer: ^^ Guaranteed income starts after the deferment period, which depends on the annuity amount chosen at the time of purchase of policy and the amount of premium paid. The policy remains in force until the lifetime of Primary Annuitant and after the death of Primary Annuitant until the lifetime of Secondary Annuitant. The option chosen is joint life plan and life annuity with 100% return of premium is also available.

Key Features

It is an Immediate Annuity Plan with single premium option where the annuity starts immediately after premium payment from the next chosen date

Benefits

Annuity payouts will be paid as per the frequency chosen immediately after the premium paid
Income tax benefit on the premium paid as per Section 80CCC of the Income Tax Act.

Product Specification:

	Minimum	Maximum
Entry Age (Last Birthday)	40 years	75 years
Purchase Price	50,000	No limit
Annuity Payout	1000	No limit
Annuity payout Frequency	Quarterly, half-yearly, yearly

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Policy Details

Grace Period: Grace period is not applicable.

Policy Termination or Surrender Benefit: the policy cannot be surrendered anytime

Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Read Also: What is an Annuity | Annuity Types

Inclusions

Loan is not available under the plan

Exclusions

No benefit is paid if the policyholder commits suicide. But if the Life Annuity with Return of purchase Price option is chosen, the purchase price is returned to the nominee

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.

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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

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