Shriram Life Immediate Annuity Plan

• Annuity for life
• 8 annuity options to choose from
• Single purchase price to get immediate annuity
• Incentives for higher purchase price
• Hassle-free procedure for buying plan online
• Avail tax benefits

Annuity Options

Option 1- Annuity for Life: The annuity is payable at a uniform rate for the whole life of the annuitant. Upon death, the annuity payouts will cease and the policy gets terminated.

Option 2- Annuity for Life with Return of Purchase Price on Death: The annuity is payable at a constant rate throughout the life of the annuitant. On death, the purchase price is payable to the nominee.

Option 3- Annuity for Life increasing at 3% p.a simple rate: This option provides a regular annuity for lifetime. This annuity payout will increase at a simple rate of 3% per annum. In the event of death, the annuity payments will stop.

Option 4- Annuity for Life increasing at 3% p.a compound rate: This option provides a regular annuity for the lifetime of the annuitant. This annuity payment will increase at a compound rate of 3% per annum and it is payable one year after commencement of the annuity payment. On death of the annuitant, the annuity payments will cease and the policy gets terminated.

Option 5- Annuity certain for 5/10/15/20 years and for life thereafter: Under this option, the annuity is paid for a guaranteed period of 5/10/15/20 years or for the lifetime of the annuitant, whichever is later. On the death of the annuitant before expiry of the guaranteed period, the annuity is payable till the completion of this period.

Option 6- Joint Life Last Survivor annuity with 50% annuity payout to last survivor: The annuity is paid at a fixed rate throughout life of the primary annuitant. On demise of the primary annuitant, 50% of the annuity is payable through life for the secondary annuitant. On demise of the secondary annuitant, the annuity payment will stop.

Option 7- Joint Life Last Survivor annuity with 100% annuity payout to last survivor: The annuity is paid at a uniform rate through the whole life of the primary annuitant. On the death of the primary annuitant, 100% of the annuity is payable throughout life for the secondary annuitant. On the death of the secondary annuitant, the annuity payment will stop.

Option 8- Joint Life Last Survivor annuity with 100% annuity payout to last survivor with return of purchase price on death of the last survivor: The annuity is paid at a constant rate through the entire life of the primary annuitant. On the death of the primary annuitant, 100% of the annuity is payable throughout life for the secondary annuitant. On the death of the secondary annuitant, 100% of the purchase price is returned to the nominee.

Death Benefit

For ‘Option 1- Annuity for Life’, on the demise of the annuitant, no annuity is payable.

For ‘Option 2- Annuity for Life with Return of Purchase Price on Death’, on death, the purchase price is payable to the nominee.

For ‘Option 3- Annuity for Life increasing at 3% p.a simple rate’, on death, the annuity payments will stop.

For ‘Option 4- Annuity for Life increasing at 3% p.a compound rate’, no annuity payments after death of the annuitant.

For ‘Option 5- Annuity certain for 5/10/15/20 years and for life thereafter’, upon the demise of the annuitant prior expiry of the guaranteed period, the annuity is payable till the completion of this period.

For ‘Option 6- Joint Life Last Survivor annuity with 50% annuity payout to last survivor’, in the event of demise of the primary annuitant, 50% of the annuity is payable through life for the secondary annuitant. On the demise of the surviving annuitant, the annuity payment will stop.

For ‘Option 7- Joint Life Last Survivor annuity with 100% annuity payout to last survivor’, upon the death of the primary annuitant, 100% of the annuity is payable through life for the secondary annuitant. On the death of the surviving annuitant, the annuity payment will cease.

For ‘Option 8- Joint Life Last Survivor annuity with 100% annuity payout to last survivor with return of purchase price on death of the last survivor’, in case of the demise of the primary annuitant, 100% of the annuity is payable through the entire life for the secondary annuitant. On the death of the secondary annuitant, 100% of the purchase price is paid to the nominee.

Vesting/Maturity Benefit

No maturity benefit is available.

Bonus

No bonus is payable, as it is a non-participating pension plan.

Loan Benefit

No loan facility is available under this policy.

Surrender Value

No Surrender Value can be acquired under this policy.

No rider is available for this plan.

You may avail tax benefits on premium paid under Section 80CCC of Income Tax Act,1961. The applicable tax benefits are subject to prevailing tax laws.

Aniruddh aged at 45 years looking to opt for a plan that can provide a regular income for the lifetime. He thus buys Shriram Life Immediate Annuity Plus with ‘Annuity certain for 20 years and for life thereafter’ annuity option.

Scenario A: On survival of Anirudh

On survival of Aniruddh, the annuity is paid for a guaranteed period of 20 years and beyond for his lifetime.

Scenario B: On demise of Anirudh

On the unfortunate death of Aniruddh, the annuity is payable till the end of the guaranteed period of 20 years.