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Shriram Immediate Annuity Plan
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Shriram Immediate Annuity Plan
Shriram Immediate Annuity Plan is a Single Premium Immediate Annuity Plan. This is a Traditional Annuity Plan. In this plan, pension starts immediately after the plan starts from the next instalment.
What is Immediate Annuity
An Annuity is a product which provides regular payments and can be used as a Retirement Strategy. The person who purchases the annuity is called the annuitant.
In this plan, you need to pay a lump sum amount of money at the beginning of the plan so that you receive annual payments in the form of Annuity for the rest of your life. Thus, in this plan, you would start to receive the payment immediately without having to wait. You can choose to receive the payments even after your death, for as long as your spouse is alive. The rate at which you would receive the Annuity depends on the type of the Annuity chosen.
Hence this plan is a good choice if you have not planned your retirement before but would like to avail pension now by paying a lump sum amount for lifelong security. Hence it is very suitable for people who have not bought a pension plan before and would like to buy one with retirement money.
How it works
In this plan, a Lump sum amount of Money needs to be paid to purchase Annuity which starts immediately payments without any delay. There is only 1 option for Annuity Payment of Life Annuity with Return of Purchase Price. In this option, Annuity is paid till the Annuitant is alive and the remaining amount of the corpus is paid to the nominee as death benefit and then the policy terminates
Annuity may be paid quarterly, half yearly or yearly intervals. It starts from the next possible interval as chosen.
Key Features of Shriram Immediate Annuity Plan
This plan is an immediate pension plan
Annuity is paid till the Annuitant is alive and the remaining amount of the corpus is paid to the nominee as death benefit and then the policy terminates
Annuity may be paid quarterly, half yearly or yearly intervals
There is no requirement for any medicals in this plan
COMPARE THIS PLAN WITH OTHER PENSION PLANS
Benefits you get from Shriram Immediate Annuity Plan
Death Benefit – In case of death of the Annuitant, the remaining corpus is paid to the nominee and the policy terminates.
Maturity Benefit – Being an Immediate Annuity Plan, there is no Maturity Benefit in this plan.
Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C. Pension that is received is taxable.
Eligibility conditions & other restrictions in Shriram Immediate Annuity Plan
Minimum
Maximum
Purchase Price of Annuity (in Rs.)
50,000
No Limit
Annuity Payout (in Rs.)
Depends on the age at entry
No Limit
Premium Payment Term (in years)
Single
Entry Age of Annuitant (in years)
45
75
Payment modes for Annuity
Yearly, Half-yearly or Quarterly
Additional Features and Benefits of Shriram Immediate Annuity Plan
Riders- There are No Additional Riders available in this plan.
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What happens if?
You stop paying the premium – This plan is a single premium plan and hence there is no question of stopping further premiums.
You want to surrender the policy – There is no Surrender Value for this plan and it cannot be paid up.
You want a loan against your policy – Loan facility is not available under this policy
