People in the age group of 40 to 75 years can take advantage of this scheme. This includes payment with or without return of purchase price.
Life Insurance: Private sector Shriram Life Insurance Company has launched a ‘Deferred Annuity Plan’ with the aim of providing a stable retirement income to the customers. This scheme starts from Rs 60,000 per year. People in the age group of 40 to 75 years can avail the benefits of this scheme. It includes payment with or without return of purchase price. The deferment period in this is 5 to 10 years after which the annuity payment will start.
Casper J. H., Managing Director and Chief Executive Officer of the Life Insurance Company, said, Financial Independence becomes an important factor as we age, especially with rising costs and increasing health problems.
He said, not everyone gets the security of pension or PF savings, so the responsibility of finding their own retirement solution falls on oneself.
The plan is better for these people
Kromhout said, Shriram Life Deferred Annuity Plan is an attempt to bridge this gap and provide security to customers and their spouses to get financial support without depending on their children or others. He said, its affordable rates also target those customers who are entrepreneurs and do not come under social security schemes.
Death benefit 125% of the total purchase price
The plan includes a Return on Purchase Price benefit, which protects the initial investment of customers in case of a fatal illness or death. If a customer suffers a stroke or dies after the deferment period, the entire premium amount invested is returned to him or his family. The death benefit received during the deferment period is 125 per cent of the total purchase price, which is the highest in the industry, the release said.
