Shriram Life Insurance introduced a Deferred Annuity Plan, which people aged 40 to 75 years can take advantage of.
Life Insurance: People in the age group of 40 to 75 years can take advantage of this plan. It includes payment with or without the return of the purchase price.
Life Insurance: Private sector Shriram Life Insurance Company has launched a 'Deferred Annuity Plan' to provide a stable retirement income to customers. This plan starts at Rs 60,000 per year. People in the age group of 40 to 75 years can take advantage of this plan. It includes payment with or without the return of the purchase price. The deferment period in this is 5 to 10 years after which the annuity payment will start.
Life Insurance Company's Managing Director and Chief Executive Officer Casper J. H. said that financial Independence becomes an important factor as one grows older, 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 retirement solution falls on oneself.
The plan is better for these people.
Kromhout said the 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
This plan includes a Return on Purchase Price Benefit, which protects the initial investment of customers in case of 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 percent of the total purchase price, which is the highest in the industry, the release said.
Follow our Whatsapp Channel for latest update
