Shriram Pension Plan

This pension plan is a regular premium unit linked plan (Ulips). It helps to make large tax savings that will provide the policy holder with enough income on retirement which will take care of all the needs.
Features of Shriram Pension Plan
• The minimum age of entry for the policy is 18 years.
• The maximum age of entry for the policy is 55 years
• The minimum retirement age for the policy is 45 year.
• The maximum retirement age for the policy is 65 year.
• Premium can be paid in yearly, half yearly, quarterly or monthly options.
• The minimum policy term is, retirement age minus the age of entry which is a subject to minimum of 10 years and maximum 47 years.
• Minimum Installment premium will be Rs. 10,000/ – yearly mode, Rs. 5,000/ – half yearly mode, Rs. 2,500/ – quarterly mode and Rs. 1,000/- monthly mode
• Monthly mode is allowed through ECS only.
• The available investment funds under the policy are Secure Plus, Guardian Plus, Maximus Plus and Tyaseer Fund.
• Auto transfer option is available under this policy.
• The facility of top up premium is also available.
• The policy holder under this policy can switch from one fund to another.
• Policyholder has a facility to withdraw the units partially.
• A grace period of one month but not less than 30 days will be allowed for payment of yearly, half‐yearly and quarterly premiums.
• Premiums paid under this plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961 as applicable at times.
The benefits of Shriram Pension Plan are as follows:
In case of the death of the policy holder before attaining the retirement age the value of the unit in the account of the policy holder will be paid.
On the survival till the vesting age the policy holder will receive the fund value. He or she can use the fund value to purchase immediate annuity from Shriram Life Insurance or any insurance company approved by IRDA.

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Tags: Insurance Company, Pension Plan, ULIPS