Shriram Life Immediate Annuity Plus Plan, Policy, Premium and Maturity Calculator - Retirement is a phase of life most of us look forward to, after putting in years of work. While we all wish for our retirement to be calm and peaceful, finances become critical during this phase, for not everyone has a steady source of income post retirement. ICICI Pru Immediate Annuity is a specialised product which helps one plan their retirement, ensuring that funds do not become an impediment during this key stage of life.
Eligibility - Shriram Life Immediate Annuity Plus Plan and Policy
| Minimum entry age | 45 years |
| Maximum entry age | 100 years |
| Minimum age at entry for spouse | 20 years |
Key Features - Shriram Life Immediate Annuity Plus Plan and Policy
Listed below are some of the key features of this plan.
| Plan type | Non-linked Life Insurance Scheme |
| Plan basis | Single/Individual |
| Minimum payable annuity | Rs 100 per annum |
| Annuity payment modes | Monthly, quarterly, half-yearly and yearly |
| Loan | No loan facility offered |
| Surrender value | NA |
| Free look period |
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| Grace period | NA |
| Payout options |
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| Policy coverage | Life Annuity, Life Annuity plus purchase price return |
Benefits/Advantages - Shriram Life Immediate Annuity Plus Plan and Policy
Listed below are some of the advantages of ICICI Pru Immediate Annuity .
- Multiple options – Individuals can choose to increase/modify their annuity amount as per their requirements.
- Annuity options – There are 5 annuity options one can choose from:
- Life annuity – Members can choose to get lifetime annuity.
- Joint life last survivor – Annuity will be paid to the member till his/death, post which the spouse will be paid the annuity.
- Life annuity plus premium return – Annuity is paid to the member during his/her lifetime, with the premium returned on demise.
- Joint life last survivor with purchase price return – Annuity is paid to member during his/her lifetime, post which the spouse will receive it. Premium will be paid to nominee in the event of demise of spouse.
- Assured annuity – Members can choose to get guaranteed annuity for a period ranging between 5 and 15 years, depending on their requirements.
Working - Shriram Life Immediate Annuity Plus Plan and Policy
ICICI Pru Immediate Annuity can be modified to work as per the requirements of an individual, offering unique solutions to him/her. Let us consider the example of Mr. Jayesh, a banking professional to understand this plan. Jayesh opts for this plan after turning 50 years, paying a lumpsum of Rs 2.5 lakh to purchase it. He opts for the Joint Life Last Survivor with purchase price return option, with annuity payments to be received every quarter.
Post his retirement, he will receive an annuity based on the amount invested by him. In the event of his demise, his wife will continue to receive an annuity on his behalf. Now, in the event of demise of his wife, the premium will be paid back to the nominee, who happens to be their son in this case.
Premium Payment - Shriram Life Immediate Annuity Plus Plan and Policy
A single lumpsum premium needs to be paid in order to purchase the plan.
Riders - Shriram Life Immediate Annuity Plus Plan and Policy
No riders applicable.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017.
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