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Shriram Life Insurance unveils deferred annuity plan

Shriram Life Insurance has launched an ‘affordable’ annuity plan that balances long-term savings growth with insurance protection targeting younger professionals and entrepreneurs.

Individuals aged 40-75 can purchase Shriram Life Deferred Annuity Plan, which offers tax benefits as well as steady retirement income. The minimum premium starts at ₹60,000 per year for limited and regular premium-payment terms, while for single premium payment it is ₹3 lakh. There is no limit on premium payable or purchase price, the private insurer said in a statement.

The plan’s lower ticket size enables earning members of the unorganised sector to plan their retirement. The product targets younger customers who have accumulated money but wish to continue working.

The deferred annuity plan features a Return of Purchase Price benefit, which protects the annuitant’s initial investment in the event of terminal illness or death.

If the death of the annuitant happens when the policy is in force, the death benefit, i.e. 125% of the purchase price shall be paid to the nominees.

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