Shriram Life Insurance Company, a leading private sector life insurer, has launched a Deferred Annuity Plan designed to ensure a stable retirement income for customers, the company announced. Starting at Rs 60,000 annually, the plan targets individuals aged 40 to 75 years and offers options with or without Return of Purchase Price.

The plan includes a deferment period ranging from 5 to 10 years, after which regular annuity payments begin.

"Financial independence becomes crucial as individuals age, especially with escalating expenses and health concerns. Not everyone has the safety net of pensions or provident fund savings, placing the responsibility on individuals to secure their own retirement. The Shriram Life Deferred Annuity Plan aims to bridge this gap, providing financial security so customers and their spouses can maintain independence without relying on others," said Casparus J H Kromhout, Managing Director and CEO, in a press release.

He emphasized that the plan's competitive rates cater specifically to entrepreneurs and those not covered by social security schemes.

Key Features:

Annuity options starting at Rs 60,000 annually

Entry age from 40 to 75 years

Deferment period of 5 to 10 years

Option with Return of Purchase Price

Death benefit during deferment period is 125% of total purchase price

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