Shriram Life Insurance one of the leading private sector life insurer has rolled out a Deferred Annuity Plan, aimed at providing a steady retirement income for customers.

Deferred Annuity Insurance Plan provides a structured and tax-efficient approach to building a financial foundation for retirement. By combining the elements of long-term investment growth and insurance protection, it offers individuals the opportunity to create a steady and reliable income stream to support their retirement lifestyle.

With an annuity plan, yearly premium starting at Rs 60,000 a year, the entry age for the plan is from 40 to 75 years and it includes payable with or without Return of Purchase Price. Deferment period is from 5 to 10 years after which annuity payments would commence.

Casparus J H Kromhout, Managing Director and CEO, Shriram Life Insurance, in a press release on Friday said “Financial independence is a key factor as one grows old, especially with rising costs and increasing health vulnerabilities. Not everyone is secured with pensions or PF savings, thus putting the onus on the individual to find their own retirement solutions. Shriram Life Deferred Annuity Plan seeks to close this gap and secure so that customers and their spouses can get financial support without depending on their children or others.”

“Its affordable rates also target customers who are entrepreneurs and not covered under social security schemes,” he added.

The plan features a Return of Purchase Price benefit, which protects the customers’ initial investment in the event of terminal illness or death. If a customer suffers a stroke nor passes away after the deferment period, the entire premium amount invested is refunded to their or their family.

Death benefit received during deferment period is 125 per cent of the total purchase price, which is the highest in the industry, the release said.