Shriram Life launches Shriram Pension Plan

Shriram Life Insurance (SLIC) today launched a unit linked premium plan - Shriram Pension Plan which gives clients varied options to invest their money and receive maximum returns post-retirement. 

The plan gives a unique feature of no life cover, which provides clients who do not require further life cover (or do not qualify for life cover for medical reasons) with the option of a savings only, the company said in a statement here.  

The other feature under the plan is Auto Transfer, which reduces the risk of investing the full premium into a fund with a volatile NAV by allowing premiums to be invested in a low risk fund (Secure Plus) and gradually transferring the money into the chosen investment portfolio.  

The plan also offers low risk fund like Secure plus (a debt linked fund for those desiring stability) and Tyaseer fund, a Shariah friendly investment fund.  "With this plan we aim to provide our clients varied options to invest their money so that they can receive maximum returns in their future," Shriram Life Chief Executive Officer (New Channel), Gerhard Joubert, said.     

"Our product is only for pension seekers and should not be confused in any manner with a life insurance cover concept, therefore no life insurance cover is provided, it is a savings only vehicle," Joubert said.Being a pension plan, clients will also enjoy tax benefits under section 80 CCC of the Income Tax Act.  

Shriram Life Insurance is a joint venture between the Shriram Group and Sanlam, a leading insurance company of South Africa.