Shriram Life unveils 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 would have a unique feature of no life cover, thus providing clients who did not require further life cover (or did not qualify for life cover for medical reasons) with the option of a savings-only scheme, the company said in a statement here. Another feature under the plan is auto transfer. Under this, the risk of investing the full premium into a fund is reduced by allowing the premiums to be invested in a low-risk fund (Secure Plus) instead, and gradually transferring the money into the chosen investment portfolio. The plan also offers investment in low-risk funds such as 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 with varied options to invest their money so that they can receive maximum returns in their future,” Shriram Life CEO (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 80CCC 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.