Shriram Life Insurance Company has introduced a new Deferred Annuity Plan designed to provide customers with a steady retirement income, the company announced on Friday. With entry ages ranging from 40 to 75 years, the plan offers annuity payments starting at Rs 60,000 per year, beginning 5 to 10 years after purchase, depending on the selected deferment period.

The Deferred Annuity Plan includes options for payments either with or without Return of Purchase Price, offering flexibility to suit various financial needs. "Financial independence is crucial as one ages, especially given rising costs and increasing health risks", said Casparus J.H. Kromhout, Managing Director and CEO of Shriram Life Insurance, in the press release. "Not everyone has the security of pensions or provident fund savings, making it essential for individuals to secure their retirement income. Our Deferred Annuity Plan aims to bridge this gap, ensuring financial support for customers and their spouses without relying on others".

The plan also features a Return of Purchase Price benefit, safeguarding the customer's initial investment in case of terminal illness or death. If a customer experiences a stroke or passes away after the deferment period, the full premium amount is refunded to the individual or their family. During the deferment period, the death benefit is 125% of the total purchase price, which is the highest in the industry, according to the release.

Kromhout highlighted that the plan's affordable rates are particularly beneficial for entrepreneurs who are not covered under traditional social security schemes, making the Deferred Annuity Plan a viable option for those seeking reliable retirement income solutions.

By introducing this plan, Shriram Life Insurance aims to provide a dependable financial safety net for retirees, helping them maintain their independence and financial security in their later years.