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Shriram Life Introduces New Pension Plan

Intends to provide clients with options to invest their money and receive maximum returns post-retirement

Shriram Life Insurance (SLIC), a joint venture between Shriram Group and South African insurance company, Sanlam, has launched a unit linked premium plan – Shriram Pension Plan. The product intends to provide clients with options to invest their money and receive maximum returns post-retirement – reported Business Standard.

The plan offers 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 alternative of savings only.

Reportedly, the other feature under the plan is auto transfer, which minimises 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.

Gerhard Joubert, CEO of Shriram Life, said: 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.

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. Being a pension plan, clients will also enjoy tax benefits under section 80 CCC of the Income Tax Act, the magazine quoted Mr. Joubert.