Shriram Life will get PFRDA nod to grow to be annuity service supplier
NEW DELHI: Shriram Life Insurance Company (SLIC) is empanelled as an Annuity Service Provider by the Pension Fund Regulatory Development Authority (PFRDA). The empanelment will assist the insurance coverage main handle the annuity part of the maturity proceeds underneath the National Pension System (NPS).
The PFRDA certification will assist SLIC garner extra NPS subscribers underneath its annuity plan. With near 1.5 crore subscribers underneath NPS and property underneath administration (AUM) of greater than ₹7 trillion, SLIC’s empanelment as ASP will assist it mobilise 40% of the NPS maturity quantity which will probably be open to funding in annuity schemes.
Immediate Annuity Plus, SLIC’s annuity plan, has choices for NPS subscribers that gives versatile choices for retirees to proceed their lives in the identical monetary situations as they did earlier than.
The annuity premium mobilisation in India is above ₹25,000 crore per 12 months. As NPS subscriptions mature and subscribers retire, this chance will develop . This will even allow prospects to select from an array of insurance coverage suppliers who present rewarding annuity plans in response to their wants and life-style.
Casparus Kromhout, MD & CEO, Shriram Life Insurance Company, stated, “Shriram Life has a well-priced quick annuity product and a sturdy fund administration framework. With these, we’re gearing as much as make the very best use of this new alternative. This additionally gives us with one other avenue to supply holistic insurance coverage options for our prospects.”
Annuity Service Provider is an IRDA-registered insurance coverage firm empaneled by PFRDA for offering Annuity Services to NPS subscribers upon their exit from the system. ASPs will probably be chargeable for managing the funds (allotted for purchasing annuity) and fee of the pension after a subscriber attains the age of 60.
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