Shriram Life Insurance Company Ltd has launched a new non-linked plan which assures regular income after the policy term. Announcing the launch of the product here on Monday, Manoj Kumar Jain, CEO of the company said the minimum annual premium is ₹15,000 with assured returns as high as 165 per cent of the annualised premium.

The tax benefits as per the prevailing tax laws are also available. “The product is designed to meet the diverse needs of customers such as children’s education, retirement, elderly parents’ care, among others,” he added.

The policy comes with a fixed policy term of eight or 10 years. In the case of death when the policy is in force, sum assured would be paid.

The maturity benefit will be paid in any one of the options of lump-sum payment, assured income payouts during the benefit payout period. The plan also offers additional protection through riders on payment of nominal additional rider premium.

Incorporated in 2005, the Hyderabad-based company which is part of the ₹80,000 crore Shriram Group now has 401 branches out of which 160 are in south India. “We are a pan-India company with a good branch network in north India, which accounts for 40 per cent of our business,” Jain said.

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