India’s Shriram Life Insurance has introduced a non-linked plan, which will assure customers a regular income even after the policy term expires.

Shriram Life Insurance CEO Manoj Jain said that the minimum annual premium is INR15,000 ($242) with guaranteed returns of up to 165% of the annual premium.

The policy is also eligible for tax benefits under the prevailing tax laws in the country.

Jain was quoted as saying by The Hindu Business Line: "The product is designed to meet the diverse needs of customers such as children’s education, retirement, elderly parents’ care, among others," he added.

With a fixed policy term of eight to 10 years, the policy guarantees payment of sum assured in the event of death while the policy is in force.

The maturity benefit will be paid either as a lump-sum payment or as assured income payouts during the benefit payout period.

The Hyderabad-based company, is part of the INR800bn Shriram Group, which has approximately 400 branches in India, of which nearly 160 are in the southern part of the country.

"We are a pan-India company with a good branch network in north India, which accounts for 40 per cent of our business," Jain added.