Key Advantages of Choosing Golden Premier Saver Plan

Insurance savings Plans are the savior when it comes to living a life that does not lack financial health. Insurance as such is aimed at helping us achieve our dreams and goals, and provide the best financial utility such that we do not lack the financial wherewithal when it's most required.  

Read this blog to understand the benefits offered by life insurance savings plans and specifically the benefits of Golden Premier Saver investment. Furthermore through this blog, you can also understand the intricacies of Shriram Life Golden Premier Saver Plan and how the benefits provided in it can be maximized to get the best returns.  

What is a Life Insurance Savings Plan?

A life insurance savings plan has a dual purpose. It is a financial product that aims to help individuals accumulate wealth over a period of time through the habit of consistent saving. These plans are provided by banks, insurance companies, and other financial institutions that help customize the insurance policy based on the goals and risk appetites of an individual. While savings plans mostly help create a stream of income, they are also suitable for getting returns through investment in the market, bonus, and interest.  

Savings plans can be availed in various forms. Some of the common means are fixed deposits, recurring deposits, and savings plans. The benefits vary from one form to another and one can compare to see what will give them the benefits that they seek in the best possible way. By opting for a suitable savings plan, one can further enhance their financial goals that will provide for themselves and their family in the longer run.  

Points to Consider when taking a Life Insurance Policy:  

1. Plan your cover based on Personal financial goals  

When planning to take a life insurance savings plan, the first thing to consider is the coverage. Think through the financial obligations that you have, and how the coverage duration can affect those pre-existing obligations.  

Your life insurance should ideally align with your mortgage, and safeguard some of your most important and precious assets. A higher premium payment results in better returns. Paying this in installments can reduce the burden of paying it all in one go, but on the whole, monthly installment payments of premium can turn out to be more expensive than if they were paid once in lump sum.  

Therefore, it's important to consider all possibilities, and then land on a plan that will not take away from what you already have.  

2. Secure life insurance at a young age  

Securing life insurance at a young age can give better returns. It also paves the way to avail a plan that is affordable such that one does not have to go all out to pay the premium amounts. The reason that premium plans taken at a young age serve better is due to the fact that individuals are healthy when they are young, and are not likely to have any health conditions. Whereas, if one were to take these plans when they are in their 50s or 60s, the same policy will be expensive.  

3. Customization of Insurance Policy  

One of the attractive benefits that an insurance policy can provide is the option to customize. Whether you want the freedom to choose your premium paying term, receive your sum assured in installments instead of waiting till the policy matures, or get additional rider benefits, selecting a policy that offers you these options is of paramount advantage. This is because a policy should be designed to benefit the one that needs it.  

4. Assessing the Insurer 

Assessing the insurance provider is an important step that you can take towards ensuring that your money is in safe hands. Reading reviews about the insurer on websites and other platforms can help with understanding the credibility of the insurance company and how quick the policy settlement takes place, and the extent to which the benefits mentioned in the platform are given to the customer.  

Optimizing Savings with the Shriram Life Golden Premier Saver Plan  

The Shriram Life Golden Premier Saver Plan is a non-linked, participating savings plan that provides the double benefit of saving for the present and being life insured for the future. It is a top regular income insurance savings plan that is suitable for people planning their financial life post retirement, those accumulating money to take care of their children’s education and life, and to take care of their everyday major finances such as paying off debts.  

The policy term is up to 25 years, and the maturity age is 75. One can get a minimum premium of Rs 10,296. 

The various features offered in this plan that can crystallize as key advantages are as follows, 

1. Flexibility in Premium Payment  

Insurance savings plans are expensive, and the means through which one can get their hands on a policy that is affordable without compromising on the benefits is through lenient premium payment modes that alter the way in which premium payments can be made.  

2. Extended Coverage  

With the option to extend your coverage up to 80 years, you have the chance to increase your returns  

3. Rider Benefits 

These are extra benefits that are provided to the policyholder so that they can change the policy if there is any need to do so. In this plan, you get four types of rider benefits. These are: Family Income Benefit Rider, Extra Insurance Cover Rider, Accident Benefit Rider, and Critical Illness Plus Rider. Some of these provide extra cover when the insurer is alive, while others are focused on giving benefits to the family of the insurer after the demise of the insurer. It is possible to get multiple rider benefits.  

4. Flexible Maturity Payouts  

Another helpful feature of this plan is the advantage of flexibility in receiving maturity payouts. For instance, you can get your maturity payouts in lump sum, or installments.  

5. Bonus Additions  

Earning bonuses on the policy can enhance the savings of the policyholder with guaranteed rate in the first five years.  

6. Premium Rebates  

One can enjoy Premium Rebates benefits, which gives a certain portion of the policy paid back to the policyholder. This benefit can be used during emergency times.   

7. Liquidity 

It is possible to increase cash liquidity by receiving the assured sum in installments. This way, one can ensure that they always have cash on their hands. This is especially beneficial when there is a need to have cash on hand.  

8. Loan  

A loan can be availed against the surrendered value of the policy to meet all the financial goals.  

9. Regular Income 

The hallmark of this plan is the benefit of getting regular income through savings and rider benefits mentioned above.  

To summarize, the Shriram Life Golden Premier Saver Plan provides benefits that are rooted in the upliftment of the policyholder and the needs of the family of the insurer. By choosing this plan, you can be assured of receiving the guaranteed payments and not worry about the credibility of the insurance provider.  

For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.

IRDAI Regn No: 128

CIN No.. of the Company

The Trade Logo displayed above belongs to Shriram Value Services Limited (“SVS”) and used by Shriram Life Insurance Company Limited under a License agreement.”

BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS/FRADULENT OFFERS

IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.