6 Things to Think Before Buying any Insurance Plans

Insurance savings plans are fundamental to securing a future that provides financial freedom. It lends financial help during tough or unforeseen circumstances, thereby taking the stress away from arranging for money. Before availing an insurance savings plan, one must make an informed decision about which plan will provide the benefits aimed toward their financial status.

This blog provides a comprehensive overview of the six main things that need to be considered before availing yourself of a plan and the advantages of making such an informed decision. It also details the benefits of using the Shriram Golden Premier Saver Plan - an all-in-one insurance that provides long-term financial support.

1. Coverage Options:

Having a precise idea about the coverage is paramount to knowing the plan. Each plan differs from one another. While some cater to life coverage which provides a lump sum to the beneficiaries after the demise of the policyholder, others may be more focused on providing stable income through savings or cash liquidity. Hence it is essential to understand which is a priority for you and then go for a plan that has these coverage options, or even opt for both benefits in one.

2. Affordable Premiums:

Premium is the second important thing that one looks for when choosing an insurance plan. An affordable premium that matches the financial capabilities of the individual is a must. For instance, if someone is worried about losing their job and arranging for their finances, they need to think through the insurance plan before opting for one that has a high premium amount. Failing to evaluate this could even result in the cancellation of the policy.

Having said that, high premium amounts can also result in better benefits and lower premium charges overall. Therefore, knowing whether to pay a lump sum or monthly installments is essential to making the right decision regarding premium payments.

3. Flexible Maturity Payouts:

Monthly payouts are a given when it comes to life insurance savings plans. It is therefore possible to choose how we want to receive those monthly payments. Some plans provide maturity benefits in a lump sum, as regular income, or as both. Do a thorough check on the various features relating to flexible premium payment and then opt for a plan.

A flexible plan allows for fulfilling financial goals for education, retirement, and other expenses.

4. Rider Benefits:

In addition to flexibility in premium payment frequencies, it is also possible to enhance one’s coverage. There are many rider benefits associated with different plans that facilitate financial ease and provide peace of mind.

The various riders are critical illness riders, disability income riders, accidental death benefit riders, etc.  These are aimed at providing benefits to both the life insured and his/her family.

5. Policy Term and Renewability:

Having the flexibility to adjust the policy term and renew the plan ensures that your insurance coverage continues to meet your evolving needs as you progress through different life stages.

Policy terms and renewability options are crucial aspects that need to be considered alongside the points listed above. Look for the maturity age and other flexibility in policy terms that allow one to choose the tenure of the policy. Some rider options give the flexibility to even extend the policy term. This way, you can be sure of what you want and how the plan is trying to meet those goals, rather than functioning as a policy that is set in stone.

6. Reputation of the Insurance Provider:

The reputation of the insurance provider decides the credibility of the policy. While doing research, look for points that talk about aspects such as financial security, claim settlement track record, and the quality of service. These factors decide how the policy is going to turn out, the openness with which flexibility is provided, and the return on investment.

Key Features of Shriram Life Golden Premier Plan

The Shriram Life Golden Premier Saver Plan is an Insurance Savings Plan that allows coverage up to 25 years, for which the premium to pay is for five years less than the policy term.  If the life insured passes away during the policy term, the death benefit is given to the family members. Whereas, if the insured is alive at the time of the maturation of the policy, either a lump sum or a mix of lump sum and installments are given to the insured. It is also possible to add multiple rider options that provide the necessary coverage.

Low Premium

There is a huge amount of scope when it comes to paying the premium. You can get your hands on affordable premiums that start from ₹10,296 and can then stay insured throughout your chosen policy term.

Limited Premium Paying Term

Flexibility in premium payment frequencies allow for paying premium for a limited period and then enjoying the benefits of long-term coverage.

Premium Installments

Choose to pay the premium annually, semi-annually, quarterly or monthly, according to your needs, and suitability.

Coverage Options

You can choose to increase the coverage for up to 80 years of age for longer protection.

This way, you can get protection for a longer period and simultaneously get increased benefits.

Bonus

Bonus additions give extra benefits, and thereby enhance your corpus. You can get a bonus of 4 percent in the first five policy years, along with the monthly payouts.

Flexible Maturity Benefit Payout

You can choose to get the maturity benefit either as a lump sum or as installments based on whichever works best for you.

Explore the online, live Golden Premier Saver calculators to understand how the plan would work for you with your personalized information such as age, policy term choice and opted riders.

To conclude, purchasing an insurance savings plan is a significant financial decision that requires thought and consideration. By looking at various factors such as payment flexibility, rider options and other such benefits, it is possible to make an effective and long-lasting decision that will be beneficial in the long run. If one is not able to narrow down on an insurance savings plan, they can consult financial advisors whose job it is to provide the right direction. With a Shriram savings plan, you can secure your present and the future without much of a hassle.

You can visit Shriram Life Insurance to learn more about our Saver plan and the customizable options.