If an investor with a Super Income Plan lives to the policy's maturity, they will get 5 times the annualised premium. The nominee or beneficiary will get the Death Benefit if the insurance holder passes away. For a nominal fee, additional coverages can be added to enhance the Super Income Plan.
A Super Income Plan (SIP) is designed to cater to an individual's need for insurance security and long-term investment goals. This plan can give you financial security, stability and control. A person is eligible to start a Super Income Plan from the age of 25. When individuals turn 50 years old, they will no longer qualify for the policy.
A Shriram Life Super Income Plan has attractive features like life coverage, guaranteed monthly income, Maturity Sum Assured, a wide range of premium payment terms and additional protection through rider covers. Let's look at how a Super Income Plan works to understand all the benefits available with it.
When investing in a Super Income Plan, understanding how the policy works can help an investor customise it according to their needs. The first step would be to decide when the monthly income should start. This will give the investor an estimate of how long they have to pay the premium. The age at which the investor wants to retire is an excellent example of a benchmark for deciding this tenure.
The next step would be deciding how much you can afford to pay in a year towards the policy. By applying for a Shriram Life Super Income Plan, an investor will get help from our representatives. They will help calculate the monthly benefits that can be received and the maturity amount.
After completing the payment of all the premiums, the income will be paid to the policy holder every month. They will receive a lump sum on the maturity date on surviving the policy term. In the case of the policy holder's demise, the nominee or beneficiary will receive the Death Benefits.
Let’s assume that a policy holder survives till the maturity of the Super Income Plan. In this case, they can avail the Maturity Benefit. Provided the individual paid all the premiums required, " Maturity Sum Assured" will be given to them. The Guaranteed Maturity Sum Assured is calculated by multiplying the total premiums paid by the guaranteed Maturity Sum Assured.
For example, Mr. Ashok who is 30 years old, pays an annual premium of Rs. 60,000 for a tenure of 10 years. The maturity benefit will be Rs. 3,00,000. After calculating the Super Income Benefit, the total benefit he can receive through the Super Income Plan is Rs. 16,14,720.
The Maturity Benefit value can also be calculated as 5 times the annualised premium. After the maturity benefit is paid to the policy holder, the Super Income Plan is terminated and cannot be renewed.
Add-ons or rider covers can be purchased with a Super Income Plan to enhance the policy's benefits. Riders are optional terms added to your base insurance, generally at an extra fee. Simply defined, a rider offers more protection and coverage against hazards. Insurance riders are cost-effective additions to a life insurance policy that an investor can select. Here are some riders to consider getting with a Shriram Life Super Income Plan:
An individual applying for a Super Income Plan has to be at least 25 years of age. The age limit until which the policy can continue is 75 years. After an individual turns 75 years old, they will not be able to avail the policy. The premium payment term can range from 10 to 25 years.
The premium payment term and age at entry should not exceed 65 years. The minimum annualised premium is Rs. 30,000. The premiums can be paid yearly, half-yearly, quarterly or monthly. The sum assured as the payback is 10 times the annualised premium.
Here are the steps to apply for a Super Income Plan:
Step 1: Apply for a Super Income Plan through the Shriram Life website. An agent will connect with the customer on call.
Step 2: The agent will explain the policy to the customer after verifying eligibility.
Step 3: The proposal filing will be done over a recorded call.
Step 4: E-Nach (Electronic National Automated Clearing House) registration will be done and then payment will be requested.
Step 5: The policy will be issued after checking the KYC document.
The maturity benefit of the Super Income Plan makes it an attractive investment option, especially while planning future financial goals after retirement. With a Super Income Plan, you will get a monthly income that will provide financial stability later in life. The life insurance feature of the Super Income Plan will also protect you from unforeseen circumstances.
Invest in a Shriram Life Super Income Plan today to get some of the best benefits to build a brighter future. The Super Income Plan allows an investor to select from a range of premium payment tenures. Visit the Shriram Life website to learn more about the policy.