Making Informed Choices: Key Features of Shriram Life Savings Plans

Everyone desires to opt for the Perfect Life Insurance plan that provides good benefits. But this requires dedicated thought, research, and planning. Many factors such as premium amount, tax to be paid, and the term of the policy to name a few, vary from one insurance provider to another and that is why one has to be clear on their current financial situation to decide which plan will give them the benefits that they seek, and that will help them in the longer run.

In this blog, you will get an overview of life insurance savings plans, features of saving plans, and the unique advantages of choosing the Shriram Life Premium Assured Benefit Plan.

Life Insurance Savings Plan:

A life insurance savings plan has two aspects. First, they allow the policyholder to obtain a policy for 10-20 years, and upon the demise of the person either before or after the maturity of the policy term, the money is given to the beneficiaries of the deceased person. The savings plan aspect allows the person to earn a steady stream of income through savings.

Features of Savings Plans:

Before we go into the features of the Shriram Life Premium Assured Benefit Plan, it is essential to have a good grasp of the features of savings plans. Savings plans provide multiple benefits to policyholders. This also includes investment benefits, wherein the policyholder can choose to invest, based on the policy of the insurance. Here are some top benefits that everyone applying for life insurance should be aware of, and then make an informed decision based on this information.

Financial Discipline:

Life insurance Saving Plans instill the habit of using money judiciously, thereby creating a possibility for saving wealth consistently.

Wealth Creation:

Savings Plans also help you create wealth by providing opportunities to grow income through multiple ways. Some of the ways that one can maximize one's wealth with a savings plan are through interest, return on investment, or any bonuses if applicable.

Tax Benefits:  

Exemption from tax can prove to be highly beneficial for policyholders. The additional amount that tax puts on people can be burdensome, and it is possible to do away with this with the help of a savings plan. Savings plans take care of this by making charges non-applicable.

Fund during emergency times:  

Savings are most beneficial during unforeseen circumstances. This is applicable when someone has lost their house, or job, or does not have insurance to cover their health issues. It acts as a financial net during such trying times.

Safe Returns:

While the returns that one will receive at the end of the policy term or during policy maturation will depend on other factors, one of the features of a non-linked life insurance savings plan is that it provides guaranteed savings.

Who can opt for a Savings Plan?

An important question to consider while pondering over the topic of a Savings Plan is who can apply to such a plan, and the answer usually varies from one person to another. But given below are some common points to consider.

Young Professionals

Thinking about your finances as early as possible is never a waste. It is a help that you could be lending to your future self. At this stage in life when there are no medical or other emergencies to tend to, it is easy to plan what you want and even change plans if required.

Couples

Young people who have just entered a marriage are also eligible for a life insurance savings plan. The money that they will receive through such a plan can be used for home purchases, vacation planning, and other such combined life goals.

Parents

Settling their children’s expenses for education and finances is a major concern of parents. By availing themselves of the life insurance savings plan, they can live a stress-free life and account for the finances that they receive from this plan.

Retirement Planners

Another important thing to consider is retirement, and the finances that will be required to live a happy life post the period of one’s career.

Shriram Life Policy Details:

All savings plan benefits are present in the Shriram Life Policy. The Shriram Life Premium Assured Benefit Plan is a non-linked non-participatory insurance plan that provides two life covers and three payout options. The various policy terms are 10,12,15, to 20 years. The minimum annual premium to be paid is Rs 60,000, and the maturity age is 70 years. The various benefits being provided in this plan are as follows:

Two Life Covers

There are two life covers provided under this plan. The first cover provides the maturity benefit or sum assured after the death of the policyholder. The second cover has these benefits and additionally, it even provides maturity benefits to the family even after the demise of the policyholder.

Flexible Premium Payout Options:

The premium payout options at Shriram Life insurance policy are flexible. They stretch from 10 to 20 years, and depending on the capacity to pay, you can alter your frequency to monthly, quarterly, half-yearly, annual, and single pay modes to match your needs.

Life Protection with Benefits:

This plan acts as a two-in-one solution. It takes care of your life insurance needs when the policy matures and provides income. Higher premiums usually result in higher benefits.

Pay-Outs through Assured Income:

You also get assured payouts from the time your premium ends till the time of the policy term. This is given monthly based on the percentage of the annualized premiums that one pays every year.

Settlements in Lump-Sum or Instalments:

During the time of policy maturity, there are two ways in which you can receive your money; either as settlements or as lump-sum payouts. In settlements, you will be paid in 4 annual installments split equally from the year the policy matures. If you choose lump-sum payments, you will receive the total amount at once after the policy matures. This flexibility can those who are in immediate need of money versus the ones who would benefit from receiving it in installments.

Rider Protections:

You also have the option to avail yourself of additional protection in certain cases; these are called rider options. Rider options generally provide financial cover because of death due to accidents or in case of any disabilities that can affect an individual. This can be activated at any time during the policy period, and this acts as an additional to the original policy.

To summarize, the features of savings plans are many. Especially, the Shriram Life Premium Assured Benefit Plan is a valued policy that aims to provide flexibility and take care of the needs of the policyholders. It is focused on giving secure returns that are long-term oriented and can empower the policyholders and their families to make bold and thoughtful financial decisions with the assurance of the financial net that it provides.

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

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