6 things to know before getting a Super Income Plan
- Posted on: 20 January 2023
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- 5 min read
The Super Income Plan has assured returns once the premium payment period ends. An investor can obtain more significant benefits with a Shriram Life Super Income Plan for a higher premium amount. If the investor completes at least two years' worth of premium payments, they are eligible for a surrender bonus. There is a grace period for policy holders to pay a pending premium if they have not made the payment on time.
The Super Income Plan is typically designed for investors who want to concentrate on long-term goals and are not keen on taking risks with market- linked investments. It can be a steady source of income for those looking to create an additional source of income in the future. A Super Income Plan offers a fixed income after completing the premium payment term.
Shriram Life Super Income Plan offers financial security, stability and control over the funds and investments made by an individual. The flexibility to change the premium payment term aids in planning the policy according to an investor's requirements. Through the Super Income Plan, investors can rest easy knowing that their future is secure financially. Let's explore the benefits and features of a Super Income Plan now.
What is a Super Income Plan and How Does It Work?
For individuals who invest in the policy, Super Income Plan is an insurance that provides an assured benefits. It can aid someone in making better plans for increased financial stability. The policy holder and their family are protected by the Super Income Plan's numerous features and advantages. Financial institutions frequently provide extra benefits in the form of rider covers that may be purchased before the start of the policy.
Understanding how a Super Income Plan works will help individuals tailor the investment to meet their needs. Choosing the beginning date for the monthly income would be the first step. This will give you a rough idea of the tenure of the premium payment deadline. The age a policy holder plans to retire is an excellent benchmark for choosing this tenure.
The next step is to choose how much you can afford to pay toward the insurance policy each year. An investor can get assistance from our agents by applying for a Shriram Life Super Income Plan. They will assist the policy holder in determining the maturity amount and the potential monthly benefits.
The investor will get the monthly income once all premiums have been paid. If a policy holder survives the policy term, they will get a lump sum payment on the policy's maturity date. The nominee or beneficiary will get the Death Benefits if the insurance holder passes away.
Top facts you need to remember before investing in a Super Income Plan
1. Super Income Benefit
The plan offers a super income benefit in the form of a predetermined monthly amount. This begins at the end of the premium-paying period and continues until the plan matures or the policy holder passes away. Whichever comes first. The premium payment term can be adjusted before the super income benefit begins.
2. High Monthly Income for Higher Premiums
Shriram Life Super Income Plan offers additional benefits for those who want to pay higher premium amounts. For policies with premiums starting at Rs. 30,000, the super income benefit can be raised up to 109%.
3. Policy Loans
If it’s an emergency, investors can avail a loan against the policy. If the loan is obtained during the premium payment term, the life assured may borrow up to 80% of the surrender value. Up to 60% of the surrender value can be claimed if the loan is taken after the premium payment term. The current loan interest rate is 9% per year, compounded every six months.
4. Surrender Benefit
An investor is eligible to receive a surrender benefit if they decide to cancel the insurance at any time before the end of the policy term. The surrender benefit will only be applicable after paying at least two years' worth of premiums.
5. Paid-up policy
If premiums of the first two years have not been paid in full, the policy becomes a paid-up one and continues with fewer benefits until the plan's maturity or the life assured's death. A grace period of 30 days is provided for non-monthly premium payments. The grace period is 15 days for the monthly mode.
6. Policy revival
A paid-up or lapsed insurance can be revived within five years after the date of the first unpaid premium. Shriram Life Super Income Plan offers the option of restoring the full benefits in case of a lapsed or paid-up policy. The revival rate is currently 8% per annum.
Should you invest in a Super Income Plan?
The Super Income plan is a fantastic investment opportunity because of its adjustable term and additional coverages. Planning for the future and ensuring the safety of one's family are important factors to consider while investing. A SIP's features are simple to comprehend and are tailored to your needs and preferences.
Invest in a Shriram Life Super Income Plan to ensure a secure and fulfilling future. The SIP also includes additional covers to enable a person to tailor the policy. Investors will also get maturity benefits at the end of the term, which will be paid out at a rate equal to five times the annualised premium.
1. How good is the Shriram Life Super Income Plan?
The Shriram Life Super Income Plan is an excellent investment for those looking for a monthly income before turning 75 years of age. An investor may get the most out of the Super Income Plan. One of the key benefits of this coverage is life insurance.
2. How does the Shriram Life Super Income Plan Work?
The Shriram Life Super Income Plan enables investors to plan for their future by offering a monthly income. An investor must select the premium amount and payment term to start the plan. The policy is only applicable till the policy holder turns 75 years old.
3. What is the maturity amount of the Super Income Plan?
If all premiums have been paid, the maturity benefit will be applicable, which is 5 times the annualised premium. If all the premiums have not been paid, the benefit will be reduced or deducted based on the financial institution's rules and regulations.
- The Super Income Plan guarantees a monthly income after the premium payment tenure.
- With Shriram Life Super Income Plan, an investor can get significant benefits for a higher premium.
- A surrender bonus can be availed if the investor completes at least 2 years' premium payments.
- A grace period is assigned for policy holders who do not meet their premium payment deadline.