Benefits of availing a Super Income Plan
- Posted on: 13 January 2023
- 319 Views
- 4 min read
A notification that instantly brings a smile upon every working professional’s face is: *Ting* Your account has been credited with Rs. XXX.
It is “The salary has been credited” the message that brings joy to our lives. Imagine getting life insurance cover and assured benefits. every month without having to work. It sounds too good to be true, right? With the Shriram Life Super Income Plan, it is possible.
Individuals spend nearly half their lives working hard to meet their family’s financial needs. We at Shriram have come up with a plan that helps them retire and rest assured with a fixed regular income getting credited in their bank account along with a lump sum at the end of the policy tenure. Let’s read ahead to know about the amazing benefits of the Shriram Life Super Income Plan.
What is Shriram Life Super Income Plan?
Shriram Life Super Income Plan is specifically designed to meet an individual's and his family's long-term financial needs. This plan provides you with protection and a assured benefit until the age of 75 and a lump sum amount at maturity.
Benefits of Shriram Life Super Income Plan
- The super income benefits
The plan provides a fixed monthly sum as a super income benefit. An individual can avail higher super income when they invest in higher premiums. For insurance premiums of INR 1,50,000 and above, the super income provides an additional benefit by increasing the rate up to 109%.
- Policy-based loans
The Shriram Life Super Income Plan has the additional benefit of allowing the insurer to take a loan of up to 80% of the surrender value during the premium payment term, and the insured can take a loan of up to 60% of the surrender value after the premium payment term.
- Surrender benefit
In case the life assured demises during the payment term
Suppose the life assured dies during the premium-paying term. In this case, the policy is terminated and an amount equal to the higher of the "Death Sum Assured" or Surrender Benefit, as applicable on the date of demise is paid in a lump sum to the nominee(s) or beneficiary. In case the life assured demises after the payment term
If the death occurs after the premium-paying term, the policy is terminated. An amount equal to the highest of the "Death Sum Assured" or Surrender Benefit, as applicable on the date of death. It is paid in a lump sum to the nominee(s) or beneficiary. The death benefit will not include any Super Income Benefits paid.
- Flexible premium payment terms
Individuals can personalise their SIP based on their specific needs and requirements. One can decide when they want the monthly income to start. This will assist an individual in determining how long they have to pay their premium (i.e., Premium Payment Term). An individual can determine this by estimating the age at which they intend to retire or the age at which they expect their personal liabilities to increase.
- Maturity benefit
Along with the fixed regular income that the insured gets during the policy term, if the life assured stays alive until the end of the policy term while the policy is still in force, the "Guaranteed Maturity Sum Assured" is paid and the policy is terminated. The "Guaranteed Maturity Sum Assured" is five times the Annualised Premium.
Why should individuals plan for retirement at an early age?
The power of beginning your retirement insurance at an early age is immense. To enjoy the greatest benefit of retirement planning, it is preferable to start a plan as early as possible. An insurance plan that gives an individual a regular income during their retirement can be the best gift they could give to their future self.
With Shriram Life SIP, there is no reason for an individual to feel financially burdened by the need to save money quickly. One can start as early as 25 years or they can begin even at the age of 50 and enjoy a financially secure and peaceful retirement. Begin today rather than regret tomorrow as retirement approaches.
Insure now for a secure tomorrow
Early retirement planning has a number of advantages that one should not ignore. Having a clear understanding of the goal will help you form the habit of saving money effectively for the future. It makes sense that you might want to spend more money than an individual save when they are younger. However, over time, the advantages of retirement planning will aid in putting things into perspective. Secure your future with Shriram Life SIP now.
- What is an annualised premium?
"Annualised Premium" refers to the premium payable in a given year, excluding taxes, underwriting extra premiums, rider premiums and modal premium loadings, if any.
- Do we get greater benefits with a higher premium payment option?
Yes, there are additional benefits for those willing to pay higher premiums.
30,000 to 59,000
60,000 to 99,000
1,00,000 to 1,49,000
1,50,000 and above
- A fixed regular income during the term period along with a lump sum at the maturity term.
- The guaranteed maturity sum assured is 5 times the annualised premium.
- It helps you plan for a peaceful retirement without worrying about a financial crunch.
- Flexible payment terms for a personalised insurance plan.