Eligibility of Shriram Life Super Income Plan
- Posted on: 13 January 2023
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- 3 min read
In the hustle and bustle of our everyday life, we keep striving towards preparing ourselves for secure tomorrow for our loved ones. You can get financial stability not just through savings, but also through a well-planned insurance. Shriram Life Super Income Plan is an ideal choice, if you are looking forward to securing your future and earning a regular income even after retirement.
The true essence of retirement lies in a secure future that can be established with life insurance. Enjoying your 70s sipping a cup of coffee with crackers by the side, without having to worry about the future is why an individual needs life insurance. In order to attain financial security, it is necessary to have a well-planned financial policy like Shriram Life Super Income Plan It is better to begin today rather than regret tomorrow. An individual can start with Shriram Life Super Income Plan when they are in their 20s. This article helps you understand the eligibility criteria and the features that make SIP an ideal choice for you.
What is Super Income Plan?
The Shriram Life Super Income Plan is an insurance plan that is specially curated to cater to the insurance and financial needs of an individual and their family. Shriram Life SIP offers life insurance benefits along with a lump sum payment at maturity and guaranteed monthly income until age 75.
25 years to 50 years
75 minus entry age
Premium Paying Term
10 to 25 years (premium paying term + age at entry should not exceed 65 years)
The minimum annualised premium is Rs 30,000 and there is no maximum limit.
Premium Payment Frequency
Monthly, Quarterly, Half-yearly and Yearly
10 times the annualised premium.
Who can choose this plan?
Super Income is an amazing plan for an individual seeking a reliable source of income for a significant period, along with life insurance benefits and an assured maturity benefit. The plan's life insurance coverage is offered up until the age of 75. For your short-term and long-term financial goals, the Shriram Life Super Income Plan offers a guaranteed maturity benefit in addition to a super income benefit.
Features of Shriram Life Super Income Plan
- The super income benefits
The plan offers a super income benefit in the form of a fixed monthly sum beginning at the end of the premium-paying term. This monthly fixed payment continues until the plan matures or till death of the life assured, whichever comes earlier.
- Higher the premium, higher the super income
For insurance with premiums of Rs. 30,000 and higher, the super income renders an additional benefit wherein the interest is raised to up to 109%.
- Loans against policy
The added advantage of the Shriram Life Super Income Plan is that the insurer can get up to 80% of the surrender value, if the loan is taken during the premium payment term. The insured can get up to 60% of the surrender value, if the loan is taken after the premium payment term. The current loan interest rate is 9% per year, compounded every six months.
- Surrender benefit
An individual is eligible for a surrender benefit if they decide to cancel the insurance policy at any time before the end of the policy term. This is applicable only if the person has paid at least two year premiums.
- Policy Renewal
A paid-up or lapsed insurance can be revived within five years from the first date of the unpaid premium.
Secure your future
It is always better to begin today rather than regret tomorrow. With the Shriram Life Super Income Plan’s four extra riders, one can modify the plan and increase its coverage to cater to their needs.
Additionally, one can choose from various premium payment terms with the ability to alter your decision at any time during the policy's term as long as it is at least three months before the start of the income benefit. Invest now for a financially secure future.
- The plan provides a lump sum payment upon maturity and a monthly income until age 75.
- The insured can claim a loan against policy
- Shriram Life SIP term ranges between 10 to 25 years.
- Additionally, a number of premium payment arrangements are available.
- What is the minimum premium under the Super Income Plan?
The minimum premium under the Shriram Life Super Income Plan would be Rs 30,000.
- What is the Super Income Plan of Shriram Life Insurance?
The Shriram Life Super Income Plan is an insurance plan that offers life insurance benefits up to age 75, coupled with guaranteed regular income. The plan offers a lump sum payment at plan maturity and a guaranteed monthly income.