Maturity Benefit of Super Income Plan in Shriram Life
- Posted on: 24 January 2023
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- 5 min read
Any investor who completes the Super Income Plan's term is eligible for the maturity benefit. A Super Income Plan is simple to comprehend and offers several advantages. The maturity benefit of the SIP is five times the annualised premiums. A Super Income Plan's premium payment duration is customisable and can be tailored to the investor's needs.
The Shriram Life Super Income Plan (SIP) has multiple perks, out of which the maturity benefit makes the plan attractive. To receive the maturity benefit, an investor must complete the policy's tenure without closing it. The Super Income Plan is a fantastic opportunity for investors to secure their future with a stable monthly income.
The premium payment term of a Super Income Plan is flexible, allowing the investors to modify it according to their financial goals. The process to start this policy is easy and does not require many documents. The Super Income Plan can be enhanced with the help of additional rider covers that can be purchased at a nominal rate. Invest in a Shriram Life Super Income Plan to get all these benefits.
Let's take a closer look at the maturity benefit to understand how it works.
What is a Maturity Benefit?
Maturity benefit is the sum assured along with the other benefits that a policy offers when you survive the tenure of the insurance. It is generally found with insurance plans and can help the investor earn great rewards, encouraging them to complete the policy's tenure. Surrendering the policy is not advised as the policy holder can also miss the maturity benefit and other perks.
Upon completion of the tenure of the policy, the maturity benefit ensures you get a lump-sum amount. The maturity benefit will only be provided after all premiums are paid. Many types of plans offer maturity benefits, but the Super Income Plan is popular because it is not only an investment opportunity but also offers life insurance.
How is the Maturity Benefit Calculated in the Super Income Plan?
The maturity benefit in the Super Income Plan is calculated according to the premium amount the investor has decided on before opening the account. Upon surviving the policy's tenure, the assured maturity sum will be paid to the policy holder. The lump sum to be paid is calculated as 5 times the annualised premium. Let us understand the calculation of maturity with an example:
Suppose Mrs. Jaya Krishnamoorthy, who is 40 years old, decides to invest in a Super Income Plan with an annualised premium of Rs. 1 lakh plus tax. If she survives until the end of the premium payment term, she will get the Super Income Benefit until the end of the tenure or until she turns 75 years of age. Considering the maturity benefit is 5 times the annualised premium, it would be calculated this way:
Annualised premium x 5 = Maturity benefit
Rs. 1,00,000 x 5 = Rs. 5,00,000 will be the maturity benefit value for Mrs. Krishnamoorthy.
The lump sum of Rs. 5 lakhs will only be paid to Mrs. Krishnamoorthy when the plan's tenure is complete. Another condition that needs to be fulfilled is that all premiums must be paid for the investor to get the maturity benefit.
Can more benefits be added to the Super Income Plan?
While the Super Income Plan has many features that make it quite beneficial, some people may prefer to enhance their policy by adding benefits. The Shriram Life Super Income Plan offers these benefits as additional rider covers. Adding riders to the base policy usually entails paying an extra cost. Here are some of the riders you can get with a Super Income Plan.
Accident Benefit Rider
During the term of the rider, we shall pay 100% of the rider sum insured in the event of death or complete and permanent disability resulting from an accident. We shall also forego any future premium payments under the policy if the life guaranteed suffers a total and irreversible disability due to an accident. The benefit under this rider may only be used once.
Shriram Critical Illness Plus Rider
Suppose you are diagnosed to be suffering from any of the 24 specified critical illnesses. In this case, we will pay 100% of the rider’s Sum Assured on survival of 30 days following the date of the first confirmed diagnosis. This rider also gives investors an upside of increments in their rider Sum Assured through Loyalty Additions.
Family Income Benefit Rider
1% of the rider sum promised is payable monthly in the case of accidental death or if the life assured is rendered entirely and permanently handicapped due to an accident during the rider period. For a guaranteed period of 10 years or until the end of the rider term, whichever comes first, this amount will be paid starting at the end of the month of the accident.
Extra Insurance Cover Rider
The nominee will receive the sum promised under the rider in the unfortunate event of the life assured passing away within the duration of the rider cover.
Why Should You Invest in a Super Income Plan?
A Super Income Plan is easy to understand and has many attractive benefits. The maturity benefit of a Super Income Plan encourages the investor to complete the tenure to receive the bonus. This benefit will be advantageous as the investor can use it for expenses.
Invest in a Shriram Life Super Income Plan to get the maturity benefit and much more. Ensuring your family has a secure financial future is easy with this policy, as it also has life insurance coverage. The Super Income and death benefit are also available after the investor completes the premium payment term. Invest now to give wings to your future financial goals and dreams.
1. What is the maturity benefit payable in the Super Income Plan?
The maturity benefit of the Super Income Plan is 5 times the annualised premium. On completing the tenure of the Super Income Plan, the investor will get the payout if all the premiums are paid.
2 .What is the maximum maturity age for the Shriram Life Super Income Plan?
Investors can avail Super Income Plan until they reach the age of 75, after which they will no longer be eligible.
3. How can I check my Shriram Life policy status?
Shriram Life Super Income Plan status can be checked by contacting customer support. Our swift service will help you find the status of the policy in no time.
- The maturity benefit is available for any investor that completes the tenure of the Super Income Plan.
- A Super Income Plan is easy to understand and has many benefits.
- The maturity benefit of the SIP is 5 times the annualised premiums.