What is Shriram Life Super Income Plan? How does it work?

You can set financial goals and get the security of life insurance with a Super Income Plan (SIP), thanks to the flexible term of premium payments. A Super Income Plan's insurance cover can be upgraded for a nominal price. In addition to receiving tax-free maturity benefits, you can claim tax benefits against a Super Income Plan. When the policy reaches maturity, you will receive a payment of five times the annualised premium.

Are you aware that the Shriram Life Super Income Plan provides life insurance to the Policy Holder?

The Shriram Life Super Income Plan is one of the best investment options as it has many incredible benefits with life insurance coverage. It is a fantastic policy for those looking for an insurance plan that helps with long-term investments. Let us explore the features and benefits of the Super Income Plan to understand how it can be beneficial for you.

What is a Super Income Plan?

A Super Income Plan is an insurance policy that offers assured benefits for those who invest in the plan. It can help an individual plan a better future for improved financial stability. An SIP has many features and benefits that cover the policy holder and their family. Often, financial institutes offer additional benefits in the form of rider covers that can be purchased anytime during the premium payment term.

What Features does the Shriram Life Super Income Plan Offer?

The Shriram Life Super Income Plan is a guaranteed policy for people who need life insurance and an additional source of income post retirement. The premium payment term for this plan stretches from 10 to 25 years, depending on the age of entry.

The flexible tenure allows individuals to select the plan they need according to their financial goals and the age at which they wish to retire. At the end of the premium payment term, you can get a regular income from the plan and additional benefits upon maturity. Under Section 10 (10D) of the Income Tax Act, you will also get tax-free maturity benefits.

Besides the maturity benefit, you can also claim tax-saving benefits under Section 80C of the Income Tax Act. The SIP will provide a regular income to the policy holder till 75 years of age. Life Insurance Cover is available in the plan and additional coverage can be purchased for a nominal amount.

Bonus Benefits of the Shriram Life Super Income Plan

There are certain benefits an individual can get by starting a Super Income Plan. Death benefit, Super Income Benefit and Maturity benefit are the main three advantages of investing in a Super Income Plan. Here is some more information on what the benefits include:

• Death Benefit: 
  If the policy holder passes away during the policy term, "Death Sum Assured" or "Surrender Benefit" as applicable on the date of death will be paid up in lump sum to the nominee or beneficiary. Any Super Income Benefit will not be recovered from the death benefit.
• Super Income Benefit: 
  Suppose the policy holder survives till the maturity of the premium payment term. In that case, the Super Income Benefit of a fixed monthly amount will be paid from the end of the premium payment term till the end of the policy. To calculate the Super Income Benefit, you need to multiply the annualised premium, super income benefit factor and the applicable percent for higher premiums.
• Maturity Benefit: 
  If the life assured survives until the end of the policy, the "Guaranteed Maturity Sum Assured" will be paid and the policy will be terminated. This sum will be 5 times the annualised premium.

How does the Super Income Plan work?

• You can decide when the monthly income begins. This will also help determine the tenure for the premium payments.
• Decide how much funds can go towards the Super Income Plan in a year. You can talk to a Shriram Life representative to determine the amount you will receive from this plan.
• After all the due premiums are paid, you will receive the guaranteed income.
• Upon completing the policy term, you will receive a lump sum on the maturity date.
• In the event of the unfortunate demise of the policy holder, the nominee or beneficiary will receive the Death Benefit.

Why should you invest in a Shriram Life Super Income Plan?

A Shriram Life Super Income Plan will help secure your future financially. The insurance cover and add-ons of the Super Income Plan can protect the whole family. If the policy holder passes away, the nominee or beneficiary will get the death benefits guaranteed by the policy.

Invest in a Shriram Life Super Income Plan to get all these benefits. Ensure that your family is protected from any uncertainties by investing in this plan. You can also get the assured income paid before retirement, which can help provide financial stability.

FAQs

1. What is the Super Income Plan of Shriram? 
   Shriram Life Super Income Plan is a guaranteed plan for individuals who need life insurance and regular income till 75 years of age.
2. Is Shriram Life a good company? 
   Yes, Shriram Life provides its customers with the help they require. They ensure that the investor has a pleasant experience. Our representatives are always available to solve customer’s doubts.
3. What is the surrender value of the Shriram Life Super Income Plan? 
   One can surrender the policy before the maturity of the term. The surrender value of the Super Income Plan will be calculated and shared by Shriram Life representatives to facilitate a smooth closure process. However, an individual can always avail a loan against the policy if they need extra funds instead of surrendering the policy.

Key Highlights:

• The flexible tenure of premium payments can help an individual plan their financial goals more efficiently.
• Additional covers can be added to a Super Income Plan for a nominal fee.
• You can claim tax benefits against the Super Income Plan and get tax- free maturity benefits.
• At the end of the term, you will get five times the annualised premium.

ARN:SLIC/Elec/Dec 2022/130