Combine Protection with Planning: 3 reasons why Premier Assured Benefit is better than term insurance

Discover the unique features of savings plans and compare benefits which regular term insurance does not typically offer (savings).

In the realm of financial planning, striking a balance between protection from risk and wealth accumulation is paramount. While term insurance provides essential life cover, it does not address long-term savings goals. Shriram Life Insurance recognizes this need for comprehensive coverage coupled with wealth creation and offers the Premier Assured Benefit plan. This innovative savings plan not only provides robust protection but also offers unique features that set it apart from traditional term insurance policies. Let's delve into three compelling reasons why Savings plans such as the Premier Assured Benefit offer benefits beyond term insurance for individuals seeking to combine protection with planning.

1. Dual Benefits of Protection and Savings

Unlike conventional term insurance, which solely focuses on providing a death benefit to beneficiaries in the event of the policyholder's demise, Premier Assured Benefit offers a dual benefit of protection and savings. In addition to providing a life cover, this plan allows policyholders to build a corpus over time through regular premium payments. The savings component of the plan ensures that individuals can work towards achieving their long-term financial goals, such as purchasing a home, funding their child's education, or planning for retirement, while simultaneously securing their family's future.

By integrating protection with savings, Premier Assured Benefit offers a holistic approach to financial planning, addressing both short-term and long-term financial needs. This unique feature distinguishes it from traditional term insurance policies, which do not provide any savings or investment component, leaving policyholders solely reliant on the death benefit for financial security.

2. Guaranteed Returns and Maturity Benefits

One of the standouts features of Premier Assured Benefit is its promise of guaranteed returns and maturity benefits. Unlike term insurance, where premiums are typically allocated towards providing a death benefit only, this savings plan ensures that policyholders receive a predetermined sum assured along with accrued bonuses upon maturity of the policy. These guaranteed returns provide individuals with a sense of security and predictability, making it easier to plan for future expenses and financial milestones.

Moreover, the maturity benefits offered by Premier Assured Benefit can be utilized to fulfil various financial goals, such as purchasing a house, funding a child's wedding, or supplementing retirement income. This flexibility in utilizing maturity benefits adds significant value to the plan, making it an attractive option for individuals looking to combine protection with planning.

3. Flexible Payout Options and Additional Riders

Premier Assured Benefit goes beyond traditional term insurance by offering flexible payout options and additional riders to enhance coverage. Policyholders have the flexibility to choose from various payout options, including lump sum payments, regular income streams, or a combination of both, based on their financial preferences and requirements. This flexibility ensures that individuals can tailor the plan according to their unique circumstances and goals, providing greater control over their financial future.

Furthermore, Premier Assured Benefit offers a range of optional riders, such as accidental death benefit, critical illness rider, and disability rider, which can be added to the base plan for enhanced coverage. These riders provide additional financial protection against unforeseen events, ensuring comprehensive coverage for policyholders and their families.

Certainly! Let's explore further into the unique features of Premier Assured Benefit and delve deeper into why it surpasses traditional term insurance, particularly in terms of savings and wealth accumulation.

4. Wealth Accumulation through Bonuses and Compounding Returns

One of the key advantages of Premier Assured Benefit over term insurance lies in its ability to facilitate wealth accumulation through bonuses and compounding returns. Unlike term insurance, where premiums solely contribute towards providing a death benefit, the premiums paid towards Premier Assured Benefit are invested to generate returns over time. These returns are distributed in the form of bonuses, which are added to the policy's sum assured, thereby enhancing the overall corpus.

By leveraging the power of compounding returns, Premier Assured Benefit allows policyholders to accumulate substantial wealth over the policy term. This wealth can serve as an asset in achieving long-term financial goals, such as retirement planning, wealth preservation, or legacy building. The ability to harness the potential of compounding returns sets Premier Assured Benefit apart from traditional term insurance, making it a preferred choice for individuals seeking to build wealth while ensuring financial protection.

5. Flexibility in Premium Payment Terms and Coverage Period

Premier Assured Benefit offers greater, flexibility in premium payment terms and coverage periods compared to traditional term insurance policies. Policyholders have the option to choose from a range of premium payment terms, allowing them to align their premium payments with their financial capabilities and goals. Whether it's opting for a single premium payment, limited premium payment, or regular premium payment, individuals can select the payment schedule that best suits their needs.

Additionally, Premier Assured Benefit provides flexibility in the coverage period, allowing policyholders to tailor the policy duration according to their specific requirements. This flexibility ensures that individuals can customize the plan to align with their financial goals and life stage, whether it's providing protection during the working years, planning for retirement, or leaving a legacy for future generations.

6. Tax Benefits and Estate Planning Opportunities

Premier Assured Benefit offers attractive tax benefits, further enhancing its appeal as a comprehensive savings and protection solution. Premiums paid towards the policy are eligible for tax deductions under Section 80C of the Income Tax Act, providing individuals with an opportunity to reduce their tax liabilities while building wealth. Moreover, the maturity proceeds, and death benefits received under the policy are generally tax-free under Section 10(10D) of the Income Tax Act, ensuring tax-efficient wealth accumulation and distribution.

Furthermore, Premier Assured Benefit can be leveraged as a tool for estate planning, allowing individuals to pass on their wealth to their heirs in a tax-efficient manner. By nominating beneficiaries under the policy, individuals can ensure a smooth transfer of assets and provide financial security to their loved ones even after their demise. This estate planning feature adds an additional layer of versatility to Premier Assured Benefit, making it a comprehensive solution for individuals looking to protect and preserve their wealth for future generations.

Conclusion: Secure Your Financial Future with Premier Assured Benefit

Premier Assured Benefit from Shriram Life Insurance stands as a testament to the company's commitment to innovation and customer-centricity. By offering a unique blend of protection, savings, and flexibility, this savings plan surpasses traditional term insurance in providing comprehensive coverage and wealth accumulation opportunities.

Whether you're a young professional starting your career, a family-oriented individual planning for your loved ones' future, or a seasoned investor seeking to diversify your portfolio, Premier Assured Benefit offers a tailored solution to meet your financial needs and aspirations. So, if you're ready to take control of your financial future and embark on a journey towards prosperity, consider your ability to embark on a savings plan at the earliest. Your financial well-being deserves nothing but the best.