9 Reasons to Buy a Super Income Plan

The Super Income Plan can help you prepare a perfect life strategy with a promising investment that includes a dual assurance of life insurance and financial stability. It will provide a regular income until the policy holder turns 75 years of age. You can enhance the protection of the insurance by getting additional coverage for a nominal amount. The premium payment term can also be changed according to your financial goals.

Did you know that a Super Income Plan (SIP) can provide a regular income until an individual turns 75?

The Super Income Plan can be very beneficial for those looking for a way to invest their money smartly and get a regular payout. The Shriram Life Super Income Plan is designed to cater to an individual's long-term financial needs and insurance protection. An individual can avail various benefits under the plan, like the maturity benefit, super income benefit and many more.

For Ms. Chaitanya M, the Super Income Plan helped her to get a stable and secured income. As a retired individual, Ms. Chaitanya knew she would need an extra source of income to manage household activities and other external expenses. She researched and invested her funds in a Super Income Plan to get the best benefits after the policy's maturity.

Shriram Life SIP is a guaranteed plan for individuals who need life insurance and regular income. The minimum annual premium you need to pay is affordable. There is no maximum limit and it is subject to the approval of the board underwriting policy. A representative will help you decide on the premium, ensuring you get the maximum monthly benefit and maturity at the end of the plan.

Like Ms. Chaitanya, you can invest towards a brighter future with a Super Income Plan. Here are some of the top reasons why you need to invest in a Super Income Plan:

1. Tax Saving Benefits 
   A policy holder can get tax benefits on the premiums paid for the Shriram Life Super Income Plan. Under Section 80C of the Income Tax Act of India, 1961, a policy holder can claim tax exemptions on the SIP premiums up to a specific limit. This benefit can help you save more in a year. However, the tax benefits are subject to change according to the tax laws. It will be best to stay updated on the latest information regarding the related tax regulations.
2. Flexibility to Change Premium Payment Term 
   The Super Income Plan enables you to have better financial control through the flexibility to change the Premium Payment Term. Depending on your financial objectives, the premium payment duration can be modified. Check the rules and guidelines of the financial organisation you invest in to know the exact tenure range available.
3. Regular Income 
   With a Shriram Life Super Income Plan, a person can get life insurance and regular income. The major benefits available under the plan include the Super Income Benefit, Maturity Benefit and Death Benefit. This regular income will only be provided after the premium payment term of the policy is complete.
4. Life Insurance Cover 
   The Life Insurance Cover under the Super Income Plan assures that your family is protected. This cover is only available up to the age of 75. Shriram Life Super Income Plan offers extra insurance cover rider. If the life assured passes away within the term of the rider cover, the guaranteed funds would be paid to the nominee or beneficiary of the policy.
5. Additional Coverage 
   Additional coverage is available in the form of rider covers with a SIP. Accident benefit rider, Family Income Benefit Rider, Extra Insurance Cover Rider and Critical Illness Plus Rider are the additional protection add-ons available under the Super Income Plan. By paying an additional premium, an individual can also get any of these riders. The riders can be purchased and added at the policy's inception or on any policy anniversary.
6. Maturity Benefits 
   Once the term of the policy has come to an end, the policy holder will receive the maturity benefits. Guaranteed Maturity Sum assured will be paid to the policy holder, which is 5 times the annualised premium. If you pay a premium of Rs. 1 lakh per year, you will receive Rs. 5 lakhs when the policy matures.
7. Loans 
   If emergency funds are required for a short term, you can take a loan against the policy within the surrendered value. The loan interest would be approximately 9% per annum, compounding half-yearly. The interest on the loan has to be paid on a half-yearly basis. The maximum amount you can take as a loan is 80% of the surrendered value.
8. Service Assurance 
   Once all the application steps have been completed, your policy will be issued within 72 hours. This service assurance is one of the benefits of the Super Income Plan that will help you decide to apply for the policy. Our representative will help you determine the premium, ensuring you get the maximum monthly benefit and maturity at the end of the plan.
9. Financial Security 
   The Super Income Plan includes life insurance that ensures your family is protected, even in your absence. You can also achieve financial stability with the guaranteed monthly income and the lump sum paid at maturity. This ensures that you will be more financially stable and prepared to face uncertainties related to your future income and liabilities

Why should you buy a Super Income Plan?

Applying for a Super Income Plan will be beneficial in the long run and help you keep your family secure with the life insurance coverage. This plan is an excellent option for those who want to safeguard themselves and their dear ones from financial instability in the future. The Super Income Plan has additional benefits that can be added by paying an extra premium.

Invest in a Shriram Life Super Income Plan to avail all these benefits and easily secure your future. You can visit the website and enter your details to get a quote or contact customer support to know about the Super Income Plan. Invest now to have a peaceful and happy life with the Shriram Life Super Income Plan.

FAQs:

1. How good is Shriram Life Super Income Plan? 
   The Shriram Life Super Income Plan is one of the best investment options to help you plan efficiently for the future. It has benefits like life insurance and maturity benefit that help you earn more.
2. How does Shriram Life Super Income Plan work? 
   Shriram Life Super Income Plan is a guaranteed plan for individuals who need life insurance and regular income until they reach 75 years of age. At the end of the premium payment term, you will get a monthly payout till the maturity of the policy.
3. What are the policy terms available for single pay in Super income plan? 
   Shriram Life's Super Income Plan is not a single pay premium plan. You can choose to pay monthly, quarterly, half-yearly or annually.

Key Highlights:

• The Super Income Plan will provide a regular income till the policy holder turns 75 years of age.
• Additional coverage can be purchased for a nominal amount.
• You can also change the premium payment term according to your financial goals.
• As a maturity benefit, you will get 5 times the annualised premium when the policy term is over.

ARN:SLIC/Elec/Dec 2022/130