Guaranteed Income for Life: Exploring the Benefits of Super Income Plan

A life insurance is a quintessential insurance policy to have. It is a financial document that is aimed at providing financial support to the family of the policyholder after his/her demise. Nowadays, in addition to life insurance, a lot of people also opt for a savings plan. The savings plan is one that provides income along with life insurance cover for the family of the policyholder. This can be useful for families where the income is not stable, and hence they would want to rely on some other source of money through which they can pay their bills.

A lot of plans today integrate both these components and make use of what we call the life insurance savings plan. This has the dual benefit of providing life coverage while also providing steady savings, making it a life insurance with guaranteed income plan. The advantage of these plans is that alongside providing both these benefits, they also give other flexible options that a customer can use to customize the plan according to their financial goals.

At Shriram Life Insurance, there are many life insurance savings policies, such as the Super Income Plan, Premium Assured Benefit Plan, and Golden Premier Saver Plan. This blog aims to provide a glimpse of the various benefits of using Shriram Super Life Income Plan and how one can use it for their wellbeing.

Benefits of Life Insurance Savings Plan:

1. Financial Protection

Death Benefit: A life insurance savings plan offers a death benefit that gives the policyholder a death benefit wherein, after their demise the sum assured will be given to their family. This lump-sum payout is apt for giving financial support to the family after the passing away of an important family member to take care of their everyday expenses, or special financial needs.  

2. Long-Term Savings and Investment Growth

Savings Component: The savings feature of the life insurance savings plan is the most advantageous one. It accumulates cash value over a period of time. A part of the premium that has been paid for the insurance will be given towards the cash value, and this will get accumulated. This corpus is helpful for people who are planning to buy a home, post-retirement, ot their child’s education.

Potential for Returns: Some life insurance savings plans give the opportunity to invest in a variety of funds or other investment vehicles. Based on the performance of the market and the type of the policy, these can generate returns that work towards increasing the cash value of the policy.

3. Tax Advantages

Tax-Deferred Growth:

Policyholders have the option of making use of a tax-deferred growth. As per this plan, one can accumulate cash without having to pay any immediate tax, such that they can save that money and use it for other aspects.

Tax-Free Death Benefit:

In the death benefit plan, policyholders can receive tax free benefits. In this plan, the sum assured will reach the family of the life insured, and they will not be required to pay any tax towards this amount.

4. Flexibility and Customization

Another advantage provided by the life insurance savings plan is the flexibility that it offers. One can choose the frequency with which they want to pay the premiums if they are not able to pay it all in lump-sum. It can also be paid in monthly installments or regular intervals. This will take away the stress of paying a huge amount all at once.

Policy Loans and Withdrawals:

In many cases, policyholders can access the cash value through policy loans or withdrawals that are partial in nature. This can be beneficial in emergencies or to supplement income during tough times.

5. Estate Planning and Legacy Building

Estate Liquidity: 

A life insurance savings plan can help in providing liquid to an estate, cover estate taxes, settlement costs, or other financial obligations upon the policyholder's death.

Legacy Planning:

For anyone interested in helping their family with the money that will come after their demise and on leaving behind a legacy, the life insurance savings plan gives just the exact same benefit to them.

Benefits of Super Income Plan:

The Shriram Life Super Income Plan provides all the benefits that a robust life insurance savings plan would give. It is a credible plan that provides big advantages to the policyholder. The Super income plan advantages are given below

Life long Cover

The Shriram Life Super Income Plan is aimed at providing life long coverage that extends even to the family of the policyholder. A policyholder can till the age of 75 years, thereby taking care of an individual’s life after retirement.

Maturity Sum Assured

Under this plan, the insurer can get life insurance with guaranteed income. This money is equal to 5 times the annual premium that has been paid.

Multiple Premium Payment Terms

Flexibility in paying the premium is the biggest advantage of this plan. Life insurance plans are generally expensive, but also provide a lot of long-term sustained benefits to individuals. This is why for those who are sure of availing this plan, it helps them out by providing the option to pay premiums in monthly installments.

Additional Protection

Once the policy has been availed after knowing the benefits and terms of conditions, there is still a chance for unforeseen circumstances to come about and change things. This is why life insurance savings plans are adept at providing extra benefits. These are referred to as rider benefits. There are 4 types of rider benefits under the Super Life Income Plan. These provide protection to the policyholder, and also their family. One of the significant advantages of this plan is the option to take the sum assured in installments if needed, instead of waiting until the policy matures.

Loans

In order to increase the corpus, and to pay away your immediate financial obligations, one can take loans against the surrendered value of the policy.

To conclude, life insurance savings plans are advantageous, and contribute to prosperity. From the many available plans, one has to focus on the plan that will provide guaranteed income for life and the one that also allows them the flexibility to gain the assured sum in ways that can help them immediately.

The Shriram Life Super Income Plan provides all the benefits that will be required for enjoying long-term financial prosperity over and above life insurance with guaranteed income. You can peruse the website to understand the plan in more detail, and to get an idea of the customizations that are possible with the help of this plan. The FAQs also provide a crystallized idea of how the plan works in a particular scenario.

For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.
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