Planning your Prosperous Tomorrow with the Super Income Plan

Today, more people have started to realize that the retirement phase of life is as important as building one’s career. A lot of individuals today are aware of the importance of planning for their resources post-retirement when they have to live and maintain lifestyle without earned, salaried or professional income. The most prudent of people ofcourse start planning for this as early as their thirties. One of the major steps you can take towards securing your finances for your sunset years post retirement is to invest ahead in life insurance plans that will help you build your corpus through the power of long term savings. Retirement insurance plans pave the way to live a life that is free from financial burdens when you have very little savings or are unsure of where your money is going to come from after your job. Because they are in principle life insurance plans, they offer risk mitigation in case of untimely demplise that takes away the prime income generating years of a person’s life. Through the power of risk cover within life insurance, the surviving family members can get financial support through the death benefit to support their lifestyle. In case of surviving the policy term, there is always the benefit of having your investments in the plan grow to create your retirement corpus.

This blog aims to showcase how to use Life insurance for a prosperous future post-retirement, and how a Super Income Plan is a great way to help you achieve this.  

Retirement Insurance Plans:

Retirement Insurance Plans are the perfect opportunity to live a secure life after retirement. Life insurance is the general way that one goes about when they are planning to accumulate wealth for the later stages of life. There are many advantages to using a retirement insurance plan and given below are some key points that one needs to consider

• While it is always best to start thinking about the retirement insurance plan early in your life, there is always time to choose the one that matches your needs.
• These plans help you grow your money substantially. One can also enjoy the advantage of tax benefits while growing their pool of money.
• A retirement plan is always made, and a policy for the same is opted keeping in mind the future expenses, liabilities, and life expectancy.
• Thorough research should be undertaken to select a plan that ticks all the boxes that satisfy your personal goals.

Life Insurance for Prosperous Future:

Life insurance is the common insurance plan that is used to insure the family of a policyholder in the event of their demise. The life insurance savings plan also helps in accumulating wealth and acts as a financial cover, thereby providing additional income alongside providing insurance. It is bought for a certain period, usually 10, or 20 years with an annual premium. The sum will be provided to the family members of the policyholder in case of their death.

Financial Planning with Super Income Plan:

Super Income Plan is a useful tool that can integrate life insurance and the provision of a steady stream of income. A notable feature of this plan is the lifelong cover that it provides to policyholders, wherein one can make use of this plan until the age of 75 in whichever way they want. The minimum entry age is 25 years, and the maximum is 50 years. Based on the age of the policyholder’s entering, the policy term will last between 10 and 25 years.  Starting to invest in this plan at a younger age provides a longer tenure which results in better returns. This is devised, keeping in mind the retirement plans of an individual.

Benefits of using Super Income Plans for Retirement

There are many benefits of using a Super Income Plan for retirement. It will seamlessly help you prepare for a better future. One of the many attractive features that it offers is an income protection plan.

Income Protection Plan

Income Protection plans are a good means to get a standardized income stream that will serve you during post-retirement. A distinguishing mark of this plan is the guaranteed income that it promises. This is suitable for policyholders who have a low appetite for risk and are focused on receiving guaranteed returns rather than on getting very high returns.

Flexible Payout Options:

Policyholders have the advantage of choosing from different payout options during the tenure of the policy according to their needs. This way, they can also manage to an extent the amount of money they will receive towards the end of the policy term.

Maturity Benefits:

Based on the flexibility provided in terms of the payout options, it is possible to make use of the earnings benefits and get monthly income even after your premium term has ended before 75 years of age. If the premium payment term ends during one’s age of retirement, the monthly payouts can then be used post-retirement. This will be calculated as a percentage of the annualized premium that the policyholder is paying.

Tax Benefits:

Tax benefits can be availed towards the premium paid under 80C of the Income Tax Act. This is very helpful as a large sum goes into just paying the tax. This way you get high returns with less to give away from your end.

Survival Benefits:

The survival benefit is nothing but the payout benefits that the policyholder can make use of. This is helpful during tough times when there are not enough funds to lean on.

Availing of Loans:

If the policyholder decides to end the policy before its time of maturation, then they can opt for a loan against the value that is being received during the time of their ending the policy. This money can be used for whichever purpose they want. It can be a good sum to use post their retirement as well.

To summarize, planning one’s life post-retirement is a crucial step. A happy and secure future shows that thoughtful planning has gone behind in researching, selecting, and applying for the right retirement insurance plan that will provide the necessary coverage that one expects.

The Shriram Super Life Income Plan is an advantageous option as it provides the option to maximize your wealth while securing for the future. This money that is being earned can also be used for other financial goals that one sets in life for themselves and their loved ones. The plan is designed neatly and strategically to cover expenses based on the month of entry of the policyholder, and the benefits received are also calculated accordingly.

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

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