What is the Premium Payment option in Super Income Plan?

A Super Income Plan (SIP) offers an adjustable term for paying the premiums that help investors plan their finances efficiently. Shriram Life Super Income Plan's premium payment requirement is a minimum of Rs. 30,000 annually. A person must be at least 25 years old to be eligible to invest in a SIP. The policyholder will receive maturity benefits when the policy term is over.

The Shriram Life Super Income Plan is a policy through which an investor can get an assured regular income along with life cover benefits. This policy can be availed until the policy holder turns 50 years old. Throughout the policy's tenure, an individual will get a monthly income and a lump sum payout on maturity. An excellent investment like the Super Income Plan will secure your future.

The premium payment tenure is flexible and can be adjusted by the investor according to their financial goals. To understand more about how to decide on a Super Income Plan premium payment term, let's take a closer look at the details of the policy. 

How does a Super Income Plan Work?

The Super Income Plan requires the investor to decide the tenure of the premium payments and the monthly income payments. People can decide by predicting the age at which they want to retire or when they want to start receiving the income. Apart from tenure, an investor has to determine the amount of funds to make the premium payments in a year.

Once the Super Income Plan has begun, all the policy holder has to do is pay the premiums as per the tenure. Once all the premiums have been paid, the investor will receive the monthly income. The monthly income is payable as long as you survive or till 75 years of age. Upon completion of the policy tenure, the investor will receive a lump sum on the maturity date.

If the policy holder does not survive till the end of the policy, the nominee or beneficiary assigned will receive the Death Benefit. After the Death Benefit is paid, the plan will be terminated. The death sum assured can be defined as 10 times the annualized premium, equal to the Basic Sum Assured.

What are the Premium Payment Terms Available?

Keeping in mind that the maturity age is 75 years, an investor needs to decide a tenure for the premium payments that will fit the time limit. The premium payment term stretches from 10 to 25 years depending on the age of entry and the premium paying period should not exceed 65 years of age. The minimum annual premium an investor needs to pay is Rs.30,000. This makes the Super Income Plan premium payments accessible for many as they are not too costly.

Here is a chart of the monthly income under different premium payment terms. This calculation assumes that a 35-year-old person has decided to invest Rs. 60,000 annually:

What are the Maturity Benefits of a Super Income plan?

The policy holder will get the maturity benefits once the term has expired. 5 times the annualized premium's guaranteed maturity sum will be paid to the policyholder. For example, if you have paid a premium of Rs. 1 lakh per annum for 15 years, you will receive Rs. 5 lakhs upon maturity. The maturity benefit is only applicable if the policy holder survives till the end of the policy term.

If the investor suffers an untimely demise before the policy's maturity, the Death Benefit will be given to the nominee or the beneficiary. The Death Benefit is equal to the Basic Sum assured, which will be 10 times the annualized premium.

How to Apply for a Super Income Plan?

You can apply for a Shriram Life Super Income Plan through the website. The online process to start a SIP is quick and easy. Our representative will help you with details like selecting a tenure and amount for the premium payments.

Here are the steps to apply for a Super Income Plan:

Step 1: Visit the Shriram Life website to submit an application for a Super Income Plan. The customer will be connected with an agent.

Step 2: After confirming eligibility, the representative will walk the consumer through the policy.

Step 3: The proposal filing will happen via a recorded call.

Step 4: After completing the E-Nach (Electronic National Automated Clearing House) registration process, a payment initiation request will be required.

Step 5: After reviewing the KYC documents, the plan will be issued. 
In order to be eligible for the Super Income Plan, a person must be at least 25 years old. The age limit until which the policy can continue is 75 years. The premium payment term and age at entry should not exceed 50 years. The premiums can be paid yearly, half-yearly, quarterly or monthly.

What Premium Payment Term Should You Choose?

The best plan is a premium payment term that suits your financial goals and helps you secure a better future. A potential investor can get a higher monthly income if they invest with a higher premium. Shriram Life Super Income Plan offers additional benefits for those who want to pay higher premium amounts.

Invest in a Shriram Life Super Income Plan to get amazing benefits for any premium payment term required. Tax saving benefits and loans against the policy are some additional benefits a policy holder can receive when investing in a SIP.

Our representative will help an investor determine the premium, ensuring they get the maximum monthly benefit and maturity at the end of the plan.

FAQs

1. What is the premium payment option in the Super Income Plan? 
   The premium payment option of the Super Income Plan lets an investor decide the amount and tenure of the policy.
2. What is the minimum premium under the Super income plan? 
   The minimum premium tenure under the Shriram Life Super Income Plan is 25 years and the minimum amount is Rs. 30,000 annually.
3. Do you get surrender value if you cancel the whole Super Income Plan? 
   Yes, the amount paid for at least two full premiums for the Super Income Plan will be returned. This amount is called the surrender value of the policy. With a Shriram Life Super Income Plan, a policyholder will get the Guaranteed Surrender Value.

Key Highlights:

• A Super Income Plan offers a flexible premium payment term.
• The minimum amount required for the premium payments of a Shriram Life Super Income Plan is Rs. 30,000 annually.
• An investor needs to be at least 25 years old to be eligible to invest in a SIP.
• Upon completion of the tenure, the policy holder will get maturity benefits.

ARN:SLIC/Elec/Dec 2022/130