Smart Investing, Secure Future: The Super Income Plan Advantage

Choosing the right life insurance policy can seem a challenging task. More so because, in current times, it is possible to choose from among many insurance policies from across various available options. Choosing a life insurance policy that is best suited for you, should be based on factors including your short-term and long-term financial goals. To reap the best for oneself from such plans, it is essential to invest smartly and aim for long-term financial benefits.

In previous decades, many considered life insurance as useful only in case of the untimely demise of an individual. After the individual passes away, the corpus sum is given to their family. With growing awareness of financial planning and long-term savings, many people have come to realize that it is also possible to stabilize your financial growth by making use of Life insurance investment benefits of life insurance plans. This blog gives an overview of how you can achieve your financial goals with the help of a Super Income Plan.

What is a Life Insurance Savings Plan?

This type of insurance plan is considered to offer two-in-one benefits to policyholders. It not only promises financial cover in the instance of someone’s demise but also helps grow and stabilize your wealth, thereby acting as a secure cover for the future.

Benefits of Smart Investing

Investment at an early age:

Starting to invest at an early age can give huge benefits in the long run. This also results in compounding of money over a period of time. This is a great opportunity to enjoy a surplus of money during your time of retirement and lead a stress-free life post-retirement. By doing this, you are paving the way for a secure future with smart investing.

Generate Additional Income:

Depending on one’s appetite for risk, smart investing can generate additional income. Investing in the market once in a while by taking very careful steps can provide good returns.

Prevent Risk of Loss:

Just as an appetite for risk can get good returns, it can also result in loss. If the investment tumbles, it will give less returns or no returns than what was invested initially. With smart investing through thoughtful consideration, one can minimize the risk of loss.

Save on Taxes:

It can also save on the costs incurred via taxes. The amount to be paid will not be incurred in the same year but during the time of retirement. This will result in saving more money.

Super Income Plan Benefits

Once we are convinced of the power of smart investing, it is good to consider the Super Income Plan. Savings Plans are plenty, and within that, an important option to consider is the Shriram Life Super Income Plan which offers all the stated Super Income Plan benefits. It aims to provide steady income alongside life insurance. 

The features and benefits of choosing this plan are as below:

Based on the age of entry of an individual, the Super Income Plan can last anywhere between 10 and 25 years; the policy stops at the age of 75 years. The longer the tenure, the better the returns as that is when the principles of compounding, long term wealth accumulation and the advantage of staying with a stable plan - all come into play in your favor. Additionally, the points defined above as the benefits of smart investing can be utilized and fulfilled via this plan. The various benefits are:

1. Guaranteed Income:

Since this is a non-linked insurance plan, the risk of market volatility is absent, ensuring guaranteed income. Three kinds of bonus benefits can be used under this plan.

• Death Benefit: Upon the death of the policyholder during the policy period, the sum assured, or the surrendered amount will go to their family members.
• Super Income Benefit: If the individual passes away once the policy matures, they will be eligible for a fixed monthly amount from the end of the premium payment term to the end of the policy.
• Maturity Benefit: If the individual survives until the end of the policy, they will be given the sum assured which is 5 times the annual premium paid.

All of this ensures that they can be free from the volatility of the market.

2. Flexibility and Customization:

One of the other Super Income Plan Benefits is the flexibility they offer in terms of options for premium payment, coverage, and withdrawal benefits. This ensures that one can tailor the plan according to their needs. The premium payment can be opted for yearly, half-yearly, Quarterly, or monthly.

3. Tax Benefits:

A major relief for policyholders under this plan is the tax benefits on premiums and the maturity proceeds. This paves the way for long-term financial growth.

4. Availing of Loans:

It is also possible to make use of the Super Income Plan for financial security. This advantage is provided to Policyholders through the means of availing loans against the set surrender value. This provides the opportunity to have cash flow when required, and then use that money to plan for important things.

5. Riders Benefit:

With the help of additional riders, it is possible to get additional coverage during critical illness, or accidental death.

Scenarios:

Based on the three types of benefits listed under guaranteed income, one can customize the returns that they want to get from this plan.

Child’s Education and Wedding:

As parents, one of the crucial financial goals in life is to secure funds for their children’s education and wedding. If taking care of a steady stream of income is the top priority for a policyholder, they can make use of the earnings benefits provided under the Super Income Plan.

Here, one can get monthly payouts starting from the end of their premium payment term, until the end of the policy term.

If a policyholder ‘A’ has enrolled in this plan such that their premium payment ends at 50 years, but they would want to receive monthly benefits to pay for their child’s higher education abroad or their wedding, they can do so.

Post Retirement:

For those who have a steady income and want to focus on having a corpus after their retirement, this plan is even better. This way they will be able to make use of the money that has been accumulated.

To summarize, the idea of life insurance today has transformed into an all-encompassing financial tool that enables wealth creation and security while also providing risk mitigation from untimely and unexpected loss of life. You can utilize the power of smart investing by starting to invest early, being clear on what you want, and choosing the right policy that will benefit you. One of the smart investing choices that people can make to fulfill their financial goals is to avail of the Super Income Plan benefits. It has something for everyone, irrespective of varying financial needs, and enables them to grow their savings toward a secure future with smart investing.

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

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