Illnesses are unpredictable and can sometimes adversely impact an individual's life. The financial implications of critical illnesses can be severe for those who are not prepared. With the Super Income Plan, a policy holder can secure their future financially and get cover against uncertainties at the same time.
The Super Income Plan (SIP) is a long-term savings and life insurance plan that gives an assured monthly income to the policy holder till the age of 75. The SIP has attractive benefits that the policy holder can gain easily. The flexible premium payment tenure gives policyholders an opportunity to customise the policy according to their needs. The Super Income Plan includes a life insurance cover for the policy holder.
Shriram Life Super Income Plan is specially designed to help you prepare for the future in the most efficient way possible. Shriram Life SIP has various features and advantages that make it a desirable choice for the future planning. You can customise the policy in a variety of ways. Despite being minimal, the options can nonetheless improve the policy when they are tailored to one’s individual needs. Let's explore the various riders available with the policy.
What are the riders available with Shriram Life Super Income Plan?
A rider is an add-on that enhances or modifies a standard insurance policy's provision. Typically, a fee is associated with adding riders to your base insurance. A rider offers additional protection from risks. You can choose from a number insurance riders to enhance your life insurance coverage at a nominal premium. Here is a short summary of all the riders available with the Shriram Life Super Income Plan.
- Accident Benefit Rider
In case of death or total and permanent disability due to an accident during the term of the rider, 100% of the sum assured will be paid. Additionally, if an accident completely and permanently disables the life assured, all future premium payments will be waived. The benefit under this rider is only available once throughout the rider's tenure.
- Family Income Benefit Rider
In case of accidental demise or permanent disability of the policy holder during the tenure of the rider, 1% of the sum assured is payable. This amount will be given to the policy holder or the nominee every month from the time of the accident for a guaranteed period of 10 years or till the end of the rider term, whichever is higher.
- Shriram Extra Insurance Cover Rider
If the policy holder suffers sudden demise during the rider's term, the sum assured under the rider will be paid to the nominee.
- Shriram Life Critical Illness Plus Rider
If a patient has one of the 24 Critical Illnesses, 100% of the rider Sum Assured will be paid if they live for 30 days following the date of initial confirmed diagnosis. The ability to boost your loyalty additions-based rider total is another benefit of this rider.
What are the features of the Shriram Critical Illness Rider Plan?
The Shriram Life Critical Illness Rider can be purchased as an add-on to boost the coverage of the Super Income Plan. It is an optional coverage that will protect a policy holder from any sudden expenses due to critical illnesses. Here are some of the features an individual must consider while saving in the Super Income Plan.
– 100% of the rider sum assured will be paid to the policy holder if they are diagnosed with any of the 24 specified critical illnesses.
– The rider can be added at the inception of the Super Income Plan or any policy anniversary.
– Once the rider policy is claimed, the rider terminates, and the base plan continues as per its term.
– Revival or alterations of the rider depends on the terms of the base plan.
How does the Super Income Plan Work?
An investor can tailor the Super Income Plan to suit their needs by being aware of how the insurance functions before making an investment. Choosing the beginning date for the monthly revenue would be the first step. Since the policy holders are aware of the premium payment tenure, they will also know when the income will start.
The next step is to determine how much you can afford to pay for the policy each year. An individual will receive assistance from our specialists when applying for a Shriram Life Super Income Plan. They will aid in figuring out the maturity sum as well as the potential benefits an individual can receive with the plan.
The income will be paid to the policyholder each month once all premiums have been paid in full. If they survive the policy term, they will get a lump sum payment on the maturity date. In case the policy holder suffers an unfortunate demise, the nominee or beneficiary will receive the death benefit.
Why Should You Invest in a Super Income Plan?
The Super Income Plan is a fantastic investment opportunity because it provides a flexible tenure and additional coverages. Planning for the future and ensuring the safety of one's family are now possible at the same time. The SIP's characteristics are simple to comprehend and meet your preferences and specifications.
Invest in the Shriram Life Super Income Plan to ensure a safe and prosperous future. The SIP also contains extra coverage options to enable you to tailor the policy to your needs and life insurance for the policy holder. You will also get maturity benefit at the end of the term, which will be paid out at five times the annualised premium.
- The Critical Illness Plus Rider of the Super Income Plan covers the policy holder if diagnosed with a specified critical illness.
- The Super Income Plan comes with a life insurance policy and can be enhanced by purchasing add-ons.
- Different riders can be added to the Super Income Plan, and each has its own benefits.
- The benefits of the rider can only be claimed once during the tenure decided while purchasing it.