Shriram Life Super Income Plan

Shriram Life Super Income Plan is a non-linked and non-participating endowment plan which provides assured regular income along with life cover benefits till the age of 75 years. The plan provides a fixed monthly income till the age 75 years and a lump sum on plan maturity.

You can customise the plan and enhance its coverage as per your needs with the help of 4 optional riders. The plan also offers you a wide range of premium payment terms (PPTs) along with an option to change the selected premium payment term anytime during the policy term but at least 3 months before the beginning of the income benefit.

Best Features of Shriram Life Super Income Plan

Following are the key features of the Shriram Life Super Income Plan - 

• Super Income Benefit- The plan provides super income benefit by way of fixed monthly amount starting from the end of the premium paying term till the maturity of the plan or life assured’s death, whichever is earlier.
• Higher Monthly Income For Higher Premiums- The super income benefit is increased to up to 109% for policies with a premium amount of INR 30,000 and more.
• Policy Loans- The life assured is allowed to avail policy loans of up to 80% of the surrender value if loan is taken during PPT and up to 60% of the surrender value if loan is taken after the end of the PPT. The loans are currently available at an interest rate of 9% p.a. compounding half yearly.
• Surrender Benefit-  In case you decide to surrender the policy anytime before the completion of the policy term but after the payment of at least 2 years’ premium, you are eligible to receive a surrender benefit.
• Paid-up Policy-  In case of non-payment of premiums after the payment of the first 2 years’ premiums, the policy gets converted into a paid-up policy and continues with reduced benefits till the plan’s maturity or the death of the life assured.
• Policy Revival- The revival of a lapsed or paid-up policy can be done within 5 years starting from the date of the first unpaid premium.  

Benefits of Shriram Life Super Income Plan

The key benefits offered by the Shriram Life Super Income Plan are as follows - 

1. Death Benefit

In case of an unfortunate death of the life assured, the higher of the death sum assured and the surrender benefit as available on the date of death is payable to the nominee. If the death of the life assured has occured after the end of the premium payment term, no super income benefit can be recovered from the death benefit. 

Sum assured on death is equivalent to the highest of the following -

1. 10 times the annualised premium
2. 105% of the total premiums paid till the date of death
3. Super Income Benefit

In case of the survival of the life assured till the end of the premium payment term (PPT), a super income benefit in the form of fixed monthly amount is payable from the end of the PPT till the plan’s maturity or death of the life assured, whichever is earlier.

Super Income Benefit = Annualised Premium X Super Income Benefit Factor X Applicable % for Higher Premiums

2. Maturity Benefit

In case of the survival of the life assured till the end of the policy term, a guaranteed maturity sum assured equivalent to 5 times of the annualised premium is payable. After the payment of the maturity benefit, the policy terminates.

Shriram Life Super Income Plan Eligibility

Shriram Life Super Income Plan comes with the following eligibility conditions - 

Shriram Life Super Income Plan Review

Shriram Life Super Income Plan is an endowment plan which also provides the benefits of a life insurance plan. The plan provides guaranteed maturity benefit along with a super income benefit to help you meet your short-term as well as long-term financial needs. The life insurance coverage under the plan is available till the age of 75 years.

One of the notable features of the plan is its higher monthly income benefit available for policies featuring a premium of INR 30,000 and more. Shriram Life Super Income Plan can be shortlisted by individuals looking for a fixed source of income for a long period along with life cover benefits and guaranteed maturity benefit.