One of the biggest fears that we all have when availing any type of loans is who will repay it if something unfortunate happens to you. SUD Life Ashiana Suraksha Group Term Insurance Plan relieves your family from the liability of the loan in case of any eventuality. With SUD Life Ashiana Suraksha Group Term Insurance Plan you can be sure that your family and loved ones are not burdened financially to repay the loans in your absence.
To buy the SUD Life Ashiana Suraksha Plan, one has to meet the eligibility criteria set by the insurer.
|Plan Type||Decreasing Group Term Insurance Plan|
|Minimum Entry Age||18 years|
|Maximum Entry Age||65 years|
|Maturity Age||71 years|
|Minimum Policy Term||5 years|
|Maximum Policy Term||30 years|
Sum Assured – It is the amount that is received by the insured person at the time of maturity. In case the insured individual encounters death and the SUD Life Ashiana Suraksha Plan is still active, the sum assured is received by the legal heir or a nominee assigned by the insured.
|Minimum Sum Assured||Rs.1,000|
|Maximum Sum Assured||No limit on the maximum sum assured.|
|Premium Payment Mode||Single premium|
|Non-medical Scheme||Under this plan, if a member declares good health, insurance cover will be provided. In this case for 18-60 years the sum assured is Rs.7.5 lakh and for age group 61 to 65 years the sum assured is Rs.3 lakh.|
|Death Benefit||The sum assured amount will be given to the master policyholder in the event of death of the person insured. In the event of death, the master policyholder will be given 2 options. Option 1: The sum assured payable will be paid directly to the surviving joint member/borrower and the policy will cease on the lives of the remaining borrowers. Option 2: In this case, the life insurance cover will continue and the surviving joint borrower will be covered against the total outstanding loan amount for that particular balance repayment term.|
|Maturity Benefit||There are no maturity benefits under this plan.|
|Surrender Value||The policy acquires surrender value if the premiums are fully paid in advance before the end of the policy term. The surrender value will be accumulated after successfully completing one year from the date of commencement of the policy. Please note that the surrender value can be up to 60% of the premium paid less taxes.|
Currently, the insurer does not offer any add-on plans with SUD Life Ashiana Suraksha Plan. However, they may allow policyholders attach riders to this plan in the future. Please check with your insurer from time to time for the riders available.
Exclusions – What the SUD Life Ashiana Suraksha Plan does not cover
45 days exclusion: Under the SUD Life Ashiana Suraksha Plan, during the first 45 days from the time the master policyholder has taken the policy, no claim will be acknowledged. The insurer will not be responsible to pay any claim amount during this period.
Suicide exclusion: If the insured person commits suicide within the one year from the date of commencement of the policy, the insurer will be liable to pay 75% of the premium paid till the date of death. In this case, the policy will cease on the date of death of the insured.
|Insurance cover for joint borrowers||The joint borrowers under the loan have two options under this plan. Option 1: The joint borrower can choose to be insured for the entire loan amount. Option 2: The joint borrower can choose to be insured only up to his/her share of the loan.|
Under this plan, tax benefits are available under Section 80C and Section 10(10D) of The Income Tax Act, 1961.
Star Union Dai-Ichi Life is a joint venture of Bank of India, Dai-ichi Life, and Union Bank of India. Star Union Dai-Ichi Life is one of the leading life insurance provider in India. They offer a wide range of insurance products at affordable prices. One can consider buying an insurance policy from Star Union Dai-Ichi Life as all their insurance products are innovative and are designed to offer the best benefits to the policyholder. They have a long-list of happy clients and have gained the trust of over 64 million customers across India.
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