The Defined Growth Endowment Plan from SUD Life offers life insurance coverage, guaranteed loyalty additions on maturity, and guaranteed additions every year. Customers can enhance their level of protection by opting for riders. This non-linked, non-participating plan helps protect you and your family against increasing risks.
Insurance providers set out certain criteria that needs to be met by the customer before they can purchase the policy. The eligibility criteria of this plan is as follows:
|Minimum entry age||12 years|
|Maximum entry age||60 years|
|Maximum age at maturity||75 years|
*Ages mentioned refer to age last birthday
The Sum Assured is the returns you get from the plan. It is the amount of money that will be paid to the beneficiary upon the death of the policyholder, or to the life insured upon maturity of the policy. Premiums are the cost of the plan that the policyholder must pay in order to avail the plan. Premiums can be paid either as a single one-time payment or in installments. Given below are the details of the Sum Assured, premiums and policy terms available with the SUD Life Defined Growth Endowment Plan.
|Minimum Sum Assured||Rs.1 lakh|
|Maximum Sum Assured||Rs.50 lakh|
|Policy term||15, 20, and 25 years|
|Premium payment terms||
|Premium payment frequency||One-time payment, annual, semi-annual, quarterly and monthly|
|Minimum premiums||Depends on the monthly benefit selected and the policy term|
*Premiums vary based on age, location, plan term and other factors
Plan coverage - What the SUD Life Defined Growth Endowment Plan covers
The SUD Life Defined Growth Endowment Plan offers multiple benefits for the life insured and the nominee. With this plan, the policyholder or nominee will benefit from death benefits, maturity benefits, guaranteed benefits and loyalty additions. Given below are some of the important benefits associated with this plan.
|Death benefit||Upon the death of the life insured, the plan will payout the following to the nominee:
|Maturity benefit||Upon maturity of the plan, SUD Life will pay the following to the policyholder:
|Guaranteed benefits||If the policy is in force, guaranteed benefits will be added to the policy at the end of every year.
|Loyalty additions||Upon maturity, loyalty additions will be paid provided the policy is in force.
|Tax benefits||Available under Section 80C and Section 10(10D) of the Income Tax Act, 1961.|
Riders are additional plans that you can attach to a base insurance plan. The rider will enhance the level of protection offered. There are two riders offered with this plan:
Riders can be availed either at the time of buying the policy or later during the policy term. Riders are also subject to eligibility criteria.
If the life insured commits suicide within 1 year from the commencement of the policy, whether medically sane or insane, then the policy will be void. SUD Life will refund the following:
SUD Life Accidental Death and Total and Permanent Disability Benefit Rider - If the life insured commits suicide within 1 year from the commencement of the rider policy, whether medically sane or insane, then the policy will be void. No benefits will be payable and the premium rider will be forfeited.
SUD Life Critical Illness Benefit Rider - If the life insured commits suicide within 1 year from the commencement of the rider policy, whether medically sane or insane, then the policy will be void. No benefits will be payable and the premium rider will be forfeited.
Rider policies have certain exclusions under which the benefits will not be payable. Please refer to the brochure or policy document for a detailed list of the exclusions.
The details of any insurance plan must never be overlooked. It is important to be aware of other features of the insurance plan. These details are mentioned in the policy document and you are advised to read it before purchasing it. Given below are some of the important features of the SUD Life Defined Growth Endowment Plan.
|Free-look Period||If the policyholder disagrees with the terms of the policy, they can return the original policy bond and submit a letter with the reasons for objection with 15 days from the receipt of the policy document. The premium paid will be refunded minus any expenses incurred by SUD Life, stamp duty, proportionate risk premium, and medical expenses.|
|Grace Period||30 days is granted from the premium due date as a grace period for yearly, half-yearly and quarterly modes. For monthly mode, the grace period is 15 days. The benefits will continue till the end of the grace period.|
|Policy Loan||Loans are available through assignment of the policy as collateral.|
|Policy Lapse||If premiums are not paid by the end of the grace period, the policy will lapse. No benefits will be payable. There is a period of 3 years provided to revive the policy.|
|Reduced Paid-up Policy||The policy will acquire a paid-up value after the third policy anniversary if premiums for three full years have been paid. The policy will continue to be in force with reduced benefits.|
|Surrender Value||The policy can be surrendered after the third policy anniversary and before the end of the policy term. The surrender value is the higher of Guaranteed Surrender Value or Special Surrender Value. Special Surrender Value 80% of asset share. Guaranteed Surrender Value Regular pay - The minimum GSV is 30% of the premiums paid not including the first year’s premium and extra premiums. Single pay - The minimum GSV is 85% of the premiums paid not including extra premiums.|
|Reinstatement||From the due date of the first unpaid premium, you can reinstate your lapsed or paid-up policy within 3 years. You need to submit the following:
|Nomination||The policyholder can nominate a person to receive the benefits of the policy. The nomination must be done before the end of the policy term or death of the policyholder.|
|Assignment||Available in accordance with Section 38 of the Insurance Act, 1938.|
|Rebates||Female lives - 2% of tabular premium High Sum Assured - depends on the Sum Assured selected. Rebate ranges between 1% and 3% per Rs.1,000 SA for Single Premium payment and Rs.1 and Rs.3 per Rs.1,000 SA for Regular Premium payment.|
As per the prevailing tax laws in India, you can claim for tax benefits under Section 80C and Section 10(10 D) of the Income Tax Act, 1961. Tax laws are subject to amendments from time to time. You are advised to consult a tax advisor to maximise your benefits.
Other benefits – How you can save with the SUD Life Defined Growth Endowment Plan
Apart from the benefits of the plan, Star Union Dai-ichi Life Insurance provides other benefits to its customers. When you choose SUD Life as your insurance provider, you can stand to benefit from the following:
At SUD Life, the customer is placed at top priority. Star Union Dai-ichi Life Insurance designs its products to suit the different needs of customers. The company provides a host of insurance products that cater to different stratas of society. The company caters to over 64 million customers and is growing closer to securing a top position in the insurance market in India.
The Defined Growth Endowment Plan is a traditional life insurance plan that assures life insurance cover along with guaranteed returns. The plan is suitable for anyone who has people depending on their income, such as family, spouse, or loved ones. In case of the life assured's unfortunate demise, the plan will ensure that the family is taken care of financially.
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