SUD Life Group Accidental Benefit Rider provides policyholder of an SUD Life Group Insurance Policy with additional benefits in the event of accidental death or dismemberment of the insured group member.
This rider can be availed by both Employer - Employee Groups and Non-Employer - Employee Group accompanied with any of SUD Group Term Life Insurance Schemes, provided that all members of base policy are covered under this rider. This rider can be availed only at the time of inception of the base policy or at the date of yearly policy renewal. If the Master Policyholder surrenders the Master Policy, all benefits under the rider also lapses.
Eligibility - Who is the SUD Life Group Accidental Death and Dismemberment Benefit Rider for?
To avail this rider, the policyholder has to be a member of one of SUD’s yearly renewable group term insurance plans. The other eligibility criteria are:
|Minimum entry age
|Maximum entry age
|Maximum renewal age
|Minimum Group Size (Employer-Employee groups)
|Minimum Group Size (Non- Employer-Employee Groups)
Sum Assured and Premium Range - What you get and what it costs?
The maximum amount of Sum Assured available under this rider is equal to the Base Sum Assured under the group plan. The Premium amount is also subject to the condition that the total yearly premium for all non-health riders cannot be more than 30% of the premium amount paid annually under the base plan.
|Minimum Sum Assured
||Rs.1,000 per member
|Maximum Sum Assured
||Rs.50 lakh per member
||1 year renewable
||Based on the risk classification of group members
according to the Base Group Term Insurance Scheme
||Monthly, Quarterly, Half-Yearly, Annual
Plan Coverage - What does the SUD Life Group Accidental Death and Dismemberment Benefit Rider cover?
- Accidental Death Benefit: On the event of accidental death of the life insured group member, 100% of the Sum Assured under the Rider up to a maximum of Rs.50 lakh is payable to the policy nominee, provided the member has continued coverage as on the date of his/her demise. The cover ceases immediately after that.
- Accidental Dismemberment: A percentage of Sum Assured under the Rider is payable to the Insured Member in case any of the following events:
||Benefits as % of SA in Rider
|Loss of all 4 limbs
|Loss of eyesight of both eyes
|Loss of eyesight in one eye
|Loss of 2 Limbs or of their use
|Loss of 1 limb or the use of it
|Speech loss and hearing loss
|Hearing loss in both ears
|Hearing loss in one ear
On a claim being made where only a part of the rider benefit (less than 100% of the rider SA) is paid, the rider cover keeps continuing till the end of the policy term. If another claim is made later during the policy period, the balance sum assured is payable, provided the group policy is still in force and all due premiums are paid. The total benefit payable under rider for all circumstances put together cannot be more than 100% of rider Sum Assured.
Exclusions - What the SUD Life Group Accidental Death and Dismemberment Benefit Rider doesn’t cover?
No Benefits under this Rider will be payable if Death/Dismemberment by Accident occurs from, or is caused, either directly or indirectly, voluntarily or involuntarily, by one of the following:
- Declared or undeclared war, foreign invasion, terrorism, insurrection, civil war, rebellion, martial law, revolution, military coup.
- Service in armed forces, police organization, of a country engaged in declared or undeclared war or conflict.
- Taking part in a riot, civil commotion, a strike, or criminal/illegal activity with criminal intentions.
- Any aviation other than as a fare-paying passenger in an aircraft which is authorized by the relevant regulations to carry passengers between established airports.
- Employed as pilots and/or in-flight cabin crew.
- Engaging in hazardous sports, whether professionally or as a leisure activity, like deep-sea diving, racing, riding as a sport, underwater activities (with or without breathing apparatus), martial arts, mountaineering, hunting, bungee jumping, parachuting, etc.
- Any radioactive, hazardous or explosive fuel material or contamination of property by nuclear/radioactive material or any accident arising from being in contact with such material.
- Intentionally self-inflicted injury or attempted suicide, while sane or insane.
- Criminal or illegal activity with a criminal intent.
- All infections and diseases except gynogenic infection which shall occur with and through an accidental wound.
- Poison, fume or gas (voluntary/involuntary/accidental administration, absorption or inhalation).
- Any exclusion mentioned in the Base Policy.
Other Key Features - Freelook Period, Surrender Values, Grace Period etc.
- Freelook period: From the date of receipt of the policy document, you are given 15 days to review the terms and conditions of the policy. If you have any objection to the terms and conditions, you have the option to return the policy. A refund of all premiums paid without interest after deducting proportionate risk premium for the period on cover, Stamp duty charges, and medical examination costs.
- Grace period: You will be given a grace period of 15 days for the monthly payment mode and 30 days for the other modes to pay your premium during which the policy benefits and life cover will be active. If you fail to pay the premium within the grace period, then your policy will lapse.
- Cancellation: Any event that triggers the cancellation of the base insurance policy will automatically result in the cancellation of SUD Life Group Accidental Death and Dismemberment Benefit Rider. No rider benefit are payable after cancellation.
Tax Benefits - How you can save with the SUD Life Group Accidental Death and Dismemberment Benefit Rider?
You can get tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961 on premiums paid and maturity proceeds, respectively.
Other Benefits - How you can save more with SUD Life Group Accidental Death and Dismemberment Benefit Rider?
- Star Union Dai-Ichi Life Insurance Company has a dedicated customer service center that functions 24x7. You can get in touch with an insurance agent anytime from anywhere.
- Policyholders can report a claim online anytime.
- One can renew their policy online using the official Star Union Dai-Ichi Life Insurance Company website.
- Customers can also get a free quote within a few seconds by using their website.
Why you should buy the Group Accidental Death and Dismemberment Benefit Rider from Star Union Dai-Ichi Life?
Star Union Dai-Ichi Life is a joint enterprise, comprising of Dai-ichi Life, Bank of India, and Union Bank. Some of the features that make Star Union Dai-Ichi Life Insurance a must-have for you are:
- Star Union Dai-Ichi Life is one of the leading life insurance providers in India.
- They offer a wide range of insurance products at some very affordable prices.
- All their insurance products are innovatively designed to offer the best benefits to the policyholder.
- They have a long-list of happy clients with over over 64 million happy customers across the country.