The SUD Life Prabhat Tara 3 Plan is a group term insurance plan that is offered by SUD Life Insurance. This is a one-year renewable plan. Policyholders are offered a flexible and comprehensive group term life insurance plan which includes the option to pay premiums in either monthly or annual premiums as well as death benefits. Some of the key features of this plan are:
An individual will have to meet the eligibility criteria listed below to avail the SUD Life Prabhat Tara 3 Plan:
|Minimum Entry Age for the Plan||18 years|
|Maximum Entry Age for the Plan||50 years|
|Maximum Maturity Age||55 years|
* Ages mentioned are ages last birthday
The sum assured is based completely on the premiums that you will be required to pay to avail the benefits of the policy. The sum assured for SUD Life Prabhat Tara 3 Plan is listed below:
|Minimum Sum Assured||Rs.5,000|
|Maximum Sum Assured||Rs.5,00,000|
Premiums are paid to the insurer to purchase a policy from them so that the individual can come under the umbrella of benefits and coverage that this plan has to offer. The premiums that a policyholder will have to pay towards a SUD Life Prabhat Tara 3 Plan are listed below:
|Premium Payment Options||
|Monthly Premium||Renewable, One-year|
|Annual Premium||Renewable, One-year|
*Premiums paid vary based on age, location, plan term and other factors
Premiums for SUD Life Prabhat Tara 3 Plan can be made using any of the following ways:
The SUD Life Prabhat Tara 3 Plan offers a number of different benefits and these are listed in the table below:
|Death Benefits||If the policyholder meets with an untimely death, the sum assured shall be paid to the nominee. The sum assured will be liable to deductions of any premiums that were not paid before the policyholder’s demise.|
|Maturity Benefits||There are no maturity benefits that are liable to be paid by the insurance company to the life assured.|
|Tax Benefits||As per the prevailing tax laws.|
If the life insured, whether medically insane or sane, commits suicide within a year from the date of purchase of the insurance policy or from the date of renewal or revival of the policy, the insurance company shall pay the nominee or beneficiary 80% of the total premiums that were paid up to the date of the policyholder’s death.
|Free Look Period||In case the policyholder is not satisfied with the “Terms and Conditions” of the policy, a 15 day period is provided where the insured can return the policy back to the insurer. The company will return any premiums that were made during this period after deducting any expenses incurred by the insurer such as stamp duty charges, medical expenses, etc.|
|Grace Period||A grace period of 15 days is provided from the due date of making a premium payment so that the policyholder can clear his/her dues. If the policyholder fails to make the premium payments within the grace period, the policy will lapse.|
|Surrender Benefit||In case the policyholder decides to surrender the policy, no surrender benefit shall be paid by the company to the policyholder.|
|Reinstatement||If a premium was not paid within the grace period, the policy will lapse. A policyholder can reinstate the lapsed policy depending on the following conditions:
|Termination||The policyholder can choose to terminate the policy by writing a letter to the insurance company stating the same. Any unexpired premiums that had to be paid will be refunded by the insurance company.|
|Assignment||Assignment is allowed as per the prevailing tax laws under Section 38 of the Insurance Act, 1938.|
|Nomination||Nomination is allowed as per the existing tax laws under Section 39 of the Insurance Act, 1938.|
|Loan Facility||There is no loan facility that is provided with this plan.|
A policyholder can enjoy tax benefits on any premium that is paid towards SUD Life Prabhat Tara 3 Plan Plan under the prevailing tax laws under Section 80C and for monthly income received by the policyholder under 10(10D) of the Income Tax Act, 1961. Tax benefits are subject to changes without prior notice so it is important that the policyholder consults a Tax Advisor to stay informed about any changes made.
Listed below are the benefits that you can avail by choosing the SUD Life Prabhat Tara 3 Plan:
SUD Life insurance has a wide variety of wealth management services and insurance products in the company’s portfolio. The SUD Life Prabhat Tara 3 Plan offers a safety net for your near and dear ones as this plan safeguards them during any unfortunate event that could cause problems in their lives. Since its inception into the life insurance market in 2006, the insurance company has not failed to produce products that cater to the wealth management and financial safety needs of its customers.
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