Pure Term Assurance Plan is a simple term insurance plan which aims to provide cover for a given period of time. You can also pay your premium under two modes depending upon your choice .i.e. Regular and Single Mode. The plan provides various benefits which includes tax benefits and a rider plan which provides extra layer of protection to its customers. The plan also offers the option to revive your policy incase you did not pay your premiums on time.
To buy the SUD Life Pure Term Assurance Plan, one has to meet the eligibility criteria set by the insurer.
|Minimum Entry Age||18 years|
|Maximum Entry Age||60 years|
|Minimum Maturity Age||23 years|
|Maximum Maturity Age||65 years|
Sum Assured is the minimum amount to be paid by the insurer to the insured. The sum assured won’t contain any bonus or benefits the beneficiary might be entitled to. Premium will be decided based on your sum assured and your policy term. All the relevant information on sum assured and premiums for this plan are given in the table below:
|Minimum Sum Assured||Rs.5 lakh|
|Maximum Sum Assured||Rs.24,99,000|
|Premium Payment Mode||Single or Regular Premium|
|Minimum Policy Term||5 years|
|Maximum Policy Term||25 years|
|Premium Frequency||Yearly, Half-Yearly, Quarterly and Monthly|
Plan Coverage – What the SUD Life Pure Term Assurance Plan covers
|Death Benefit||In the unfortunate event of the insured’s death, during the policy term, the sum assured will be paid to the beneficiary.|
This particular plan provides a rider plan called SUD Life Accidental Death and Total Permanent Disability Benefit Rider. This plan is available to those paying their premiums in the regular mode.
There is a suicide exclusion attached to this plan. If the insured commits suicide within one year of the purchase of the plan, the company will deny the payment of any sum assured to the beneficiary.
Other Key Features
|Grace Period||A grace period of 30 days will be given for the payment of the premiums in yearly, half-yearly or quarterly mode and 15 days for premiums being paid in monthly mode.|
|Free Look Period||A free look period of 15 days are provided.|
|Revival||A lapsed policy can be revived within 3 years of the date of lapse, and provided all the premiums have been paid with interest.|
|Nomination||Nomination is compulsory under this plan.|
You are eligible for tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
Other benefits of Star Union Dai-Ichi Life
Apart from the tax benefits, this particular plan provides you with various other benefits.
SUD Life Pure Term Assurance Plan is a traditional plan which aims to provide you protection and secure your family’s future. Along with tax benefits,this particular plan also provides you a rider plan along with the option of reviving your policy incase it lapse due to any reason.
Star Union Dai-Ichi Life Insurance is a joint venture between Bank of India, Union Bank of India and Dai-Ichi Life Insurance, Japan, which was launched in 2009. SUD is one of the strongest players in the insurance industry and boasts of having close to 96% success in addressing grievances.
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