The Suraksha Kavach Plan from SUD Life is a unique plan that gives you continuous life cover even if you miss paying a premium. The plan provides cover for up to 25 years at affordable premiums. Benefits are payable upon the death of the life insured or upon maturity. Furthermore, this plan provides accidental death benefits and total and permanent disability benefits.
All insurance plans have a set criteria that the prospective customer must meet in order to be eligible to purchase the plan. To avail the Suraksha Kavach Plan from SUD Life, there certain parameters you need to fulfill which have been listed below.
|Minimum entry age||18 years|
|Maximum entry age||50 years (48 years for non-standard age proof)|
|Minimum age at maturity||28 years|
|Maximum age at maturity||65 years (60 years for non-standard age proof)|
*Ages mentioned refer to age last birthday
Sum Assured and Premium Range - What you get and what the SUD Life Suraksha Kavach Plan costs
Premiums are the payment required to be made by the policyholder in order to purchase the plan. These can be paid either as a one-time payment, or in installments semi-annually or annually. The sum assured is the benefit amount the insurance company will pay upon death of the life insured or maturity of the plan.
|Minimum Sum Assured||Rs.1 lakh|
|Maximum Sum Assured||Rs.10 lakh Housewives: Rs.1 lakh Non-standard age proof: Rs.3 lakh|
|Policy term||10 and 25 years|
|Premium payment terms||Equal to policy term|
|Premium payment frequency||Annually or semi-annually|
|Minimum premiums||Depends on the monthly benefit selected and the policy term|
*Premiums may vary depending upon factors like age, location, term of the plan and prevailing taxes/GST.
The SUD Life Suraksha Kavach 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, and more.
|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:
|Accidental Death Benefit||If the life insured dies due to an accident, the nominee will receive the following
|Accidental Total and Permanent Disability Benefit||If the life insured suffers from total and permanent disability due to an accident, they will be entitled to receive a monthly income for 120 months. The total benefit will be equal to the basic sum assured. All future premiums will be waived and the life cover will continue. The additional accidental death benefit will cease.|
|Bonus||The plan is eligible to participate in the profits declared by the company. A simple reversionary bonus might be declared at the end of the financial year. The bonuses will accrue and be paid upon maturity of the plan or death of the life insured, whichever is earlier.|
|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 is one rider 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. The maximum sum assured under the rider cannot exceed 50% of the basic sum assured.
If the life insured commits suicide within one year from the date of the commencement of the policy, whether sane or insane, then the policy will be void and 50% of the premiums will be paid to the nominee. The premium refund will not include any taxes, rider premiums and extra premiums paid.
In case attempted suicide within 1 year from the date of commencement of the policy results in accidental death, or total and permanent disability, then no benefit is payable.
If the SUD Life Critical Illness Benefit Rider is in effect, and a critical illness occurs due to an attempted suicide within 1 year from the commencement of the policy, the rider will be void. The premiums paid will be forfeited by the life insured.
SUD Life Critical Illness Benefit Rider Exclusions
The basic SUD Life Suraksha Kavach Plan is not available to students (Except research scholars).
It is also not available to those who are engaged in dangerous or hazardous activities and occupations.
The Critical Illness Benefit Rider is not available for housewives.
Accidental Death Benefit or Total and Permanent Disability Benefit Exclusions
The Accidental Death Benefit or Total and Permanent Disability Benefit is not payable under the following circumstances:
The details of any insurance plan must never be overlooked. It is important to be aware of other features of the insurance plan. Additional features of the plan are mentioned in the policy document and you are advised to read it before purchasing it.
|Grace Period||30 days is granted from the premium due date as a grace period.|
|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 as per the prevailing laws.|
|Policy Lapse||If premiums are not paid by the end of the grace period, the policy will lapse. No benefits will be payable. A lapsed policy is not eligible to participate in bonuses.|
|Policy Loan||Loans are available through assignment of the policy as collateral.|
|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. Guaranteed Surrender Value The minimum GSV is 30% of the premiums paid not including the first year’s premium and extra premiums.|
|Reinstatement||From the due date of the first unpaid premium, you can reinstate your lapsed or paid-up policy within 5 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.|
Tax laws are subject to amendments from time to time. You are advised to consult a tax advisor to maximise your benefits. 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.
When you choose SUD Life as your insurance provider, you can stand to benefit from other value-added services. Apart from the benefits of the plan, Star Union Dai-ichi Life Insurance provides other benefits to its customers.
This plan has a unique feature that allows you to take a break from paying premiums but at the same time continue enjoying life cover for up to three years (provided the first two years’ premiums have been paid). The plan has in-built additional protection that enhances the value of this plan. SUD Life Insurance offers a range of insurance products that are designed to cater to different segments of society. The insurance provided caters to more than 64 million customers. Placing the customer first, Star Union Dai-ichi Life Insurance strives to ensure customer satisfaction in all areas.
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