SUD Life Bright Child
Product Info
UIN
142N039V01
Status
Active
Launch Date
10/10/2013
Withdrawn Date
Product Overview
SUD Life Bright Child is a plan specially designed to secure your child’s future. The plan offers distinct payout structure crafted to meet the funding needs to be related to your child's career and wedding.
Product Description
- Two plan options to choose from - Career Endowment and Wedding Endowment
- Up to 125% of the Basic Sum Assured paid as 'Child Benefits'
- Child Benefits are assured , whether you are alive or not
COMPARE & BUY SIMILAR PLANS
Unique Features
- Product benefits to the child are payable(as per the option chosen) irrespective of whether life assured(parents) is alive or not.
- Benefit booster gets added to the maturity amount, which ranges from 1% to 25% of basic sum assured and depends on the age of the child.
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Age at Entry (Min) | 0 years (Age last birthday) | ||||
| Age at Entry (Max) | 8 years (Age last birthday) for premium paying up to age 18 years | ||||
| 7 years (Age last birthday) for premium paying Term of 10 years | |||||
| Age of the Life Assured at Entry | Minimum : 19 Years ( Last Birthday ) | ||||
| Maximum : 45 Years ( Last Birthday ) | |||||
| Max age of Maturity ( Child ) | 24 years (Age last birthday) as on last policy anniversary | ||||
| Max age of Maturity ( Life Assured ) | 69 years (Age last birthday) as on last policy anniversary | ||||
| Minimum Age Difference between Life Assured and Child | 19 Years | ||||
| Policy Term | Minimum:16 years (if the child's age at entry is 8 years last birthday) |
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| Maximum: 24 years (if the child's age at entry if 0 yeas last birthday) |
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| Premium Paying Term | Premium Payment up to child age 18 = 18 years less age of child at entry or Premium payment term of 10 years |
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| Min Sum Assured | Rs.5,00,000 | ||||
| Max Sum Assured | Rs.5,00,00,000 | ||||
| Premium Payment Modes | Yearly, half-yearly, quarterly or monthly. Monthly is allowed through ECS / SI only | ||||
OneInsure App Benefits
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Product Benefit
| Benefit | Description | |||||
|---|---|---|---|---|---|---|
| Child Benefit | The Child Benefit will depend on the plan option chosen | |||||
| Age of Child | Plan Option - Career Endowment % of basic Sum Assured | Plan Option - Wedding Endowment % of basic Sum Assured | ||||
| 18* | 50% | 20% | ||||
| 21* | 20% | 30% | ||||
| 24* | 30% Along with 'Benefit Booster' | 50% Along with 'Benefit Booster' | ||||
| Benefit Booster | This is an amount paid at the end of the policy term and depends on the age your child at the time of policy purchase with chosen plan option |
|||||
| Entry Age of Child ( Age Last Birthday ) |
Career Endowment | Wedding Endowment | ||||
| Benefit Booster as % of Basic Sum Assured | ||||||
| 0 - 1 | 15% | 25% | ||||
| 2 - 6 | 10% | 20% | ||||
| 7 - 8 | 1% | 10% | ||||
| Death benefit | The Nominee / Appointee receives the Death Benefit immediately, and all future pending premiums are waived off And Pay the Death Sum Assured | |||||
| Death Sum Assured is, Highest of, 10 times the Annual Premium , or 105 % of all the Premium paid as on date of death | ||||||
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Policy loan | Policy loan is not available against this policy | |||||
| Modal factors for Installment Premium | Mode of Payment | Factor | ||||
| Yearly | 1 | |||||
| Half yearly | 0.5125 | |||||
| Quarterly | 0.2625 | |||||
| Monthly | 0.0885 | |||||
| HIGH SUM ASSURED REBATE | Sum Assured | High Sum Assured Rebate on Tabular Premium Rates |
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| Rs.5 Lakh to less than 6 Lakh | Nil | |||||
| Rs.6 Lakh to less than 10 Lakh | Rs. 0.40 p.a. per Thousand Sum Assured | |||||
| Rs.10 Lakh to less than 20 Lakh | Rs.1.00 p.a. per Thousand Sum Assured | |||||
| Rs.20 Lakh to less than 40 Lakh | Rs.1.80 p.a. per Thousand Sum Assured | |||||
| Rs. 40 Lakh and above | Rs.2.30 p.a. per Thousand Sum Assured | |||||
| Lapse | If you have not paid three full years’ premium, within the grace period, your policy will lapse | |||||
| Life cover ceases and no benefits are paid under a lapsed policy. | ||||||
| Reduced Paid-Up | If three full years’ premiums are paid and thereafter at any point of time premiums are discontinued, policy will acquire reduced paid-up status | |||||
| Paid-Up sum assured = ( Total number of premiums paid / Total number of premium payable ) * Death sum assured | ||||||
| Child benefit | ||||||
| Child Benefit ' section , as a percentage of the paid-up sum assured , instead of the basic sum assured | ||||||
| Death benefit | ||||||
| Death Benefit ' section, as a percentage of the paid-up sum assured, instead of the basic sum assured | ||||||
| Notes :- Once this is Paid ( Paid-up maturity benefit or Paid-up death benefit , the policy will terminate. | ||||||
| Revival | You can revive your policy (lapsed and reduced paid-up) by sending us a revival request within two years from the date of first unpaid premium | |||||
| You will need to pay the unpaid premiums, with interest (currently at the rate of 9% compounded annually | ||||||
| You have to bear the cost of medical examination required, if any. | ||||||
| Once revived, all benefits under the policy will be restored | ||||||
| Surrender | Your policy will acquire surrender value if three full years’ premiums are paid. | |||||
| Surrender benefit paid, will be higher of the Guaranteed Surrender Value and Special Surrender Value. | ||||||
| Guaranteed Surrender Value | Guaranteed Surrender Value Factor x Total premiums paid (up to the date of surrender, excluding taxes and extra premiums if any) less Survival Benefit ( i.e. Child Benefit ) paid, if any | |||||
| Special Surrender Value | Your policy will be terminated and no further benefits will be paid under the policy after we have paid you the surrender value. | |||||
| Death of Child | In case of the unfortunate death of the child beneficiary, you can nominate another child as beneficiary. | |||||
| In case there is no other child, your legal heirs will be the beneficiary | ||||||
Add-ons
Not Available
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of reinstatement of the Policy, the Policy shall be void and the Company will only be liable to pay the higher of 80% of premiums paid or the surrender value.
Tax Benefits
Income tax benefits are available under Section 80C and Section 10(D) of Income Tax Act, 1961.
Claim Process
Know Claim Process of SUD Life Bright Child
Company Overview
Star Union Dai-ichi (SUD) Life Insurance is a joint venture between Bank of India, Union Bank of India and Dai-ichi Life, the second largest life insurance company of Japan. SUD’s focus is on offering insurance products best suited for customers from various strata's of society and geographies. The company has won many awards including the one for ‘Highest Claim Settlement’ at BFSI Awards, in February 2015
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