SUD Life Dhan Suraksha 3
Product Info
UIN
142L024V01
Status
Withdrawn
Launch Date
27/08/2010
Withdrawn Date
31/12/2013
Product Overview
SUD Life Dhan Suraksha 3 Plan is a Unit Linked, Endowment plan which offers death and maturity benefit. The plan offers 4 options for investment to earn attractive market returns.
Product Description
- Invaluable life insurance cover will provide financial security to your family.
- Option to attach additional benefits to your policy - SUD Life Accidental Death & Total and Permanent Disability Benefit Rider and SUD Life Critical Illness Benefit Rider
COMPARE & BUY SIMILAR PLANS
Unique Features
- A vanilla single premium unit linked policy with moderate charge structure.
- Flexibility in investing year after year - Premium redirection, switching investments among the available fund options, etc.
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Age at Entry (Min) | 8 years last birthday | ||||
| Age at Entry (Max) | 60 years last birthday | ||||
| Maximum Age at Maturity | 80 yrs last birthday | ||||
| Term | Premium Payment Mode | Minimum Policy Term | Maximum Policy Term | ||
| Single | 5 Years | 40 Years | |||
| Regular | 5 Years | ||||
| LPPT5 | 10 Years | ||||
| LPPT10 | 15 Years | ||||
| Premium Payment Options and limits | Premium Payment | Minimum Annualised Premium | Maximum Annualized Premium | ||
| Mode | |||||
| Annual | 24,000 | No limit (annualized premium should be in multiples of 1000) |
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| Half Yearly | 36,000 | ||||
| Quarterly | 36,000 | ||||
| Monthly | 48,000 | ||||
| Single | 75,000* | No limit | |||
| Notes :- * (annualized premium should be in multiples of 1000) | |||||
| Top Up | Minimum - Rs. 5,000/- | Maximum - No Limit (in multiples of Rs. 1000) |
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| Mode Available | Single Premium or Regular/Limited Premium ( Regular/Limited premium can be paid in yearly, half-yearly, quarterly or monthly mode ) | ||||
| Basic Sum Assured | Minimum Sum Assured | Maximum Sum Assured | Premium Payment Mode | ||
| For Age at Entry below 45 years : Single Basic Premium X 1.25 | Single Basic Premium X 5 | Single | |||
| For Age at Entry equal to & above 45 years: Single Basic Premium x 1.10 | |||||
| For Age at Entry below 45 years: Annualized Basic Premium x Higher of (10 or 0.5 X Policy Term) | Annualized Basic Premium x 20 | Regular/Limited Premium | |||
| For Age at Entry equal to & above 45 years: Annualized Basic Premium x Higher of (7 or 0.25 X Policy Term) | |||||
| Notes : - In addition to the above, the minimum death benefit at any time during the currency of the policy will not be less than 105% of the total premiums (including top-ups) paid. |
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OneInsure App Benefits
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
Product Benefit
| Benefit | Description | |||||
|---|---|---|---|---|---|---|
| Maturity Benefit | Fund Value (including top up fund value, if any) | |||||
| Death benefit | Fund value (including top up fund value, if any) OR | |||||
| The Sum Assured less any partial withdrawals made within 12 calendar months immediately preceding the death of the life assured, excluding partial withdrawals from top up amount | ||||||
| Plus Rider Sum Assured as chosen by the policy holder, if any | ||||||
| Less mortality charges and rider charges (if any) due during the policy year in which death occurs, which were not recovered already | ||||||
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Surrender Benefit | After completion of first five policy years | |||||
| The fund value will be paid immediately | ||||||
| Before completion of first five policy years | ||||||
| In case the surrender request is received before completion of first five policy years, the fund value after deduction of applicable surrender charges, if any | ||||||
| Discontinuance of Premiums | Revival of the policy immediately , Complete withdrawal from the policy without any risk cover | |||||
| The risk cover along with investments made in the segregated funds, less applicable charges as per the terms and conditions of the policy, shall be continued | ||||||
| Cost of medical expenses incurred at the time of making Top up and/or revival facility,if any will be borne by the policy subject to a maximum of Rs. 3000/-. | ||||||
| In case the unpaid premium pertains to first five policy years: | ||||||
| The fund value after deduction of applicable discontinuance charges as on the day of discontinuance, (subject to conditions regarding Computation of NAV) will be credited to the discontinued policy fund | ||||||
| In case the unpaid premium pertains to sixth policy year and onwards, the fund value under the policy at that time will be paid immediately |
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| Top-up Premiums | Top-up is allowed except during the last five years of the contract, subject to a minimum of Rs. 5000/- and in multiples of Rs. 1000/-. | |||||
| For the purpose of partial withdrawals, each nominal top-up amount has a lock-in period of 5 years from the date on which top up is made. | ||||||
| In case of Regular/Limited, Top-ups are allowed only if there is no past unpaid Regular/Limited premium |
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| In case of termination of the policy, before the completion of the policy term, the top up fund value will be paid along with the base premium fund value irrespective of the lock-in period for top up. | ||||||
| Partial Withdrawals | Partial withdrawal is not allowed in the first five years of the policy or when the life assured is a minor. It is allowed from the sixth policy year onwards or on the life assured attaining age 18 whichever is later | |||||
| The redemption of units of each fund shall be in the same proportion as the value of units held in that fund is to the total value of units held across all funds. | ||||||
| Partial Withdrawals are not allowed during the settlement period after maturity | ||||||
| Minimum Partial withdrawal amount allowed is Rs. 5,000 (in multiples of Rs. 1,000). | ||||||
| Maximum Partial withdrawal: | ||||||
| For Regular/Limited Premium: Fund Value less (125% of Annualized premium amount + cumulative nominal Top Up amount received in the last 60 calendar months). | ||||||
| For Single Premium: Fund Value less (Rs. 10,000 + cumulative nominal Top Up amount received in the last 60 calendar months). | ||||||
| Premium Redirection | By default, new allocation percentage will be applicable to all future premiums along with Top Ups |
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| No re-direction facility will be allowed in the first Policy Year. | ||||||
| Redirection will not affect existing units | ||||||
| This facility is available at any point of time from 2nd policy year onwards and is effective as communicated to the customer |
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| Switching | Any amount of fund or any percentage of fund value can be switched out subject to a minimum amount of Rs.10,000 |
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| While reinvesting, a minimum of 10% of the total amount switched out must be reinvested in each of the selected funds | ||||||
| Only one switch per policy year is free of cost. Every additional switch will be charged Rs.100/- per switch |
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Add-ons
- SUD Life Accidental Death and Total & Permanent Disability Benefit Rider :
Star Union Dai-ichi Life has come out with the Accidental Death and Total & Permanent Disability Benefit Rider - Traditional, which provides additional benefits to the insured in the unfortunate event of his or her meeting with an accident during the contract period under this rider. - SUD Life Critical Illness Benefit Rider :
The critical illness rider is a type of add on benefit which can be used to customize your policy as per your choice. You get additional payments in the event diagnosis of any of the 9 covered illness.
Charges
| Charges | |||||
|---|---|---|---|---|---|
| Premium Allocation Charge | Policy Year | Premium Allocation Charge | |||
| 1st – 3rd Year for Regular/Limited Premium | 6% | ||||
| 4th and 5th Year for Regular/Limited Premium | 5% | ||||
| 6th Year onwards for Regular/Limited Premium | 4% | ||||
| Single Premium | 5% | ||||
| Top Up Premium | 2% | ||||
| Policy Administration Charge | Policy Year | Policy Administration Charge | |||
| 1st Year | Rs 300 | ||||
| Increasing Every Year @ | 5% p.a. subject to a Maximum of Rs 2000 | ||||
| Mortality Charge | This charge is paid for the Life Coverage provided according to the Sum At Risk. This charge is paid for the Life Coverage provided according to the Sum At Risk. | ||||
| Notes -:Mortality charges are worked out in accordance with the age of the life assured and the sum at risk | |||||
| Fund Management Charges | Fund Option | Annual Rate of FMC | |||
| Apex Equity Fund | 1% of Fund Value | ||||
| Apex Growth Fund | 1% of Fund Value | ||||
| Apex Balanced Fund | 1% of Fund Value | ||||
| Apex Bond Fund | 1% of Fund Value | ||||
| Note-*Fund Management Charges may be increased up to a maximum of 1.35% of the Fund Value subject to prior approval from the IRDA |
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| Surrender/ Discontinuance Charges | Policy Discontinued Year | Annual Premium < = Rs 25,000 p.a | Annual Premium > Rs 25,000 p.a. | ||
| 1 | Lower of 20% * (AP or FV) subject to a maximum of Rs. 3000 |
Lower of 6% * (AP or FV) subject to maximum of Rs. 6000/- |
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| 2 | Lower of 15% * (AP or FV)subject to a maximum of Rs. 2000 |
Lower of 4% * (AP or FV) subject to maximum of RS. 5000/- |
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| 3 | Lower of 10% * (AP or FV) subject to a maximum of Rs.1500 |
Lower of 3% * (AP or FV) subject to maximum of Rs.4000/- |
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| 4 | Lower of 5% * (AP or FV) subject to a maximum of Rs.1000 |
Lower of 2% * (AP or FV) subject to maximum of Rs.2000/- |
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| 5 and onwards | NIL | NIL | |||
| Note-*AP - Annualised premium , FV - Fund value (including top up fund value, if any) | |||||
| Switching Charge | Only one switch per policy year is free of cost | Unused switches cannot be carried forward to the next policy years | |||
| Additional switches will be charged at the rate of Rs. 100/- per switch. | |||||
| Notes:- The charges for switching will be recovered by cancellation of units from the fund(s) the amount has been switched to. | |||||
| Partial Withdrawal Charge | Only one partial withdrawal in a policy year is free of cost, subsequent withdrawals are charged at Rs.100/- per partial withdrawal. | ||||
| Unused partial withdrawals cannot be carried forward to future policy year(s). | |||||
| Notes:- The amount will be recovered from the withdrawal amount and not by cancellation of units. | |||||
| Rider Charges | Both Rider are recovered on a monthly basis, on the first working day of the each policy month by the way of cancellation of appropriate number of units |
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Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
Tax Benefits
Tax benefit under Section 80 C & 10(10D) as per Income Tax Act, 1961
Claim Process
Know Claim Process of SUD Life Dhan Suraksha 3
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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