SUD Life's Elite Assure
Product Info
UIN
142N040V01
Status
Active
Launch Date
18/10/2013
Withdrawn Date
Product Overview
SUD Life's Elite Assure Plan is a Non-Linked, Non-Participating plan which offers a unique combination of savings and protection. This plan helps you to build a supplementary future income through wealth enhancement.
Product Description
- Flexibility to choose from two plan options
- Assured Benefits Regular Monthly Income, Intermediate Annual Income and Lump Sum at the end of the policy Term
- Protection for your family
COMPARE & BUY SIMILAR PLANS
Unique Features
- SUD Life's Elite Assure Plan is a Non-Linked Non-Participating Life Insurance plan
- 3 types of Guaranteed payouts options a)Monthly Income(as opted) b) Annual Income-5 times of monthly income at the end of each policy year of payout period, c)40 times/70 times of monthly income as Guaranteed Maturity Benefit.
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Age at Entry (Min) | 20 years (age last birthday) | ||||
| Age at Entry (Max) | 50 years(age last birthday) | ||||
| Max age of Maturity | 71 years(age last birthday) | ||||
| Monthly Income | Minimum: Rs. 10,000 Maximum: Rs. 5,40,000 | ||||
| Sum Assured | Fixed: 11 times the Annual Premium rounded up to the next Rs. 1000 | ||||
| Mode Available | Annual, Half Yearly, Quarterly or Monthly Modes (for Monthly Mode, through ECS/SI only) |
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| Policy Term | Policy Term is Premium Payment Term + Deferment Period + Payout Term i.e. It is 15 years for Plan 5-5-5; 21 years for Plan 7-7-7 |
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| Premium Paying Term | 5 years for Plan 5-5-5; 7 years for Plan 7-7-7 | ||||
| Deferment Period | 5 years for Plan 5-5-5; 7 years for Plan 7-7-7 | ||||
| Payout Term | 5 years for Plan 5-5-5; 7 years for Plan 7-7-7 | ||||
OneInsure App Benefits
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Product Benefit
| Benefit | Description | |||||
|---|---|---|---|---|---|---|
| Maturity Benefit | Guaranteed Maturity Benefit = 40 times the monthly income for plan Option '5-5-5' 60 times the monthly income for Plan Option '7-7-7' |
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| Survival Benefit | Monthly Income | As chosen by you Paid at the beginning of every policy month | ||||
| Annual Income | 5 times the monthly income paid at the end of every policy year, except at the end of the policy term |
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| Death benefit | Death Sum Assured is highest of 10 times of Annual Premium OR | |||||
| 105% of all the premium (excluding taxes and extra premiums, if any) paid as on date of death OR | ||||||
| Absolute amount assured to be paid on death (11 times the Annual Premium rounded up to the next Rs.1000) OR | ||||||
| Minimum Guaranteed Maturity Benefit | ||||||
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Lapse | If you have not paid the due premiums within the grace period for the first two full years, the policy will lapse | |||||
| The life cover ceases and no benefits are payable under the lapsed policy. | ||||||
| Reduced paid-up | If you have paid the premiums due under this policy for at least two full years | |||||
| The Paid-Up Sum Assured is defined as follows: (Total number of premiums paid / Total number of premiums payable ) x Sum Assured |
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| Death Benefit for Reduced Paid-up Policy | ||||||
| In case of death of the Life Assured during the policy term, the Paid-Up Sum Assured (as defined above) will be payable immediately, without deducting any monthly or annual income already paid. | ||||||
| Survival Benefits for Reduced Paid-up Policy | ||||||
| Reduced proportionately by the ratio : - Total number of premiums paid/ Total number of premiums payable. | ||||||
| Surrender Value | If you have paid all premiums for at least two consecutive years, your policy will acquire a surrender value | |||||
| Surrender Value payable would be higher of "Guaranteed Surrender Value" and "Special Surrender Value” | ||||||
| Guaranteed Surrender Value | Premiums have been paid for at least 2 years. The Guaranteed Surrender Value Factor multiplied by total premiums paid | |||||
| Notes :- Its depend on which Plan you selected. | ||||||
| Special Surrender Value | The Special Surrender value is arrived at by the Company, using the actuarial basis as approved by the regulator from time to time. | |||||
| Your policy will be terminated and no further benefits will be paid under the policy after we have paid you the surrender value | ||||||
| Revival/ Reinstatement | Revival/reinstatement request within two years from the date of first unpaid premium. |
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| The Company reserves the right to accept or reject the revival/reinstatement of the lapsed/reduced paid-up policy as per the board approved underwriting guidelines. | ||||||
| Modal factors for Installment Premium | Mode of Payment | Factor | ||||
| Yearly | 1 | |||||
| Half yearly | 0.5125 | |||||
| Quarterly | 0.2625 | |||||
| Monthly | 0.0885 | |||||
Add-ons
- SUD Life Accidental Death and Total & Permanent Disability Benefit Rider – Traditional (UIN: 142B005V01) :
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 Family Income Benefit Rider – Traditional (UIN: 142B007V01) :
SUD Life Family Income Benefit Rider- Traditional provides financial protection to your family in the event of your unfortunate demise. It protects the family against financial liabilities in case of unfortunate demise of the policy holder.
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's Elite Assure
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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