SUD Life Jeevan Safar
Product Info
UIN
Status
Launch Date
Withdrawn Date
Product Overview
Jeevan Safar is a Traditional, Endowment, Whole life plan which provides both death and survival benefits. This plan offers a unique combination of savings & insurance schemes.
Product Description
- Invaluable life insurance cover will provide financial security to your family
- Option to attach additional benefits to your policy – such as SUD Life Accidental Death & Total and Permanent Disability Benefit Rider as well as SUD Life Critical Illness Benefit Rider
COMPARE & BUY SIMILAR PLANS
Unique Features
- Sum Assured and vested bonus paid at the end of premium paying term but sum assured continues even after this.
- An excellent opportunity to have risk cover on a time tested traditional platform
Eligibility Criteria
| Eligibility Criteria | ||
| Age at Entry (Min) | 18 years (age last birthday) | |
| Age at Entry (Max) | 60 years(age last birthday) | |
|
Maximum Age at the End of Premium Paying Term
|
70 years(age last birthday) | |
| Min Sum Assured | Rs. 50,000 | |
| Max Sum Assured | No limit subject to medical and financial underwriting | |
| Mode Available | Yearly, Half-Yearly, Quarterly and Monthly Modes are available. | |
| Monthly mode is available only through ECS facility. | ||
| Premium Paying Term | Minimum | 5 years |
| Maximum | 52 years | |
OneInsure App Benefits
Product Benefit
| Benefit | Description | |
| Survival Benefit | Sum Assured along with the vested bonuses become payable on survival of the assured to the end of the premium paying term. | |
| Event | Benefits | |
| On Death during The premium paying term of policy | Sum Assured along with Vested bonus | |
| On Survival Till the end of the premium paying term | Sum Assured along with Vested bonus | |
| On Death any time there after | Sum Assured | |
| Death benefit | Sum Assured along with the vested bonuses on death of the assured during the premium paying term | |
| If the death takes place after the premium paying term, then only the sum assured is payable | ||
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Premium Dis-continuance | In case the life assured doesn't pay the premium on or before the due date, a grace period of 30 days is provided to pay the premium. If the premium is not paid within the grace period, the policy lapses and will be subject to non-forfeiture options. | |||||
| Reduced paid-up | If at least 3 years premiums have been paid, then the policy gets converted to Paid Up Value and continues with a reduced coverage. The policy can however be revived within 3 years from the date the policy lapses. | |||||
| All the rider benefits ceases | ||||||
| The paid-up policies will not be eligible for future bonuses | ||||||
| Guaranteed Surrender Value | Premiums paid for at least three years. | The minimum guaranteed Surrender Value payable is 30% of the total amount of the premiums paid. The cash value of any existing vested bonus additions will also be paid. | ||||
| Revival/ Reinstatement | Revive within 3 years from the due date of the first unpaid premium | |||||
| High Sum Assured Rebates | Sum assured range (Rs. in Lac) | Rebate per Rs.1,000/- Sum Assured | ||||
| Less than 5 | Nil | |||||
| 5 to less than 10 | Rs.1.00% | |||||
| 10 and above | Rs.1.50% | |||||
| Notes :- Rebate for women : 2% of the tabular premium throughout the premium paying term | ||||||
| Modal factors for Installment Premium | Mode of Payment | Factor | ||||
| Yearly | 1 | |||||
| Half yearly | 0.5125 | |||||
| Quarterly | 0.2625 | |||||
| Monthly | 0.0885 | |||||
Add-ons
- Accidental Death Benefit(ADB) and Permanent Disability Rider :
Under this rider, if there is an accident before completing 65 years of age, or during the contract period, whichever is earlier, an additional amount equivalent to the basic sum assured (max Rs.50 lakhs under all policies issued by SUD Life is payable - Critical Illness Rider :
Up on completing 65 years of age or during the contract period, whichever is earlier, an amount equivalent to the 50% of the basic sum assured at the inception of the policy is payable
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 75% 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 Jeevan Safar
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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