SUD Life Wealth Builder Plan
Product Info
UIN
142L042V01
Status
Active
Launch Date
23/01/2014
Withdrawn Date
Product Overview
SUD Life Wealth Builder Plan is a Unit Linked Life Insurance Plan, which gives you an opportunity to grow your one-time investment, while protecting your family against uncertainties. The plan offers you to control your investments through 4 fund options.
Product Description
- Dual Benefit - Wealth Creation and Protection
- Convenience of Single Premium
- Four Fund Options to suit your investment risk profile
- Easy Liquidity through partial withdrawals
COMPARE & BUY SIMILAR PLANS
Unique Features
- A vanilla single premium unit linked policy with moderate charge structure.
- Options to switch between funds for control on investments
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Age at Entry (Min) | 8 years last birthday | ||||
| Age at Entry (Max) | 60 years last birthday | ||||
| Minimum Maturity Age | 18 years last birthday | ||||
| Maximum Age at Maturity | 70 yrs last birthday | ||||
| Policy Term | 5 to 30 yrs (for minors, minimum policy term will be maximum of { 5 years, 18 minus age at entry}) | ||||
| Premium Payment Term | Single | ||||
| Minimum Premium | Rs. 1,00,000 (Premium should be in multiples of 5,000) | ||||
| Maximum Premium | Rs. 100 Crores | ||||
| Top Up Amount | Minimum -: Rs. 5,000 (in multiples of 1,000 thereafter) | ||||
| Sum Assured | Entry Age Last Birthday ( Years ) | Minimum Sum Assured as Multiple of Single Premium | |||
| Below 45 | 1.25 | ||||
| Equal to and above 45 | 1.1 | ||||
| Age at Entry last birthday (within years) | Maximum Sum Assured as multiple of Single Premium | ||||
| 8 to 30 | 4.00 | ||||
| 31 to 35 | 3.00 | ||||
| 36 to 45 | 2.00 | ||||
| 46 to 50 | 1.75 | ||||
| 51 to 55 | 1.50 | ||||
| 56 to 60 | 1.25 | ||||
| Top Up Sum Assured | Age last birthday at the time of payment of top-up premium (Years ) | Maximum Sum Assured as multiple of Top Up Premium | |||
| Below 45 | 1.25 | ||||
| Equal to and above 45 Years | 1.1 | ||||
| Mode Available | Monthly, Semi-annually, Quarterly, Annually | ||||
OneInsure App Benefits
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
Product Benefit
- Maturity Benefit :
The Fund Value under the Base Plan and the Fund Value under Top Up Sum Assured, if any, will be paid to the policyholder - Death benefit :
- Sum Assured under the Base Plan and the Top-up Sum Assured, if any, OR
- Fund value under the Base Plan and Fund Value under the Top-up Sum Assured, if any, as on the date of intimation of death of the Life Assured, OR
- 105% of Total premiums paid including Top- up premium(s), if any
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Surrender Benefit | Surrender within the lock-in period | |||||
| On surrender of the Base Plan within the lock-in period, the fund value including the fund value under Top-up Sum Assured, if any less applicable discontinuance charge shall be transferred to the Discontinued Policies Fund | ||||||
| In case of death of the policyholder before the end of the lock-in period, the proceeds of the discontinued policy shall be paid to the beneficiary and the policy will terminate | ||||||
| Surrender after the lock-in period | ||||||
| When the policy is surrendered after completion of five policy years, the surrender value, which is equal to the fund value under the base plan including the fund value under Top-up Sum Assured, if any shall be paid to the policyholder and the policy will terminate | ||||||
| Top-up Premiums | Minimum amount of Top-up premium is Rs. 5000 and in multiples of Rs.1000/-. | |||||
| All Top-up premiums paid during the policy term shall have a life cover | ||||||
| Top-up premiums are not allowed during the last five years of the policy | ||||||
| At any point of time during the policy term, the total Top-up premiums paid shall not exceed the sum of total base premiums paid at that point of time | ||||||
| Partial Withdrawals | Partial withdrawals under base plan are not allowed during the first 5 policy years or when the life assured is a minor. | |||||
| It is allowed from the sixth policy year onwards or after the Life Assured attains age 18, whichever is later. | ||||||
| Only the first partial withdrawal in a policy year is free. Further additional Partial withdrawals will be charged Rs. 100 per withdrawal. | ||||||
| Partial withdrawal under Top-up premiums shall be allowed only after completion of five years from the date of payment of each Top-up premiums or after the Life Assured attains age 18, whichever is later | ||||||
| Under Base Plan | ||||||
| Minimum Partial withdrawal amount allowed is Rs. 5,000 (in multiple of Rs. 1,000/-). | ||||||
| Maximum Partial withdrawal: Fund Value under the base plan less 50% of Single premium amount | ||||||
| Under Top Up Premium | ||||||
| Minimum Partial withdrawal amount allowed is Rs. 1000 and withdrawn amount shall be in multiples of Rs. 1000. | ||||||
| Maximum Partial withdrawal: Fund Value of the Top Up Sum Assured less 50% of Total Top-up premium amount | ||||||
| Partial Withdrawals are not allowed during the settlement period after maturity | ||||||
| If death of the Life Assured occurs before attainment of age 60 years, the Sum Assured under Base Plan shall be reduced to the extent of the partial withdrawals made during the two year period immediately preceding the date of death of the Life Assured | ||||||
| Settlement Option | On maturity, the Policyholder may choose to opt for payments in installments, with at least 2 months prior notice to SUD Life | |||||
| Various settlement options as given below | ||||||
| Settlement Period (in Years) | 2 | 3 | 4 | 5 | ||
| Year 1 | 1/2 of Initial FV | 1/3rd of Initial FV | 1/4th of Initial FV | 1/5th of Initial FV | ||
| Year 2 | 100% of Existing Balance FV | 1/2 of Existing Balance FV | 1/3rd of Existing Balance FV | 1/4th of Existing Balance FV | ||
| Year 3 | NIL | 100% of Existing Balance FV | 1/2 of Existing Balance FV | 1/3rd of Existing Balance FV | ||
| Year 4 | NIL | NIL | 100% of Existing Balance FV | 1/2 of Existing balance FV | ||
| Year 5 | NIL | NIL | NIL | 100% of Existing Balance FV | ||
| Notes :- « FV » means: Fund Value | ||||||
| Switching | Any amount of fund value can be switched out subject to a minimum amount of Rs. 5,000 for Base Plan and Rs. 1000 for Top-up premium | |||||
| Only one switch per policy year is free of cost | ||||||
| Every additional switch will be charged Rs. 100/- per switch and will be recovered by cancellation of appropriate number of units | ||||||
Add-ons
Not Available
Charges
| Charges | |||||
|---|---|---|---|---|---|
| Premium Allocation Charge | Allocation Charge for Single Premium and for Top up Premium: 3% | ||||
| Policy Administration Charge under base plan | Monthly Policy Administration Charge of 0.06% of Single Premium subject to a maximum of Rs. 500 p.m | ||||
| shall be deducted in advance on the first working day of every policy month by cancellation of units at the prevailing unit rates. | |||||
| Mortality Chrage | Mortality charges 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 | ||||
| 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 | SFIN | Annual Rate of FMC | |||
| Blue-chip Equity Fund | ULIF 019 11/12/13 SUD-LI-EQ2 142 | 1.35% | |||
| Growth Plus Fund | ULIF 023 11/12/13 SUD-LI-GR2 142 | 1.35% | |||
| Balanced Plus fund | ULIF 024 11/12/13 SUD-LI-BL2 142 | 1.30% | |||
| Income Fund | ULIF 020 11/12/13 SUD-LI-BN2 142 | 1.30% | |||
| Discontinued Policies Fund | ULIF 018 03/06/11 SUD-UL-DP1 142 | 0.50% | |||
| Note-*These charges are adjusted while calculating the Net Asset Value of the Unit Linked Funds at each valuation date. | |||||
| Surrender/ Discontinuance Charges | Policy Discontinued Year | Discontinuance Charges | |||
| 1 | Lower of 1% * ( SP or FV) subject to a maximum of Rs. 6000 |
||||
| 2 | Lower of 0.5% * ( SP or FV) subject to a maximum of Rs. 5000 |
||||
| 3 | Lower of 0.25% * ( SP or FV) subject to a maximum of Rs. 4000 |
||||
| 4 | Lower of 0.1% * ( SP or FV) subject to a maximum of Rs. 2000 |
||||
| 5 and onwards | Nil | ||||
| Note-*No surrender is permitted during the first three years of the policy. After the first three policy years, the following surrender charge is applicable. |
|||||
| 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. | |||||
| Medical examination expenses | Cost of medical expenses incurred at the time of opting for the Top-Up Sum Assured subsequent to the date of commencement, if any, will be borne by 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 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 Wealth Builder Plan
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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