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SUD Life Assured Income Plan is a non-linked & non-participating guaranteed return endowment assurance plan which ensures a regular guaranteed supplementary income plus provides financial stability for your family, in the event of uncertainty. This plan also gives you all the premiums back at maturity of the policy term.
In the event of the demise of the life insured within the policy term, your family will receive following payouts:
The beneficiary also has the option to receive future outstanding annual payouts as a lump sum. The discounted value of remaining annual payouts is payable to the beneficiary.
In case of survival of the life insured till maturity of the policy, all premiums paid will be returned. You will receive Guaranteed Maturity Benefit equal to 10/15 times of annualized premium for 10/15 years premium paying term, respectively.
Annual payout as chosen will commence after completion of premium payment term or deferment period. This annual payout is guaranteed during the payout period, provided the life insured is alive and policy is in-force.
Deferment of Maturity Benefit
You can exercise the option to extend the maturity of the policy. 5 years of deferment period (as applicable) is available under this plan.
No bonuses are payable, as it is a non-participating plan.
Loan is not applicable under this policy.
Surrender Value can be acquired after payment of at least first two full policy years. Surrender Value payable is higher of Guaranteed Surrender Value or Special Surrender Value.
|Age (as on last birthday)||8 Years||55 Years|
|Age at Maturity||-||75 Years|
|Policy Term||20/25/30/35 Years||-|
|Premium Payment Term||10/15 Years||-|
|Annual Payout||Rs 24,000||Rs 50 Lacs|
|Payout period||10/15/20/25 Years||-|
|Premium Paying Mode||Annually, Semi Annually, Quarterly & Monthly||-|
|Freelook Period||15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy||-|
|Grace Period||30 Days (15 Days For Monthly Mode)||-|
SUD Life Accidental Death and Total & Permanent Disability Benefit Rider can be opted under this plan.
You can avail tax benefits under section 80C & 10(10D) of the Income Tax Act, 1961. Tax benefits applicable are subject to prevailing tax laws.
Rohit aged at 35 years looking to buy a plan that provides a regular guaranteed supplementary income plus ensures financial cover for the family. He decides to buy SUD Life Assured Income Plan with a policy term of 30 years, premium paying term of 10 years, deferment period of 5 years. He chooses to receive guaranteed annual income for payout period of 15 years after completion of premium paying term and deferment period. He pays annual premium of Rs 28,224.
Scenario I: On Survival of Rohit till Maturity
In case of survival of Rohit, he will start receiving Rs 24,000 at the beginning of each year during the payout period. He receives total annual income of Rs 3,60,000. He will also receive a lump sum amount equal to 10 times of annualized premium i.e., Rs 2,82,240. In total, he will receive Rs 6,42,240.
Scenario II: On Demise of Rohit during the premium paying term
In case of demise of Rohit during the 4th policy year, the nominee will receive Death Sum Assured, Additional Annual Payouts and Scheduled Annual Payouts, as applicable.