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SUD Life Dhan Suraksha Plus Plan

What is the Plan all About?

SUD Life Dhan Suraksha Plus is a unit linked insurance plan that helps accumulate wealth through investment in 4 funds of your choice. This plan also provides financial security for the family, in the event of your unfortunate demise.

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What are the Key Features?

  • Invest in 4 available fund options
  • Wealth creation
  • Get Fund Value at maturity
  • Get financial protection for the family
  • Regular/Limited premium payment option
  • Partial withdrawal facility to access cash
  • Enjoy switching & premium re-direction
  • Avail tax benefits

What are the Fund Investment Options?

This policy offers following 4 investment funds and you have the option to invest in any one or combination of fund options.

  • Blue-chip Equity Fund
  • Growth Plus Fund
  • Balanced Plus Fund
  • Income Fund

The minimum allocation percentage per fund chosen shall be 10%, subject to a maximum of 100%.

What are the Plan Benefits?

Death Benefit

    In the event of death of the life assured, the Death Benefit payable is higher of Sum Assured under the Base Plan less partial withdrawals#, 105% of Total premiums paid, or Fund value under the Base Plan.

    #Before age 60 years of the life insured, Sum Assured under the Base Plan is reduced to the extent of Partial Withdrawals made during the last two years prior the date of death. After attaining 60 years of age, all Partial Withdrawals made within two years before attaining age 60 years and all Partial Withdrawals made after attaining age 60 is reduced from the Sum Assured Sum Assured under the Base Plan.

    The Death Benefit shall not be less than 105% of the total premiums paid.

Maturity Benefit

    On survival of the life insured till the end of the policy term, the Fund Value under the Base Plan is payable at maturity.

Settlement Option

    On maturity, you can opt to receive your money in annually, semi annually, quarterly or monthly installments over a maximum period of 5 years. This option can be exercised 2 months prior to the policy maturity. You also have the option to completely withdraw the fund value at any time during the settlement period. No life cover is applicable during this settlement period.

Switching

    You can switch among 4 available fund options to suit your changing investment needs. The minimum switch amount allowed is Rs 5,000.

Premium Re-direction

    Premium Re-direction facility is available to alter future premium allocation and it will apply to your subsequent premiums. Premium re-direction is available from 2nd policy year onwards.

Partial Withdrawal

    Partial Withdrawal is allowed from 6th policy years onwards (in case of minor lives, life assured attains 18 years). The minimum partial withdrawal amount allowed is Rs 5,000 (in multiple of Rs 1,000). The minimum fund value required after such withdrawal should be at least equal to 50% of the total premiums paid.

Bonus

    The plan is not eligible for the bonuses, as it is a non-participating insurance plan.

Loan Benefit

    No loan benefit can be availed under this plan.

Surrender Value

    Upon surrendering the policy with-in the lock-in period of 5 years, the fund value less applicable discontinuance charges is credited to the ‘Discontinued Policy Fund’ and it is refunded upon completion of the lock-in period. The proceeds after addition of interest subject to a minimum guaranteed interest rate of 4% per annum or as stipulated by IRDAI is payable after the end of the lock-in period.

    Upon surrendering the policy after the lock-in period of 5 years, the Fund Value as on the date of surrender is payable immediately.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 8 Years 50 Years
Age at Maturity - 70 Years
Policy Tenure 10 Years (Regular Pay), 12 Years (Limited Pay- 7 Years), 15 Years (Limited Pay- 10 Years) 30 Years
Premium Paying Term (PPT) Regular/Limited Pay Term (7/10 Years) -
Premium Paying Mode Annually Only -
Annual Premium Amount Rs 24,000 (Regular Pay), Rs 30,000 (Limited Pay- 7/10 Years) Rs 100 Crores
Sum Assured For Ages Below 45 Years- Higher Of 10 Times The Annualized Premium Or 0.5 * Policy Term * Annualized Premium For Ages 45 Years & Above- Higher Of 7 Times The Annualized Premium Or 0.25 * Policy Term * Annualized Premium For Age At Entry 8 To 41 Years- 15 Times The Annualized Premium For Age At Entry 42 To 44 Years- 14 Times The Annualized Premium For Ages 45 Years & Above- 10 Times The Annualized Premium
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days -
Plan Type Offline -

Is any Rider Available with this Plan?

No rider is available under this plan.

What are the Plan Charges?

Premium Allocation Charges: This charge is deducted from the premiums paid and the balance amount is then allocated to funds chosen. The Premium Allocation Charge is 6%/5%/4%/3.50% for 1st policy year/2nd policy year/3rd to 10th policy year/11th policy year & above, respectively.

Policy Administration Charge: Policy administration charge is 2.50%/2.25% per annum for 1st to 10th policy year/11th policy year & above, respectively subject to a maximum of Rs 6000 per annum. This charge is deducted at the beginning of each policy month by cancellation of appropriate units.

Mortality Charges: Mortality charge is based on the age of the life insured and Sum at Risk. This charge is deducted every month by cancellation of units.

Fund Management Charges: Fund management charge levied is a percentage of the Fund Value. It is 1.35% p.a for Blue-chip Equity Fund & Growth Plus Fund, 1.30% p.a for Balanced Plus Fund & Income Fund.

Discontinuance Charge: This charge is levied, in case the policy is discontinued during the first 4 policy years. This charge is levied as applicable under the policy terms & conditions. For more details, please refer the policy brochure.

Switching Charge: Only one switch is available free of cost during a policy year. A charge of Rs 100 is levied when opted for subsequent switching in the same policy year. No option is there to carry forward the unused switches.

Premium Re-direction: 1 free Premium re-direction is available during a policy year. A charge of Rs 100 is levied when opted for subsequent redirection in the same policy year. No option is there to carry forward the unused redirection.

Partial Withdrawal: 1 free partial withdrawal is allowed during a policy year. A charge of Rs 100 is levied when opted for subsequent withdrawal in the same policy year. No option is there to carry forward the unused partial withdrawals.

Medical Examination Expenses: Medical examination expenses in case of revival of the policy will be borne by the policyholder.

Taxes: The charges mentioned under this plan are subject to applicable tax and cess, as applicable.

Is the Plan, eligible for Tax Benefit?

Tax benefits can be availed under section 80C & 10(10D) under the Income Tax Act, subject to change in tax laws.

How the Plan Works?

Mr. Raman aged 35 years, is leading a happy life with his wife ananya and a daughter sanya. He wants to build a corpus amount, so his family can achieve their dreams such as sanya’s education, her marriage, etc. He also wants to ensure financial security of the family, in case of a mishap. He thus opts for SUD Life Dhan Suraksha Plus with the policy term of 10 years (regular pay), annual premium of Rs 1,00,000 and sum assured of Rs 10,00,000.

Scenario A- Maturity Benefit: In case of his survival till maturity of the policy, the Fund Value under the Base Plan is payable at maturity. On maturity, you can opt to receive your money in annually, semi annually, quarterly or monthly installments over a maximum period of 5 years.

Scenario B- Death Benefit: In the event of his death during the policy term, the Death Benefit payable is higher of Sum Assured under the Base Plan (less partial withdrawals), 105% of Total premiums paid, or Fund value under the Base Plan.