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SUD Life Wealth Builder Plan

What is the Plan all About?

SUD Life Wealth Builder is a non-participating, single premium unit linked insurance plan that helps grow your one-time investment, so you can fulfill your dreams. This plan also provides financial security for your family, in the event of a mishap.

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What are the Key Features?

  • Wealth Creation Plus Protection for family
  • Convenience of one-time investment
  • Invest in 4 available fund options
  • Maturity benefit in lump sum or installments
  • Top up premium option to invest the surplus money
  • Access cash through partial withdrawals
  • Option of switching between funds
  • Enjoy 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.

    In case of top-ups, the higher of Sum Assured under top-up premium, 105% of total top-up premium paid, or Fund value under top-up premium.

Maturity Benefit

    On survival of the life insured till the end of the policy term, the Fund Value under the Base Plan and Top-up premium 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 for Base Plan and Rs 1,000 for top-up premium.

Partial Withdrawal

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

Top-up Premium

    Facility for Top-up Premium is available through the entire policy term, except last 5 years of the policy. The total top-up premium should not exceed the total of premiums paid at that point of time. The minimum amount for top-up premium allowed is Rs 5,000 (in multiples of Rs 1,000).

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 (including top-up fund value) less applicable discontinuance charges is credited to the ‘Discontinued Policies 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 (including top-up 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 60 Years
Age at Maturity 18 Years 70 Years
Policy Tenure 5 Years 30 Years
Premium Paying Term (PPT) Single Pay -
Premium Paying Mode Single -
Premium Amount Rs 1 Lac, Rs 5,000 (top-up Amount) Rs 100 Crores
Sum Assured For Ages Below 45 Years- 1.25 Times The Single Premium For Ages 45 Years & Above- 1.10 Times The Single Premium For Age At Entry 8 To 30 Years- 4 Times The Single Premium For Age At Entry 31 To 35 Years- 3 Times The Single Premium For Age At Entry 36 To 45 Years- 2 Times The Single Premium For Age At Entry 46 To 50 Years- 1.75 Times The Single Premium For Age At Entry 51 To 55 Years- 1.50 Times The Single Premium For Age At Entry 56 To 60 Years- 1.25 Times The Single Premium
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period Nil -
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: The Premium Allocation Charge is deducted from the premiums paid and the balance amount is then allocated to funds chosen. It is 3% for single/top-up premium.

Policy Administration Charge: Policy administration charge is 0.06% per month, subject to a maximum of Rs 500 per month. 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, 0.50% p.a for Discontinued Policies 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.

Partial Withdrawal: One 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 incurred while opting top-up sum assured 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 wants to build a corpus amount, so his family can achieve their dreams. He also wants to ensure financial security of the family, in case of a mishap. He thus opts for SUD Life Wealth Builder with the policy term of 5 years, single premium of Rs 5,00,000 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 and Top-up premium 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. In case of top-ups, the higher of Sum Assured under top-up premium, 105% of total top-up premium paid, or Fund value under top-up premium.