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SUD Life Jeevan Ashraya Plan

What is the Plan all About?

SUD Life Jeevan Ashray is a non linked , non participating, endowment assurance plan. The plan is an affordable life insurance plan that assures a stable progress of your savings and also provides financial protection to your family in case of any uncertainties. SUD Life Jeevan Ashray helps you save money recurrently to get a secure future for you and your loved ones.

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What are the Key Features?

  • Financial protection at an affordable cost
  • Guaranteed benefit up to 120% of sum assured on maturity
  • Saving cum protection plan
  • Income Tax rebate u/s 80C and 10 (10D) of Income tax Act, 1961

What are the Plan Benefits?

Death Benefit

    In the event of death of the life insured during the policy term, nominees will receive Death Sum Assured and the policy ceases thereafter.

    Death Sum Assured is  highest of:

    • 10 times of the Annualized Premium ,or
    • 105% of all the premiums paid (excluding service tax and extra premium, if any) as on the date of death of the Life Assured, or
    • Guaranteed Maturity Benefit, or
    • Absolute amount assured to be paid on death

Maturity Benefit

    On survival of the life assured to the end of the policy term provided the policy is kept in-force and all due premiums are paid, you will receive the Guaranteed Maturity Benefit mentioned below:

    • For 15 Years Policy Term: 115% of Basic Sum Assured is the Guaranteed Maturity Benefit
    • For 20 Years Policy Term: 120% of Basic Sum Assured is the Guaranteed Maturity Benefit

Bonus

    This plan is a non participation endowment plan which does not get any bonus.

Loan Benefit

    The loan can be availed for up to 80% of the Surrender Value at the applicable interest rate levied.

Surrender Value

    The Surrender Value payable will be higher of “Guaranteed Surrender Value (GSV)” and “Special Surrender Value (SSV)”. If you have paid all premiums for at least first three consecutive full years, then only the policy will acquire a surrender value.

Tax Benefit

    The plan offers tax benefits under section 80C  and section 10 (10D) of the Income Tax Act,1961.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 8 Years 40 Years- For Regular Pay 50 Years- For 10/15 Years Limited Pay
Age at Maturity - 70 Years
Policy Tenure 15 Years 20 Years
Premium Paying Term Equal To The Policy Pay Term Or Limited Pay -
Premium Paying Mode Annually,Semi Annually,Quarterly And Monthly -
Premium Amount - -
Sum Assured Rs 2 Lacs Rs 50 Lacs
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) -
Plan Type Offline -

Is any Rider Available with this Plan?

The plan does not offer any riders.

How the Plan Works?

Mohit, aged 30, has opted for a Basic Sum Assured of ` 200,000 and a term of 20 years. He decides to pay regular premiums through annual mode. He has to pay ` 9,290 p.a. for 20 years. He will receive maturity benefit of ` 240,000 after 20 years. In case of Mohit's unfortunate demise during the policy term, his family will get guaranteed Death Sum Assured of ` 240,000 exclusive of extra premium and service tax.