SUD Defined Growth Endowment Plan
SUD Defined Growth Endowment Plan is a non-Participating Endowment Plan. It is a Traditional Plan without Bonus facility from Star Union Daiichi Life Insurance Company.
Key Features
There are 2 additional riders in this plan:
- Accidental Death & Total and Permanent Disability Benefit Rider
- Critical Illness Benefit Rider- Critical illnesses covered under Rider benefit:
- Cancer
- Coma
- Coronary Artery Bypass Surgery
- Heart Attack
- Heart Valve Surgery
- Kidney Failure
- Major Organ Transplantation
- Multiple Sclerosis
- Stroke
Benefits
In case of death of the Life Insured within the Policy Tenure, the nominee gets the Sum Assured + accrued Guaranteed Benefit as Death Benefit and the policy terminates.
On survival till the end of the policy tenure, the policyholder gets the Sum Assured + Guaranteed Benefits as per table + Loyalty Additions as Maturity Benefit and the policy terminates.
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
How it works
| Policy Year | For 15 year Policy | For 20 year Policy | For 25 years Policy |
| 1st to 5th | Rs 50 per Rs 1000 SA | Rs 50 per Rs 1000 SA | Rs 50 per Rs 1000 SA |
| 6th to 10th | Rs 60 per Rs 1000 SA | Rs 60 per Rs 1000 SA | Rs 60 per Rs 1000 SA |
| 11th to 15th | Rs 70 per Rs 1000 SA | Rs 70 per Rs 1000 SA | Rs 70 per Rs 1000 SA |
| 16th to 20th | - | Rs 75 per Rs 1000 SA | Rs 75 per Rs 1000 SA |
| 21st to 25th | - | - | Rs 80 per Rs 1000 SA |
| Policy Tenure | Loyalty Additions on Policy Maturity |
| 15 years | Rs 25 per Rs 1000 SA |
| 20 years | Rs 50 per Rs 1000 SA |
| 25 years | Rs 75 per Rs 1000 SA |
On survival till the end of the Policy Tenure, the policyholder gets the Sum Assured + Guaranteed Benefits as per table + Loyalty Additions as Maturity Benefit and the policy terminates. However, if the Life Insured dies within the policy tenure, the nominee gets the Sum Assured + accrued Guaranteed Benefit as Death Benefit and the policy terminates. There are 2 additional riders available in this plan.
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) |
1,00,000
|
50,00,000 |
| Policy Term (in years) |
15, 20
|
25 |
| Premium Payment Term (in years) | Single | Equal to policy term |
| Entry Age of Life Insured (in years) | 12 | 60 |
| Age at maturity (in Rs.) | - | 75 |
| Payment modes | Single, Yearly, Half-yearly, Quarterly or Monthly | |
FAQs
You stop paying the premiumIf the policy holder stops paying the premium, the policy lapses and all benefits cease to exist. However, if at least 3 years’ premiums have been passed with up to date premium payment, the policy gets converted to a Paid Up Plan and continues with reduced benefit. The policy can however be revived within 3 years from the due date of the first unpaid premium.
You want to surrender the policyThere are Surrender Benefits after 3 years of Regular Premium and 1 year for Single Premium.
Minimum Guaranteed Surrender Benefit- 30% of all premiums paid – 1st year’s premium (for Regular Premium Payment Option) and 85% of Single Premium Paid (for Single Premium Payment Option)
Special Surrender Value = 80% of the Asset share.
Where Asset share = Accumulated Value of Premiums + Accumulated Value of Investment Income – Accumulated Value of Benefits – Accumulated Value of Expenses
You want a loan against your policyLoan facility is not available in this plan.
