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SUD Defined Growth Endowment Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 

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.
 
How it works – In this plan, premium needs to be paid either in a Lumpsum under Single Premium Paying Option or for the entire policy tenure under Regular Premium Paying Option.
 
The policy has Guaranteed Benefits according to the Policy Tenure. There is Loyalty Additions that is paid at the end of the Policy Tenure on Policy Maturity.
 
Guaranteed Benefits:

 

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
 
Loyalty Additions are also paid according to Policy Tenure:

 

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.
 
 
Key Features of SUD Defined Growth Endowment Policy
 
  • This is an Endowment Plan with Guaranteed Benefits
  • The Guaranteed Benefits depend on the Policy Tenure
  • There is Loyalty Addition in this plan which is paid on policy maturity
  • There is Single as well as Regular Payment Option in this plan
  • 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
  • If the Life Insured dies within the policy tenure, the nominee gets the Sum Assured + accrued Guaranteed Benefit as Death Benefit
  • This policy provides 2% Tabular Premium Rebate for Female Lives
  • There is high sum assured discount in this plan
  • There are 2 additional riders in this plan

COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS


 
Benefits you get from SUD Defined Growth Endowment Insurance Policy
 
Death Benefit – 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.
 
Maturity Benefit – 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.
 
Income Tax Benefit - 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.
 
 
Eligibility conditions & other restrictions in SUD Defined Growth Endowment Policy
 

 

 
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 Tenure
Entry Age of Life Insured (in years)
12
60
Age at Maturity (in years)
-
75
Payment modes
Single, Yearly, Half-Yearly, Quarterly and Monthly
 
 
Sample illustration of Premium SUD Defined Growth Endowment Plan
 

The below illustration is for Annual Premium for Sum Assured of Rs 2,00,000 of Age at Entry 20 and 40 years respectively for Policy Tenure of 25 years.

 

SUD Defined Growth Endowment Plan Sample Premiums

 

Additional Features and Benefits of SUD Defined Growth Endowment Plan
 
Riders – There are 2 additional riders in this plan:
  1. Accidental Death & Total and Permanent Disability Benefit Rider
  2. 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
 
 
What happens if?
 
You stop paying the premium - If 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 policy – There 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 policy – Loan facility is not available in this plan.

 
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