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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This plan has been withdrawn by the insurance company and is no longer available for sale.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.
Additional Features and Benefits of SUD Defined Growth Endowment Plan
Riders – 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
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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.
