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SUD Life Dhan Suraksha Premium 3 Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 

SUD Life Dhan Suraksha Premium 3 Plan
 
SUD Life Dhan Suraksha Premium 3 Plan is a Double Death Benefit Unit Linked Insurance Plan from Star Union Daiichi Life Insurance Company. 
 
How it works – In this plan, premium can be paid in a Lumpsum under Single Premium Paying Term, for a limited period under Limited Premium Paying Term or till the end of the Policy Tenure under Regular Premium Paying Term. This is a vanilla ULIP where the premium, net of charges is invested in the fund selected.
 
There are 4 funds available in this plan for Investment Purpose and 2 Additional Riders.
 
On Survival till the end of the Policy Tenure, the Fund Value is paid to the Policyholder as Maturity Benefit and the policy terminates. However, if the Life Insured dies within the policy tenure, the nominee gets the Sum Assured PLUS the Fund Value as Death Benefit and the policy terminates.
 
 
Key Features of SUD Life Dhan Suraksha Premium 3 Insurance Plan
 
  • This is a simple Unit Linked Insurance Plan
  • There is Double Death Benefit facility in this plan
  • There is Single, Limited as well as Regular Payment Option in this plan
  • There are 4 funds available in this plan for Investment Purpose
  • On Survival till the end of the Policy Tenure, the Fund Value is paid to the Policyholder as Maturity Benefit
  • In case of death of the Life Insured within the Policy Tenure, the nominee gets the Sum Assured + the Fund Value as Double Death Benefit
  • The risk on the Life of the Insured person commences once he is 18 years old
  • There are 2 riders available in this plan

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Benefits you get from SUD Life Dhan Suraksha Premium 3 Insurance Policy
 
Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets the Sum Assured + the Fund Value as Double Death Benefit and the policy terminates.
 
Maturity Benefit – On survival till the end of the policy tenure, the policyholder gets the entire Fund Value 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 Life Dhan Suraksha Premium 3 Policy
 

 

 
Minimum
Maximum
Regular/Limited Premium Sum Assured (in Rs.)
For Age at Entry <45 years:
Annualized Basic Premium X Higher of (10 or 0.5 X Policy Term)
For Age at Entry >=45 years: Annualized Basic Premium X Higher of (7 or 0.25 X Policy Term)
Annualized Basic Premium X 20
Single Premium Sum Assured (in Rs.)
For Age at Entry below 45 years:
Single Basic Premium X 1.25
For Age at Entry equal to & above
45 years: Single Basic Premium x 1.10
Single Basic Premium X 5
Policy Term (in years)
5
40
Premium Payment Term (in years)
Single
Equal to Policy Tenure
Entry Age of Life Insured (in years)
8
60
Age at Maturity (in years)
-
80
Annualized Premium (in Rs.)
24000
No Limit
Single Premium (in Rs.)
75000
No Limit
Payment modes
Single, Yearly, Half-yearly, Quarterly or Monthly
 
 
Additional Features and Benefits of SUD Life Dhan Suraksha Premium 3 Plan
 
Riders – There are 2 Additional Riders in this plan:
  1. SUD Life Accidental Death & Total and Permanent Disability Benefit Rider
  2. SUD Life Critical Illness Benefit Rider
 
Investment Fund Options - In this plan, there are 4 funds for Investment:
  1. Apex Equity Fund
  2. Apex Growth Fund
  3. Apex Balanced Fund
  4. Apex Bond Fund
 
Top-up – Premium can be paid anytime except in the last five policy years. The minimum top-up premium is Rs. 5000 and each Top Up Premium is locked in for 5 years. The Sum Assured also increases proportionately with a Top Up Premium.
 
Switching - Any amount of the Fund Value can be switched from one fund to another at any point of time subject to a minimum amount of Rs 10,000. Only 1 switch is free every policy year post which there is a charge of Rs 100 per switch.
 
Premium Redirection – is allowed from the 2nd policy year onwards and by default, new allocation percentage will be applicable to all future premiums along with Top Ups. Only 1 Premium Re-direction is free every policy year post which there is a charge of Rs 100 per transaction.
 
Partial Withdrawal - Partial withdrawals are allowed only after completion of 5 policy years or after completion of 18 years of the Life Insured, whichever is later. The minimum partial withdrawal is Rs 5,000 subject to at least 125% of the Annual Premium + cumulative nominal Top Up amount received in the last 60 calendar months should remain in the Fund Value for Limited and Regular Premium and at least Rs 10,000 + cumulative nominal Top Up amount received in the last 60 calendar months must remain in the Fund Value for Single Premium.
The first partial withdrawal in any given policy year will be free of charges. Subsequent withdrawal will attract charges of Rs 100 per withdrawal.
 
Settlement Option – There is an option for taking the Maturity Benefit over equal installments over a period of time instead of in a lumpsum, called Settlement Option and the Period for settlement is called Settlement Period. The maturity benefits can be paid in yearly, half-yearly, quarterly and monthly instalments. During this Settlement Period, the fund value will remain invested in the existing funds, and only the Fund Management Charges will be deducted. No Partial Withdrawal or switching is allowed during this period. In case of death during settlement period, the remaining Fund Value will be paid to the legal heirs.
 
 
Charges in SUD Life Dhan Suraksha Premium 3 Plan
 
Premium Allocation Charge – This charge is deducted from the Premium Paid by you

 

Policy Year
Premium Allocation Charge
1st – 3rd Year for Regular/Limited Premium
6%
4th and 5th Year for Regular/Limited Premium
5%
6th Year onwards for Regular/Limited Premium
4%
Single Premium
5%
Top Up Premium
2%
 
 
Policy Administration Charge— This is the charge for the administrative working of the policy and is deducted by cancellation of units on a monthly basis.

 

Policy Year
Policy Administration Charge
1st Year
Rs 300
Increasing Every Year @
5% p.a. subject to a Maximum of Rs 2000
 
 
Fund Management Charge– This charge is deducted by adjusting the NAV of the units on a daily basis.

 

Type
Charge
Apex Equity Fund
1% of Fund Value
Apex Growth Fund
1% of Fund Value
Apex Balanced Fund
1% of Fund Value
Apex Bond Fund
1% of Fund Value
 
 
Discontinuation Charge— This charge is for discontinuing the plan before the end of the Policy Tenure.

 

Year of Discontinuation
Annual Premium <= Rs 25,000 p.a.
Annual Premium > Rs 25,000 p.a.
1st
Lower of 20% of (Annual Premium or Fund Value) subject to a maximum of Rs 3,000
Lower of 6% of (Annual Premium or Fund Value) subject to a maximum of Rs 6,000
2nd
Lower of 15% of (Annual Premium or Fund Value) subject to a maximum of Rs 2,000
Lower of 4% of (Annual Premium or Fund Value) subject to a maximum of Rs 5,000
3rd
Lower of 10% of (Annual Premium or Fund Value) subject to a maximum of Rs 1,500
Lower of 3% of (Annual Premium or Fund Value) subject to a maximum of Rs 4,000
4th
Lower of 5% of (Annual Premium or Fund Value) subject to a maximum of Rs 1,000
Lower of 2% of (Annual Premium or Fund Value) subject to a maximum of Rs 2,000
5th onwards
NIL
NIL
 
 
Mortality Charge — This charge is paid for the Life Coverage provided according to the Sum At Risk. This is based on the mortality rates which are specified for all ages and amount of cover being provided.
 
Service Tax would be applicable on the charges depending on the applicable rates.
 
 
What happens if?
 
You stop paying the premium before 5 years - If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will earn a minimum guaranteed interest rate equal to 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated Fund Value will be payable to the nominee. The policy can however be revived as well.
 
You stop paying the premium after 5 years - If the policy holder stops paying the premium after 5 years, then there is no Surrender/Discontinuance Charges and the Fund Value is paid to the policy holder and the policy will terminate immediately.
 
You want to surrender the policy – If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the Fund Value net of any discontinuance charge, if at least 5 years’ premiums have not been paid, will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will earn a minimum guaranteed interest rate equal to 3.5% p.a.and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
 
If the policyholder surrenders the policy after completion of 5 policy years, then there is no Surrender/Discontinuance Charges and the Fund Value is paid to the policy holder and the policy will terminate immediately.
 
You want a loan against your policy – Loan facility is available in this plan after completion of 3 policy years.

 
Other ULIP Plans from Star Union Dai-ichi
  • SUD Life Dhan Suraksha Plus
  • SUD Life Wealth Builder Plan
Compare Ulip Plans

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