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SUD Jeevan Safar Plus Plan

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SUD Jeevan Safar Plan
 
SUD Jeevan Safar Plan is a Participating Endowment cum Whole Life Plan. It is a Traditional Plan with Bonus facility from Star Union Daiichi Life Insurance Company.
 
How it works – In this plan, the premium needs to be paid till the end of the Premium Paying Term as selected. On completion of the Premium Paying Term, the policy continues for the rest of the life of the Life Insured.
 
On survival till the end of the Premium Paying Term, the Sum Assured + vested Bonus is paid to the Policyholder as Survival Benefit and the policy continues. On death of the Life Insured, any time after the completion of the Premium Paying Term, the Sum Assured is paid to the nominee as Death Benefit and the policy terminates.
 
However, if the Life Insured dies within the Premium Paying Term of the policy, the Sum Assured + accrued Bonus would be paid immediately to the nominee as Death Benefit and the policy terminates.
 
This policy has 2 riders - Accidental Death & Accidental Total & Permanent Disability Benefit Rider and Critical Illness Benefit rider available in this plan.
 
 
Key Features of SUD Jeevan Safar Insurance Plan
 
  • This is a participating Endowment Plan
  • On survival till the end of the Premium Paying Term, the Sum Assured + vested Bonus is paid to the Policyholder as Survival Benefit
  • On death of the Life Insured, any time after the completion of the Premium Paying Term, the Sum Assured is paid to the nominee as Death Benefit
  • If the Life Insured dies within the Premium Paying Term of the policy, the Sum Assured + accrued Bonus would be paid immediately to the nominee as Death Benefit and the policy terminates
  • This policy has 2 riders - Accidental Death & Accidental Total & Permanent Disability Benefit Rider and Critical Illness Benefit rider
  • There is High Sum Assured discount in this plan
COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS


 
 
Benefits you get from SUD Jeevan Safar Insurance Policy
 
Death Benefit – If the Life Insured dies:
  • Within the Premium Paying Term, the Sum Assured + vested Bonus would be paid immediately to the nominee as Death Benefit and the policy terminates.
  • After the Premium Paying Term, the Sum Assured is payable to the nominee as Death Benefit and the policy terminates
 
Survival Benefit - On survival till the end of the Premium Paying Term, the Sum Assured + vested Bonus is paid to the Policyholder as Survival Benefit and the policy continues. On death any time afterwards, again the Sum Assured is paid to the nominee as Death Benefit and the policy terminates.
 
Maturity Benefit – Being a whole life plan, there is no maturity date or maturity benefit that is payable in this plan.
 
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 Jeevan Safar Policy
 

 

 
Minimum
Maximum
Sum Assured (in Rs.)
50,000
No Limit
Policy Term (in years)
Whole Life
Premium Payment Term (in years)
5
52
Entry Age of Life Insured (in years)
18
60
Age at Maturity (in years)
-
70
Payment modes
Yearly, Half-Yearly, Quarterly or Monthly
 
 
Sample illustration of Premium SUD Jeevan Safar Plan
 
The below illustration is for Annual Premium for 30 and 35 year old Health Male opting for a Sum Assured of Rs 5 and 10 lacs for Policy Tenure of 35 years.

Sample Premiums of SUD Jeevan Safar Plan

 

Additional Features and Benefits of SUD Jeevan Safar Plan
 
Riders – This policy has 2 riders:
  1. Accidental Death & Accidental Total & Permanent Disability Benefit Rider and
  2. Critical Illness Benefit rider
 
 
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.
Minimum Guaranteed Surrender Benefit- 30% of all premiums paid – 1st year’s premium
 
You want a loan against your policy – Loan facility is not available in this plan.

 
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