SUD Jeevan Safar Plus 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.
Key Features
This policy has 2 riders:
- Accidental Death & Accidental Total & Permanent Disability Benefit Rider and
- Critical Illness Benefit rider
Benefits
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
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.
Being a whole life plan, there is no maturity date or maturity benefit that is payable in this plan.
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
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.
Eligibility
| 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 | |
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.
Minimum Guaranteed Surrender Benefit- 30% of all premiums paid – 1st year’s premium
You want a loan against your policyLoan facility is not available in this plan.
