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SUD Life Saral Jeevan Bima Plan

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Summary of SUD LIfe Saral Jeevan Bima Plan

SUD Life Sara Jeevan Bima is a simple and pure term insurance plan, which offers large cover at affordable premiums. In case of the unfortunate death of the policyholder at any time during the policy term, the nominee will receive a lumpsum amount. This plan provides flexibility in terms of regular, limited and single pay methods. We will understand all this and more in detail in the sections below.
 
Plan Name SUD Life Sara Jeevan Bima
Policy Type Term Insurance
Category Non-participating
UIN 142N079V01

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Key Features of SUD LIfe Saral Jeevan Bima Policy

  • Pure life insurance coverage
  • Single pay, Regular pay and Limited pay options of 5 & 10 years
  • Premiums can be paid monthly, half-yearly, annually or as single pay
  • Tax Benefits on Premiums paid and Death Benefit


Benefits of SUD LIfe Saral Jeevan Bima Policy


Since this is a pure protection term insurance plan, it does not offer any maturity benefit. The purpose of this plan is to offer large life insurance protection at affordable premiums so that the nominee will receive a large sum in case something happens to the policyholder. 

Premium Payment Term Options

This plan offers flexibility to choose from various policy terms and premium payment terms. The options are as listed below.
 
Policy Term Premium Payment Term
5-40 years Single Pay
5-40 years Regular Pay
6-40 years 5 Pay
11-40 years 10 Pay

Single Pay - Pay premium only once at the start of the policy
Regular Pay - Pay premiums throughout the policy term 
5 Pay - Pay premiums only for the first 5 years. Policy will continue to be active through the policy term
10 Pay - Pay premiums only for the first 10 years. Policy will continue to be active through the policy term

Death Benefit

In case of death of the policyholder, the nominee will receive the Sum Assured of Death.

“Sum Assured on Death” for Regular pay, 5 Pay & 10 Pay plans is the highest of the following:
  • 105% of all premiums paid
  • 10 times the Annualised Premium
  • Sum Assured or the cover amount

“Sum Assured on Death” for Single Pay option is the highest of the following:
  • 125% single premiums paid
  • Sum Assured or the cover amount

The Death Benefit received by the nominee iis tax free.


Eligibility in the SUD LIfe Saral Jeevan Bima Plan

Parameter Minimum Maximum
Entry Age 18 years 65 years
Age at Maturity 23 years 70 years
Sum Assured 5 lakhs 25 lakhs
Policy Term 5 years 40 years
Single Premium Rs. 4,070 Rs. 3,66,200
Annualized Premium Rs. 1,130 Rs. 88,875
Premium Payment Mode Monthly, Half-yearly, Annually & Single
 

Other Features of SUD LIfe Saral Jeevan Bima


What happens if you miss paying your premiums on time?

In case of monthly premium payment mode, a Grace Period of 15 days will be given in case of delayed payments. For half-yearly and annual modes of payment, the grace period is 30 days. The policy is considered to be in force during the grace period and any claim will be honoured during this period. If you do not make the payment within the grace period provided, the policy will lapse and none of the benefits will be payable.

What happens if the policy lapses?

If your policy lapses, the death benefit will not be payable in case of death of the policyholder. So it is important to ensure that you make your payments on time. However, you have an option to Revive the policy within 5 years of the first missed due date by paying all due premiums with interest. 

For Single Pay and Limited Pay Options, a Cancellation value if payable in case the policy is not revived on time and the policy is terminated.


Can you discontinue this plan?

You can discontinue the plan and get the Cancellation value as is mentioned below.

Regular Pay = NIL

Limited & Single Pay = 70% x Total premium paid x Balance policy term / Policy term

Is there a Free-look period in this plan?

In case you are not satisfied with the policy after receiving the policy documents, you can cancel the policy and get a refund. There will be deductions for the few days of cover provided, cost of medical tests if any and stamp duty charges. The can cancel the policy within the free-look period as defined here:
  • Within 15 days in case the policy is not purchased electronically or through distance marketing
  • Within 30 days in case the policy is purchased electronically or through distance marketing



Suicide Exclusion

In case of death of the polilcyholder due to suicide within 12 months of commencement of risk, the sum assured will not be paid to the nominee. Only a part of the premiums paid will be refunded as follows - 80% of the premiums paid will be refunded in regular and limited pay options and 90% of the single premium will be refunded. 


This pretty much explains the working of this plan. In case you have any questions on this plan, please drop a comment and we will get back to you.


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