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SUD Suraksha Kavach Plan
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This plan has been withdrawn by the insurance company and is no longer available for sale.
SUD Suraksha Kavach Plan
SUD Suraksha Kavach Plan is a Participating Endowment 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 Policy Tenure as selected between 10 to 25 years. There is a Premium Holiday period of 3 years after completion of 2 years of premium payment.
On survival till the end of the Policy Tenure, the Sum Assured + vested Bonus is paid to the Policyholder as Maturity Benefit and the policy terminates. However, if the Life Insured dies within the Policy Tenure, the Sum Assured + accrued Bonus would be paid immediately to the nominee as Death Benefit and the policy terminates.
This policy has an inbuilt Double Accidental Death Benefit where double the Sum Assured + vested Bonus is paid to the nominee on accidental death within the Policy Tenure. However, if the Life Insured meets with Accidental Total and Permanent Disability within the Policy Tenure, then the basic Sum Assured is paid to the policyholder in 120 equal installments and the policy continues. The future premiums are waived off and no further Double Accidental Death Benefit would be payable but the policy continues as per schedule.
There is an additional Critical Illness Benefit rider available in this plan.
Key Features of SUD Suraksha Kavach Insurance Plan
This is a participating Endowment Plan
On survival till the end of the Policy Tenure, the Sum Assured + vested Bonus is paid to the Policyholder as Maturity Benefit
If the Life Insured dies within the Policy Tenure, the Sum Assured + accrued Bonus would be paid immediately to the nominee as Death Benefit
This policy has an inbuilt Double Accidental Death Benefit and Accidental Total and Permanent Disability
There is an additional Critical Illness Benefit rider available in this plan
There is a Premium Holiday period of 3 years after completion of 2 years of premium payment.
There is a facility for backdating of policies
COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS
Benefits you get from SUD Suraksha Kavach Insurance Policy
Death Benefit – If the Life Insured dies within the Policy Tenure, the Sum Assured + accrued Bonus would be paid immediately to the nominee as Death Benefit and the policy terminates.
Maturity Benefit – On survival till the end of the Policy Tenure, the Sum Assured + vested Bonus is paid to the Policyholder 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 Suraksha Kavach Policy
Minimum
Maximum
Sum Assured (in Rs.)
Rs 1 lac
Rs 10 lacs
For Non-Standard Age proof- Rs 3 lacs
For Housewives- Rs 1 lac
Policy Term (in years)
10
25
Premium Payment Term (in years)
Equal to Policy Tenure
Entry Age of Life Insured (in years)
18
50
Age at Maturity (in years)
28
65
Payment modes
Yearly or Half-Yearly
Sample illustration of Premium SUD Suraksha Kavach Plan
The below illustration is for Annual Premium for 35 year old Health Male opting for a Sum Assured of Rs 5 and 10 lacs for Policy Tenure of 15, 20 and 25years respectively
Additional Features and Benefits of SUD Suraksha Kavach Plan
Riders – There is 1 additional rider in this plan:
Critical Illness Benefit
And 2 in-built riders:
Double Accidental Death Benefit and
Accidental Total and Permanent Disability
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What happens if?
You stop paying the premium before 2 years - If the policy holder stops paying the premium, the policy lapses and all benefits cease to exist.
You stop paying the premium after 2 years – then the policy continues for 3 more years with full coverage. In case of the unfortunate death of the Life Assured during this period, the Sum Assured + Bonus (if any) will be paid. In case of accidental death or disability, the above mentioned Sum Assured will be paid along with Bonus and an additional Paid Up Sum Assured will be paid for Accidental Death or Disability Benefit with any deduction of premium.
However, once the premium payment is resumed, any amount will first be adjusted for the unpaid premiums starting from the first unpaid premium. After the adjustment of premiums, the life cover will be extended to a period of 3 years from the new first unpaid premium (if any, after the adjustment). If all unpaid premiums are paid in full, the policy continues as before.
If at least 3 years’ premiums have been paid, then the policy acquires a Paid Up Value. Paid-up sum assured = (Number of premiums paid / Total number of premiums payable at the commencement of the policy)* Base Sum Assured
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 available in this plan.
