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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.

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Participating Endowment Plan
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Maturity Benefit
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Premium Holiday period of 3 years
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Key Features

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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
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

Benefits

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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.

How it works

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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.

Eligibility

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  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 term
Entry Age of Life Insured (in years) 18 50
Age at maturity (in Rs.)  28 65
Payment modes Yearly or Half-yearly

 

FAQs

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angle down iconYou stop paying the premium before 2 years

If the policy holder stops paying the premium, the policy lapses and all benefits cease to exist.

angle down iconYou 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

angle down iconYou 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

angle down iconYou want a loan against your policy

Loan facility is available in this plan.