SUD Life Aashirwaad Child Plan

SUD Life Aashirwaad is an Endowment Plan that does not depend on market performance and does not offer bonuses. It includes a built-in waiver of premium features and is specifically crafted to safeguard your child's dreams, even when you are not around.

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What is SUD Life Aashirwaad Plan Child Plan?

SUD Life Aashirwaad is a non-linked, non-participating endowment plan offered by Star Union Dai-ichi Life Insurance Company. It is designed specifically for child protection and future financial needs. This investment plan offers benefits if the policyholder dies during the policy term and ensures a maturity benefit for the child.

Features of SUD Life Aashirwaad Child Plan

  • Ensures funds for your child's future: The plan guarantees a payout to your child on maturity, even if you're not around.

  • Waiver of premium benefit: If you die during the policy term, all future premiums are waived off, but the plan continues to receive benefits.

  • Maturity benefit: On policy maturity, your child receives a lump sum amount that includes the sum assured and guaranteed additions.

  • Flexibility in choosing the policy term: You can choose a policy term of 5, 10, 15, or 20 years.

  • Riders availability: You can add optional riders like accidental death benefit and family income benefit for additional coverage.

People also read: Star Union Dai-ichi Child Plans

Eligibility Criteria for SUD Life Aashirwaad Plan

Eligibility Criteria Details
Entry Age (life assured) 18 - 50 years
Maturity Age 70 years
Sum Assured Rs. 4 lakhs - Rs. 100 crores (in multiples of Rs. 1000)
Premium Payment Mode Monthly, Quarterly, Half-yearly, Yearly.

Benefits of SUD Life Aashirwaad Child Plan

  • Maturity Benefit: Guaranteed sum assured along with a bonus calculated as 4% of the sum assured multiplied by the policy term. You can choose from 5 payout options for the maturity benefit.

  • Death Benefit: In case of your unfortunate demise, the plan ensures your child's financial future. The death benefit payout is the highest of 10 times the annualized premium, 105% of total premiums paid till death, the guaranteed maturity benefit, or the absolute sum assured on death.

  • Flexibility in Payout Options: You can choose from various payout options at maturity to best suit your child's future needs.

  • Tax Benefits: The premiums paid towards this plan qualify for tax deductions under Section 80C and Section 10(10D) of the Income Tax Act of India.

  • Policy Continuation: Even if you are not around, the policy continues as planned, ensuring your child receives the benefits.

  • Optional Riders: You can add riders (additional benefits) to the base plan for further financial protection, like providing a monthly income for your family in case of your death.

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Rider Benefits in SUD Life Aashirwaad Child Plan

The SUD Life Aashirwaad Child Plan allows you to attach optional riders to enhance coverage for your child. These riders provide additional financial protection in case of specific events.

  1. SUD Life Accidental Death & Disability Rider (Traditional)

    • Pays 100% Rider Sum Assured if the Life Assured dies in an accident.

    • Pays Rider Sum Assured in 10 equal half-yearly instalments for Accidental Total & Permanent Disability.

    • If the Life Assured dies during disability benefits, the remaining instalments go to the nominee.

    • Coverage stops once disability benefits are claimed.

  2. SUD Life Family Income Benefit Rider (Traditional)

    • Pays Monthly Income Benefit for 10 Years to the nominee upon the Life Assured's death.

    • Income Benefit equals (10% of Rider Sum Assured)/12, paid monthly.

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Standard T&C Apply *

Policy Details of SUD Life Aashirwaad Child Plan

  1. Grace Period:

    • You have 30 days (quarterly/half-yearly/yearly) or 15 days (monthly) grace period for overdue premiums.

    • Your life cover stays active during this time.

    • If you pass away during the grace period, the policy remains in effect, but the Death Benefit is paid after deducting the unpaid premium.

    • If you miss the payment before the grace period ends:

      • Without Surrender Value: Policy lapses.

      • With Surrender Value: Continues with reduced benefits as a Reduced Paid-Up policy.

  2. Policy Lapse:

    • If premiums aren't paid for the first two full years, the policy lapses and no benefits are paid until they are revived.

  3. Reduced Paid-Up:

    • If premiums are paid for at least the first two full years but subsequent premiums are missed, the policy becomes Reduced Paid-Up.

    • Provides immediate payment of Paid-Up Death Sum Assured upon death.

    • Pays Paid-Up Guaranteed Maturity Sum Assured and Guaranteed Additions at the Policy Term's end.

    • Beneficiaries can opt for a lump sum of discounted benefits.

  4. Restoring Lapsed/Reduced Paid-Up Policy:

    Revive your policy within five years from the first unpaid premium's due date but before the Policy Term ends by:

    • Submitting written request and proof of continued insurability.

    • Paying outstanding premium with applicable interest (currently 7.75% p.a.).

    • Resuming regular premium payments.

    • Meeting medical and financial requirements per the company's underwriting policy.

  5. Discontinuing the Plan:

    • Surrender policy anytime during the Policy Term if it has Surrender Value (after the first two full policy years).

    • Surrender Value payable is higher of Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).

People also read: Child Investment Plans

How Does the SUD Life Aashirwaad Plan Work?

  • Choose your plan: Decide on the Sum Assured amount - the payout your beneficiary will receive. This amount can range from Rs. 4 lakhs onwards.
  • Select your policy term: Pick the duration for which you'll pay premiums. Options include 5, 10, 15, or 20 years.
  • Pay your premiums: Regularly pay premiums throughout your chosen policy term.
  • Maturity Benefit: Upon reaching the policy term:
    • You or your beneficiary will receive the Sum Assured amount.

    • You'll also get a Guaranteed Maturity Benefit. This benefit is calculated as 4% of the Sum Assured multiplied by the Policy Term.

  • Death benefit: In case of your unfortunate demise during the policy term:

    • The Sum Assured amount will be paid to your nominee.

    • All future premiums will be waived off.

    • You can optionally add riders like SUD Life Accidental Death and Total & Permanent Disability rider for additional benefits.

  • Flexibility: You can choose from 5 different maturity payout options to best suit your needs.

Essentially, you pay premiums for a chosen term to secure a guaranteed payout for your child's future,  even if you're not around.

Suicide Exclusion

  • Within a specific period (e.g., 1st year): If the policyholder dies by suicide within the first year, the beneficiary will only receive a return of 80% of the premiums paid.

  • After the exclusion period: After the initial exclusion period is over (e.g., after the first year), the full death benefit will be paid out, even if the death is by suicide.

FAQs

  • What is SUD Life Aashirwaad?

    SUD Life Aashirwaad is a non-linked, non-participating endowment plan designed to secure your child's future financially. It guarantees a payout even if you are not around.
  • What are the benefits of SUD Life Aashirwaad?

    SUD Life Aashirwaad plan offers a guaranteed maturity benefit, a waiver of premium benefit upon death of the policyholder, and the flexibility to choose from multiple payout options.
  • Who is eligible for SUD Life Aashirwaad?

    Anyone between 18 and 50 years old can apply for the SUD Life Aashirwaad plan.
  • What is the policy term for SUD Life Aashirwaad?

    Within the SUD Life Aashirwaad Child Plan, you can choose your policy term to be 5, 10, 15, or 20 years.
  • Does SUD Life Aashirwaad offer any riders?

    Yes, riders like SUD Life Accidental Death Benefit and Total & Permanent Disability Rider can be added for additional coverage.
  • What happens if I stop paying premiums?

    The policy will lapse if premiums are not paid. However, there may be grace periods depending on the terms and conditions.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.

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Star Union Child Plans Reviews & Ratings

4 / 5 (Based on 1 Reviews)
(Showing Newest 1 reviews)
Yogesh
Ahmednagar, May 16, 2016
Good
I purchase star union dai-ichi child plan which has good policy coverage ~91%. The service is also good, fast and on time. The claims are high ~ 38 L and claiming process is easy because the executive and staff members providing good response and quick services. Good investment with tax savings. Daily updates are send to me regularly.
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