SUD Life Fortune Plus Plan

Eligibility Criteria for the SUD Life Fortune Plus Plan

The eligibility varies slightly across Goal Plus, Child Plus, and Retire Plus options, making it flexible within Star Union Dai-ichi Traditional Plans.

Features of the SUD Life Fortune Plus Plan

Here are the key features of this savings and protection plan:

• Three Plan Options For Different Goals: Goal Plus to create wealth, Child Plus to secure the future, and Retire Plus to have a regular income.
• Guaranteed Maturity Benefit: There is a guaranteed fixed maturity payout that provides financial certainty upon the policy's expiry.
• Participation In Bonuses: Simple reversionary and terminal can be announced, which improve overall returns.
• Flexible Policy And Premium Terms: Policy term ranges from 15 to 40 years, with premium payment terms of 7, 10, or 12 years.
• Frequent Income Alternative Under Retire Plus: Guaranteed income starts after the premium payment term, supporting retirement planning.
• Loan And Surrender Benefits: Policyholders can receive funds in the form of loans or surrender value, as needed.

All these characteristics make the SUD Life Fortune Plus Plan one of the best investment plans for disciplined long-term savings.

Benefits of the SUD Life Fortune Plus Plan

The SUD Life Fortune Plus Plan offers a mix of protection, savings, and income benefits across its three plan options: Goal Plus, Child Plus, and Retire Plus. Each option is designed to meet different financial needs, from wealth creation to child planning and retirement income.

1. Death Benefit

   In case of the policyholder’s demise during the policy term, the benefits vary based on the selected plan option:

   • Goal Plus: Pays the Sum Assured along with accrued bonuses
   • Child Plus: Provides an immediate payout, waives all future premiums, and ensures the maturity benefit is paid as originally planned
   • Retire Plus: Pays the Sum Assured along with accrued bonuses

   Additionally, the death benefit is subject to a minimum payout of 105% of the total premiums paid.

2. Maturity Benefit

   At the end of the policy term, the plan provides the following benefits:

   • Goal Plus and Child Plus: Sum Assured on Maturity along with accrued bonuses
   • Retire Plus: Sum Assured along with a terminal bonus

3. Survival Benefit

   This benefit is available only under the Retire Plus option and is designed to provide a steady income stream:

   • Offers a regular assured income throughout the policy term
   • May include additional cash bonuses, depending on the insurer’s performance

4. Bonus Benefits

   The plan enhances overall returns through different types of bonuses:

   • Simple Reversionary Bonus: Accrued from the 6th policy year onwards
   • Terminal Bonus: Payable at maturity or upon claim
   • Cash Bonus: Available under the Retire Plus option as periodic payouts

   These bonuses increase returns under participating Star Union Dai-ichi Traditional Plans.

Policy Details of the SUD Life Fortune Plus Plan

Here are the key policy details you should know:

1. Grace Period

   A grace period of 30 days is allowed for yearly, half-yearly, and quarterly modes, while 15 days are allowed for the monthly mode.

2. Revival

   The policy may be reinstated within 5 years of the initial unpaid premium by paying all dues, including interest.

3. Free Look Period

   Within 30 days, policyholders may review the policy and cancel it without deduction if they are not satisfied.

4. Surrender

   Surrender periods may be made at the end of a policy year, and the amount payable will be the greater of the Guaranteed Surrender Value and the Special Surrender Value.

5. Loan

   Loans up to 70% of the surrender value can be availed, subject to terms and applicable interest rates.

Exclusions Under the SUD Life Fortune Plus Plan

Here is the exclusion applicable under this plan:

Suicidal Cover

When death is caused by suicide in the first 12 months, the nominee is entitled to 80% of premiums paid or the value of surrender, whichever is greater.