SUD Life Samriddhi Plan

Eligibility Criteria for the SUD Life Samriddhi Plan

Features of the SUD Life Samriddhi Plan

The SUD Life Samriddhi Plan combines guaranteed savings with life protection and offers the potential for bonus-based growth. Key features of the plan include:

• Guaranteed Additions: Provides additions at a rate of 3% of the basic sum assured for the first three policy years, helping to build the fund value early in the policy term.
• Bonus Benefits: Eligible for simple reversionary bonuses from the fourth policy year onwards, depending on the insurer’s performance.
• Terminal Bonus: May be payable at maturity or in the event of a claim, subject to declaration by the insurer.
• Life Cover Protection: Offers life insurance coverage throughout the policy term, ensuring financial security for your family.
• In-built Accidental Death Benefit: Includes an additional payout in case of accidental death, enhancing overall protection.
• Flexible Policy Terms: Allows you to choose the policy term and premium payment duration based on your financial goals and convenience.

You may also explore Star Union Dai-ichi investment plans to compare benefits and find one that better fits your financial goals.

Benefits of the SUD Life Samriddhi Plan

The SUD Life Samriddhi Plan offers savings and protection provisions, making it suitable for long-term financial planning.

• Maturity Benefit: At the end of the policy term, on successful survival, you are guaranteed the basic sum assured and the guaranteed quantity of additions, bonuses, and terminal bonus (unless it is declared otherwise).
• Death Benefit: The nominee receives the death sum assured and any accrued benefits upon the insured's death during the policy term. The benefit given in case of death is 105 per cent of the paid premiums.
• Accidental Death Benefit: An accidental Death benefit is issued when death occurs due to an accident, and thus an additional amount that is paid is the amount of the sum assured on the death.
• Savings Growth: The policy is assured of Bonuses and additions that enhance its long-term value.
• Tax Benefits: Premiums paid may qualify for tax benefits, while the benefits received could also be eligible for tax advantages, subject to prevailing tax laws.

Riders Under the SUD Life Samriddhi Plan

The SUD Life Samriddhi Plan offers optional riders to enhance coverage:

• SUD Life Family Income Benefit Rider Traditional: It is a permanent plan that provides a monthly income to the nominee upon the death of the life assured for a specified period.

Policy Details of the SUD Life Samriddhi Plan

Understanding policy terms can help you manage your SUD Life Samriddhi Plan effectively.

1. Grace Period

   A 30-day grace period (15 days in the monthly mode) will be given to pay overdue premiums and remain attached to the policy.

2. Revival

   A lapsed or reduced paid-up policy can be revived within 5 years by paying the outstanding premium and interest.

3. Free Look Period

   You have 30 days to review the policy document and return it if you are dissatisfied with the terms.

4. Surrender

   This is the surrender of the policy upon payment of the minimum required premiums. The surrender value will be paid in accordance with the policy's terms.

5. Loan

   It is possible to take a loan of up to 55% of the surrender value after a policy gains surrender value.

If you are exploring similar options, you can also check other investment plans that offer a mix of savings and life cover.

Exclusions Under the SUD Life Samriddhi Plan

• Suicidal Cover: In case the life assured dies by suicide within the 12 months after policy commencement or revival, the nominee will still get benefits according to the policy.
• Total Permanent Disability (TPD): This benefit is not available under the base plan but may be available through additional riders.