SUD Life Smart Income Plan

The SUD Life Smart Income Plan is a savings scheme for people who want a steady income and insurance. It offers guaranteed income arrangements and alternative plans, including Insta Cash and income accumulation, to help meet long-term financial requirements. The plan also allows you to take the income sooner or later, as you prefer. Based on the plan, there are benefits of survival, i.e., guaranteed income and life cover, throughout the policy term. It is also flexible because it is capable of receiving income at the end of the first policy year or afterwards.

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Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

Eligibility Criteria for the SUD Life Smart Income Plan

Criteria Minimum Maximum
Entry Age 18 years Up to 60 years (varies by option)
Maturity Age — Up to 100 years
Annualized Premium ₹36,000 Subject to underwriting
Policy Term 25 years 40 years
Premium Payment Term 7 years 12 years
Sum Assured 10.5× Annualized Premium As per the underwriting
Plan Type Non-linked Savings Plan —

Features of the SUD Life Smart Income Plan

Here are the key features of the SUD Life Smart Income Plan:

  • The plan offers flexibility, allowing you to choose from 9 plan options based on your financial objectives.
  • You are allowed to get a guaranteed income either by the end of the first policy year or may be deferred.
  • The plan offers an Insta Cash benefit, in which a portion of the premium is paid shortly after the policy is issued.
  • It enables you to save assured earnings in a safe box and get them when required.
  • Premium offset option: You have the option of adjusting future premiums based on accumulated income.
  • The plan will also provide life insurance cover during the time of policy term.
  • Tax incentives can be offered to it in accordance with existing tax regulations.

You can explore more options under Star Union Dai-ichi ULIP Plans to compare similar market-linked insurance plans and choose what suits your goals.

Benefits of the SUD Life Smart Income Plan

The SUD Life Smart Income Plan offers both income and protection benefits to address long-term financial needs. Some of the benefits are:

  • Maturity Benefit: In case of policy termination, a lump-sum benefit is paid based on the option selected.
  • Death Benefit: This is paid to the nominee, 10.5 times the annualized premium or 105% of the total premiums paid, upon the policyholder's death.
  • Fixed or increasing: This option ensures a constant or steadily increasing income, depending on the policy's duration.
  • Liquidity Benefits: Insta Cash and Safe Box services allow you to access funds when needed.
  • Flexible Income Timing: You can either receive income when you want or delay it to meet your needs.

Policy Details of the SUD Life Smart Income Plan

Understanding the policy terms helps in making better financial decisions. Here are the policy details of this plan:

  1. Grace Period

    There is a grace period to make up for missed due premiums without forfeiting the policy benefits, provided the premiums are paid beyond the due date.

  2. Revival

    if the policy lapses due to non-payment, it may be revived during the revival period by paying the outstanding premiums.

  3. Free Look Period

    You have 15 days (30 days for distance marketing) to review the policy, and you can return it if you are dissatisfied.

  4. Surrender

    The policy can be surrendered after the expiry of the lock-in period, and the fund value will be paid in accordance with the terms.

  5. Loan:

    Loans will be available for 60% of the surrendered value, subject to policy conditions.

If you are looking for broader options, you can explore different investment plans to find one that aligns with your financial needs.

Exclusions Under the SUD Life Smart Income Plan

Suicidal Cover: In case death has happened as a result of suicide within 12 months of the policy inception or revival, the benefits will be paid according to the policy provisions.

FAQs

  • 1. Do I have the option of deciding how I get my guaranteed income?

    Yes, the plan is flexible, and you will be assured of income, whether at once or after a deferral period, depending on your choice.
  • 2. What is the Safe Box feature in this plan?

    It is where you can save your guaranteed income rather than spend it immediately, and later withdraw it as needed.
  • 3. Can I change my regularity of paying the premiums?

    Yes, a choice will be available in the plan, and payments of the premiums at the policy anniversaries will be made at the discretion of the choice.
  • 4. So what would happen when I quit paying premiums?

    When premiums are not paid within the grace period, the policy can either lapse or proceed as a reduced paid-up policy, the type of which the number of premiums already paid determines.
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Disclaimer: Policybazaar Insurance Brokers Private Limited does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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˜The insurers/plans mentioned are arranged in order of highest to lowest first year premium (sum of individual single premium and individual non-single premium) offered by Policybazaar’s insurer partners offering life insurance investment plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar Insurance Brokers Private Limited does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^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.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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