IndusInd Nippon Life Super Suraksha Plus

Key Features of INL Super Suraksha Plus Plan

Here are the key features offered under the IndusInd Nippon Super Suraksha Plus plan: 

• This term insurance plan provides comprehensive coverage to your family members for a policy term of up to 50 years

• You can select the return of premium option that allows youu to receive back all the premiums paid at the survival of the policy term.

• Choose to pay the premiums for a limited period of 5, 7, 10, 15, or 20 years, throughout the policy term. 

• Receive the death benefit payout in lump sum, as an income, or a combination of both, depending on your family’s financial needs.

• You can increase your cover amount at key milestones without the need of addiitonal underwriting with hte cover enhancement benefits.

• Get instant financial support in the event of a claim for your nominee with the InstaPayout of 1 Lakh within 2 working days.

• Add available term insurance riders to enhance the protection of the base term plan.

• You can claim term insurance tax benefits as per the prevailing tax laws.

Plan Options Under IndusInd Nippon Super Suraksha Plus 

There are two plan options available under the INL Super Suraksha Plus plan:

Life Variant

Under this plan option, on the death of the life assured during the policy term, the death benefit shall be paid to the nominee and the policy will terminate, given that the policy was still in force at the time of claim.

Life Plus Variant

In case of the death of the life assured during the policy term, the death benefit will be paid to the nominee and the policy will terminate, given that the policy was still in force at the time of the claim. On the survival of the policy term by the policyholder, the sum assured on maturity, which will be equal to the 100% of the total premiums paid will be returned.

Once a plan variant is selected, it cannot be changed at a later date.

Benefits Offered Under the INL Super Suraksha Plus Plan

The benefits offered under the IndusInd Nippon Super Suraksha Plus plan are as follows: 

Death Benefits

On the death of the policyholder, the death benefit will be paid to the nominees of the policy, given that the policy was still active. The benefit is paid as the higher of the following:

• Sum assured on death

• 105% of the total premiums paid as on the date of death of the policyholder

The sum assured on death is equal to the higher of the base sum assured or 11 times the applicable Annualised Premium.

Death Benefit Payout Option

You can choose from the following three payout options to fit your family’s financial needs in your absence:

• Lump Sum Payout: The entire death benefit, excluding InstaPayout on claim, will be paid as lump sum benefit to the nominees.

• Income Payout: Under this option, the death benefit amount, excluding the InstaPayout will be paid as a monthly income for a fixed period of 120 months starting immediately from the date of death claim approval by the company.

• Lump Sum and Income Payout: The death benefit amount, excluding the InstaPayout on claim, will be paid as a lump sum in the selected proportion by the claimant, with a portion of the benefit paid as lump sum and the remaining paid as monthly income for a fixed 120 months.

Monthly Income = Remaining Death Benefit x i x (1+i)119 / ((1+i)120 - 1) 

Where, i is the rate of interest which is equal to (1+ (Benchmark Rate – 1%))(1/12) – 1 

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InstaPayout on Claim Intimation

Under this benefit, in case of the policyholder’s death, the accelerated benefit of 1 Lakh will be paid to the nominee on claim intimation, and the remaining amount will be paid on claim verification. 

Maturity Benefits

There are no maturity benefits available under the Life Variants, and under the Life Plus Variants, the entire premiums paid throughout the policy term will be returned on survival of the policy term. 

Early Exit Value

The early exit benefit allows the customer to exit the plan early and receive all the premiums back on exiting within the certain window. The benefit is only applicable for the limited pay policies under the Life Variant. 

Enhanced Cover Benefit Option

With the Enhanced Cover Benefit Option, you can enhance the base sum assured of the policy at important milestones like marriage, birth/legal adoption, or taking a home loan. This benefit is available as Life Variant only and the maximum increase in base sum assured is capped at 100% of the base sum assured. The benefit can be opted within 180 days of the occurrence if the specified life stage events, in case of home loan, 180 days will be considered from the date of disbursement of the loan.

Option to Decrease the Increased Base Sum Assured

The base sum assured can be decreased by up to the same extent as increased sum assured. The benefit can be availed given that the policyholder has attained at least 45 years of age. Any decrease in the base sum assured, will be effective from the date of policy anniversary after the date of excercising the benefit. 

Riders for Enhanced Protection

You can add any of the following term insurance riders to the base term insurance plan at nominal premiums to enhance the base protection of the policy:

• IndusInd Nippon Life Accidental Death Benet Rider 

• IndusInd Nippon Life Accidental Death and Disability Rider 

• IndusInd Nippon Life Accidental Death and Disability Plus Rider

• IndusInd Nippon Life Critical Illness Rider

Additional Details of the IndusInd Nippon Life Super Suraksha Plus

Flexible Premium Payment Frequencies

You can choose to pay the premiums either yearly, half-yearly, quarterly, or monthly depending on your convenience. On the selection of monthly premium frequency, the premiums for two months will be collected in advance at the time of policy purchase.

Grace Period

In case you are unable to pay the premiums till the due date, the plan offers a grace period of 15 days for monthly and 30 days for all the other modes of payment. In case the death occurs during the grace period, the policy is still considered valid and the payout will be made minus the premium of the pending month.

Premium Discontinuance

It is recommended that you continue paying premiums for the entire premium paying term to ensure that you receive all the benefits under the policy without any reduction.

• Life Variant

  Under the Life variant, if you stop paying premiums, the policy will lapse once the grace period ends. In a lapsed state, the policy will not provide any death or rider benefits. If the policy is not revived within the specified revival period, it will be terminated, and any applicable Early Exit Value will be paid to the policyholder.

• Life Plus Variant

  Under the Life Plus variant, the outcome depends on when the premiums are discontinued. If the premium for the first policy year is not paid in full, the policy will lapse after the grace period and no benefits will be payable. However, if premiums are discontinued after at least one full year’s premium has been paid, the policy will continue with reduced benefits as a paid-up or reduced paid-up policy.

Benefits Under a Reduced Paid-Up Policy

If the policy continues as a reduced paid-up policy, the benefits are adjusted based on the premiums paid.

In case of death of the life assured during the policy term, the nominee will receive the paid-up sum assured on death. This is calculated by multiplying the sum assured on death with the paid-up factor. Under the Life Plus variant, this death benefit is subject to a minimum of 105% of the total premiums paid.

If the life assured survives till the end of the policy term, the paid-up sum assured on maturity will be paid and the policy will terminate. This maturity benefit is equal to 100% of the total premiums paid.

The paid-up factor is calculated as the number of premiums paid divided by the total number of premiums payable.

Surrender Benefit

The availability of surrender value depends on the policy variant.

Under the Life variant, the policy does not acquire any surrender value.

Under the Life Plus variant, the policy acquires a surrender value after completion of the first policy year, provided at least one full year’s premium has been paid. The surrender value payable will be the higher of the Guaranteed Surrender Value (GSV) or the Special Surrender Value (SSV).

Guaranteed Surrender Value (GSV)

The policy acquires a Guaranteed Surrender Value only if all due premiums for at least the first two consecutive policy years have been paid in full.

The GSV is calculated as:

Guaranteed Surrender Value = GSV Premium Factor × Total Premiums Paid

The applicable GSV premium factors are specified in the policy document.

Special Surrender Value (SSV)

The Special Surrender Value becomes payable after completion of the first policy year, provided one full year’s premium has been paid.

The SSV is reviewed periodically based on prevailing yields of 10-year Government Securities and the insurer’s experience. The applicable SSV may vary, and the policyholder would need to check with the insurer for the exact value.

Revival

A policy that has lapsed or become paid-up can be revived within 5 years from the due date of the first unpaid premium, as long as the policy has not matured.

• To revive the policy, all pending premiums must be paid along with applicable interest. Rider benefits, if any, can also be restored by paying their dues with interest.

• Revival is subject to the insurer’s underwriting approval. Once revived, the policy becomes eligible for all benefits again.

If the policy is not revived within the allowed period, a lapsed policy will be terminated and any applicable Early Exit Value or surrender value will be paid. A reduced paid-up policy, if not revived, will continue as a reduced paid-up policy.