SUD Life Abhay

SUD Life Abhay is a term insurance plan under the life insurance company. India's leading private sector banks Bank of India and Union Bank of India, jointly with Dai-ichi Life Holdings, formed the Star Union Dai-ichi Life Insurance (SUD Life). The customer can choose between a life cover and a life cover with the return of Premium. Benefits like accidental death and total and permanent disability are availed with the plan.

The key features associated with the plan are the policy term can be availed for a minimum of 15 years or a maximum of 40 years premium payment options can be Single Premium, Regular Premium, or Limited Premium. The sum assured can be a minimum of Rs 50 lakhs and a maximum of Rs 100 crores.

Eligibility Criteria of SUD Life Abhay

The following are the eligibility criteria of the policy.

Eligibility Criteria

Minimum

Maximum

Entry Age

18 years

65 years

Maturity Age

33 years

80 years

Sum Assured

Rs. 50,00,000

Rs 100 crores

Single-Premium

Rs. 29,850

Rs. 20,39,40,000

Annual Premium

Rs. 3720

Rs. 5,81,18,700

Policy Tenure

15 Years

40 Years

Mode of Premium Payment

Single, Monthly, Quarterly, Half-Yearly, and Yearly,

Premium Payment Term

Single pay, regular pay, 5 pay, 10pay & 15 pay.

Premium Calculation

Below mentioned nodal factors are applied for calculating annualized premium.

Mode of payment of Premium

Modal Factor

Yearly

1

Half Yearly

0.5108

Quarterly

0.2582

Monthly

0.0867

Premium Savings

  • Premium in the case of female lives up to the age of 21 years is the same as the Premium for male life at the age of 18.
  • The Premium for age above 22 years is the same as the Premium for male life at a setback for three years.

If the policy Lapses

Premium Payment

Options

Policy Lapse

Single Pay

Option1: Life Cover

Not applicable on Policy Lapse

Option 2: Life Cover with Return of Premium

Regular Pay

Option1: Life Cover

If due premiums are not made within the first two years within the grace period, the policy will lapse.

Option 2: Life Cover with Return of Premium

Same as above

5 Pay

Option1: Life Cover

Same as above

Option 2: Life Cover with Return of Premium

Same as above

10 Pay and 15 Pay

Option1: Life Cover

Same as above

 

Option 2: Life Cover with Return of Premium

Same as above

Benefits Offered by SUD Life Abhay

Death Benefits

The nominee will be paid with the death benefits in case of the death of the life insured. The SUD Life Abhay policy will be terminated once the death benefits are paid.

 For regular pay of 5, 10, and 15, Sum Assured on death will be the highest of:

  • 10 X Annualized Premium
  • 105% of the Total Premium.
  • Guaranteed Maturity Benefits
  • Assured Absolute Amount to be paid at the time of death.

For single pay, it will be the highest of

  • 125% of the Premium
    • Guaranteed Maturity Benefit
    • Sum Assured on death

The plan has three options for the payment of the death benefits.

  • The Death Benefit will be paid as a lump sum.
  • 1% of the Death Benefit will be paid as monthly income for 125 months, starting from the next policy anniversary date after the date of death.
  • 50% of the Death Benefit will be paid as a lump sum, and 0.50% of the death payment will be paid as monthly income for 125 months.

Survival Benefits

 On survival of the life insured until the end of the policy term, total premiums paid will be returned to the life insured along with rider premiums, if any.

 Tax Benefits

 As per Section 80C and Section 10(10D) under the Income Tax Act 1961, applicable benefits over taxes will be paid.

“Tax benefit is subject to changes in tax laws. Standard T&C apply.”

 Rider Benefits

  • Additional riders for accidental deaths or total and permanent disability are available on extra Premium in theSUD Life Abhayterm plan.
  • 100% of the Rider Sum Assured will be paid on the accidental death of the life insured.
  • In case of total and permanent disability, 10% of the rider sum assured will be paid in each of the 10 half-yearly installments.

Premium Illustration 

The Premium of the plan depends on the age, gender, smoker status, chosen sum assured, mode of payment of Premium, plan option, policy term of the life assured. SUD Life Abhay has the flexibility of choosing the Premium paying terms with the policy term. An example illustrates the plan chosen by a person and the benefits he received.

At the age of 40, Mohit chose the Sud Life Abhay plan with an assured sum of Rs. 1 crore. The policy term chosen was 30 years with regular pay.

1. Life cover option chosen illustrates an annual premium of Rs. 23,364.

First case 

Supposedly, Mohit dies at the 19th policy year; the death benefits will be paid to the nominee:

  • As a lump sum: The insurance company pays Rs. 1 crore to the nominee and terminates the policy.
  • Monthly income- The insurance company pays Rs. 1 lac monthly to the nominee for 125 months.
  • Lump-sum and Monthly income: The insurance company pays Rs. 50 lacs as a lump sum to the nominee and pays Rs 50,000 every month for the next 125 months.

Second case

Supposedly Mohit survives till the end of the policy 

  • No life cover will be paid to the life insured.

2. Life cover option with a return of premium option- an annual premium of Rs. 48,028

First case 

Supposedly, Mohit dies at the 19th policy year; the death benefits will be paid to the nominee, as shown in option 1.

Second case

Supposedly Mohit survives till the end of the policy 

  • The Insurance company will pay 14,40,840 to the life insured as the maturity benefit of the policy.

*The Premium shown above is for Non-smoker and exclusive of taxes.

Additional Riders

SUD Life Abhayprovides the following additional riders with the policy.

Accidental Death Benefit Rider

  • The benefits will be paid to the nominee in case of death of the life insured due to accidental death.
  • The nominee will be paid with 100% of the rider sum assured.
  • The policy should be in force on the date of death and will be terminated once the benefits are paid.

Total and Permanent disability

  • The rider benefits will be paid if the life insured is diagnosed with a total and permanent disability during the policy term.
  • The rider benefit will be paid in 10 equal half-yearly installments. 
  • 10% of the rider sum assured will be paid as installments.
  • The policy should be in force on the event's date and will be terminated once the benefits are paid.

Documents Required to Buy SUD Life Abhay

  • Photo Identity Proof.
  • Age Proof
  • Address Proof
  • Income Proof
  • Photographs
  • Medical Reports
  • Application Form

How to Buy SUD Life Abhay online?

  • The applicant must decide on the life coverage needed by them and choose SUD Life Abhay's required option, i.e., "Life cover" or "Life cover with the return of payment."
  • The payout options have to be decided, i.e., "Lump sum," "Monthly," or both.
  • Selection of the amount of sum assured to be available for the applicant’s family.
  • The applicant has to visit the official website of the insurer and fill in the required details.
  • Details of the life insured, proposer details and product details are to be filled in.
  • The benefit option, payout option, and if additional riders are required has to be filled in the online form.
  • It will generate the BI.
  • Purchase the plan online.

Exclusions

Suicide

  • If a suicidal case occurs within twelve months from the date of commencement of risk, the nominee, policyholder, or beneficiary will be benefited with an amount greater than 80% of the total premiums paid
  • The policy should be in force during the date of suicide.

FAQs

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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