SUD Life Aadarsh Plan

Death Benefit

The death benefit is payable if the life insured dies during the term of the policy provided the policy is premium paying.The death benefit payable to the nominee is equal to the death sum assured under the policy.Death Sum Assured is defined as the higher of 10 times the Annualized Premium  OR 105% of all the premiums paid as on date of death of the Life Assured, OR Guaranteed Maturity Benefit (i.e. Basic Sum Assured), OR  Absolute amount assured to be paid on death (i.e. Basic Sum Assured).

In the event of Accidental Death, the nominee will receive the benefit equal to twice the Death Sum Assured will be paid as a lump sum to the Nominee and the policy terminates.

Maturity Benefit

On survival of the Life Assured till the end of the Policy Term, life insured will get Guaranteed Maturity Benefit which is equal to the Basic Sum Assured.

Bonus

No bonus is payable under this plan.

Loan Benefit

The loan can be availed for up to 70% of the Surrender Value at the applicable interest rate levied.

Surrender Value

The Surrender Value payable will be higher of “Guaranteed Surrender Value (GSV)” and “Special Surrender Value (SSV)”.

Tax Benefit

Plan offers tax benefits under section 80C  and section 10 (10D) of the Income Tax Act,1961.

Inbuilt Accidental death benefit rider is there in the plan but no additional riders are available with this plan.

To understand the benefits, let us illustrate Mr. Sanjay’s case who is age 35 years healthy male and wants a short term investment plan which also enhances his life cover. Hence, Mr. Sanjay opts for SUD Life AADARSH with a Basic Sum Assured of ` 3 Lacs and pays ` 46,741 p.a. for 5 years, policy term 10 years.