SUD Life Elite Assure Plan

What is the Plan all About?

SUD Life's Elite Assure Plan is a Non-Linked Non-Participating Life Insurance plan which offers death and survival benefits and also allows you to choose how much to receive as supplementary income and for how long.

The plan offers 2 plan variants:

1. 5-5-5 Plan - Pay premiums for 5 years (Your money accumulates for another 5 years Receive payouts in the next 5 years)

2. 7-7-7 Plan - Pay premiums for 7 years (Your money accumulates for another 7 years Receive payouts in the next 7 years)

What are the Key Features?

Flexibility to choose your future income
Assured benefits like monthly benefit and annual income
Get lump sum at the end of the policy term
Financial stability and protection to your family
Income Tax rebate u/s 80C and 10 (10D) of Income tax Act, 1961

What are the Plan Benefits?

Death Benefit

In the event of death of the life insured during the policy term, nominees will receive Death Sum Assured immediately under the policy, without deducting the monthly or annual income already paid, if any. The policy will be terminated and no further benefits will be paid.

Death Sum Assured is highest of 10 times of Annual Premium OR 105% of all the premium (excluding taxes and extra premiums, if any) paid as on date of death, OR Minimum Guaranteed Maturity Benefit, OR absolute amount assured to be paid on death (11 times the Annual Premium rounded up to the next ` 1000), where, Annual Premium refers to premium payable in a year excluding any extra premium, service tax and loading for modal factors, if any.

Survival Benefit

You will receive three types of payouts, during the payout period (last 5 policy years for Plan Option '5-5-5' and last 7 policy years for Plan Option '7-7-7') on survival:

Monthly Income: As chosen by you Paid at the beginning of every policy month
Annual Income: 5 times the monthly income Paid at the end of every policy year, except at the end of the policy term
Guaranteed Maturity Benefit: 40 times the monthly income for Plan Option '5-5-5’ 60 times the monthly income for Plan Option 7-7-7’

Bonus

This plan is a non participating endowment plan which does not get any bonus.

Loan Benefit

The Policy loan is not available against this plan.

Surrender Value

The Surrender Value payable will be higher of “Guaranteed Surrender Value (GSV)” and “Special Surrender Value (SSV)”. If you have paid all premiums for at least 2 consecutive full years, then only the policy will acquire a surrender value.

Tax Benefit

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

Who can Buy the Plan?

Factor	Minimum	Maximum
Age (as on last birthday)	20 Years	50 Years
Age at Maturity	35 Years	71 Years
Policy Tenure	15 Years	21 Years
Premium Paying Term	5 Pay And 7 Pay	-
Premium Paying Mode	Annually,Semi Annually,Quarterly And Monthly	-
Premium Amount	-	-
Sum Assured	11 X Annual Premium	-
Freelook Period	15 Days/ 30 Days (for Distance Marketing Channel) From The Receipt Of The Policy	-
Grace Period	30 Days & 15 Days (for Monthly Mode)	-
Plan Type	Offline	-

Is any Rider Available with this Plan?

The following riders are available with this product:

SUD Life Accidental Death and Total & Permanent Disability Benefit Rider
SUD Life Family Income Benefit Rider

How the Plan Works?

Mohit, aged 30, has opted for Plan 5-5-5 and has chosen a monthly income of ` 10,000 per month. He has to pay annual premium of ` 1,49,730 for the premium payment term of 5 years. His money accumulates during the deferment period of 5 years, and he starts receiving the income benefits after the deferment period. He will receive income benefits of ` 12,00,000 during the payout period of 5 years, as below:

SUD Life Elite Assure Plan