SUD Life Term Insurance Plan
SUD Life ie Star Union Dai-ichi Life Insurance (SUD Life) Company was incorporated in India in 2009. It is one of the well-known insurance companies providing insurance products in India. It has been launched as a joint venture between Bank of India, Union Bank of India and Dai-Ichi Life Holdings, a recognized life insurance company based in Japan.
A variety of insurance products are offered by SUD Life keeping in mind the needs of the Indian people. Term insurance plan is also one of them. In this plan you get all the features of a term plan. If there is an accidental death of the life assured during the policy term, then the nominee is provided with an amount as insurance benefit by the insurance company.
In SUD Life Term Insurance Plan , you get the option to increase your coverage through riders. Along with this, you also get the option of return of premium. Under this, you can also take advantage of tax benefits.
Features Of SUD Life Term Insurance Plan
The features of SUD Life Term Insurance Plan are as follows-
- Term insurance plan coverage is offered by SUD Life at affordable premiums.
- In this you get different types of options for premium payment.
- In this you also get the option of return of premium paid ( Term Plan with Return of Premium ).
- In this, you get the option of increasing your term coverage by adding riders. Through this, you can also get the benefit of tax benefit under the Indian Income Tax Law.
Benefits Of SUD Life Term Insurance Plan
The benefits of SUD Life Term Insurance Plan are as follows-
- High Coverage:
SUD Life Term Insurance Plan offers you the maximum term insurance coverage at the lowest premium. If the life assured dies during the policy term then the death benefit is provided to the nominee by the life assured. In this, you can get up to one crore rupees as the maximum death benefit. In this, you can get the benefit of term insurance coverage for up to 40 years.
- Premium Payment Options:
In SUD life term insurance plan, you get multiple options in terms of premium payment options. In this, you get the option of monthly, quarterly, half-yearly and annual premium payment. As a single premium facility, you get the option to pay your premiums in 5/10/15 years.
- Return of Premiums:
Usually, you are not provided with any kind of maturity benefit in a term insurance plan. But in SUD life term insurance plan you also get the option of refund of premiums paid by you after the end of the policy term.
- Riders:
You can enhance the coverage of your term plan as per your requirement by adding riders to the SUD life term insurance plan. You have to pay some additional premium for adding a rider. In this you get the option to add the following riders-
- Accidental Death And Total & Permanent Disability Benefit Rider,
- Family Income Benefit Rider,
- COVID – 19 Benefit Rider .
- Tax Benefits:
AAP SUD life term insurance plan also offers you tax benefits. You are eligible for tax benefits under Section 80C of the Income Tax Act, 1961 on the premiums paid and under Section 10 (10D) of the Income Tax Act, 1961 on the death benefit received.
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SUD Life Term Insurance Plan
Following are the term insurance plans offered by SUD Life:
- SUD Life Protect Shield
- You get the option of return of premium in this term insurance plan.
- In this, you are provided with the benefit of critical illness benefit. You can get cover against 40 critical illnesses in this.
- In this, you get the option of adding SUD Life Accidental Death and Total Permanent Disability Benefit riders.
- To avail the SUD Life Protect Shield plan, the minimum age should be 18 years and the maximum age should be 55 years.
- The maturity age of SUD Life Protect Shield plan is minimum 33 years and maximum 80 years.
2. SUD Life Saral Jeevan Bima
- In this, on the death of the life assured, a lump sum death benefit is provided to the nominee.
- In case of death, the minimum sum assured is Rs 5 lakh and the maximum sum assured is Rs 25 lakh.
- The policy term of this plan ranges from 5 years to 40 years.
- To buy this plan, the minimum age should be 18 years and the maximum age should be 65 years.
- The maximum maturity age of this insurance plan is 70 years.
- In this, you get Single Pay, Regular Pay, 5 & 10 Pay etc. options as premium payment.
- In this you are also provided with tax benefits.
3. Star Union Dai-ichi Abhay Term Insurance Plan
1. Coverage up to 40 years
2. Maximum life cover Rs. 100 crores
3. Policy Term
- Minimum- 15 Years
- Maximum- 40 Years
- Premium Paying Term
- single premium
- regular premium
- Limited Premium Payment 5/10/15
- Sum Assured
- Minimum- 50 lakhs
- Maximum – 100 crores
- Entry Age
- Minimum- 18 Years
- Maximum- 65 years
- Maturity Age
- Maximum- 80 Years
SUD Life Term Insurance Plan Eligibility
Eligibility for SUD Life Term Insurance Plan is as follows-
- Minimum age should be 18.
- Maximum age should be 65 years.
- medical report.
Documents Required For SUD Life Term Insurance Plan
The documents required for SUD Life Term Insurance Plan are as follows-
- application
- medical report
- color photo
- identity proof
- Accommodation quantity
- age proof
- Income ratio
SUD Life Term Insurance Plan Premium
In SUD Life Term Insurance Plan, you get multiple options for premium payment of your term plan. You can choose to pay the premium for SUD Life Term Insurance Plan as monthly, quarterly, half-yearly, annually or as a single pay.
You have to pay your premium on time. Your SUD life term insurance plan lapses if you stop paying your premiums.
How To Buy SUD Life Term Insurance Plan?
You can easily buy SUD Life Term Insurance Plan online from the comfort of your home. For this, you have to go to the term plan section by visiting the official website of SUD Life.
In the term plan section, you need to select the SUD life term insurance plan of your choice. As soon as you click on your desired SUD life term insurance plan, you will also see the option to buy there.
Thus you can easily buy your SUD life term insurance plan through the online medium.