SUD Life
JEEVAN ASHRAY
A Non-Linked Non-Participating Endowment Assurance Plan
UIN-142N044V02
SUD LIFE JEEVAN ASHRAY
A Non-Linked Non-Participating Endowment Assurance Plan
You future is all about how you plan today. Small savings done today can help you in
giving shapes to your future dreams, even if any uncertainties come on your way.
Now with SUD Life Jeevan Ashray save money regularly to get peace of mind and a
secured financial future for you and your loved ones.
What is SUD Life Jeevan Ashray
SUD Life Jeevan Ashray is a savings-cum-Protection plan that aims to provide
secured growth to your savings and comprehensive financial protection to your
family from the risk of your unfortunate death.
Why should you take this Plan?
Assured Benefit Protection Suits every Income Tax
for your family of for your pocket Benefits
up to 120% of family With premium on the premiums
Basic Sum Assured* as low as ` 9,144 paid and benefits
#
on maturity per annum received
*for term 20
#
for age 8, term 20, Basic sum assured – ` 2,00,000, regular premium
(excluding tax)
What are the benefits under this Plan?
Assured Benefit on Maturity:
Maturity Benefit: On survival of the life assured to the end of the policy term
provided the policy is kept in-force and all due premiums are paid, you will receive
the Guaranteed Maturity Benefit mentioned below:
Policy Term Guaranteed Maturity Benefit
15 Years 115% of Basic Sum Assured
20 Years 120% of Basic Sum Assured
Protection for your family:
Death Benefit@: In the unfortunate demise of the life assured during the policy term
while the policy is in force, we will pay your nominee/beneficiary Death Sum
Assured. Your policy will be terminated after payment of the death benefit and no
further benefits will be paid.
The Death Sum Assured will be the highest of:
§ 10 times of the Annualized Premium&, or
§ 105% of all the premiums paid (excluding GST (Goods & Services Tax) and extra
premium, if any) as on the date of death of the Life Assured, or
§ Guaranteed Maturity Benefit, or
§ Absolute amount assured to be paid on death
Kindly note that absolute amount assured to be paid on death and Guaranteed
Maturity Benefit are the same
@
Any outstanding premiums and unpaid premiums, falling due during the policy year in which
death occurs will be recovered from the Death Benefit
&
Annualized Premium for the purpose of death sum assured refers to premium payable in a year
excluding any extra premium, GST (Goods & Services Tax) and loading for modal factors, if any
How does the plan work?
§ Choose the Basic Sum Assured as per your needs – the corpus you would
receive in case of death or maturity is linked to the Basic Sum Assured
§ Choose the Policy Term – this is the period for which you will be covered
§ Choose the Premium Payment Term – you have the option to pay your
premiums throughout the policy term or for a limited period of 10 years or 15
years through yearly or half-yearly or quarterly or monthly modes
§ The eligibility criteria are provided below in the 'Eligibility and Limits' section for
your reference
§ The premium amount will be based on the Basic Sum Assured, Policy Term,
Premium Payment term, and age of the life assured
§ To enjoy the full benefits of your plan, all you have to do is to pay the premiums
throughout the premium payment term
§ In case of death of the life assured during the policy term, the nominee/
beneficiary will receive the death benefit as defined above in the section on
'Death Benefit'
§ On survival to the end of the policy term, you will receive the maturity benefit as
defined above in the section on 'Maturity Benefit’
Benefits explained with an example#:
Mohit, aged 30, has opted for a Basic Sum Assured of ` 200,000 and a term of 20
years. He decides to pay regular premiums through annual mode. He has to pay
` 9,290 p.a. for 20 years. He will receive maturity benefit of ` 240,000 after 20 years.
In case of Mohit's unfortunate demise during the policy term, his family will get
guaranteed Death Sum Assured of ` 240,000 exclusive of extra premium and
service tax.
#
In preparing this benefit illustration, it is assumed that the life assured is a healthy individual. The
premium mentioned in this illustration is exclusive of GST (Goods & Services Tax) and education
cess, which are payable in addition. All benefits mentioned in this illustration will be paid as
defined earlier in this brochure under the section on 'Death Benefit' and 'Maturity Benefit' . The
policy is sold through an intermediary of SUD Life.
What are the eligibility and plan limits?
Simply make sure you meet the age criteria as mentioned below. You will have to
choose a suitable Basic Sum Assured as per the limits mentioned below:
Age at Entry Minimum: 8 years (last birthday)
Maximum: 40 years (last birthday) – For Regular Pay
50 years (last birthday) – For 10 years Limited Pay
and 15 years Limited Pay
Age at Maturity Maximum: 70 years (last birthday)
Premium Regular Pay – pay premiums regularly
Payment Term throughout the policy term
10-Years Limited Pay – pay premiums regularly
for a fixed period of 10 years
15-Years Limited Pay – pay premiums regularly
for a fixed period of 15 years
Policy Term Regular Pay & 10 years Limited Pay
– Fixed Policy Term of 15 and 20 years
15 years Limited Pay – Fixed Policy Term of 20 years
Basic Sum Assured Minimum: ` 200,000 • Maximum: ` 50 lakhs
Basic Sum Assured should be in multiple of 1000.
Premium Annual, Half Yearly, Quarterly or Monthly Modes
Payment Modes (for Monthly Mode, through ECS/SI only)
TERMS & CONDITIONS
Modal Factor:
Based on the premium payment frequency chosen by you, the Annual Premium
payable will be multiplied by the modal factors given below:
Modal factors
1 0.5125 0.2625 0.0885
Yearly Half-yearly Quarterly Monthly
Premium payment mode
Policy Loan:
You may avail a loan on the policy from us, provided your policy has acquired
surrender value, by assigning the policy document as a collateral security. The
loan can be availed up to 80% of Surrender Value. At any point in time, if the loan
outstanding along with accumulated interest under the Reduced Paid Up Policy
exceeds the applicable Surrender Value, the Policy will be foreclosed
immediately and no benefits will be payable. However, In-Force and Fully Paid
polices will not be foreclosed on account of loan balance exceeding the
surrender value.
Grace Period:
In case you have missed paying your premium by the due date, we will allow a
grace period of 30 days from the date of the first unpaid premium, for annual,
half-yearly and quarterly modes. The grace period will be 15 days in case of
monthly mode.
In case of death during the grace period, your policy will be in force and death
benefit after deducting the due and all premiums falling due during the policy
year of death will be paid as defined earlier in this brochure under the section
'Death Benefit'.
Lapse:
If you have not paid the due premiums within the grace period for the first three
full years, the policy will become lapsed. The life cover ceases and no benefits
are payable under the lapsed policy.
Policy Revival/Reinstatement:
You can revive your lapsed policy or reinstate your reduced paid-up policy by
sending us a revival/reinstatement request within two years from the due date of
first unpaid premium.
You will need to pay the unpaid premiums, with interest applicable at the time of
payment and produce proof of continued insurability and medical evidence to
the Company's satisfaction (as per the board approved underwriting rules
applicable at that time). You have to bear the cost of medical examination
required, if any.
The Company reserves the right to accept or reject the revival/reinstatement of
the lapsed/reduced paid-up policy as per the board approved underwriting
guidelines.
Once revived/reinstated, all benefits under the policy will be restored to original
levels (i.e. level of benefits payable/paid as if the policy is in-force).
Reduced Paid-up Insurance:
If you have paid the due premiums due under this policy for at least first three full
years and subsequent premiums are not paid, then your policy will acquire
Reduced Paid-Up status. Benefits for Reduced Paid-up policy are as defined
below:
Death Benefit for Reduced Paid-up Policy:
In case of death of the Life Assured during the policy term, the Paid-Up Sum
Assured on death (as defined below) will be payable immediately.
Total number of premiums paid
X Death Sum Assured
Total number of premiums payable
Maturity Benefit for Reduced Paid-up Policy:
Upon survival to the end of the policy term, the Paid-Up Sum Assured on
maturity (as defined below) will be payable immediately.
Total number of premiums paid
X Guaranteed Maturity Benefit
Total number of premiums payable
Policy Surrender:
If you have paid all premiums for at least first three consecutive full years, your
policy will acquire a surrender value. Surrender Value payable would be higher of
“Guaranteed Surrender Value” and “Special Surrender Value”. Once Surrender
Value is paid, your policy will be terminated and no further benefits will be paid
under the policy.
Guaranteed Surrender Value:
The Guaranteed Surrender Value (GSV) is defined as the GSV Factor multiplied
by the total premiums paid (excluding GST (Goods & Services Tax) and extra
premiums, if any) till the date of surrender.
The Guaranteed Surrender Value Factors at sample Policy Years of surrender
and sample Policy Terms are furnished in the table below.
Policy Term 15 years 20 years
Policy Year of Surrender GSV Factor
1 0% 0%
2 0% 0%
3 30% 30%
4 to 7 50% 50%
10 65% 59%
15 90% 75%
20 N.A 90%
N.A – Not Applicable
Special Surrender Value:
Special Surrender Value is calculated as
Total number of premiums paid
X Basic Sum Assured X SSV Factors
Total number of premiums payable
Special Surrender Value (SSV) Factors are derived according to the basis and
method in use from time to time and may be amended by the Company from
time to time with prior approval of the IRDA.
Surrender of Reduced Paid-Up Policy
On surrender of Reduced Paid-up policy, the Higher of Guaranteed Surrender
Value or Special Surrender Value will be paid and contract gets terminated. The
Guaranteed Surrender Value is equal to the GSV Factor mentioned above
multiplied by the total premiums paid (excluding GST (Goods & Services Tax)
and extra premium, if any) till date of surrender.
Suicide Clause:
In the event the Life Assured commits Suicide, whether sane or insane at that
time, within twelve months from the date of inception of Policy, the insurance
cover shall be void and the nominee or beneficiary of the policyholder shall be
entitled to 80% of the premiums paid (excluding extra premiums and taxes) till
the date of death of the Life Assured, provided the policy is in force.
In the event the Life Assured commits Suicide, whether sane or insane at that
time, within twelve months from the date of the last reinstatement/revival of the
policy, the insurance cover shall be void and the nominee or beneficiary of the
policyholder shall be entitled to an amount which is higher of 80% of the
premiums paid (excluding extra premiums and taxes) till the date of death or the
surrender value, (higher of Guaranteed Surrender Value and Special Surrender
Value) if any, as available on the date of death, provided the policy is in force.
Termination of Policy:
The Policy will terminate on occurrence of the earliest of the following events.
I. On death of the life assured. (i.e upon payment of death benefit)
II. On surrender of the policy. (i.e upon payment of applicable surrender value
benefit)
III. On policy being lapsed by non-payment of first three full years' premium and
not revived within the Revival period.
IV. On maturity of the policy. (i.e. upon payment of maturity benefit).
Free Look Period:
If you are not satisfied with the terms and conditions of the policy, you may
return the policy within the free look period by stating the reasons for your
objections. The free look period is 15 days from the date of receipt of the policy
document, (30 days if your policy is purchased through distance marketing^).
You will be entitled to a refund of the amount of premium received by us
excluding expenses incurred by us on the policy (i.e. stamp duty, medical
expenses if any, proportionate risk premium including extra risk premium for the
period of cover). All your rights under this Policy shall immediately stand
extinguished at the cancellation of the Policy.
^ Distance marketing includes every activity of solicitation (including lead generation) and sale of
insurance products through the following modes: (i) Voice mode, which includes telephone-
calling (ii) Short Messaging service (SMS) (iii) Electronic mode which includes e-mail and
interactive television (DTH) (iv) Physical mode which includes direct postal mail and newspaper &
magazine inserts and (v) Solicitation through any means of communication other than in person.
Nomination and Assignment:
Nomination (as per Section 39 of the Insurance Act 1938, as amended from time
to time) and Assignment (as per Section 38 of the Insurance Act 1938, as
amended from time to time) is allowed under this plan.
PROHIBITION OF REBATES
Section 41 of the Insurance Act, 1938 amended by Insurance Laws
(Amendments) Act 2015:
"(1) No person shall allow or offer to allow, either directly or indirectly, as an
inducement to any person to take out or renew or continue an insurance in
respect of any kind of risk relating to lives or property in India, any rebate of the
whole or part of the commission payable or any rebate of the premium shown on
the policy, nor shall any person taking out or renewing or continuing a policy
accept any rebate, except such rebate as may be allowed in accordance with
the published prospectus or tables of the insurer:
(2) Any person making default in complying with the provisions of this section
shall be punishable with fine which may extend to ten lakh rupees.”
Income Tax Benefits:
As per the current laws, income tax benefits are available under Section 80C and
Section 10(10D) of Income Tax Act, 1961 which are subject to change in tax laws
from time to time. Benefits would be applicable as per the prevailing laws.
Please consult your tax advisor.
GST (Goods & Services Tax):
GST (Goods & Services Tax) and any charges levied by the government in future
shall be levied as per the prevailing tax laws and/or any other laws.
Star Union Dai-ichi Life Insurance Company Limited is the name of the
Insurance Company and 'SUD Life Jeevan Ashray' is the name of this plan.
Neither the name of the insurance company nor the name of the plan in
anyway indicates the quality of the plan, its future prospects or returns.
SUD Life Jeevan Ashray (UIN: 142N044V012)
SUD-BR-10/15/17
Registered Office: 11th Floor, Vishwaroop IT Park, Plot No. 34, 35 & 38,
Sector 30A of IIP, Vashi, Navi Mumbai – 400 703.
Toll Free No: 1800 266 8833
Call: +91 22 3954 6300 {Charges apply, Timing: 8:00 am to 8:00 pm (Mon – Sat)}
Email: customercare@sudlife.in • www.sudlife.in
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS
IRDAI clarifies to public that:
• IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial
products nor invest premiums.
• IRDAI does not announce any bonus.
• Public receiving such phone calls are requested to lodge a police complaint along with details of
phone call, number.
IRDAI Regn. No. 142. CIN: U66010MH2007PLC174472.
Trade logo displayed belongs to M/s Bank of India, M/s Union Bank of India and M/s Dai-ichi Life
Insurance Company and is being used by Star Union Dai-ichi Life Insurance Co. Ltd. under
license. Participation by the Bank’s customers in Insurance Business shall be purely on a voluntary
basis. It is strictly on a non-risk participation basis from the Bank.
