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Top Features About SUD Life Child Plan

Updated on June 16, 2021 , 687 views

Are you worried about your child’s future? Heavy expenses like education, career and marriage are already seeming overwhelming? Are you looking for an assured way to ensure your child remains unaffected even if you are not around? Then you are at the right place! Here’s something you must know about Star Union Dai-ichi Life Insurance Company, which comes with the right plans for you — SUD Life Aashirwaad and SUD Life Bright Child Plan. These two insurance plans cover maximum benefits to ensure your child is protected with all major expenses.

SUD Life Child Plan

Star Union Dai-ichi Life Insurance Company is a joint venture between Bank of India, Union Bank of India and Dai-ichi Life. Both BOI and Union Bank of India are leading Indian banks whereas Dai-ichi Life is the second-largest insurance company of Japan and is among the top 10 global insurers.

1. SUD Life Aashirwaad

SUD Life Aashirwaad is a non-linked non-participating Endowment Plan with an in-built waiver of premium. This plan is designed to help you help your kid get every need met.

Features

1. Maturity Benefit

SUD life insurance policy status on maturity allows you to receive the fund amount in a lump sum or a series of payments with this plan.

2. Basic Sum Assured

With SUD Life Child Plan, the basic sum assured is Rs. 4 lakhs and maximum basic sum assured is Rs. 100 crores (subject to Board approved underwriting policy). The basic sum assured should be in multiples of Rs. 1000. Moreover, guaranteed additions of 4% of the basic sum assured multiplied by the policy term will be paid to you in a lump sum on the end of the policy term.

3. Death Benefit

In the case of the death of the policyholder, the company will provide financial assistance with Star Union Dai-ichi policy fund value. The death sum assured will be paid out immediately to the beneficiary to ensure that no financial need is neglected. Furthermore, the death sum assured is 10 times the annualised premium or 105% of total premiums paid as on the date of the life assured or guaranteed maturity benefit.

4. Lumpsum Payment

SUD life insurance claim status is impacted in various ways. If you want to receive the future outstanding benefits in the form of lumpsum benefit at any point during the payout period, the discounted value of the remaining outstanding benefits will be made available to you and the policy will be terminated.

5. Tax Benefits

As per the current tax laws, you can avail benefits under Section 80C and Section 10(10D) of the income tax Act, 1961 with SUD Life Insurance Plan. The benefits would be dependent on the prevailing tax laws that are subject to change from time to time.

6. Loan

You can get a loan up to 50% of Surrender Value.

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Eligibility Criteria

The eligibility criteria for the plan is mentioned below.

Look carefully at maturity age and sum assured.

Details Description
Entry Age Minimum 18 years
Entry Age Maximum 50 years
Maturity Age 70 years
Basic Sum Assured Rs. 4 lakhs
Premium Payment Modes Monthly, Quarterly, Half-yearly, Yearly
Policy Terms 10 to 20 years

2. SUD Life Bright Child Plan

SUD Life Bright Child Plan is for all those parents who want to lavishly spend on their child’s education and marriage. Check the details below:

Features

1. Plan Options

You can choose from between Career Endowment and Wedding Endowment with SUD Life Child Plan.

Career Endowment- This option allows you to prepare for your child’s educational milestones. You can cover your graduation expenditure and tuition support to prepare for entrance exams for post-graduation courses at age 18. Support to start your own business or pursue higher studies at age 24.

Wedding Endowment: You can fund your child’s dream wedding with this option.

2. Death Benefits

In the case of death, the company will pay the death benefit immediately to the nominee and all future premiums. The death benefit is highest of or 10 times the Annual Premium OR 105% of all the premium paid as on date of death.

3. Discounts

You are eligible to receive discounts if the sum assured is Rs. 6 lakhs and above with SUD Life Child Plan.

4. Tax Benefits

As per the current tax laws, you can avail benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961 with this plan. The benefits would be dependent on the prevailing tax laws that are subject to change from time to time.

Eligibility Criteria

The eligibility criteria for the plan is mentioned below.

Look carefully at maturity age and sum assured.

Details Description
Entry Age Minimum- 0 Years, Maximum- 8 years (for Premium Payment up to child age 18) Maximum- 7 years (for premium payment term of 10 years).
Age of the Life Assured at Entry Minimum- 19 years, Maximum- 45 years
Minimum Age Difference between Life Assured and Child 19 years
Age of the Child at Maturity 24 years as on last policy anniversary
Maximum Age of the Life Assured at Maturit 69 years as on last policy anniversary
Policy Term Minimum- 16 years and Maximum is 24 years
Basic Sum Assured Minimum- Rs. 5,00,000 and Maximum- Rs. 5,00,00,000
Premium Payment Modes Annual, Half Yearly, Quarterly or Monthly Modes

Grace Period

If you have missed out on paying a premium, you will be given a 30 day grace period from the date of the unpaid premium for half-yearly payment and 15 days for monthly mode. If you have not paid the first three years’ full premium within the grace period, the policy will Lapse.

SUD Life Customer Portal Care Number

You can contact them on 022-71966200 (charges apply), 1800 266 8833 (Toll-Free)

You can also mail them at customercare@sudlife.in

Conclusion

If you want to secure your child’s education, career and marriage plans, go ahead and choose the SUD life child plan. Read all policy-related documents carefully before applying.

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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