SUD Life Wealth Builder Plan
SUD Life Wealth Builder Plan is an investment plan that also provides you with the benefits of a life insurance cover. It is a one-time investment opportunity as the premium needs to be paid only once for the entire policy term. The policy term can be chosen from the range of 5 to 30 years. The plan offers 6 different fund options to match the investment styles and risk appetites of different investors. The plan also provides the flexibility to switch between these funds to help you establish more control over your investments.
Under the plan, partial withdrawals can be made after the completion of a lock-in period of 5 years to meet any urgent financial requirements. You can also choose to invest your surplus earnings in the provided fund options to maximise your returns using the plan’s top-up premium option.
Best Features of SUD Life Wealth Builder Plan
The best features of SUD Life Wealth Builder Plan are as follows -
- Fund Options- The plan offers 6 different fund options namely Blue Chip Equity Fund, Growth Plus Fund, Balanced Plus Fund, Income Fund, Mid Cap Fund, and Gilt Fund, featuring varying debt-equity allocations.
- Fund Switching- The plan allows you to switch the fund options once free of charge during a policy term. Each additional fund switch costs INR 100.
- Partial Withdrawals- Partial withdrawals can be made after the end of the lock-in period of the first 5 years to meet unanticipated financial requirements. Only 1 partial withdrawal is allowed during a policy without any extra cost. All subsequent partial withdrawals attract a charge of INR 100.
- Top-up Option- The investor has the option to invest additional money as top-up premiums to grow their wealth.
- One-time Investment- The premium for the SUD Life Wealth Builder Plan is payable as a single payment for the entire policy term, subject to a minimum of INR 1 Lakh.
- Flexible Settlement Payout Options- The death benefit payout can be in the form of yearly, half-yearly, quarterly, or monthly installments.
Benefits of SUD Life Wealth Builder Plan
SUD Life Wealth Builder Plan offers the following benefits to its investors:
- Death Benefit
In case of the untimely demise of the life assured during the policy term, the highest of the following is payable to the nominee as the death benefit-
- Total sum assured and top-up sum assured
- Total Fund value and top-up fund value
- 105% of all the premiums paid including top-up premiums
The death benefit as sum assured will be payable to the nominee after deducting partial withdrawals made during the 2 years preceding the death of the life assured.
- Maturity Benefit
In case the life assured survives till the date of maturity of the policy, the fund value and top-up fund value will be payable to the life assured as the maturity benefit. After the payment of the maturity benefit, the policy gets terminated and no further benefits remain in arrears.
SUD Life Wealth Builder Plan Eligibility
Following are the eligibility conditions to become an investor under SUD Life Wealth Builder Plan:
| Eligibility Criteria For SUD Life Wealth Builder Plan | |
| Minimum Age at Entry | 8 Years |
| Maximum Age at Entry | 60 Years |
| Minimum Age at Maturity | 18 Years |
| Maximum Age at Maturity | 70 Years |
| Policy Term | 5-30 Years |
| Premium Payment Term (PPT) | Single Payment |
| Minimum Premium Amount | Base Plan Premium - INR 1 Lakh Top-up Plan Premium - INR 5,000 |
| Maximum Premium Amount | Base Plan Premium - INR 100 Crore Top-up Plan Premium - INR 100 Crore |
| Minimum Sum Assured | 125% of Single Premium |
| Maximum Sum Assured | Entry Age Maximum Sum Assured as Multiple of Single Premium 8 to 30 years 4.00 31 to 35 years 3.00 36 to 45 years 2.00 46 to 50 years 1.75 51 to 55 years 1.50 56 to 60 years 1.25 |
Top-up Sum Assured | 125% of the Top-up premium |
SUD Life Wealth Builder Plan Fund Options
You can choose to invest your hard-earned money in the following fund options -
| Fund Name | Asset Category | Risk and Return Rating | |||
| Equity, Preference Shares and Convertible Debentures | Debt Instruments | Money Market Instruments | Mutual Fund & Fixed Deposit | ||
| Blue-chip Equity Fund | 70-100% | 0% | 0%-30% | 0%-30% | High Risk |
| Growth Plus Fund | 40%-100% | 0%-60% | 0%-30% | 0%-30% | Medium to High Risk |
| Balanced Plus Fund | 0%-60% | 40%-100% | 0%-30% | 0%-30% | Low to Medium Risk |
| Income Fund | 0% | 70%-100% | 0%-30% | 0%-30% | Low to Medium Risk |
| Mid Cap Fund | 70%-100% | 0% | 0%-30% | 0%-30% | Very High Risk |
| Gilt Fund | 0% | 0%-60% | 0%-40% | 0%-40% | Low to Medium Risk |
SUD Life Wealth Builder Plan Review
SUD Life Wealth Builder Plan is an investment plan which ensures wealth creation over time while providing life cover to your loved ones in your absence. The plan only requires a single-time premium payment at the beginning of the policy which makes it an ideal ULIP for people who want to avoid paying premiums frequently. With 6 different fund options, this plan provides you the flexibility to allocate your funds based on your investment style and risk profile.
With features like partial withdrawals, top-up premium, and fund switching, the plan provides all the essential aspects of an investment solution. Investors looking for a one-time safe investment solution with life protection can consider opting for this plan.
SUD Life Wealth Builder Plan FAQs
1. What is the charge for making a partial withdrawal?
The first partial withdrawal in a policy year is free of cost. All further withdrawals within the same policy year will be charged INR 100 per withdrawal.
2. Does the policy provide a free-look period?
Yes, the policy offers a free-look period of 15 days (30 days if policy is purchased online) from the date of its receipt in case you are dissatisfied with its terms and conditions.
3. What is the minimum amount required for a top-up premium ?
For making a top-up premium, a minimum of INR 5,000 has to be invested in the different fund options.
4. What happens if I decide to discontinue the policy within the lock-in period?
If you desire to surrender the plan within the lock-in period, the fund value including the top-up fund value will be transferred to a discontinued policy fund. After the minimum guaranteed interest rate gets applied to the fund, the estimated fund value will be payable to you after the end of the lock-in period.