Starting ₹10/day* for ₹50 Lakh cover
SUD Life Abhay Term Plan
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- Shield your family from unforeseen events
- Tax benefit** u/s 80C on premium paid
SUD Life Abhay is Non-Linked, Non-Participating Term Life Insurance Plan which provides complete security to you and your loved ones when a tragic event falls upon and disrupts the entire family financially. Planning for your family for the times of your absence is essential and the choice of your insurance plan plays an important role in securing your future. SUD Life Abhay provides 2 plan options, thus, you can choose the best plan as per your requirements. There are 3 payout options namely lump sum, monthly income and lump sum plus monthly income and 2 riders options available with this plan.
Moreover, the plan also provides the option to return the policy within 15 days (30 days if policy is bought through Distance Marketing Mode) from the date of the receipt of the policy, if you disagree with any of the terms and conditions regarding the policy. The policy will be returned after charging expenses for medical examination and stamp duty.
Best Features of SUD Life Abhay Term Plan
Below mentioned are some features of SUD Life Abhay Term Plan which makes it distinctive from other term plans:
- The plan provides you the flexibility to choose from 2 plan options- Life Cover and Life Cover with Return of Premium.
- There are 2 premium paying term options available with the plan - regular pay (5/10/15 years) and single premium.
- Under the plan, you can opt from 3 death benefit payout options- lump sum, monthly income and lump sum plus monthly income based on your convenience.
- The policy comes with 2 rider options- Accidental Death Rider and Total and Permanent Disability Rider. These add-on covers help you protect your family better in case of any accidental casualties.
- The premium amount is calculated on the basis of age, gender, smoker status, plan option chosen, premium payment term and base sum assured.
- The policy also provides a revival option if the policy gets lapsed due to non-payment of premium within the grace period from the due date. The lapsed policy can be revived within a period of 5 years from the first unpaid premium date.
Benefits of SUD Life Abhay Term Plan
Here are some benefits which SUD Life Abhay Term Plan offers to make your policy more secure and satisfying:
1. Death Benefit
Death Benefit is paid to the nominee in case the life assured dies within the policy term as per the payout option selected. After the payment of the death benefit to the nominee, the policy gets terminated and no future benefits are payable.
Sum assured payable in case of:
- Regular pay
The highest of the following is paid as the death benefit to the nominee:
- 10 times the annualised premium.
- 105% of the total premium paid as per on the date of death.
- Guaranteed maturity benefit
- Absolute Sum assured which was pre-decided.
- Single premium
In case of single premium the sum assured is paid after considering the below points, whichever is highest:
- 125% of single premium.
- Guaranteed maturity benefit.
- Absolute base sum assured.
- Death Benefit Payout Option
SUD Life Abhay Term Plan gives you 3 death benefit payout options which are as follows:
- Lump Sum
If the assured chooses the lump sum option, the death benefit will be payable at the time of death claim in lump sum. After payment of the lump sum amount the policy will be terminated and no future benefits will be payable.
- Monthly Income
Under this option, the benefit is paid as 1% of the base sum assured each month as Monthly Income Benefit for a fixed period of 125 months, starting from the month anniversary of the policy from the death date.
- Lump Sum plus Monthly Income
Under this option, the benefit is divided into 2 equal parts. One is 50% of the death benefit sum assured will be paid in lump sum immediately and the other is 0.50% of the sum assured is paid monthly as monthly income for a fixed period of 125 months.
2. Maturity Benefits
If the assured life survives till the maturity date of the policy then he is entitled to Guaranteed Maturity Benefits. There are 2 plans- Life Cover and Life Cover with Return of Premium and among them only Life Cover and Return of Premium provides maturity benefits. Under the Life Cover and Return of Premium, all the premiums paid excluding the goods and services tax, extra premium and rider premium will be payable to the assured.
- Rider Benefits
SUD Life Abhay Term Plan offers 2 additional riders benefit options namely- Death due to Accident and Total and Permanent Disability. If the assured meets with an unfortunate accident or a permanent disability resulting from a long illness, these rider benefits are available to protect the assured financially.
What is Covered?
Under SUD Life Abhay Term Plan offers 2 variants to choose from, the coverage depends on the plan you opt which are as follows:
- Life Cover
The following coverage are available under this variant:
- Death Benefit
In case of death of the assured during the policy term, the death benefit is payable to the nominee as per the payout option assured selected at the initiation of the policy. There are no benefits if the assured survives till the end date of the policy.
How the life cover plan works-
|Name of the assured||Mr. Pandey|
|Term of the plan||40 years|
|Premium payment term||10 years|
|Sum assured||INR 1 Crore|
|Premium amount for non-smoking male||INR 23,364/- (exclusive of all taxes) per annum|
- If Mr. Pandey dies within the term of the policy and he is paid the death benefit as per the payout option he opted. This generates certain cases in which the amount is paid, those cases are explained as below:
- Lump Sum: If Mr.Pandey chose lump sum as the payout option then according to the sum assured i.e 1 Crore will be paid immediately as lump sum and the policy will terminate right after the payment.
- Monthly income: If Mr.Pandey chose the monthly income option then 1% of the sum assured which will come out to be INR 1 Lakh, will be paid on a monthly basis for a period of 125 months.
- Lump Sum plus Monthly Income: If he chose the Lump Sum plus Monthly Income option, INR 50 Lakh will be paid immediately as lump sum and remaining INR 50 Lakh will be paid as 0.50% of the base assured i.e INR 0.5 Lakh each month for a period of 125 months.
3. Surrender Benefit
If the assured decides to discontinue the policy due to any emergency or contingency, he is offered surrender benefit which is payable in lump sum. To calculate surrender benefit under Life Cover option below mentioned formula can be used:
Surrender Value Factor x Total premiums paid till the date of surrender X Unexpired Policy term (in Years) / Total Policy term (in Years)
- Life Cover with Return of Premium
Under this variant, the following coverage is available:
- Death Benefit
If the assured dies during the policy term, the nominee is payable the death benefit as per the payout option selected at the initiation of the policy.
- Maturity Benefit
If the assured survives till the end date of the maturity, the total premiums excluding goods and service tax, extra premium and rider premium paid till the date of maturity are returned back to the assured.
How the Life Cover with Return of Premium works-
|Name of the assured||Mr. Pandey|
|Term of the plan||40 years|
|Premium payment term||10 years|
|Sum assured||INR 1 Crore|
|Premium amount for non-smoking male||INR 48,028/- (exclusive of all taxes) per annum|
- If Mr. Pandey dies within the policy term, death benefit is paid to the nominee as per the payout option chosen by him. The cases generated by the payout option are the same as above explained.
- If Mr. Pandey survives till the maturity of the policy, he is entitled to the benefit where he will be paid all the premium payments i.e ₹14,40,840 back as ‘Guaranteed Maturity Benefit’.
4. Surrender Benefit
If Mr. Pandey decides to leave the policy in between the term decided, the benefit will be paid after calculating the formula below:
Surrender Value Factor x Total premiums paid till the date of surrender
What is not Covered?
The main exclusion under SUD Life Abhay Term Plan is death by suicide. If the suicide is within 12 months from the date of commencement of the risk policy or revival of the policy, the nominee is entitled to the 80% of the premium paid till the date of death of the life assured or surrender value available as on the date of death whichever is higher.
Exclusions for Accidental Death Benefit and Total and Permanent Disability Benefit
- Self-inflicted injury, death or disability caused by suicide attempt.
- Death caused due to war, commotion, invasion, terrorism etc.
- If life assured has taken part in any hazardous activity such as hunting, racing, mountaineering and bungee jumping etc.
- Active participation by the life assured in riots, strikers and disputes.
- Accident or injury caused by flying an aircraft.
- Insured person being under the influence of drugs, alcohol, narcotics or psychotropics substances without prescription.
- Serving in any military, police, paramilitary or such organisations.
- Death due to engaging in criminal or illegal activity .
- Nuclear reaction, radiation or chemical contaminations.
SUD Life Abhay Term Plan Eligibility
|Eligibility Criteria for the different variants of Aegon Term Plan||Life Cover|
Life Cover with Return of Premium
|Minimum Age at Entry||18 Years|
|Maximum Age at Entry||65 Years|
|Minimum Age at Maturity||33 Years|
|Maximum Age at Maturity||80 Years|
|Minimum Policy Term||15 Years ( for 15 pay minimum Policy Term is 20 Years)|
|Maximum Policy Term||40 Years|
|Premium Payment Term||Single pay, regular pay, 5 pay, 10 pay and 15 pay|
|Premium Payment Frequency||Single, Yearly, Half-Yearly, Quarterly, Monthly|
|Basic Sum Assured|
Minimum- INR 50 Lakh
Maximum - INR 100 Crore
* All the aforementioned ages (in years) are valid as on last birthday.
SUD Life Abhay Term Plan Claim Process
SUD Life Abhay Term Plan provides a 4-step claim process to provide hassle free claims to the nominee. SUD Life Abhay ensures that all the valid claims are made in least time possible.
To claim the benefit the nominee has to keep up with all the forms and follow the procedure:
- To initiate the claims process in case of death, the nominee of the deceased has to inform the insurance company about the death of the assured.
- The nominee has to fill all the forms and get the documents as mentioned below:
- Claim intimation form.
- Copy of death certificate.
- Original policy document.
- Photo identity proof with the address proof of the nominee.
- Bank statement/passbook with last 3 months transactions or cancelled cheque leaf with name printed on the cheque.
- Copy of hospital records such as admission notes, progress sheets, test reports, discharge etc.
- After submitting the above documents, the claims department at SUD Life reviews them. The claimant is always kept updated with the status of claim otherwise a reference number is given to the claimant with the help of which he can track the status of the claim online on the website.
- All claims are assessed based on the claim documents submitted by the nominee and information of the life assured provided in the proposal form. Once a decision is taken, SUD Life sends a written communication to the nominee, informing about the decision of the claim, along with details of the payment made through electronic fund transfer (NEFT).
You can begin the intimation or track your claim through online mode by following the mentioned steps:
- Visit https://www.sudlife.in/claims/register-claim and enter your policy number and date of birth.
- To track your claim status, click on the ‘track claim’ tab and enter your claim reference number.
SUD Life Abhay Term Plan Riders
As mentioned earlier, SUD Life Abhay Term Plan offers optional Riders for extra coverage. The details of the Riders are given below:
- Accidental Death Rider
This add-on rider provides security to the life assured in case the death occurs due to an unfortunate accident within the term of the policy, 100% of the rider sum assured is payable in lump sum to the beneficiary and after the payment of the benefit the contract gets terminated and no further benefits are payable .
- Total and Permanent Disability Rider
Under this rider, if the assured gets Total and Permanent Disability from any unfortunate event or long time illness during the policy term the rider sum assured is paid to the assured in 10 equal half-yearly installments where each installment is equal to rider sum assured multiplied by 10%. After the payment of the rider sum assured the benefits get terminated.
SUD Life Abhay Term Plan Review
SUD Life Abhay Term Plan is an affordable and efficient term insurance for you and your loved ones. It provides total protection during difficult situations that may affect your family financially in your absence. There are different premium payment terms available with this plan, you can opt for the one that best suits your requirements and budget. The flexibility of the payout options makes this policy a more attractive plan. Another feather in its cap is the credibility of its insurance provider SUD Life Abhay which has been awarded ‘Claims Service Seader Award’ by India Insurance Awards in 2017.
Generally term plans do not offer maturity and surrender benefits, however, SUD Abhay Term Plan offers both these benefits to you. Moreover, the plan comes with a grace period for 30 days (15 days if monthly), if you are not being able to pay the premium payment post which the policy lapses. However, the plan can be revived within 5 years from the due date of the first unpaid premium.
SUD Life Abhay Term Plan FAQs
1. What happens if I discontinue the payment completely or if I fail to make the premium payments on time?
If you are not able to make your premium payments on time, the policy provides a 30 days grace period, moreover if the grace period ends and the policy lapses. The lapsed policy can also be revived within 15 years from the due date of first unpaid premium payment.
2. What period will I be covered for in the SUD Life Abhay Term Plan ?
You will be covered till 40 years in SUD Life Abhay Term Plan.
3. Which sections of Income Tax are applicable for premium paid?
Sections 80C, 80CCC, 80D of Income Tax Act 1961 are applied in respect of premium paid under SUD Life Abhay Term Plan.
4. Are there any maturity benefits in SUD Life Abhay Term Plan?
Yes, SUD Life Abhay provides maturity benefit under the plan option ‘ Life Cover with Return of Payments’.
5. Does this policy have any sort of exclusions?
Yes, suicide is one the main exclusion in SUD Life Abhay Term Plan death benefit. If the suicide occurred within the 12 months from the commencement of the policy then 80% of premium paid is given to the nominee.
6. What are the Premium Payment modes available?
You can pay the premium in a single amount or pay it monthly, quarterly, half- yearly and yearly.
7. What if I realise that this policy is not for me?
SUD Life Abhay Term Plan provides a 15 day free-look period in case you disagree with any of the terms and conditions of the policy.
8. Are there any discount benefits for females?
Yes, the plan offers a special discount to female policyholders. For females aged upto 21 years, the premium is equivalent to the one charged male policyholders of 18 years of age. For women, of 22 years of age and above, a 3-year-age setback is offered in comparison to male life premium.
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