SUD Life Abhay Term Plan

term insurance
Protect your loved ones against death, disability and Illness
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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:

  1. 10 times the annualised premium.
  2. 105% of the total premium paid as per on the date of death.
  3. Guaranteed maturity benefit
  4. 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:

  1. 125% of single premium.
  2. Guaranteed maturity benefit.
  3. Absolute base sum assured.
  4. 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.

  1. 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.

  1. 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:

  1. 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-

 Example 

Name of the assuredMr. Pandey
Age30 years
Term of the plan40 years 
Premium payment term10 years 
Sum assuredINR 1 Crore
Premium amount for non-smoking maleINR 23,364/- (exclusive of all taxes) per annum

Benefits Payable

  1. 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:
  2. 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.
  3. 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.
  4. 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.

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)

  1.  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-

Example 

Name of the assuredMr. Pandey 
Age40 years
Term of the plan40 years 
Premium payment term10 years 
Sum assuredINR 1 Crore
Premium amount for non-smoking maleINR 48,028/- (exclusive of all taxes) per annum

  

Benefits Payable

  • 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’.

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:

Death claims

  1. 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.
  2. The nominee has to fill all the forms and get the documents as mentioned below:
  3. Claim intimation form.
  4. Copy of death certificate.
  5. Original policy document.
  6. Photo identity proof with the address proof of the nominee.
  7. Bank statement/passbook with last 3 months transactions or cancelled cheque leaf with name printed on the cheque.
  8. Copy of hospital records such as admission notes, progress sheets, test reports, discharge etc.

 

  1. 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.
  2. 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).

 

 

Online mode 

 

You can begin the intimation or track your claim through online mode by following the mentioned steps:

 

  1. Visit https://www.sudlife.in/claims/register-claim and  enter your policy number and date of birth.
  2. 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. 

Frequently Asked Questions (FAQs)
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