Star Union Dai-ichi Life Dhan Suraksha Plus Plan
SUD Life Dhan Suraksha Plus is an insurance plan designed to secure the financial future of the policyholder’s family in the unfortunate event of his or her demise. The plan is a double benefit Unit Linked Life Insurance Plan which offers life coverage as well as the flexibility to earn market linked returns by investing in funds of the policyholder’s choice.
Features of SUD Life Dhan Suraksha Plus
- Choice of Investment Funds - The policyholder can choose from four different funds to invest in and can choose to pay either a Regular or Limited premium at the proposal stage. The funds the policyholder can choose to invest in are
- Blue-Chip Equity Fund
- Growth Plus Fund
- Balanced Plus Fund
- Income Fund
- Fund Closure - Subject to the approval of the IRDA, the company may close any of the Funds available under this policy. The policyholder will be given three prior notice during which time he can switch the funds from the closed funds to other available funds without any charges
- Switching - Any amount of the fund value can be switched out subject to a minimum amount of Rs 5,000 for Base Plan. Only one switch per policy year is allowed free of cost while subsequent switches will be charged Rs 100 per switch
- Premium Redirection - The ULIP plan offers the policyholder the option of premium redirection at any point from the second policy year onwards. This facility is free of cost once a year and further requests will be charged Rs 100 per request
- Partial Withdrawal - Partial withdrawals are not allowed during the first five policy years or when the life assured is a minor. However, partial withdrawals are allowed from the sixth policy year onwards or after the life assured attains 18 years of age, whichever is later.
- Settlement Option - On maturity of the policy, the policyholder can choose to opt for payments in instalments, which can be received in the form of yearly, half-yearly, quarterly or monthly instalments based on his requirements
- Grace Period - For Regular and Limited Premium a grace period of 30 days is allowed for the yearly mode
Benefits of SUD Life Dhan Suraksha Plus
- Maturity Benefit - The total fund value will be paid to the policyholder on survival of the Life Assured till the end of the policy term
- Death Benefit - In case of death of the policyholder highest the following is payable:
- Sum Assured under the Base Plan
- Fund value under the Base Plan
- 105% of Total Premiums paid
Eligibility Criteria to Avail of SUD Life Dhan Suraksha Plus
- The minimum entry age of the Life assured is 8 years
- The maximum entry age of the Life assured is 50 years
- The maximum age of maturity is 70 years
- The policy term differs according to the premium payment option:
- For Regular Premium Payment Option - The premium payment term is equal to the policy term and the term can range from 10 years to 30 years
- For Limited Premium Paying Term 7 - The premium payment term is 7 years and the term can range from 12 years to 30 years
- For Limited Premium Paying Term 10 - The premium payment term is 10 years and the term can range from 15 years to 30 years
- Premiums can be paid as Regular or Limited premium.
- For Regular Premium Payment Option - Minimum amount Rs 24,000 and maximum of Rs 100 crores
- For Limited Premium Paying Term 7 and 10 - Minimum amount Rs 30,000 and maximum of Rs 100 crores
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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