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Star Union Dai-ichi Life Wealth Builder Plan

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SUD Life Wealth Builder Plan is a Unit Linked Life Insurance Plan, which offers the policyholder the dual benefit of growing his or her one-time investment as well as protecting his or her family from uncertainties by providing life coverage. It is best suited for individuals looking to secure their family’s financial future in the event of their unfortunate demise or absence.

Features of SUD Life Wealth Builder Plan

The main features of SUD Life Wealth Builder Plan are:

  • Dual Benefits - The plan offers the policyholder the dual benefit of wealth creation and protection
  • Convenience - The plan offers the policyholder the convenience of a Single Premium
  • Fund Options - The policyholder has the option to choose from four fund options to suit his risk profile. The funds available 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 and Rs 1,000 for Top-up premium
  • Top Up Premium - Top-up premium is allowed anytime under this plan during the policy term. The minimum amount of Top-up premium is Rs 5,000 and in multiples of Rs 1,000

  • 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. The minimum partial withdrawal under the Base Plan is Rs 5,000 and under the Top-up Premium it is Rs 1,000
  • Settlement Option - On maturity of the policy, the policyholder can choose to opt for payments in instalments with at least two months prior notice to the company
  • Grace Period - No grace period for payment of premium is applicable under this plan
  • Nomination - Nomination is compulsory under this plan. In case the nominee is a minor, an Appointee must be compulsorily registered
  • Free Look Period - In case the policyholder is not satisfied with the terms and conditions outlined in this plan, he or she can cancel and return the policy to the company within 15 days of receipt of the policy documents

Benefits of SUD Life Wealth Builder Plan

  • Maturity Benefit - On survival of the Life Assured till the end of the policy term, the Fund Value under the Base Plan and the Fund Value under Top Up Sum Assured, if any, will be paid to the policyholder
  • Death Benefit - In case of death of the policyholder highest the following is payable:
    • Sum Assured under the Base Plan and the Top-up Sum Assured, if any
    • Fund value under the Base Plan and the Fund value under the Top-up Sum Assured, if any
    • 105% of Total Premiums paid including Top-up premium, if any

Eligibility Criteria to Avail of SUD Life Wealth Builder Plan

  • The minimum entry age of the Life assured is 8 years
  • The maximum entry age of the Life assured is 60 years
  • The minimum maturity age is 18 years
  • The maximum age of maturity is 70 years
  • The policy term ranges from 5 to 30 years
  • The minimum premium amount is Rs 1 lakh and the maximum premium amount is Rs 100 crores

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GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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