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WEALTH & SECURITY

Get assured benefits with SUD Life Elite Assure Plus

Elite Assure Plus

Non-Linked Non-Participating Endowment Life Insurance Plan
UIN: 142N059V02
 IDEAL STEPS TO FOLLOW
1. Read the brochure carefully
2. Understand the benefits in detail
3. Meet our representatives or call 1800 266 8833
to clarify any pending doubts

WHY READ THIS BROCHURE?

This brochure helps you understand if this is the right plan for you.
It gives you details about how it will work throughout the plan term
in ensuring your needs are met. We believe this is an important
document to understand before you decide to buy the policy.
YOU WILL COME ACROSS
THE FOLLOWING SECTIONS IN
THE BROCHURE
1. Is this the right plan for you?
2. Know your plan better
3. Making the most of your plan
4. Things you should remember!
5. Terms & Conditions
 How does the plan work?
IS THIS THE RIGHT • Choose the plan option that suits you best: ‘5-5-5’ or ‘7-7-7’

PLAN FOR YOU? • Decide on the amount you want to receive as monthly payout;
• Annual payout and guaranteed maturity benefit will depend on the
monthly payout chosen by you
• The premium amount will be based on your age, chosen plan
What is SUD Life Elite Assure Plus? option and monthly payout
SUD Life Elite Assure Plus is a Limited Premium Non-Linked Non- • To enjoy the full benefits of your plan, all you have to do is to pay
Participating Endowment Life Insurance Plan that offers protection for the premiums throughout the premium payment term. There is a
your family in case of unfortunate death and offers you additional deferment period after the premium payment term. Your payouts
protection by way of inbuilt accidental death benefit. The plan also start from the end of the deferment period and continue throughout
helps you build up your savings and provides assured monthly the payout period
payouts. Payouts are enhanced by way of guaranteed annual payouts
and lump-sum at maturity. • In case of death of the life assured during the policy term, the nominee
will receive death benefit in the form of lump-sum amount

When is this plan right for you?

This plan is right for you if:
• You want to ensure that your family is not affected even if you
are not around and provides additional inbuilt protection
against accidental death
• You are looking for insurance plan along with medium to long
term savings option
• You want a plan that provides regular monthly payouts to
maintain your lifestyle
• You want peace of mind with guaranteed benefits and payouts
 What are the Premium Payment modes available?
KNOW You can pay your premium Monthly*/ Quarterly*/ Half-Yearly / Yearly
based on your income flow.
YOUR PLAN BETTER * Monthly and quarterly modes are only through ECS/SI

Are there any tax benefits?

Are there any age restrictions while applying for the plan?
Income tax benefits are as per Section 80C and Section 10(10D) of
The Life Assured should be at least 18 years of age* and not more The Income Tax Act, 1961, subject to conditions stipulated therein.
than 55 years of age* while applying for this plan. The maximum age* Please consult your tax advisor for further details.
at Maturity is 71 years.
(*age last birthday)
What are the benefits under this Plan?
How long will the plan be active & for how long do I need to
Death Benefit:
pay my Premiums?
In case of death of the life assured due to cause other than accident,
This plan offers you the flexibility to choose from 2 options: during the policy term, Sum Assured on Death will be paid
'5-5-5' & '7-7-7'. immediately to the nominee under the policy, without deducting the
monthly or annual payouts already paid, if any. Your policy will be
terminated and no further benefits will be paid.

In case of death of the life assured due to accident, during the

Premium Payment Term Premium Payment Term policy term, in addition to normal death benefit, as defined above, an
for 5 years for 7 years extra death benefit, which is lower of Sum Assured on Death or
Rs. 3 Crores, will be paid immediately to the nominee under the policy,
Deferment Period for 5 years Deferment Period for 7 years
without deducting the monthly or annual payouts already paid, if any.
Payout Period for 5 years Payout Period for 7 years Your policy will be terminated and no further benefits will be paid.
Sum Assured on Death is defined as highest of:
Policy Term for Policy Term for
15 years (5+5+5) 21 years (7+7+7) • 10 times of Annualized Premium OR
• 105% of all the premium paid as on date of death OR
• Minimum Guaranteed Maturity Benefit OR
Are there any restrictions on the Monthly Payout? • Absolute amount assured to be paid on death – 11 times the
Yes, the minimum monthly payout is Rs. 10,000 and maximum Annualized Premium (rounded up to the next Rs.1000)
monthly payout is Rs. 10,00,000. The monthly payout should be in
multiples of Rs. 1,000. Where, Annualized Premium for the purpose of Sum Assured on
Death refers to premium payable in a year excluding any extra Maturity Benefit:
premium and loading for modal factors, if any.
A fixed lump-sum is payable at the end of policy term. The fixed
amount is equal to 40 times Monthly Payout in case of '5-5-5' plan
The death benefit will be reduced by the total premiums falling due
option and 60 times Monthly Payout in case of '7-7-7' plan option.
and unpaid during the policy year in which death occurs.
The Survival, Maturity and Death benefits mentioned above are
applicable while the policy is in-force. Benefits explained with an example:
Definitions: Mohit, aged 30, has opted for Plan Option ‘5-5-5’ and has chosen a
monthly payout of Rs. 10,000. He has to pay annualized premium of
“Accidental Death” means the death of the Insured
Rs. 1,51,270 for the premium payment term of 5 years. His money
• which results due to Accident or from Accidental Injury and accumulates during the deferment period of 5 years, and he starts
• which occurs within 180 days of the date of Accident and receiving the income benefits after the deferment period. He will
“Accidental Injuries” means accidental physical bodily harm excluding receive income benefits of Rs. 12,00,000 during the payout period,
illness or disease solely and directly caused by external, violent and which includes the Maturity Benefit:
visible and evident means which is verified and certified by
Independent Medical Practitioner. Illustration

“Accident” refers to a sudden, unforeseen and involuntary event

Mohit’s money
caused by external, violent and visible means. accumulates during Monthly payout of
` 10,000 for 5 years
Mohit, the deferment period ` 4,00,000 at the
aged 30, opts ` 6 Lakhs end of the policy term
of 5 years
for Plan 5-5-5
“Medical Practitioner” is a person who holds a valid registration from
the medical council of any state or Medical Council of India or Council Annual Payout of
for Indian Medicine or for Homeopathy set up by the Government of ` 50,000 for 4 years
= 2 Lakhs
Pays
India or a State Government and is thereby entitled to practice annual premium
` 1,51,270
medicine within its jurisdiction and is acting within the scope and for the premium
payment term
jurisdiction of license. of 5 years

Year 1 - Year 5 Year 6 - Year 10 Year 11 Year 12 Year 13 Year 14 Year 15

Premium Payment Period Deferment Period Payout Period
Survival Benefits:
Monthly Payout – Chosen amount payable at the beginning of every Death Benefit anytime during the Policy Term:
Death due to causes other than accident ` 16,64,000
month during the payout period. Death due accident ` 33,28,000

Annual Payout – A fixed amount equal to 5 times the Monthly Payout

is payable at the end of every policy year during the payout period. In the above illustrative example, premium shown is exclusive of Applicable Taxes and extra
premium, if any
Annual payout is not payable during the last policy year (at maturity).
Eligibility & Plan Summary

Parameters Minimum Maximum MAKING THE

Age at Entry (last birthday) 18 years 55 years
MOST OF YOUR PLAN
Age at Maturity (last birthday) 33 years 71 years
Monthly Payout (Rs.) 10,000 10,00,000 What happens in case of missed premiums?
Sum Assured on Death (Rs.) 14,07,000 20,47,98,000 We allow you a grace period of 30 days in case your premium payment
mode is quarterly, half-yearly or yearly mode and 15 days in case of
Annualized Premium (Rs.) 1,27,860 1,86,18,000
monthly to pay the due premium. This period starts from the due date
Premium Payment Term (years) 5 7 of each premium payment. In case of death during grace period, the
Death Benefit under the policy will be payable after deductions of the
Policy Term (years) 15 21 premiums then due and all premiums falling due during the policy year
Premium Payment Modes Yearly, Half-Yearly, Quarterly, Monthly of death.

However, if you fail to pay your premium before the expiry of the
grace period:
• Where your policy has not acquired surrender value: Your policy
will Lapse
• Where your policy has acquired surrender value: Your policy will
continue with reduced benefits (as a Reduced Paid up policy)

What happens once your policy Lapses or becomes Reduced

Paid up?
Lapse:
If you have not paid the due premiums for the first two full years within
the grace period, the policy lapses. Life cover ceases and no benefits
will be paid under the lapsed policy till the policy is revived.

Reduced Paid-Up:
If the premiums due under this policy have been paid for at least first
two full policy years and subsequent premiums are not paid, then the
policy will acquire Reduced Paid-Up status. The reduced paid-up
policy will continue with the following benefits:
Death Benefit under Reduced Paid up policy: • Paying the outstanding premium amount with the applicable
On death of the Life Assured during the policy term due to causes interest rate, currently 9.00% p.a. for FY 18-19
other than accident, the original death benefit (as defined above) • The prevailing interest rate is calculated as equal to 10 year G-sec
multiplied by Paid-up factor will be payable without deducting the benchmark interest rate as on last working day of the previous
paid-up monthly and paid-up annual payout already paid and the financial year +1.50%, rounded up to the next multiple of 25 basis
contract ceases immediately: points
• Fulfilling all medical and financial requirements as required by the
Total number of premiums paid Company as per the Board approved underwriting policy (the cost
Paid-up Factor
Total number of premiums payable of medical examination, if any, will be borne by you i.e.
policyholder/ Life Assured).

On death of the Life Assured during the policy term due to accident,
The Company reserves the right to accept or reject the revival of
the original death benefit due to accident multiplied by Paid-up factor
Lapsed/ Reduced Paid-up Policy as per the Board approved
will be payable without deducting the paid-up monthly and paid-up
Underwriting Policy. Once the policy is revived, all the benefits will be
annual payout already paid and the contract ceases immediately.
restored to original benefits level, any due and unpaid benefit shall be
paid immediately.
Survival & Maturity Benefit under Reduced Paid up policy:
The benefits on survival (monthly payout, annual payout) and maturity Can the plan be discontinued in between?
benefit will be reduced proportionately by the ratio:
Life insurance works best if you invest regularly and for the long term.
Total number of premiums paid
However in case of an emergency/ contingency, you can surrender
Total number of premiums payable your policy anytime during the Policy Term, provided it has acquired
Surrender Value. Policy acquires Surrender value after payment of
Surrender Benefit under Reduced Paid up policy: first two full policy years’ premiums.
On surrender of Reduced Paid-up policy, the Surrender Value will be
paid and contract gets terminated.

Can you restore your Lapsed/Reduced Paid up policy to the

original benefit levels?
You can revive your Lapsed/Reduced Paid up policy within two years
from the due date of the first unpaid premium by following these
simple steps:
• Giving a written request to the Company within 2 years from the
due date of first unpaid premium and producing a proof of
continued insurability
Surrender Value:
The surrender value payable will be higher of Guaranteed Surrender
Value (GSV) or Special Surrender Value (SSV). THINGS YOU
SHOULD REMEMBER!
Guaranteed Surrender Value:
The Guaranteed Surrender Value is the GSV Factor multiplied by the
total premiums paid (excluding Applicable Taxes and extra premium, if What are the important points to be kept in mind while
any) less any monthly and annual payouts already paid. The GSV applying for the plan?
Factors are furnished in the tables below. i. It’s important when you apply you give complete and correct
information especially about your health and occupation. These
Policy Year
details are critical for making sure you get the right benefits
Policy Term 2 3 4 5 6 7 8 9 10 11
15 30% 40% 50% 55% 60% 65% 70% 75% 80% 85%
ii. Provide your correct contact details and address. Always provide
21 30% 40% 50% 55% 60% 65% 70% 75% 80% 85% a landmark if possible
iii. It is ideal for you to opt for the NACH/ ECS/ Direct Debit option.
Policy Year
This will make life simple for you by automatically ensuring your
Policy Term 12 13 14 15 16 17 18 19 20 21 premiums are paid on time.
15 90% 95% 100% 110%
21 90% 95% 100% 105% 110% 115% 120% 125% 130% 140%
Remember! It’s not enough to fill in your application form correctly and
get the plan issued. What’s even more important is to ensure that your
Special Surrender Value: nominee/ family is aware about the plan and understands its features.
We will calculate the Special Surrender Value by using the basis and
the method as approved by the Regulator, IRDA of India, from time to Also ensure you update your contact details regularly to ensure you
time. Special Surrender Value may be amended by the Company from
get real time updates on your plan.
time to time with prior approval of the Regulator, IRDA of India.

Are there any Riders available? What if you realize this is not the right plan for you?
Yes. You have the option of availing the following Rider: If you disagree to any of those terms or conditions in the policy, you
SUD Life Family Income Benefit Rider - Traditional have an option to return the policy to us within 30 days from the date of
(UIN:142B007V01) the receipt of the policy document, stating the reasons for your
objection. In this case we will return your premium as follows –
Please refer to the respective rider brochures for more details. Premium paid less:
i. Proportionate risk premium for the period on cover
ii. Expenses incurred by us on medical examination, if any
iii. Stamp duty charges
How is the premium calculated?
Your premium depends upon the Life Assured’s age, chosen Monthly TERMS &
Payout, Plan Option and Premium Payment Mode. The following
modal factors are applied to Annualized Premium: CONDITIONS

Mode of Premium Payment Modal Factor

(A) Policy Loan:
Yearly 1
Not Available
Half Yearly 0.5108
Quarterly 0.2582
(B) Exclusions:
Monthly 0.0867 No exclusions for normal death.
Accidental Death benefit shall not be paid on death of the insured
person occurring directly or indirectly as a result of (any of the
following):
1. The Life Assured taking part in any hazardous sport or
pastimes (including hunting, mountaineering, racing, steeple
chasing, bungee jumping, etc.)
2. Participation by the insured person in any flying activity,
except as a bona fide, fare-paying passenger of a recognized
airline or Pilots and cabin crew of a commercial airline, on
regular routes and on a scheduled timetable
3. Self-inflicted injury, death or disability due to suicide attempt
4. Insured person being under the influence of drugs, alcohol,
narcotics or psychotropic substances unless taken in
accordance with the lawful directions and prescription of a
registered medical practitioner
5. Service in any military, police, paramilitary or similar
organization
6. War, civil commotion, invasion, terrorism, hostilities (whether
war be declared or not)
7. Criminal or illegal activity with a criminal intent
8. Nuclear reaction, radiation or nuclear or chemical contamination
 However the normal death benefit will be payable on death of the (G) Prohibition of Rebates:
insured person occurring directly or indirectly as a result of above Section 41 of The Insurance Act, 1938 as amended from time to
accident related exclusions. time:
(1) No person shall allow or offer to allow, either directly or indirectly,
(C) Suicide Claim Provisions: as an inducement to any person to take out or renew or continue
In case of death due to Suicide within 12 months: an insurance in respect of any kind of risk relating to lives or
property in India, any rebate of the whole or part of the commission
• From the date of inception of the policy, the nominee or beneficiary
payable or any rebate of the premium shown on the policy, nor
of the Life Assured shall be entitled to 80% of the premiums paid,
shall any person taking out or renewing or continuing a policy
provided the policy is in force; or
accept any rebate, except such rebate as may be allowed in
• From the date of revival of the policy, the nominee or beneficiary of accordance with the published prospectus or tables of the insurer:
the Life Assured shall be entitled to an amount which is higher of
(2) Any person making default in complying with the provisions of this
80% of the premiums paid till the date of death or the surrender
section shall be liable with penalty which may extend to ten lakh
value, as available on the date of death.
rupees.

(D) Termination of Policy:

(H) Goods and Services Tax:
Policy shall terminate on the occurrence of the earliest of the
Goods and Services Tax and any charges levied by the
following:
government in future shall be levied as per the prevailing tax laws
i. On policy being Lapsed and not revived within the Revival and/or any other laws.
period.
ii. On Surrender of the policy (i.e. upon payment of applicable
surrender value benefit)
iii. On Maturity of the policy (i.e. upon payment of Guaranteed
Maturity Benefit)
iv. On death of the Life Assured, upon payment of death benefit.

(E) Nomination:
Nomination is allowed as per Section 39 of The Insurance Act
1938 as amended from time to time.

(F) Assignment:
Assignment is allowed as per Section 38 of The Insurance Act
1938 as amended from time to time.
 Star Union Dai-ichi Life Insurance Company Limited is the name of the Insurance Company and “SUD Life Elite Assure Plus” is the name of the plan.
Neither the name of the Insurance Company nor the name of the plan in anyway indicates the quality of the plan, its future prospects or returns.

Elite Assure Plus

Non-Linked Non-Participating Endowment Life Insurance Plan
UIN: 142N059V02

Call us at: 1800 266 8833 (Toll-Free)

Write to us at: customercare@sudlife.in

Visit us at: www.sudlife.in

BEWARE OF SPURIOUS/FRAUD PHONE CALLS –

IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to
lodge a police complaint
Star Union Dai-ichi Life Insurance Company Limited
IRDAI Regn. No: 142 | CIN: U66010MH2007PLC174472
Registered Office: 11th floor, Vishwaroop I.T. Park, Plot No. 34, 35 & 38, Sector 30A of IIP, Vashi, Navi Mumbai - 400 703 Contact No: +91 22 3954 6200 | 1800 266 8833 (Toll Free) | Timing: 8:00 am – 8:00 pm
(Mon - Sat) Email ID: customercare@sudlife.in. For more details visit: www.sudlife.in Participation by the Bank’s customers in Insurance Business shall be purely on a voluntary basis. It is strictly on a non-risk
participation basis from the Bank. Trade-logo displayed belongs to M/s Bank of India, M/s Union Bank of India and M/s Dai-ichi Life Holding Inc. and are being used by Star Union Dai-ichi Life Insurance Co. Ltd.
under license

SUD-SB-10-18-0871