Star Union Dai-ichi Life Insurance (SUD Life) has introduced a new product – SUD Life Century Gold.
It is a non-linked, non-participating individual savings life insurance plan designed to safeguard future savings with accrued guaranteed returns and life cover protection, the insurer said in a press release.
Families and young parents with an annual household income of Rs 5 lakh to Rs 30 Lakh should be able to have greater benefits and savings with this product, the release added.
Customers can choose between two plan options – Goal Sure and Edu Sure, and flexible premium paying terms of five, six, eight and 10 years. The policy also offers the facility of alteration in premium payment frequency on the policy anniversary.
The minimum entry age for Goal Sure is 0 years to 91 days, while for Edu Sure, it is 18 years. The minimum maturity ages are 18 years and 33 years, respectively.
The maximum entry age for Goal Sure for a premium payment term of five years is 55 years, and for premium payment terms of six, eight, and 10 years, it is 60 years. For Edu Sure, the maximum entry age is capped at 50 years.
The maximum maturity age for Goal Sure and Edu Sure are 80 years and 72 years, respectively.
For a premium paying term of five years, the policy term can be chosen for 15, 16, 17 or 18 years. The annualised premium will come to minimum Rs 3 lakh, while the minimum sum assured on death will be Rs. 31.5 lakh.
For a 10-year premium paying term, the policy term can be 18, 19, 20, 21 or 22 years. The minimum annual premium will be Rs. 1 lakh, while the minimum sum assured on death will be Rs. 10.5 lakh.
The sum assured on death is 10.5 times the annualised premium.
The policy also offers option of guaranteed additions, which can be attached at the end of each policy year. They will be paid along with maturity, surrender or death benefit, whichever is earlier, and as per the plan option.
The death benefit is paid in three parts - sum assured on death, monthly income benefit, and lump sum benefit.
The policy also has a loan facility which can be 70 per cent of the surrender value.
The tax benefits can be availed under Section 80C and Section 10 (10D) of the Income-tax Act, 1961.
Says Abhay Tewari, managing director and CEO, SUD Life Insurance: “SUDs Life Century Gold is a golden opportunity that helps to provide flexible and short premium payment terms and accrued guaranteed maturity benefits. Managing one’s premium can introduce a culture of happiness and peace among our customers allowing short premium payment term but offering a long-term life coverage.”