GET GUARANTEED. Non Linked Deferred Participating Endowment Life Insurance Plan with guaranteed additional returns

Transcription

1 GET GUARANTEED ADDITIONAL BENEFITS ON YOUR COVER. Non Linked Deferred Participating Endowment Life Insurance Plan wi guaranteed additional returns

2 IDEAL STEPS TO FOLLOW 1. Read e brochure carefully 2. Understand e benefits and remember e important points before investing 3. Meet our representatives or call to clarify any pending doubts WHY READ THIS BROCHURE? This brochure helps you understand if is is e right plan for you. It gives you details about how it will work roughout e plan term in ensuring your needs are met. We believe is is an important document to understand before you decide to invest YOU WILL COME ACROSS THE FOLLOWING SECTIONS IN THE BROCHURE 1. Is is e right plan for you? 2. Know your plan better 3. Making e most of your plan 4. Things you should remember! 5. Terms & Conditions

3 IS THIS THE RIGHT PLAN FOR YOU? WHAT IS SUD LIFE SAMRIDDHI? SUD Life Samriddhi is a Limited Premium Non-Linked Deferred Participating Endowment Life Insurance Plan at helps you build savings and boost em by way of guaranteed additions and bonuses and offers protection for your family in case someing unfortunate happens. This plan offers you additional protection by way of inbuilt accidental dea benefit WHEN IS THIS PLAN RIGHT FOR YOU? This plan is right for you if: You are looking for insurance plan along wi medium to long term savings option You want a plan at provides guaranteed additions along wi accumulation of bonuses You are also looking for life protection You are looking for a plan which provides additional inbuilt protection against accidental dea Wi changing life stages, our responsibilities increase as does our need to upgrade our family's lifestyle. WHAT ARE THE BENEFITS UNDER THIS PLAN? Maturity Bene t: On survival of e Life Assured till e end of e Policy Term, provided e policy is In-force, Basic Sum Assured along wi accrued Guaranteed Additions, accrued Reversionary Bonuses, if any and Terminal Bonus, if any will be paid and e contract ceases immediately. Guaranteed Additions: Guaranteed Additions of 3% p.a. of Basic Sum Assured will be attached to e policy at e end of each policy year for e first 3 policy years, provided e policy is In-force. Simple Reversionary Bonus: Simple Reversionary Bonus as a percentage of Basic Sum Assured may be declared by e company and shall be attached to all inforce Policies from four policy year onwards. Bonuses are declared by e Company based on e performance of e participating fund and recommendations of Wi Profits Committee of e Company. Once added to e policy, e bonus is guaranteed to be payable eier on dea or on maturity Terminal Bonus: The Company may also declare terminal bonus depending on e performance of participating fund of e company and recommendations of Wi Profits Committee of e Company, which shall be paid along wi e maturity benefits and dea benefits during e policy term, provided e policy is in force. Dea Bene t: In case of dea due to cause oer an accident: On dea of e Life Assured during e Policy Term, provided e policy is inforce, e Dea Sum Assured (as defined below) along wi e accrued Guaranteed Additions, accrued Simple Reversionary Bonus (including any guaranteed addition and bonus pertaining to policy year of dea) and terminal bonus, if any will be paid as lump sum to e Beneficiary/Nominee and e contract ceases immediately.

4 In any case, e minimum dea benefit shall be 105% of all e premiums paid (excluding any extra premium and service tax, if any) as on e date of dea Dea Sum Assured is de ned as e Highest of: 10 times e Annualized Premium, OR Guaranteed Sum Assured at e time of Maturity (i.e. Basic Sum Assured), OR Absolute amount assured to be paid on dea (i.e. Basic Sum Assured) where, Annualized Premium for e purpose of Dea Sum Assured refers to premium payable in a year excluding any extra premium and loading for modal factors, if any. In case of accidental dea: On dea of e Life Assured during e Policy Term due to accident, provided e policy is in-force, an additional benefit equal to e Dea Sum Assured (as defined above) will be paid along wi e normal dea benefit and e policy gets terminated immediately. The dea benefit will be reduced by e total premiums falling due and unpaid during e policy year in which dea occurs. HOW DOES THE PLAN WORK? To understand e benefits, let us illustrate Mr. Sunil's case who is age 35 years healy male and wants a long term savings plan wi financial protection. Mr. Sunil opts for SUD Life Samriddhi plan. Selects Premium Payment Term of 10 years and Policy term of 20 years Chooses Basic Sum Assured of Rs. 10 Lacs and pays yearly premium of Rs. 84,570 Guaranteed Additions of 3% of Basic Sum Assured get accrued each year for first ree policy years Simple Reversionary Bonus, if any accrue at e end of every policy year from 4 policy year onwards On maturity, Mr. Sunil receives e sum of Basic Sum Assured, Accrued guaranteed additions and reversionary bonuses along wi terminal bonus, if any SCENARIO 1 Sunil survives till maturity Total Maturity 8% Rs. 4% Rs. 11,75,000 Age 35 years Age 35 years 1 1 st st Annual Premium: Rs. 84,570 for 10 years Accrued Guaranteed Additions Rs. 90,000 SCENARIO rd rd 4 4 In case of unfortunate accidental demise Annual Premium: Rs. 84,570 for 10 years Accrued Guaranteed Additions Rs. 90,000 Simple Reversionary Bonus Simple Reversionary Bonus 10 (End of Premium Payment Term) 8% Rs. 4% Rs. 50,000 (End of Premium Payment 8% Rs. 4% Rs. 85, Total Dea 8% Rs. 4% Rs. 21,40, Age 55 years In e illustrative example, e premium shown is exclusive of goods & services tax and extra premium, if any *The above benefits are illustrated wi an investment return of 8% and 4% respectively roughout e policy term. The actual bonus value payable may vary as it is depended o n t h e p e r f o r m a n c e o f t h e participating fund. In scenario 1, it is assumed at e policy is in-force on date of maturity and all e due p r e m i u m s a r e p a i d b y t h e policyholder.

5 Is ere any Discount in premium on High Sum Assured? KNOW YOUR PLAN BETTER Are ere any age restrictions while applying for e plan? Yes, e Life Assured should be at least 8 years of age* and not more an 55 years of age* while applying for is plan. The maximum age* at Maturity is 70 years. (*last birday) Yes, choose a Higher Basic Sum Assured and get a discount on e tabular premium rate as shown below: Basic Sum Assured Band Rs.3 Lakh to less an Rs.5 Lakh High Sum Assured discount (In Rs. for per 1000 Basic Sum Assured) Rs.5 Lakhs to less an Rs.10 Lakh 1.50 Rs.10 Lakh to less an Rs.15 Lakh 3.00 Rs.15 Lakh to less an Rs.20 Lakh 3.50 Rs.20 Lakh and above 3.75 Nil How long will e plan be active & for how long do I need to pay my Premiums? The Policy Term allowed for each Premium Payment Term are given below Premium Payment Terms Policy Term 10 Years 15, 20 and 25 Years 15 Years 20 and 25 Years Are ere any tax bene ts? Income tax benefits are as per Section 80C and Section 10(10D) of e Income Tax Act, 1961, subject to conditions stipulated erein and are subject to change from time to time. You may please consult your tax advisor for furer details. Are ere any restrictions on e Basic Sum Assured? You can choose Basic Sum Assured anying between Rs. 3 Lac to Rs. 1 Crore* and in multiple of Rs. 1,000 *(Subject to Board approved Underwriting Policy of e Company) What are e Premium Payment modes available? You can pay your premium Monly*/ Quarterly*/ Half-Yearly / Yearly based on your income flow. * (Premium for Monly and Quarterly modes allowed rough ECS/SI only

6 MAKING THE MOST OF YOUR PLAN What happens in case of missed premiums? We give you a grace period of 30 days in case of Quarterly/ Halfyearly or Yearly Premium Payment mode and 15 days in case your Premium Payment mode is Monly to pay e due premium. This period starts from e due date of each premium payment. Your life cover will continue during is grace period. If dea occurs during e grace period, e Dea Benefit under e policy will be paid after deductions of premiums en due and all premiums falling due and unpaid during e policy year of dea. However, if you fail to pay your premium before e expiry of e 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 wi 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 all due premiums for e first ree full years wiin e grace period, e policy lapses. Life cover will cease and no benefits shall become payable under e lapsed policy. Reduced Paid-Up: If all e premiums due under is policy have been paid for at least first ree full years and subsequent premiums are not paid, en e policy will acquire Reduced Paid-Up status. Once e policy becomes Reduced Paid-up, it will not be eligible for future Guaranteed additions and future Reversionary Bonuses. However, e vested Guaranteed Additions and e vested reversionary bonuses (including any guaranteed addition and bonus pertaining to policy year of paid up) will remain attached wi e policy and will be payable wi e benefits paid under e Policy. The reduced paid-up policy will continue wi e following benefits: Dea Benefit under Reduced Paid up policy: In case of dea due to cause oer an accident: In case of dea of e Life Assured during e policy term, e Paidup Dea Sum Assured (as defined below) along wi vested Guaranteed Additions and vested Reversionary Bonuses (including any guaranteed addition and bonus pertaining to policy year of paid up) will be paid as lumpsum and e contract ceases immediately. In case of accidental dea: In case of dea of e Life Assured during e policy term due to accident, benefit equal to twice e Paid-up Dea Sum Assured (as defined below) along wi vested Guaranteed Additions and vested Reversionary Bonuses (including any guaranteed addition and bonus pertaining to policy year of paid up) will be paid as lump sum and e contract ceases immediately. Guaranteed Addition and Bonus for e policy year of paid up will be paid in proportion to e total premiums paid and total premiums payable for e respective policy year of paid up

7 Maturity Benefit under Reduced Paid up policy: On survival of e Life Assured to e end of e Policy Term, e Paid-up Basic Sum Assured (as defined below) along wi e vested Guaranteed Additions and vested Reversionary Bonuses (including any guaranteed addition and bonus pertaining to policy year of paid up) will be paid and e contract ceases immediately Paid up Basic Sum Assured Basic Sum Assured Guaranteed Addition and Bonus for e policy year of paid up will be paid in proportion to e total premiums paid and total premiums payable for e respective policy year of paid up Surrender Benefit under Reduced Paid up policy: On surrender of Reduced Paid-up policy, e Higher of Guaranteed Surrender Value (as defined below) or Special Surrender Value will be paid and contract gets terminated Guaranteed Surrender Value: Guaranteed Surrender Value is defined as GSV Factors X Total premiums paid upto e date of surrender (excluding taxes and extra premiums if any) Plus Bonus Factors X vested Guaranteed Additions and vested Reversionary Bonuses (including any guaranteed addition and bonus pertaining to policy year of paid up). Guaranteed Addition and bonus for e policy year of paid up will be paid in proportion to e total premiums paid and total premiums payable for e respective policy year. Special Surrender Value: The Special Surrender Value can be amended by e Company from time to time after obtaining prior approval from e IRDA. Can you restore your Lapsed/Reduced Paid up policy to e original bene t levels? You can revive your Lapsed/Reduced Paid up policy wiin two years from e due date of e first unpaid premium by Giving a written request to e Company and producing a proof of continued insurability Simply paying e outstanding premium amount wi e prevailing interest rate, currently 9% for FY The prevailing interest rate is calculated as equal to 10 year G-sec benchmark interest rate as on last working day of e previous financial year +1.50%, rounded up to e next multiple of 25 basis points Fulfilling all medical and financial requirements, if any, as required by e Company as per e Board approved underwriting policy (e cost of medical examination, if any, will be borne by you i.e. policyholder/ Life Assured). The Company reserves e right to accept or reject e revival of Lapsed/Reduced Paid-up Policy as per e Board approved Underwriting Policy. Once e policy is revived, all e benefits will be restored to original benefits level (i.e. level of benefits payable/paid as if e policy is in force). Can e plan be discontinued in between? It is advisable to continue your policy in order to enjoy e full benefits under e policy. However in case of an emergency/ contingency, you can surrender your policy anytime (including Reduced Paid-up policy) during e Policy Term, provided all premiums have been paid for at least first ree full policy years. The Surrender Value payable will be higher of Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).

8 The Guaranteed Surrender Value (GSV) is defined as, GSV Factors X Total premiums paid upto e date of surrender (excluding taxes and extra premiums if any) Plus Guaranteed Addition and Bonus for e policy year of surrender will be calculated in proportion to e total premiums paid and total premiums payable for e respective policy year of surrender. GSV factors: For premium paying term of 6 and 8 years Policy Term (in years) % 0% 0% 5 50% 50% 50% 10 60% 55% 55% 15 70% 63% 60% 20 NA 70% 65% 25 NA NA 70% Special Surrender Value will be calculated using e basis and e meod as approved by e Regulator from time to time. Special Surrender Value may be amended by e Company from time to time wi prior approval of e Regulator. Are ere any Riders available? Bonus Factors X vested Guaranteed Additions and vested Reversionary Bonuses (including any guaranteed addition and bonus pertaining to policy year of surrender). Yes. You have e option of availing e following Riders: SUD Life Family Income Benefit Rider - Traditional (UIN:142B007V01) Please refer to e rider brochure for more details. Plan in advance so at you will never have a chance to say No to your family THINGS YOU SHOULD REMEMBER! What are e important points to be kept in mind while applying for e plan? I. At e time of application, it is important you give complete and correct information especially about your heal and occupation. These details are critical for making sure you get e right benefits under e Plan. ii. iii. Provide your correct contact details and address. Always provide a landmark, if possible. It is ideal for you to opt for e ECS/ Direct Debit option. This will make life simple for you by automatically ensuring your premiums are paid on time. Remember! It's not enough to fill in your application form correctly and get e plan issued. What's even more important is to ensure at your nominee/ family is aware about e plan and ey understand its features. Also ensure you update your contact details regularly to ensure you get real time updates on your plan. What if you realize is is not e right plan for you? If you disagree to any of ose terms or conditions in e policy, you have an option to return e policy to us wiin 30 days from e date of e receipt of e policy document, stating e reasons for your

9 objection. In is case we will return your premium as follows Premium paid less: i. Proportionate risk premium for e period on cover ii. Expenses incurred by us on medical examination, if any iii. Stamp duty charges How is e premium calculated? Your premium depends upon e Life Assured's age, Basic Sum Assured, Premium Payment Term, Policy Term and Premium Payment Mode chosen. The following factors are applied to annual premium when paying premiums oer an yearly mode. Mode of Premium Payment Modal Factor Yearly 1 Half Yearly Quarterly Monly (A) Policy Loan: TERMS & CONDITIONS You can avail loan from SUD Life during Policy Term, provided your policy has acquired Surrender Value. You will need to assign your policy document as a collateral security subject to terms and conditions of e Company applicable from time to time. The loan can be availed for up to 55% of Surrender Value at e applicable interest rate levied. The loan outstanding along wi accumulated interest will be adjusted towards e benefit payable. The interest rate would be charged based on market related rates as equal to 10 year G-sec benchmark interest rate as on last working day of e previous financial year +1.50%, rounded up to e next multiple of 25 basis points. The rate of interest on loan for FY is 9%. Any change in basis shall be wi prior approval of e Auority. At any point in time, if e loan outstanding along wi accumulated interest under e Reduced Paid-Up policies exceed e applicable Surrender Value, e Policy will be foreclosed immediately and no benefits will be payable. Policies which are In-Force will not be foreclosed on account of loan balance exceeding e surrender value. (B) Exclusions: No exclusions for normal dea Accidental Dea benefit shall not be paid on dea of e insured person occurring directly or indirectly as a result of (any of e following): 1. The Life Assured taking part in any hazardous sport or pastimes (including hunting, mountaineering, racing, steeple chasing,

10 bungee jumping, etc) 2. Participation by e 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, dea or disability due to suicide attempt 4. Insured person being under e influence of drugs, alcohol, narcotics or psychotropic substances unless taken in accordance wi e lawful directions and prescription of a registered medical practitioner. 5. Service in any military, police, paramilitary or similar organisation 6. War, civil commotion, invasion, terrorism, hostilities (wheer war be declared or not) 7. Active participation by e Life Assured in strikes, industrial dispute, riots, etc. 8. Criminal or illegal activity wi a criminal intent 9. Nuclear reaction, radiation or nuclear or chemical contamination Accidental Dea means e dea of e Life Insured which results due to Accident or from Accidental Injury and which occurs wiin 180 days of e date of Accident and e date of dea is wiin e policy term. However e normal dea benefit will be payable on dea of e insured person occurring directly or indirectly as a result of above accident related exclusions. (C) Suicide Claim Provisions: In case of dea due to Suicide wiin 12 mons: i. from e date of inception of e policy, e nominee or beneficiary of e Life Assured shall be entitled to 80% of e premiums paid, provided e policy is in force or ii. from e date of revival of e policy, e nominee or beneficiary of e Life Assured shall be entitled to an amount which is higher of 80% of e premiums paid till e date of dea or e surrender value, as available on e date of dea of e Life Assured. (D) Risk Commencement Date for Minor Lives: Date of commencement of policy and date of commencement of risk shall be same for e minor lives and e policy will automatically vest in e life assured on attaining majority. (E) De nitions: Accident refers to a sudden, unforeseen and involuntary event caused by external, violent and visible means. Accidental Dea means e dea of e Insured which results due to Accident or from Accidental Injury and which occurs wiin 180 days of e date of Accident and e date of dea is wiin e policy term Accidental Injuries means accidental physical bodily harm excluding illness or disease solely and directly caused by external, violent and visible and evident means which is verified and certified by Independent Medical Practitioner. Medical Practitioner is a person who holds a valid registration from e medical council of any state or Medical Council of India or Council for Indian Medicine or for Homeopay set up by e Government of India or a State Government and is ereby entitled to practice medicine wiin its jurisdiction and is acting wiin e scope and jurisdiction of license. (F) Termination of Policy: Policy shall terminate on e occurrence of e earliest of e following: i. On policy being Lapsed and not revived wiin e Revival period.

11 ii. On Surrender of e policy (i.e. upon payment of applicable surrender value benefit) iii. On Maturity of e policy (i.e. upon payment of Maturity Benefit) iv. On dea of e Life Assured (G) Nomination: Nomination is allowed as per Section 39 of The Insurance Act 1938 and as amended from time to time. (H) Assignment: Assignment is allowed as per Section 38 of The Insurance Act 1938 and as amended from time to time. (I) Prohibition of Rebates: Section 41 of The Insurance Act, 1938 as amended from time to time: (1) No person shall allow or offer to allow, eier directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of e whole or part of e commission payable or any rebate of e premium shown on e policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance wi e published prospectus or tables of e insurer: (2) Any person making default in complying wi e provisions of is section shall be liable for a penalty which may extend to ten lakh rupees. (J) Goods & Services Tax (GST): Goods & Services Tax (GST) and charges, if any, shall be levied by e Government basis prevailing tax laws and/or any oer laws.

12 Star Union Dai-ichi Life Insurance Company Limited is e name of e Insurance Company and SUD Life Samriddhi is e name of e plan. Neier e name of e Insurance Company nor e name of e plan in anyway indicates e quality of e plan, its future prospects or returns. UIN:142N057V01 Call us at: (Toll-Free) Write to us at: customercare@sudlife.in Visit us at: BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS IRDAI clarifies to public at: IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums. IRDAI does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along wi details of phone call, number. Star Union Dai-ichi Life Insurance Co. Ltd. IRDAI Regn. No.: 142. CIN: U66010MH2007PLC Registered Office: 11 Floor, Vishwaroop IT Park, Plot No. 34, 35 & 38, Sector 30A of IIP, Vashi, Navi Mumbai Contact: (Charges apply) For more details on risk factors, terms and conditions and oer details, please refer to e sales brochure carefully, before concluding e sale. Participation by e Bank s customers in Insurance Business shall be purely on a voluntary basis. It is strictly on a non-risk participation basis from e Bank.Trade logo displayed belongs to M/s Bank of India, M/s Union Bank of India and M/s Dai-ichi Life Holdings, Inc. and is being used by Star Union Dai-ichi Life Insurance Co. Ltd. under license. SUD-SB