Blessings
for a Lifetime & Beyond
Get lifelong financial security
and a lump sum amount at end of the policy term.
SUD Life
AAYUSHMAAN
A Non-Linked Deferred Participating Plan
UIN-142N050V01
SUD Life AAYUSHMAAN
A Non-Linked Deferred Participating Plan
In your journey through life, you will aspire to give your child the best education,
and save for that dream house or a comfortable retired life with your spouse. You
want to make sure that the dreams you have for yourself and your family come
true whether you are there or not.
Introducing SUD Life AAYUSHMAAN – a Non Linked Deferred Participating Plan
that pays lump sum benefits and lifelong financial protection, a plan to help you
ensure that nothing comes in the way of your family's happiness. With the power
of guaranteed additions and bonuses, your benefits augment with time...
What is SUD Life AAYUSHMAAN?
SUD Life AAYUSHMAAN is a Non Linked Deferred Participating Plan that aims to
provide lifelong financial security, and also provides a lump sum on survival at
the end of the Policy Term.
Why should you take this Plan?
Lifelong Maturity Benefit Guaranteed Additions Riders
Protection on survival at the and Bonus for additional
end of policy term to augment plan benefits financial protection
What are the benefits under this Plan?
Maturity Benefits:
On survival of the Life Assured till the end of the Policy Term, provided the Policy
is In-force, Basic Sum Assured along with the accrued Guaranteed Additions,
accrued Reversionary Bonuses and terminal bonus, if any will be paid
immediately at the end of the Policy Term.
Guaranteed Additions:
Guaranteed Additions of 3% p.a. of Basic Sum Assured will be attached to the
policy at the end of each policy year for the first 5 policy years, provided the
policy is in-force.
Bonuses:
Simple Reversionary Bonus will start getting declared and attached to all
in-force Policies from sixth policy year onwards.
Depending on the actual performance of the fund and prevailing economic
conditions, we will declare simple reversionary bonus. Bonuses once attached
to the policy are payable, as applicable on maturity, surrender or death,
whichever is earlier.
Terminal Bonus
We may also declare terminal bonus which shall be paid along with the maturity
benefits and death benefits during the policy term, provided the policy is
in-force.
Death Benefit:
On death of the Life Assured during the Policy Term:
On death of the Life Assured during the Policy Term, provided the policy is
in-force, Death Sum Assured along with the accrued Guaranteed Additions,
accrued Reversionary Bonuses (including any guaranteed addition and bonus
pertaining to policy year of death) and Terminal Bonus, if any will be paid and
the policy gets terminated immediately.
Death Sum Assured = Highest of,
a) 10 times of Annualized premium Or
b) Guaranteed Sum assured at the time of Maturity(i.e. Basic Sum assured) Or
c) Absolute amount assured to be paid on death (150% of the Basic Sum
Assured)
Where Annualized Premium for the purpose of Death Sum Assured, refers to
premium payable in a year excluding any extra premium and loading for modal
factors, if any.
In any case, the minimum death benefit shall be 105% of all the premiums paid
(excluding any extra premium and service tax, if any) as on the date of death.
Death Benefit will be paid after recovering all outstanding premiums due and
unpaid in the policy year in which death occurs.
On death of the Life Assured after the Policy Term:
On survival of the Life Assured till the end of the Policy Term, Maturity Benefit is
paid and an extended life cover equal to the Basic Sum Assured will be provided
for the remaining life time of the Life Assured. On death of the Life Assured
during the extended life cover period, Basic Sum Assured will be paid and the
contract terminates immediately.
Riders:
Following riders are available under this product
(1) SUD Life Accidental Death and Total & Permanent Disability Benefit Rider –
Traditional (UIN: 142B005V01)
(2) SUD Life Family Income Benefit Rider – Traditional (UIN: 142B007V01)
How does the plan work?
§Choose the Basic Sum Assured – this is the minimum corpus you would
like to receive as per your needs on survival till the end of the policy term.
§Choose the Policy Term – depending on when you want to receive your
maturity benefit.
§The eligibility criteria are provided below in the 'Eligibility and Limits'
section for your reference
§The premium amount will be based on the Basic Sum Assured, Policy Term,
and age of the life assured. High Sum Assured rebate will be applicable
depending on Basic Sum Assured chosen
§You have the option to pay your premiums regularly throughout the Policy
Term of 15, 20, 25 and 30 years through yearly, half-yearly, quarterly or
monthly modes.
§To enjoy the full benefits of your plan, all you have to do is to pay the
premiums regularly throughout the Policy Term
§In case of death of the life assured, the nominee will receive the death
benefit as defined above in the section on 'Death Benefit'
§On survival of the Life Assured to the end of the Policy Term and, you will
receive the Maturity benefit as defined above in the section on 'Maturity
Benefit’
Benefits explained with an example:
Virat, aged 40 is looking for a plan which will cover him for lifetime and provide a
lump sum amount at an intermediate stage of his life to take care of his family
needs. He decides to pay premiums for 15 years for Basic Sum Assured of
` 3,00,000. He pays Annual Premium of ` 28,497/- throughout the Policy Term.
Maturity Benefits:
At the end of Policy Term (i.e. at the end of 15th Policy year):
(a) Basic Sum Assured: ` 3,00,000
(b) Accrued Guaranteed Additions: ` 45,000
(3% p.a. of 3,00,000 for first 5 years)
(c) Accrued Bonuses#:
Returns at 4% p.a. Returns at 8% p.a.
` 15,000 ` 1,35,000
Thus, total Maturity Benefit received by Virat is
Returns at 4% p.a. Returns at 8% p.a.
` 3,60,000 ` 4,80,000
(3,00,000+45,000+15,000) (3,00,000+45,000+1,35,000)
#
Bonus is calculated assuming that the expected growth of funds over the policy term may
be at mentioned Investment Return.
Guaranteed Additions of Simple Reversionary Bonus On Survival till the end of
3% of Basic Sum Assured from 6th Policy Year onwards Policy Term, Maturity Benefits =
at the end of first till end of Policy Term Basic Sum Assured +
5 Policy years. i.e. till Age 55 Accrued Guaranteed Additions +
Accrued Bonuses +
Terminal Bonus, if any is paid.
Age 40 Age 45 Age 50 Age 55 Age 55 onwards
Years Years Years Years
After payment of Maturity
Benefit, an extended cover
will be provided till the
Premium Paying Term = Policy Term i.e. 15 Years remaining life time of Virat.
In case of death of Life Assured:
On death within the Policy Term
In case of Virat's unfortunate demise in the 10th Policy year (i.e. within the Policy
Term), his nominee will receive the following benefits and the policy terminates
immediately.
(a) Death Sum Assured: ` 4,50,000 (Higher of 10 times Annualised Premium or
Basic Sum Assured or 150% of Basic Sum Assured )
(b) Accrued Guaranteed Additions: ` 45,000
(3% p.a. of 3,00,000 for first 5 years)
(c) Accrued Bonuses#:
Returns at 4% p.a. Returns at 8% p.a.
` 7,500 ` 67,500
Thus, total Death Benefit received by Virat is
Returns at 4% p.a. Returns at 8% p.a.
` 5,02,500 ` 5,62,500
(4,50,000+45,000+7,500) (4,50,000+45,000+67,500)
#
Bonus is calculated assuming that the expected growth of funds over the policy term may
be at mentioned Investment Return.
On death at any time after the Policy Term
In case of unfortunate demise of Virat at age 75, his nominee will receive Basic
Sum Assured of ` 3,00,000 and the policy terminates immediately.
On death within the Policy Term, On death anytime after
Death Sum Assured + Accrued Guaranteed Additions Policy Term
+ Accrued Bonuses (including any guaranteed addition i.e. any time after age of 55,
and bonus pertaining to policy year of death) are paid Basic Sum Assured is paid.
Age 40 Age 45 Age 50 Age 55 Age 55 onwards
Years Years Years Years
In preparing this benefit illustration, it is assumed that the life assured is a healthy individual.
The Premium mentioned in this illustration is exclusive of taxes, if any.
What are the eligibility and plan limits?
Simply make sure you meet the age criteria as mentioned below. You will have to
choose a suitable Basic Sum Assured as per the limits mentioned below:
Age at Entry Minimum: 18 years (last birthday)
Maximum: 50 years (last birthday)
(subject to the maximum age at the end of
Policy Term being 70 years last birthday).
Maximum Maturity Age 70 years (last birthday)
Policy Term Fixed Policy term of 15, 20, 25 and 30 years
Extended life cover equal to the Basic Sum Assured
will be provided for the remaining life time of the
Life Assured after Policy Maturity
Premium Paying Term Premium Paying Term is equal to the Policy Term.
Basic Sum Assured Minimum: ` 1,50,000 • Maximum: ` 100 crores^
Basic Sum Assured should be in multiple of 1000
Premium Annual, Half-Yearly, Quarterly or Monthly Modes
Payment Modes (for Monthly Mode, through ECS/SI only)
^subject to our Board approved medical and financial underwriting policy
“In this plan, risk will commence immediately on the issuance of the policy for all lives”
TERMS & CONDITIONS
High Sum Assured Discount:
Basic Sum Assured Band High Sum Assured Discount
(In ` for per 1000 Basic Sum assured)
1,50,000 – 4,99,000 NIL
5,00,000 – 9,99,000 1.50
10,00,000 – 24,99,000 3.00
>= 25,00,000 4.00
Modal Factor:
Modal factors
1 0.5125 0.2595 0.0872
Annual Half-yearly Quarterly Monthly
Premium payment mode
Policy Loan:
You may avail loan during the Policy Term, provided the policy has acquired
surrender value, by assigning the policy document as a collateral security. The
loan can be availed up to 70% of Surrender Value. The interest rate is currently at
10.5% compounding half yearly. The loan interest rate will be revised only upon
obtaining prior approval from the Authority. The loan outstanding along with
accumulated interest will be adjusted in the maturity benefit payable at the end
of the policy term.
At any point in time, if the loan outstanding along with accumulated interest
under the Reduced Paid Up Policies exceed the applicable Surrender Value, the
Policy will be foreclosed immediately and no benefits will be payable. However,
In-Force policies will not be foreclosed on account of loan balance exceeding
the surrender value.
Grace Period:
In case you have missed paying your premium by the due date, we will allow a
grace period of 30 days from the date of the first unpaid premium, for annual,
half-yearly and quarterly modes. The grace period will be 15 days in case of
monthly mode.
If death occurs during the grace period, the Death Benefit under the policy will
be paid after deductions of the premiums then due and all premiums falling due
and unpaid during the policy year of death.
Lapse:
If you have not paid the due premiums within the grace period for the first three
full years, the policy will lapse. The life cover ceases and no benefits are payable
under the lapsed policy.
Reduced Paid-upPolicy:
If you have paid the due premiums under this policy for at least three full years
and subsequent premiums are not paid, then your policy will acquire Reduced
Paid-Up status.
Once your policy becomes Reduced Paid-up, future Guaranteed Additions and
future Reversionary Bonuses will not be payable. However, the vested
Guaranteed Additions and the vested reversionary bonuses will remain attached
with the policy.
(A) Death Benefit for Reduced Paid-up Policy:
I. On death of the Life Assured during the Policy Term
In case of death of the Life Assured during the Policy Term, the Paid-Up Death
Sum Assured (as defined below) along with vested Guaranteed Additions and
vested Reversionary Bonuses (including any guaranteed addition and bonus
pertaining to policy year of paid up) shall become payable.
Guaranteed Addition and Bonus for the policy year of paid up will be paid in
proportion to the total premiums paid and total premiums payable for the
respective policy year of paid up.
The Paid-Up Death Sum Assured is defined as follows:
Total number of premiums paid
X Death Sum Assured
Total number of premiums payable
II. On death of the Life Assured after the Policy Term
In case of death of the Life Assured after the Policy Term, the Paid-Up Basic
Sum Assured (as defined below) will be payable immediately.
The Paid-Up Basic Sum Assured is defined as follows:
Total number of premiums paid
X Basic Sum Assured
Total number of premiums payable
(B) Maturity Benefit for Reduced Paid-up Policy:
At the end of policy term, the Paid-Up Basic Sum Assured (as defined
below) along with the vested Guaranteed Additions and vested
Reversionary Bonuses (including any guaranteed addition and bonus
pertaining to policy year of paid up) shall become payable.
Guaranteed Addition and Bonus for the policy year of paid up will be
calculated in proportion to the total premiums paid and total premiums
payable for the respective policy year of paid up.
The Paid-Up Basic Sum Assured is defined as follows:
Total number of premiums paid
X Basic Sum Assured
Total number of premiums payable
Policy Surrender:
You can surrender your policy as per conditions mentioned below. Your policy
will be terminated and no further benefits will be paid under the policy after we
have paid you the surrender value. If you have paid all premiums for at least first
three consecutive full years, your policy will acquire a surrender value. Surrender
Value payable would be higher of “Guaranteed Surrender Value” and “Special
Surrender Value” during the policy term. After the Policy Term, once the maturity
benefit has been paid, only Special Surrender Value pertaining to the extended
life cover is payable. Please note that even your Reduced Paid-up policy is
eligible for surrender.
Guaranteed Surrender Value:
Guaranteed Surrender Value is applicable during the Policy Term only.
Guaranteed Surrender Value consists of:
Guaranteed Surrender Value based on the premium paid till the date of surrender
plus
Surrender Value of vested Guaranteed Additions and vested Reversionary Bonuses
(including any guaranteed addition and bonus pertaining to policy year of surrender).
Guaranteed Addition and Bonus for the policy year of surrender will be
calculated in proportion to the total premiums paid and total premiums payable
for the respective policy year of surrender.
Hence Guaranteed Surrender Value is defined as
GSV Factor X Total premiums P Bonus Factor X vested Guaranteed
paid upto the date of surrender, L Additions and vested Reversionary
(excluding taxes and extra Bonuses (including any guaranteed
U addition and bonus pertaining to
premiums if any) S policy year of surrender)
The GSV Factors at sample Policy Years of surrender are furnished in the table below:
Policy Term (in Years)
Policy Year 15 20 25 30
1 0% 0% 0% 0%
5 50% 50% 50% 50%
10 70% 65% 60% 60%
15 90% 80% 70% 70%
20 NA 95% 80% 80%
25 NA NA 90% 90%
30 NA NA NA 100%
Special Surrender Value:
Special Surrender Value will be calculated by the company, using the basis and
the method as approved by the regulator from time to time. The Special
Surrender Value can be amended by the Company from time to time after
obtaining prior approval from the IRDAI.
Policy Revival/Reinstatement:
• You can revive your lapsed policy or reinstate your reduced paid-up policy by
sending us a revival/reinstatement request within two years from the date of
first unpaid premium.
• You will need to pay the unpaid premiums, with interest applicable at the time
of payment (currently 9% p.a., any change in the interest rate is subject to
prior approval of IRDAI) and produce proof of continued insurability and
medical evidence to the Company's satisfaction (as per the Board approved
underwriting policy applicable at that time). You have to bear the cost of
medical examination required, if any.
• The Company reserves the right to accept or reject the revival/reinstatement
of the lapsed/reduced paid-up policy as per the Board approved underwriting
policy.
• Once revived/reinstated, all benefits under the policy will be restored to
original levels (i.e. level of benefits payable/paid as if the policy is in-force).
Suicide Clause:
In the event the Life Assured commits Suicide, whether sane or insane at that
time, within twelve months from the date of inception of the policy, the insurance
cover shall be void and the nominee or beneficiary of the policyholder shall be
entitled to 80% of the premiums paid provided the policy is in-force.
In the event the Life Assured commits Suicide, whether sane or insane at that
time, within twelve months from the date of the last reinstatement/revival of the
policy, the insurance cover shall be void and the nominee or beneficiary of the
policyholder shall be entitled to an amount which is higher of 80% of the
premiums paid till the date of death or the surrender value, (higher of
Guaranteed Surrender Value and Special Surrender Value) if any, as available
on the date of death, provided the policy is in force.
Termination of Policy:
The Policy will terminate on occurrence of the following events.
I. On surrender of the policy (i.e. upon payment of applicable surrender value
benefit)
II. On death of the life assured (i.e. upon payment of death benefit)
III. On policy being lapsed (as defined above in the Terms & Condition Section,
Lapse Sub- section) and not revived within the revival period.
Free Look Period:
As per IRDA regulation 6(2) of Protection of Policyholders' Interest
Regulations,2002, a period of 15 days (30 days for distance marketing*) is
available to the Insured from the date of the receipt of the policy document to
review the terms and conditions of the policy and where the insured disagrees
to any of those terms or conditions, he/she has the option to return the policy
stating the reasons for his/her objection, when he/she shall be entitled to a
refund of the amount of premium paid subject to a deduction of a proportionate
risk premium for the period on cover and the expenses incurred by us on
medical examination and the stamp duty charges.
*Distance marketing includes every activity of solicitation (including lead generation) and sale
of insurance products through the following modes: (i) Voice mode, which includes
telephone-calling (ii) Short Messaging service (SMS) (iii) Electronic mode which includes e-
mail and interactive television (DTH) (iv) Physical mode which includes direct postal mail and
newspaper & magazine inserts and (v) Solicitation through any means of communication
other than in person.
Nomination:
Nomination is allowed as per Section 39 of the Insurance Act, 1938 as amended
from time to time.
Assignment:
Assignment is allowed as per Section 38 of the Insurance Act, 1938 as amended
from time to time .
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, either 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 the
whole or part of the commission payable or any rebate of the premium shown on
the 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 with
the published prospectus or tables of the insurer:
(2) Any person making default in complying with the provisions of this section
shall be punishable with fine which may extend to ten lakh rupees. ”
Income Tax Benefits:
As per the current laws, income tax benefits are available under Section 80C and
Section 10(10D) of Income Tax Act, 1961 which are subject to change in tax laws
from time to time. Prevailing benefits would be applicable as per the prevailing
laws from time to time. Please consult your tax advisor.
GST (Goods & Services Tax):
GST (Goods & Services Tax) and any charges levied by the government in future
shall be levied as per the prevailing tax laws and/or any other laws.
Star Union Dai-ichi Life Insurance Company Limited is the name of the
Insurance Company and “SUD Life AAYUSHMAAN” 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.
SUD Life AAYUSHMAAN (UIN: 142N050V01)
SUD-BR-10/15/15
Registered Office: 11th Floor, Vishwaroop IT Park, Plot No. 34, 35 & 38,
Sector 30A of IIP, Vashi, Navi Mumbai – 400 703.
Toll Free No: 18002008833
Call: 022 39546300 (Charges apply) Timing: 8:00 am to 8:00 pm (Mon – Sat)
Email:
[email protected] • www.sudlife.in
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS
IRDAI clarifies to public that:
• 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 with details of phone
call, number.
Insurance is the subject matter of the solicitation.
IRDAI Registration No. 142. C.I.No.-U66010MH2007PLC174472.
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.
