SUD Life Guaranteed Money Back Plans
Published On Sep 09, 2021
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The Star Union Dai-ichi Guaranteed Money Back Plan is a standard plan with no Bonus option. This insurance allows its clients to focus on long-term protection and savings while still receiving money-back benefits in the meantime. Policyholders might get both long-term and short-term financial advantages. Long-term objectives are always a priority for us, and while we work hard to achieve them, there are times when a little more income might come in handy — whether it's for a fun family vacation or a child's college application.
Why Should You Purchase Star Union Dai-Ichi Life Insurance's Guaranteed Money Back Plan?
The Guaranteed Money Back Plan provides numerous benefits to members and their nominees, including a significant survival benefit and a maturity or death payment. Furthermore, the earned assured additions will assist you in increasing your corpus. In addition to the standard insurance advantages, you have the option of customizing your coverage with extra riders. Star Union Dai-Ichi Life Insurance is one of India's largest life insurance firms. The insurer provides a variety of insurance products, including retail and group coverage.
Features of SUD Life Guaranteed Money Back Plans
Following are some features of SUD Life Guaranteed Money Back plans:
- The policy has a ten-year premium-paying period regardless of whether the policy term is 10, 15, or 20 years.
- This plan includes Survival, Maturity, and Death Benefits.
- This insurance also includes Guaranteed Additions, which grow at a rate of 4% to 6% depending on the policy duration.
- For sums assured of Rs. 5 lakhs or more, a premium rebate is offered.
Benefits of SUD Life Guaranteed Money Back Plans
Below mentioned are some benefits that one can avail under SUD Life Guaranteed Money Back plans:
- It is an Endowment Plan without a Bonus facility
- Every five years, you will get a guaranteed refund of 200 percent of your yearly premiums.
- Fund growth with yearly guaranteed additions of up to 6% of annualized premium
- A lump amount is guaranteed after the insurance period.
- Financial assistance to your family in the event of your untimely death
- Maturity Benefit = Sum Assured + Guaranteed Additions Accrued to Date - Survival Benefits, which have already been paid
- Death Benefit consists of the Sum Assured plus any guaranteed additions accumulated till death.
- Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax-free under section 10(10)D subject to fulfillment of terms and conditions.
The Star Union Dai-Ichi Guaranteed Money Back Plan is a conventional, savings-cumulative-protection money-back insurance. Every five years, the policyholder is entitled to a guaranteed lump sum survivor payment equivalent to 200 percent of the yearly premiums under this plan. In addition, if the life assured dies prematurely, the insurer will pay the nominee the full sum promised amount, including any accrued guaranteed additions. Your premium will be determined by the sum guaranteed, insurance term, and age. Policyholders who choose a sum guaranteed of Rs.5 lakh or more are eligible for a refund and a premium discount. In addition, you may supplement your basic policy with the SUD Life Accidental Death and Total and Permanent Disability Benefit Rider - Traditional and the SUD Life Family Income Benefit Rider - Traditional. Tax advantages will be available by current tax legislation.
Also read - Moneyback plan: Should I buy online or offline?
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.