Prices Increasing Soon

SUD Life Abhay

SUD Life Abhay is a term insurance plan under the life insurance company. India's leading private sector banks Bank of India and Union Bank of India, jointly with Dai-ichi Life Holdings, formed the Star Union Dai-ichi Life Insurance (SUD Life). The customer can choose between a life cover and a life cover with the return of Premium. Benefits like accidental death and total and permanent disability are availed with the plan.

Gets ₹1 Cr. Life Cover at just

COVID-19 Covered

The Policybazaar Advantage

Dedicated claim support for family FREE

Upto 10% discount^# for buying online

Only certified experts will call you on 100% recorded lines

We are rated^~

7.7 Crore

Registered Consumer

Insurance Partners

4.2 Crore

Policies Sold

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

By clicking on "View plans" you agree to our Privacy Policy and Terms of use

~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

Life is Unpredictable! Protect your family’s future

Get ₹1 Crore Life cover starting from /month⁺

Male

Female

+91

We don’t spam

Check Your Premium Now

Get Updates on WhatsApp

The key features associated with the plan are the policy term can be availed for a minimum of 15 years or a maximum of 40 years premium payment options can be Single Premium, Regular Premium, or Limited Premium. The sum assured can be a minimum of Rs 50 lakhs and a maximum of Rs 100 crores.

Note: Know more about what is term insurance first before reading this article.

Eligibility Criteria of SUD Life Abhay

The following are the eligibility criteria of the policy.

Eligibility Criteria	Minimum	Maximum
Entry Age	18 years	65 years
Maturity Age	33 years	80 years
Sum Assured	Rs. 50,00,000	Rs 100 crores
Single-Premium	Rs. 29,850	Rs. 20,39,40,000
Annual Premium	Rs. 3720	Rs. 5,81,18,700
Policy Tenure	15 Years	40 Years
Mode of Premium Payment	Single, Monthly, Quarterly, Half-Yearly, and Yearly,
Premium Payment Term	Single pay, regular pay, 5 pay, 10pay & 15 pay.

Premium Calculation

Below mentioned nodal factors are applied for calculating annualized premium.

Mode of payment of Premium	Modal Factor
Yearly	1
Half Yearly	0.5108
Quarterly	0.2582
Monthly	0.0867

Note: You can easily calculate the term plan premium by using the term insurance calculator online tool.

Premium Savings

Premium in the case of female lives up to the age of 21 years is the same as the Premium for male life at the age of 18.
The Premium for age above 22 years is the same as the Premium for male life at a setback for three years.

If the policy Lapses

Premium Payment	Options	Policy Lapse
Single Pay	Option1: Life Cover	Not applicable on Policy Lapse
Single Pay	Option 2: Life Cover with Return of Premium	Not applicable on Policy Lapse
Regular Pay	Option1: Life Cover	If due premiums are not made within the first two years within the grace period, the policy will lapse.
Regular Pay	Option 2: Life Cover with Return of Premium	Same as above
5 Pay	Option1: Life Cover	Same as above
5 Pay	Option 2: Life Cover with Return of Premium	Same as above
10 Pay and 15 Pay	Option1: Life Cover	Same as above
	Option 2: Life Cover with Return of Premium	Same as above

Benefits Offered by SUD Life Abhay

Death Benefits

The nominee will be paid with the death benefits in case of the death of the life insured. The SUD Life Abhay policy will be terminated once the death benefits are paid.

For regular pay of 5, 10, and 15, Sum Assured on death will be the highest of:

10 X Annualized Premium
105% of the Total Premium.
Guaranteed Maturity Benefits
Assured Absolute Amount to be paid at the time of death.

For single pay, it will be the highest of

125% of the Premium
- Guaranteed Maturity Benefit
- Sum Assured on death

The plan has three options for the payment of the death benefits.

The Death Benefit will be paid as a lump sum.
1% of the Death Benefit will be paid as monthly income for 125 months, starting from the next policy anniversary date after the date of death.
50% of the Death Benefit will be paid as a lump sum, and 0.50% of the death payment will be paid as monthly income for 125 months.

Survival Benefits

On survival of the life insured until the end of the policy term, total premiums paid will be returned to the life insured along with rider premiums, if any.

Tax Benefits

As per Section 80C and Section 10(10D) under the Income Tax Act 1961, applicable benefits over taxes will be paid.

“Tax benefit is subject to changes in tax laws. Standard T&C apply.”

Rider Benefits

Additional riders for accidental deaths or total and permanent disability are available on extra Premium in theSUD Life Abhayterm plan.
100% of the Rider Sum Assured will be paid on the accidental death of the life insured.
In case of total and permanent disability, 10% of the rider sum assured will be paid in each of the 10 half-yearly installments.

Premium Illustration

The Premium of the plan depends on the age, gender, smoker status, chosen sum assured, mode of payment of Premium, plan option, policy term of the life assured. SUD Life Abhay has the flexibility of choosing the Premium paying terms with the policy term. An example illustrates the plan chosen by a person and the benefits he received.

At the age of 40, Mohit chose the Sud Life Abhay plan with an assured sum of Rs. 1 crore. The policy term chosen was 30 years with regular pay.

1. Life cover option chosen illustrates an annual premium of Rs. 23,364.

First case

Supposedly, Mohit dies at the 19th policy year; the death benefits will be paid to the nominee:

As a lump sum: The insurance company pays Rs. 1 crore to the nominee and terminates the policy.
Monthly income- The insurance company pays Rs. 1 lac monthly to the nominee for 125 months.
Lump-sum and Monthly income: The insurance company pays Rs. 50 lacs as a lump sum to the nominee and pays Rs 50,000 every month for the next 125 months.

Second case

Supposedly Mohit survives till the end of the policy

No life cover will be paid to the life insured.

2. Life cover option with a return of premium option- an annual premium of Rs. 48,028

First case

Supposedly, Mohit dies at the 19th policy year; the death benefits will be paid to the nominee, as shown in option 1.

Second case

Supposedly Mohit survives till the end of the policy

The Insurance company will pay 14,40,840 to the life insured as the maturity benefit of the policy.

*The Premium shown above is for Non-smoker and exclusive of taxes.

Additional Riders

SUD Life Abhayprovides the following additional riders with the policy.

Accidental Death Benefit Rider

The benefits will be paid to the nominee in case of death of the life insured due to accidental death.
The nominee will be paid with 100% of the rider sum assured.
The policy should be in force on the date of death and will be terminated once the benefits are paid.

Total and Permanent disability

The rider benefits will be paid if the life insured is diagnosed with a total and permanent disability during the policy term.
The rider benefit will be paid in 10 equal half-yearly installments.
10% of the rider sum assured will be paid as installments.
The policy should be in force on the event's date and will be terminated once the benefits are paid.

Documents Required to Buy SUD Life Abhay

Photo Identity Proof.
Age Proof
Address Proof
Income Proof
Photographs
Medical Reports
Application Form

How to Buy SUD Life Abhay online?

The applicant must decide on the life coverage needed by them and choose SUD Life Abhay's required option, i.e., "Life cover" or "Life cover with the return of payment."
The payout options have to be decided, i.e., "Lump sum," "Monthly," or both.
Selection of the amount of sum assured to be available for the applicant’s family.
The applicant has to visit the official website of the insurer and fill in the required details.
Details of the life insured, proposer details and product details are to be filled in.
The benefit option, payout option, and if additional riders are required has to be filled in the online form.
It will generate the BI.
Purchase the plan online.

Exclusions

Suicide

If a suicidal case occurs within twelve months from the date of commencement of risk, the nominee, policyholder, or beneficiary will be benefited with an amount greater than 80% of the total premiums paid
The policy should be in force during the date of suicide.

Note: Check out the term insurance plan in India and choose one that suits your requirements.

FAQs

Q. When is SUD Life Abhay the right plan for the customers?
The plan is the right choice if:
- The customer wants to secure his family financially even when he/she is not around.
- The customer wants a regular monthly income for the family in his/her absence.
- The customer is looking for long-term insurance protection.
- The customer is planning to purchase a plan that returns all the premiums paid at the time of maturity.
Q. Is there any restriction of age while applying for the plan?

For purchasing the term insurance, the applicant should be at least 18 years of age and not more than 65 years of age.
Q. Till how long the SUD Life Abhay plan will remain active?

For Single, Regular, 5, and 10 Pay options, the term of the policy will vary from 15 to 40 years.

For the 15 Pay option, the term of the policy will vary from 20 to 40 years.
Q. Do the sums assured have any restrictions?

Yes, a minimum of Rs. 50 lacs and a maximum of Rs. 100 crores are required for the sum assured. Also, the amount for the sum assured should be in multiples of Rs. 1000.
Q. What are the modes of payment for Premium?

The modes of payment may be Single, Monthly, Quarterly, Half-Yearly, or Yearly.
What are the benefits of term life insurance?
Ans: Here are 4 common term insurance benefits:
- Low premium rates
- Tax Benefits
- Death Benefit
- Long term coverage