Jammu, September 9, 2016: SUD Life (Star Union Dai-ichi Life Insurance Co. Ltd.), a joint venture between Bank of India, Union Bank of India and the Japan-based Dai-ichi Life, today launched its new endowment plan – SUD Life AADARSH – that offers twin benefits of savings and security.
SUD Life AADARSH is a non-linked, non-participating endowment life insurance plan and it provides a guaranteed maturity benefit with a limited premium paying term of 5 years.
The unique selling proposition of the new endowment plan is that it enhances cover of the life insured with an inbuilt additional accidental death benefit.
SUD Life AADARSH encourages short-term savings with a fixed policy term of 10 years and a fixed premium payment term of 5 years, while the minimum entry age for this plan is 8 years and the maximum age at maturity is 65 years.
A person has the option to choose from three basic sum assured options available – Rs 50,000,Rs 3,00,000 and Rs 5,00,000 – under this plan.
The policyholder can pay his/her regular premium on monthly, quarterly, half-yearly and yearly mode based on his/her need and income flow.
On survival till the end of the policy term, guaranteed maturity benefit which is equal to the basic sum assured will be paid.
In case of death due to causes other than accident, the death sum assured will be paid.In case of death due to accident, the benefit equal to twice the death sum assured will be paid .
Apart from providing short-term savings and protection, the new endowment plan also provides tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961 subject to conditions stipulated therein.
SUD Life AADARSH is available across 11,000 Bank of India and Union Bank of India branches. It will also be promoted through SUD Life Plan Designers and advisors across the country.