SUD Life Group Term Insurance Plus

UIN: 142N046V04 | A Non-Linked Non-Participating Group Term Insurance Product

SUD Life Group Term Insurance Plus is a non-linked, non-participating, one-year renewable group term insurance plan that offers life coverage to members of eligible group at an affordable rate. SUD Life Group Term Insurance Plus is a cost-effective group term insurance plan that is annually renewable and designed to provide coverage to members of a specific group. It provides a lump-sum payment to the beneficiary in the event of a member's demise, ensuring their family's financial stability. By choosing SUD Life Group Term Insurance Plus, groups can offer their members essential life coverage, ensuring peace of mind and financial protection for their families.

  • Offers financial protection to group members at competitive rates
  • Allows various premium payment modes to suit the group’s preference
  • Enables customizing the coverage to meet the specific needs of the group
  • Facilitates seamless addition of new members and exit of existing ones
  • Accommodates a broad entry age, making it suitable for diverse groups
  • Comes with an optional accidental benefit rider

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What is SUD Life Group Term Insurance Plus Plan?

SUD Life Group Term Insurance Plus is a group insurance plan designed to provide financial security to members of an organized group at an affordable cost. This annually renewable policy ensures life coverage, offering protection to group members and financial support to their beneficiaries in case of untimely death.
The plan offers flexibility with premium payment options   (Yearly, Half yearly, Quarterly & Monthly), allowing groups to structure payments based on their preferences. It caters to a wide range of groups, including employer-employee organizations, associations, and other formal or informal groups. Additionally, the policy makes managing members simple, enabling easy enrolment of new individuals and smooth exit for outgoing members.
With comprehensive life cover, SUD Life Group Term Insurance Plus ensures that the dependents of group members receive a lump-sum payout, providing crucial financial support during challenging times. By offering a combination of affordability, flexibility, and seamless administration, SUD Life Group Term Insurance Plus helps safeguard the financial future of group members and their loved ones.
 

    Download Plan Related Documents

    Product Brochure

    How does the SUD Life Group Term Insurance Plus Plan Work?

    Once you purchase the SUD Life Group Term Insurance Plus, the following policy details must be finalized immediately: Group Type and Membership, Sum Assured, Premium Payment Mode.

    1.Coverage

    The plan is renewable annually and provides life cover to group members as long as premiums are paid regularly. Coverage begins when the policy is issued and remains active until the end of the policy term. 

    2.Death Benefit

    The sum assured is paid to the beneficiary in case of the member's unfortunate demise during the policy term.

    3.Maturity or Surrender Benefit

    There is no maturity or surrender benefit available under this plan for the master policyholder or group members. However, if the group policy is surrendered, individual members can choose to continue their coverage as an individual policy until it expires.

    4.Condition

    The insurability condition requires group members to be actively working and not on extended sick leave at the time of joining the policy.
    The policy offers the SUD Life Group Accidental Benefit Rider, which provides additional coverage. It includes benefits like Accidental Death, where the nominee receives 100% of the rider sum assured (up to ₹50 lakhs), and Accidental Dismemberment, where a percentage of the Rider sum   assured is paid to the insured based on the severity of the injury.

    SUD Life Group Term Insurance Plus Plan Benefits

    Here are the benefits that you get from the plan

    Death Benefit

    Rider Benefit

    Why choose SUD Life Group Term Insurance Plus Plan?

    SUD Life Group Term Insurance Plus Plan is the ideal option for you because of the following points
    • This plan offers a low-cost life cover solution, ensuring economic security for group members and their families.
    • The optional rider provides additional protection, including accidental death and dismemberment benefits.
    • Group members can enjoy life cover without medical tests up to the specified Free Cover Limit, ensuring quick and easy onboarding.
    • Premiums paid under this plan are eligible for tax benefits as per applicable tax laws, helping you save more.
    • The plan is designed for easy policy management, making it a seamless solution for employers or group administrators.

    Why Choose SUD Life

    98.6%

    Claim Settled as per 31.03.2024

    19000+

    19000+ Distribution Points across India for Life Insurance Purchase and Service

    24,761 Cr

    Assets Under Management

    1,51,00,000+

    Happy Customers

    Hassle Free

    Easy Payments

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    Frequently asked questions (FAQs)

    Who is eligible for the SUD Life Group Term Insurance Plus Plan?
    What is the Death Benefit under the SUD Life Group Term Insurance Plus Plan?
    What is the Accidental Dismemberment benefit under the SUD Life Group Term Insurance Plus Plan?
    What is the Suicide Claim policy under the SUD Life Group Term Insurance Plus Plan?
    What are the insurability conditions for the SUD Life Group Term Insurance Plus Plan?
    What premium payment modes are available for the SUD Life Group Term Insurance Plus Plan?
    What is the grace period for premium payments under the SUD Life Group Term Insurance Plus Plan?

    The plan provides coverage to members engaged in a common economic activity or those sharing a common identity. This includes employees of a company, members of employee welfare associations, customers of banks or financial institutions, credit card holders of a specific company, and associations of professionals like doctors, lawyers, engineers, accountants, journalists, and pilots, among others.

    Disclaimers