What is SUD Life Pension Plus Plan?

There are 2 investment strategies to choose from: Self-Managed Investment Strategy and Age-Based Investment Strategy.

In this strategy, you get a choice of four pension fund options. You can invest your premium in any of these funds based on your risk appetite and investment preference. You can also switch the fund choices at your discretion.

In this strategy, you decide your risk preference, which is either conservative or aggressive. Based on your chosen risk profile, your premium will be allocated to two funds –namely Pension Equity Plus Fund and Gilt Fund. As your age advances, The allocation will move from the Pension Equity Plus Fund to the Pension Gilt Plus Fund. This is practised to minimize risk at higher ages and secure your returns from short-term volatility.

The premium, net of applicable charges, is invested in the selected funds depending on the investment strategy that you choose. You can make switches or withdraw funds partially during the policy tenure if needed. 

If the life insured happens to survive till the end of the policy term, they will receive the fund value based on the current NAV, provided the policy is active.

The Vesting benefit can be used in any of the following manner: Use the full amount to buy an immediate or deferred annuity from Star Union Dai-ichi Life Insurance at the prevailing rate. Withdraw up to 60% of the amount as a lump sum and use the remaining to purchase an annuity. Buy an annuity from another insurer as per IRDAI guidelines (currently up to 50% of the amount after commutation). If eligible, the policyholder can also extend the accumulation or deferment period beyond 60 years.

In case the life insured passes away while the policy is active, the nominee will receive the higher of the following amounts: 105% of total premiums paid (including any top-up premiums) minus partial withdrawals made in the last two years OR The fund value on the date the death is reported. The nominee can choose to Withdraw the full amount as a lump sum. Use all or part of it to buy an immediate or deferred annuity, which provides regular income. If the amount is too low to meet the required annuity purchase limit, it will be paid as a lump sum. The nominee may also opt to receive the payout in instalments under the Settlement Option. Once the death benefit is paid, the policy ends immediately.