SUD Life Century Gold

UIN: 142N087V04

SUD Life Century Gold is a saving life insurance plan that not only provides assured life cover but also a guaranteed maturity benefit. SUD Life Century Gold plan offers reliable life coverage with customisable options to help you achieve long-term financial goals, whether it’s building a Retirement fund or ensuring a secure future for your child.

Secure major life goals like education and marriage confidently
Enjoy a guaranteed maturity benefit inclusive of accrued guaranteed additions
Choose from two plan options and flexible premium and policy terms
Enjoy tax advantages on premiums and plan benefits

Buy SUD Life Century Gold

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What is SUD Life Century Gold?

The SUD Life Century Gold plan provides steady growth and protection, ensuring that your financial goals - such as securing your child’s education or planning for important life stages - stay on track, unaffected by external financial fluctuations. SUD Life Century Gold plan allows flexibility in choosing premium payment terms and policy terms to align with your needs.

There are two plan options, and the second option ensures your child’s future is protected with its three-part death benefit. Ideal for individuals seeking long-term savings and financial security for their families, this plan also offers loan options against the policy’s surrender value to provide emergency access to funds.

Along with these benefits, the plan offers tax advantages under current tax laws, making it an excellent option for those aiming to boost their savings while ensuring future security. With its guaranteed maturity benefits, SUD Life Century Gold is a practical choice for those who want to build a financial cushion while meeting life’s essential milestones through SUD Life Century Gold plan.

Download Plan Related Documents

Product brochure (Prospectus)

Policy Presentation

Policy Document

Product CIS

How Does SUD Life Century Gold Work?

When you purchase SUD Life Century Gold, you select the following details: Plan option, Policy term, Premium payment term, Premium amount, Frequency of premium payments. The death benefit would depend on the plan option chosen and is paid if the life insured dies during the policy term. If the life insured survives the policy term and the plan matures, a maturity benefit is paid under SUD Life Century Gold plan. The benefit is calculated as the sum assured on maturity plus the accrued guaranteed additions. The sum assured on maturity depends on the plan option selected, the policy term and your age. During the policy term, your policy earns guaranteed additions which are calculated as a percentage of the annualised premium paid. The percentage depends on the plan option selected.

1.Types of Plan Variant

There are two types of Plan Variants:

Goal Sure
Edu Sure

2.Goal Sure

In the event of the life insured’s death during the policy term, a lump-sum death benefit is paid to the nominee. The death benefit will be the highest of the following –

Sum assured on death, which is 10.5 times the annualised premium + accumulated guaranteed additions + guaranteed addition for the year of death (if applicable)
surrender value as of the date of death
death benefit factor is multiplied by the guaranteed maturity benefit.

3.Edu Sure

This plan option offers a structured death benefit paid in three parts:

Part 1: An immediate lump-sum benefit to the nominee (sum assured on death)
Part 2: An income benefit of 5% of the annualised premium, paid each month starting from the month in which death occurred till the end of the policy term.
Part 3: A lump-sum payment equivalent to the guaranteed maturity benefit at the end of the policy term.

4.Minimum Death benefit

Under both plan options, the minimum death benefit is at least 105% of the total premiums paid until the date of death

5.Survival Benefit

If the Life Insured survives until the end of the policy term, they receive the sum assured on maturity (SAM) along with the accumulated guaranteed additions. SAM is calculated by multiplying the SAM factor by the annualised premium. The SAM factor depends on your entry age, policy term (PT), and the selected plan option

6.Choose Riders for added protection

SUD Life Accidental Death and Total & Permanent Disability Benefit Rider – Traditional

Benefits payable under the rider:
a. On death due to Accident - On death of the Life Assured due to Accident, 100% of Rider Sum Assured will be paid provided the policy is in force as on the date of death of the Life Assured and the contract ceases thereafter.
b. On Accidental Total and Permanent disability - Rider Sum Assured will be paid in 10 equal half-yearly instalments wherein each instalment amount will be equal to Rider Sum Assured multiplied by 10%, provided the policy is in force (as on the date of occurrence of event) and the Rider contract will cease after payment of the last instalment. In case of death of the Life Assured while receiving Accidental Total and Permanent disability benefit, the remaining total of all outstanding installments under this Rider will be paid to the nominee/beneficiary and the contract ceases.
Note: Once any policyholder is declared eligible to receive the benefits under Accidental Total and Permanent Disability, the Coverage under this rider will immediately cease

SUD Life Family Income Benefit Rider – Traditional

Benefits payable under the rider:
Death Benefit: On death of the Life Assured, provided the rider benefit is In-force, the Nominee/Legal heir will be paid a Monthly Income Benefit for a fixed period of 10 Years. The Monthly Income Benefit is equal to (10% of Rider Sum Assured)/12 and will be paid at the end of every policy month following the date of death of the Life Assured and will continue to be paid for fixed period of 10 Years.
These rider benefits can be selected on commencement of the base policy or on any policy anniversary during a Premium Payment Term of the base policy, provided the base policy is In-Force.
The sum of total rider premiums should not exceed 30% of the total premiums paid under the base Plan. The rider benefits attached to the basic plan will terminate if the basic plan is terminated.

SUD Life Century Gold Plan Benefits

The plan covers the following major benefits:

Guaranteed Maturity benefits

The Guaranteed Maturity Benefit (GMB) will be calculated as an addition of Sum Assured at Maturity plus the Accrued Guaranteed Additions up to that date for the SUD Life Century Gold Plan.

Guaranteed Additions

Guaranteed Additions will accrue and be attached at the end of each policy years as detailed below till the end of the Policy Term. Guaranteed Additions shall be calculated as % of the Annualised Premium. Attached Guaranteed Additions shall be paid along with the maturity, surrender, or death benefit whichever is earlier and as per plan option. Guaranteed Addition will not accrue for policies in reduce Paid-up status.

Death Benefit

In case of death of the life assured, during the policy term, Death Benefit will be payable as per the plan option chosen to the policyholder/nominee/beneficiary, as the case may be.

For Goal Assure and Edu Sure, the Death Benefit is calculated differently. Please refer to the sales brochure for more details.

Loan facility

In emergency conditions, the policyholder may require funds to meet some unexpected expenses. To provide for this situation, we allow loans against the policy. Loans will be available only after the policy acquires surrender value, by assigning the policy document as a collateral security. The loan can be availed up to 70% of the Surrender Value at applicable interest rate levied by the Company.

Maturity Benefit

On survival of the Life Assured till the end of the Policy Term, provided the policy is in-force, Sum Assured on Maturity along with the accrued Guaranteed Addition will be payable as per the Plan Option chosen under the SUD Life Century Gold plan.

Riders

Below are the Riders available with this plan

1. SUD Life Accidental Death and Total & Permanent Disability Benefit Rider – Traditional

2. SUD Life Family Income Benefit Rider – Traditional

Why choose SUD Life Century Gold?

Here are some reasons to consider the SUD Life Century Gold Plan

It offers two plan options-Goal Sure and Edu Sure-to cater to different financial goals and needs.
It provides a substantial death benefit to ensure financial security for beneficiaries, including additional monthly income options in the Edu Sure Option under SUD Life Century Gold.
You only have to pay limited premiums for the policy, and you can enjoy coverage for a longer tenure.
The Edu Sure option can be used as a tool to secure your child’s financial future with the death benefit that it provides under the SUD Life Century Gold plan.
It is designed for long-term savings and financial protection, suitable for individuals looking to secure their family’s future.
Premiums paid and benefits received may qualify for tax deductions under applicable sections of the Income Tax Act, enhancing the overall value of the investment.
It provides various premium payment frequencies, including annual, semi-annual, quarterly, and monthly, for convenience.

Frequently asked questions (FAQs)

How are Guaranteed Additions calculated under the SUD Life Century Gold plan?

Can minors enjoy immediate coverage under the plan?

What happens if my policy lapses or it gets to the Reduced Paid-Up Value?

What happens if I miss a premium payment?

Is it possible to restore my lapsed or reduced paid-up policy to its original benefits?

What happens if the life insured dies by suicide within the first year of the policy?

Can the plan be discontinued during the policy term?

Guaranteed Additions will accrue as per the table below: PPT GA Start Year % of Annualised Premium (Goal Sure Plan) % of Annualised Premium (Edu Sure Plan) 5 6 40% 30% 6 7 50% 40% 8 9 60% 50% 10 11 70% 60%

If the life insured is a minor aged 5 years or older when the policy is purchased, coverage will begin immediately. However, if the life insured is under 5 years old, coverage will not commence right away. In these instances, risk coverage will start either one day before the completion of two years from the policy's commencement date or on the first monthly policy anniversary after the child turns 5, whichever comes first.

If premiums aren’t paid for the first full policy years, the policy lapses, ending all coverage and benefits. If you’ve paid at least one full year but miss further payments, it becomes Reduced Paid-Up, losing eligibility for Guaranteed Additions. Upon death during the policy term, the death benefit will be the Paid-Up Sum Assured. Edu Sure plan will also provide a monthly income of 5% of the Annualised Premium. If the policyholder survives, the Paid-Up Sum Assured on Maturity will be payable. You can also surrender the policy for the higher of the Guaranteed or Special Surrender Value.

You have a grace period of 30 days for quarterly, semi-annual or annual payment modes, and 15 days for monthly payment mode to pay the overdue premium. This grace period begins from the due date of each premium payment.

Yes, you can revive your lapsed or reduced paid-up policy within 5 years from the due date of the first unpaid premium by providing proof of insurability and paying any outstanding premiums with applicable interest. Once revived, all benefits will be restored to their original levels.

If the life insured dies by suicide within 12 months of the policy's risk commencement or its revival date, the nominee will receive the higher of 80% of the total premiums paid till the date of death or the surrender value available as on the date of death, as long as the policy is still in force.

Yes, you can surrender your policy at any time during the policy term, provided it has acquired a Surrender Value,. The Surrender Benefit will be the higher of the GSV, i.e. the Guaranteed Surrender Value or the SSV, or the Special Surrender Value.