What is SUD Life Century Royale Plan?

Death Benefit

In case of death of the life assured, during the policy term, Sum Assured on Death will be paid in lumpsum immediately to the nominee. Your policy will be terminated and no further benefits will be paid. 

Sum Assured on Death is Highest of 

• 10 times of Annualized Premium OR
• 10 times of Annual Premium OR
• 105% of Total Premiums Paid as on date of death of the Life Assured OR
• Absolute Sum Assured as on the date of death of the Life Assured

Guaranteed Maturity Benefit

On survival of the Life Assured till the end of the Policy Term, provided the policy is in-force, Guaranteed Maturity Benefit shall be payable. 

The Guaranteed Maturity benefit will depend on premium payment term as mentioned below: 

• For 7 Pay - 8 times of Annualized Premium
• For 10 Pay - 12 times of Annualized Premium
• For 12 Pay - 15 times of Annualized Premium

Guaranteed Income Benefit

On survival of the Life Assured, the Guaranteed Income (GI) as percentage of Guaranteed Maturity Benefit depending on the Age at entry of the Life Assured, Premium Payment Term and Policy Term will be paid during the pay-out period till the end of policy term provided the policy is in-force. 

For policies with Premium Payment Term of 7 years, the Guaranteed Income period will start from the end of 10th Policy Year, for Premium Payment for 10 Years, starts from the end of 13th and for Premium Payment Term of 12 years, this period will start from the end of 15th Policy Year.

High Premium Benefit

For annualized premium of ₹2 lakh and above, the Guaranteed Maturity Benefit payable will be increased by 1%.

Policy Loan

You can avail loan from SUD Life during policy term, provided the policy has acquired surrender value, by assigning the policy document as a collateral security. The loan can be availed up to 70% of Surrender Value. The interest rate is calculated as equal to 10 year G-sec benchmark interest rate as on last working day of the previous financial year +1.50%, rounded up to the next multiple of 25 basis points and shall be compounded half yearly. The 10 year G-sec rate as on 31st March 2024 was 7.05%. The rate of interest on loan for FY 24-25 is 8.75% (7.05% + 1.5% + rounding to next multiple of 25 basis points. 

The company would review the loan interest rate every 1st April and the revised loan interest rate will also be applicable from 1st April.

SUD Life Accidental Death and Total & Permanent Disability Benefit Rider

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 instalments 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.