2024-05-14 5 Min read
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Preparing for life’s unpredictable twists and turns involves strategic foresight, resilience, and adaptability. Anticipating challenges and crafting flexible strategies can help you navigate through the uncertainties of life. For smoother transitions through life’s diverse pathways, financial planning is crucial. Managing your resources and creating contingency funds become easier when you secure the right kind of insurance.
This is where endowment plans come into the picture. With these plans, you can ensure preparedness for unforeseen events and safeguard the future of your loved ones. Said to be one of the best endowment plans in India, Century Gold helps you make adjustments in line with your changing circumstances. Let’s delve a little deeper.
Understanding Endowment Plans
An endowment plan is a form of insurance. It provides life coverage along with secure and long-term savings that come with guaranteed returns. If you have a low-risk appetite and are looking for coverage as well, then endowment insurance can be a worthy choice. As the payout benefits are unaffected by the financial market’s performance, your concerns about market fluctuations impacting returns are mitigated. The corpus remains protected from market volatility, thus ensuring a stable fund to fulfil your long-term needs.
The right investment policy serves as a means to save for future financial objectives. Even if tragedy strikes and you are no longer around, your family members would not have to be financially dependent on others. If you are seeking stability amid life’s unpredictable twists and turns, then an endowment plan, like the SUD Century Gold Plan, is a very suitable option.
Let us take a look at the benefits that an endowment plan offers:
1.Maturity/ Survival Benefit:
Upon completing the policy term, you, the policyholder, become eligible to receive the assured sum.
2.Death Benefit:
A death benefit is paid in an endowment policy when the insured individual passes away during the term of the policy. In such a scenario, typically the nominee receives the sum assured in a lump sum form.
The right investment policy serves as a means to save for future financial objectives. Even if tragedy strikes and you are no longer around, your family members would not have to be financially dependent on others. If you are seeking stability amid life’s unpredictable twists and turns, then an endowment plan, like the SUD Century Gold Plan, is a very suitable option.
Let us take a look at the benefits that an endowment plan offers:
1.Maturity/ Survival Benefit:
Upon completing the policy term, you, the policyholder, become eligible to receive the assured sum.
2.Death Benefit:
A death benefit is paid in an endowment policy when the insured individual passes away during the term of the policy. In such a scenario, typically the nominee receives the sum assured in a lump sum form.
How can different death benefit options help in planning finances for your family in your absence?
With the SUD Century Gold plan, you have the advantage of flexibility. The plan comes in two options: Goal Sure and Edu Sure. While both the plan options come with a long list of benefits, the death benefit payouts are different. Let us take a look at both these options as you need to choose the one that is in line with your requirements and future plans.
Goal Sure Plan Option
Under the Goal Sure Plan, if the insured individual passes away during the policy term, the nominee receives the policy’s sum assured. However, if the insured survives/ outlives the endowment policy term, they receive the maturity amount. The maturity amount will comprise of:
1.The sum assured and
2.Guaranteed additions. With the SUD Century Gold plan, the guaranteed additions start accruing once the premium paying term is over. For instance, if your premium paying term is 10 years, the guaranteed additions will start accruing from the 11th year.
Edu Sure Plan Option
Similarly, if you choose the Edu Sure plan option, at the end of the policy term, you will receive the maturity amount. The maturity amount comprises of:
1.The sum assured and
2.Guaranteed additions.
However, unfortunately, if you, the insured individual, pass away during the policy term, then the death benefit is payable in three parts:
1.Lump sum benefit – Immediately after the death of the insured:
The lump sum death benefit refers to a one-time payment that is made to the appointed nominee immediately following the death of the insured individual. In endowment insurance, this sum of money is crucial as it offers immediate financial support to the bereaved family during a challenging time. The immediate death benefit from the guaranteed savings plan can assist in covering funeral expenses, settling any outstanding debts, meeting daily expenses, and providing essential financial stability to the family left behind.
2.Income benefit – 5% of the annualised premium is paid out on a monthly basis:
Apart from the immediate death benefit, under the Century Gold Edu Sure option, the appointed nominee receives an income benefit on a monthly basis. For example, in a policy term of 20 years, the insured passes away in the 10th year. Then, the nominee will receive a monthly income of 5% of the annualised premium from the time of death op to the 20th year.This periodic payment is a structured approach that helps provide a steady stream of income to the family over a specified duration, assisting them with ongoing financial needs and obligations.
3.Guaranteed Maturity Benefit – Paid out when the policy term is over:
At the end of the policy term, as the SUD Century Gold plan is a guaranteed savings plan, it will once again pay out a lump sum amount to the nominee. This amount is the Guaranteed Maturity Benefit, which provides financial security and facilitates the fulfilment of long-term financial goals or obligations at a stage when your family may need it the most.
When you invest in the SUD Century Gold plan, which is among the best savings schemes, the total death benefit that is received by the nominee is the sum total of:
1.Lump sum death benefit
2.Income benefit
3.Guaranteed Maturity Benefit.
These payouts can serve as a crucial financial lifeline for your family. It not only provides immediate financial support but also helps to sustain your family’s financial stability long after you are gone. You put them in a strong financial position where they can maintain their standard of living and meet ongoing financial needs.
Goal Sure Plan Option
Under the Goal Sure Plan, if the insured individual passes away during the policy term, the nominee receives the policy’s sum assured. However, if the insured survives/ outlives the endowment policy term, they receive the maturity amount. The maturity amount will comprise of:
1.The sum assured and
2.Guaranteed additions. With the SUD Century Gold plan, the guaranteed additions start accruing once the premium paying term is over. For instance, if your premium paying term is 10 years, the guaranteed additions will start accruing from the 11th year.
Edu Sure Plan Option
Similarly, if you choose the Edu Sure plan option, at the end of the policy term, you will receive the maturity amount. The maturity amount comprises of:
1.The sum assured and
2.Guaranteed additions.
However, unfortunately, if you, the insured individual, pass away during the policy term, then the death benefit is payable in three parts:
1.Lump sum benefit – Immediately after the death of the insured:
The lump sum death benefit refers to a one-time payment that is made to the appointed nominee immediately following the death of the insured individual. In endowment insurance, this sum of money is crucial as it offers immediate financial support to the bereaved family during a challenging time. The immediate death benefit from the guaranteed savings plan can assist in covering funeral expenses, settling any outstanding debts, meeting daily expenses, and providing essential financial stability to the family left behind.
2.Income benefit – 5% of the annualised premium is paid out on a monthly basis:
Apart from the immediate death benefit, under the Century Gold Edu Sure option, the appointed nominee receives an income benefit on a monthly basis. For example, in a policy term of 20 years, the insured passes away in the 10th year. Then, the nominee will receive a monthly income of 5% of the annualised premium from the time of death op to the 20th year.This periodic payment is a structured approach that helps provide a steady stream of income to the family over a specified duration, assisting them with ongoing financial needs and obligations.
3.Guaranteed Maturity Benefit – Paid out when the policy term is over:
At the end of the policy term, as the SUD Century Gold plan is a guaranteed savings plan, it will once again pay out a lump sum amount to the nominee. This amount is the Guaranteed Maturity Benefit, which provides financial security and facilitates the fulfilment of long-term financial goals or obligations at a stage when your family may need it the most.
When you invest in the SUD Century Gold plan, which is among the best savings schemes, the total death benefit that is received by the nominee is the sum total of:
1.Lump sum death benefit
2.Income benefit
3.Guaranteed Maturity Benefit.
These payouts can serve as a crucial financial lifeline for your family. It not only provides immediate financial support but also helps to sustain your family’s financial stability long after you are gone. You put them in a strong financial position where they can maintain their standard of living and meet ongoing financial needs.
Conclusion
When you choose the right endowment insurance, your savings hold vast potential. An endowment policy instils discipline by encouraging regular contributions toward a long-term savings fund. From crafting a retirement policy strategy to supporting your children’s higher education through a child plan, from realising the dream of owning a home to giving your child the wedding they desire, Century Gold can be your financial partner, fostering financial stability and future planning.
Reference: SUD Life Century Gold | UIN: 142N087V02
Reference: SUD Life Century Gold | UIN: 142N087V02
Disclaimer
Star Union Dai-ichi Life Insurance Company Limited IRDAI Regn. No: 142 | CIN: U66010MH2007PLC174472
Registered Office: 11th Floor, Vishwaroop I.T. Park, Plot No. 34, 35 & 38, Sector 30A of IIP, Vashi, Navi Mumbai – 400 703 | Contact No: +91 22 7196 6200 | 1800 266 8833 (Toll Free) | Timing: 9:00 am – 7:00 pm (Mon – Sat)| Email ID: customercare@sudlife.in | Visit: www.sudlife.in | For more details on risk factors, terms and conditions, please refer to the sales brochure carefully, before concluding the sale. |Trade-logo displayed belongs to M/s Bank of India, M/s Union Bank of India and M/s Dai-ichi Life International Holdings LLC and are being used by Star Union Dai-ichi Life Insurance Co. Ltd. under license.
Registered Office: 11th Floor, Vishwaroop I.T. Park, Plot No. 34, 35 & 38, Sector 30A of IIP, Vashi, Navi Mumbai – 400 703 | Contact No: +91 22 7196 6200 | 1800 266 8833 (Toll Free) | Timing: 9:00 am – 7:00 pm (Mon – Sat)| Email ID: customercare@sudlife.in | Visit: www.sudlife.in | For more details on risk factors, terms and conditions, please refer to the sales brochure carefully, before concluding the sale. |Trade-logo displayed belongs to M/s Bank of India, M/s Union Bank of India and M/s Dai-ichi Life International Holdings LLC and are being used by Star Union Dai-ichi Life Insurance Co. Ltd. under license.
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