Savings
2024-05-14 4 Min read
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Life is made of dreams and aspirations. For most of us, we need some kind of financial support to turn our dreams into reality. While the primary source of income remains vital for everyday needs, for the wants and wishes, you may want a second source of income. Whether you are a salaried employee or a business owner, a freelancer or a budding artist, you would want to have a steady extra income that continues for a long time.
An ideal way to create a second source of income can be through an endowment policy such as the POS-SUD Life Sanchay. This point of sale non-participating, non-linked endowment plan helps you safeguard your and your family’s future. Let’s delve deeper into how the SUD POS Sanchay provides coverage against life’s unfortunate turns, along with a secure future.
SUD POS Sanchay
As an endowment plan, SUD POS Sanchay offers dual benefits under a single plan. It offers financial security in the form of guaranteed savings and protection.
SUD POS Sanchay is a fixed, regular premium endowment plan. With SUD POS Sanchay, the fixed policy term is 10 years. You can pay the premium as per your chosen mode, which can be annually, quarterly, half-yearly, or monthly. The premium can range from ₹6,000 to ₹1,50,000 (in multiples of 1000) as per your preference. Once you have paid all the premiums, from the 11th year, you begin to receive annual income until the 20th year. At the minimum, you can make ₹96,000 and a maximum of ₹24 lakhs in 10 years.
During the policy tenure of 10 years, you also have the guarantee of life insurance coverage. In case the life assured passes away during the policy term, the family is guaranteed a lump-sum death benefit. Hence, SUD POS Sanchay acts as a one-stop solution to your long-term second income and life coverage. To understand how the plan works, let’s see an example:
Rishika, a 28-year-old salaried employee, invested in SUD POS Sanchay. She chose an annual premium plan of ₹50,000. So, for the next 10 years, Rishika will pay ₹50,000 annually.
Once the premiums are paid, from the 11th year, Rishika receives annual returns. Once every year, she receives 160% of the premium paid by her. In her case, it was ₹50,000, so every year, Rishika gets ₹80,000 for the next 10 years.
If the life assured, Rishika, dies during the premium payment tenure, the family receives the death benefit. The sum assured on death benefit is 16 times the annualised premium, which is paid in 10 instalments annually. If the life assured dies during the 90-day waiting period due to any cause other than an accident, the sum assured on death paid to the nominee is 100% of the premium.
SUD POS Sanchay is a fixed, regular premium endowment plan. With SUD POS Sanchay, the fixed policy term is 10 years. You can pay the premium as per your chosen mode, which can be annually, quarterly, half-yearly, or monthly. The premium can range from ₹6,000 to ₹1,50,000 (in multiples of 1000) as per your preference. Once you have paid all the premiums, from the 11th year, you begin to receive annual income until the 20th year. At the minimum, you can make ₹96,000 and a maximum of ₹24 lakhs in 10 years.
During the policy tenure of 10 years, you also have the guarantee of life insurance coverage. In case the life assured passes away during the policy term, the family is guaranteed a lump-sum death benefit. Hence, SUD POS Sanchay acts as a one-stop solution to your long-term second income and life coverage. To understand how the plan works, let’s see an example:
Rishika, a 28-year-old salaried employee, invested in SUD POS Sanchay. She chose an annual premium plan of ₹50,000. So, for the next 10 years, Rishika will pay ₹50,000 annually.
Once the premiums are paid, from the 11th year, Rishika receives annual returns. Once every year, she receives 160% of the premium paid by her. In her case, it was ₹50,000, so every year, Rishika gets ₹80,000 for the next 10 years.
If the life assured, Rishika, dies during the premium payment tenure, the family receives the death benefit. The sum assured on death benefit is 16 times the annualised premium, which is paid in 10 instalments annually. If the life assured dies during the 90-day waiting period due to any cause other than an accident, the sum assured on death paid to the nominee is 100% of the premium.
Financial mastery for policyholders and their loved ones
POS-SUD Life Sanchay goes beyond life insurance and financial security. The plan allows you to build wealth, which can lead to financial resilience. When you know that your income is being supplemented, you feel confident and are in a better position to enhance your financial well-being. Take a look at how this endowment policy helps you make the most of your income.
1. Security for the family
SUD POS Sanchay is a financial protection for your family. Being an endowment plan, Sanchay assures returns for the long term, even if the life assured passes away. The death benefit acts as a financial support to the family in times of need.
2. Upgrade your home
You can use the annual returns in many ways. One of these is renovating your home. People often compromise on home renovation due to other essential financial commitments. But when you have a second income, you can do it.
3. Build an emergency fund
At the very basic, you can use the payout to gradually build an emergency fund. You never know when it may help you in your time of need.
4. Pursue your lost hobbies
Due to work commitments, people often have to compromise with their hobbies, especially if they need money as well. With SUD POS Sanchay, you can regain your lost hobbies, like joining a golf club or badminton club.
5. Build a corpus for your child’s future
Purchasing SUD POS Sanchay at an early age can benefit you in the long run. If you have a family and children, the returns from Sanchay can aid your child’s future. By the time you start receiving returns, your child may need the funds for their education, wedding, or career to take off.
6.Plan your second innings
It is never too late to begin with something new in life, especially when you have the needed corpus. You may end up utilising the amount to plan your retirement the way you want!
7. Enjoy peace of mind
Money plays a huge role in the sustainability of any family. The thought of no longer being around to provide for your family can be traumatising. However, you need to be practical and think of it. With SUD POS Sanchay, you have the peace of mind you need. The annual returns for 10 years can be a huge financial help for the family and peace for you.
1. Security for the family
SUD POS Sanchay is a financial protection for your family. Being an endowment plan, Sanchay assures returns for the long term, even if the life assured passes away. The death benefit acts as a financial support to the family in times of need.
2. Upgrade your home
You can use the annual returns in many ways. One of these is renovating your home. People often compromise on home renovation due to other essential financial commitments. But when you have a second income, you can do it.
3. Build an emergency fund
At the very basic, you can use the payout to gradually build an emergency fund. You never know when it may help you in your time of need.
4. Pursue your lost hobbies
Due to work commitments, people often have to compromise with their hobbies, especially if they need money as well. With SUD POS Sanchay, you can regain your lost hobbies, like joining a golf club or badminton club.
5. Build a corpus for your child’s future
Purchasing SUD POS Sanchay at an early age can benefit you in the long run. If you have a family and children, the returns from Sanchay can aid your child’s future. By the time you start receiving returns, your child may need the funds for their education, wedding, or career to take off.
6.Plan your second innings
It is never too late to begin with something new in life, especially when you have the needed corpus. You may end up utilising the amount to plan your retirement the way you want!
7. Enjoy peace of mind
Money plays a huge role in the sustainability of any family. The thought of no longer being around to provide for your family can be traumatising. However, you need to be practical and think of it. With SUD POS Sanchay, you have the peace of mind you need. The annual returns for 10 years can be a huge financial help for the family and peace for you.
Conclusion
A supplementary source of income can allow you to take charge of your financial future, whether by taking a break from work, starting your own business, or going on a holiday. It makes it easier to transform your wishes into doable achievements. POS-SUD Life Sanchay offers remarkable flexibility combined with the advantage of regular income. This endowment policy can help you manage various financial requirements as you move ahead in life and upgrade your lifestyle.
Reference: POS Sanchay: UIN: 142N058V01
Reference: POS Sanchay: UIN: 142N058V01
Disclaimer
Star Union Dai-ichi Life Insurance Company Limited is the name of the Insurance Company and “SUD Life Group Term Insurance Plus ” is the name of the plan. Neither the name of the insurance company nor the name of the plan in anyway indicates the quality of the plan, its future prospects or returns.
POS – SUD Life Sanchay | UIN: 142N058V04 | Individual Non-Linked Non-Participating Savings Life Insurance Plan
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.
POS – SUD Life Sanchay | UIN: 142N058V04 | Individual Non-Linked Non-Participating Savings Life Insurance Plan
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.
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