Health Insurance Plans

Health insurance serves as your financial protection against medical costs that you may incur during the policy term. When you have health insurance, you've essentially made an agreement with the insurance company. Health Insurance provides financial support for eligible medical expenses such as hospitalisation, treatments, and related healthcare costs, as defined in the policy terms and conditions. Different Health Insurance Plans are designed to help individuals and families manage healthcare expenses without facing sudden financial strain.Choosing the right Health Insurance Plans allows policyholders to prepare for rising medical costs and access quality healthcare when needed

  • Both major and minor conditions of critical illness are covered
  • Choice of three coverage options
  • Premium waiver for 3 years after diagnosis of a Minor CI Condition

Know more about our Health Plans

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What is a Health Plan?

Health insurance serves as your financial protection against medical costs that you may incur during the policy term. When you have health insurance, you've essentially made an agreement with the insurance company that you pay regular premiums, and they take care of your medical bills when you need treatment. Health insurance plans help cover expenses related to medical treatments and hospital stays, which in India can cost several months of salary these days. Having health insurance means you won't have to worry about arranging large sums of money during health emergencies or compromising on the quality of treatment, making health insurance plans an important part of financial planning.

    What Are the Types of Health Insurance Plans?

    SUD Life offers a health insurance plan designed specifically for Indian families and their unique healthcare needs. Our plan considers factors like rising medical costs in metro cities, increasing lifestyle diseases, and the need to protect multi-generational families under one policy.
    • Individual Health Insurance
    • Family Floater Health Insurance
    • Senior Citizen Health Insurance
    • Critical Illness Insurance
    • Critical Illness Fixed Benefit Health Insurance

    Individual Health Insurance

    Provides dedicated medical coverage for one person. All the benefits, from hospitalization expenses to post-treatment care, are available exclusively for the insured individual. The entire sum insured can be used for your medical needs without sharing limits. This coverage typically includes hospital room charges, doctor fees, surgery costs, medicines, and various medical procedures.

      Benefits of Health Insurance

      Here are the benefits that you get from the plan

      Hospital Coverage

      Cashless Treatment

      Recovery Benefits

      Tax Savings

      Coverage Options

      Renewal Benefits

      Why consider getting a term insurance plan?

      Well, think about it. As time goes on, the cost of living keeps going up. What seems like a decent amount of money today might not stretch as far in 10 or 20 years. That's inflation silently and gradually eating away your savings.

      And our expenses aren't going to get any smaller. From rising education costs to healthcare expenses, your family's financial needs are only going to grow.

      That's where a term insurance plan comes in handy.

      Here's the thing - many people put off buying term insurance. They think they're too young, too healthy, or that it's too expensive. But that's like saying you don't need to save for a rainy day because the sun is shining now.

      In India, where we're still catching up on financial literacy, most families (read middle-class families) that account for the majority of the country’s population struggle when the primary breadwinner passes away unexpectedly.

      It's a harsh reality, but according to reports from 2022, the life insurance penetration in India is just 4%. That's a lot of families left vulnerable to financial shocks.

      Steps to Buy

      Steps to buy a Term Insurance plan online

      Buying a term insurance plan online isn't more complicated than deciding what to binge-watch on a Saturday. The process is simple, and quick, and can be done from the comfort of your pajamas once you know everything you need to know. Here's how to go about it –

      • Assess Needs

        01.

      • Research and Choose a Plan

        02.

      • Submit the required documents

        03.

      Assess Needs

      Before diving into the sea of term insurance plans, take a moment to pinpoint your current situation on the map. What are your protection needs? Are you safeguarding your family's future, covering outstanding debts, or ensuring your children's education continues uninterrupted? Determining what you're protecting against and how much coverage you'll need is the first step to picking the right plan. Think about the timeline—how long do you need the coverage for? Your protection needs will dictate the type of term insurance plan that's ideal for you, whether it's a plan that offers a high sum assured, additional riders, or both.

      SUD Life Term Insurance Products

      These 3 term insurance plans offered by SUD Life help protect your family's financial future. Here's a quick look at each

      All three plans offer
      • Lump sum payment to your family if something happens to you
      • No payout if you survive the policy term
      • Potential tax benefits (check with a tax advisor)

      Remember, these are just summaries. Always read the full policy documents or speak with an insurance advisor to understand all the details before making a decision. Each plan has its own unique features that might suit different needs and preferences.

      How to Buy

      How to Buy a Term Insurance plan online with SUD life?

      Purchasing a term insurance plan from SUD Life online is a hassle-free process. Let's walk through the steps together

      Choose Your Channel

      (a) Visit the SUD Life website and click on 'Buy Online' or 'Connect with Advisor' for your chosen term plan. (b) If you prefer face-to-face interaction, you can always visit a Star Union Dai-ichi Life Insurance branch.

      Request a CallbackBuy Now

      Documents Required to Purchase a SUD Life Term Insurance Plan

      When you're ready to secure your family's future with a SUD Life term insurance plan, you'll need to provide certain documents. This ensures a smooth application process and helps us tailor the plan to your specific needs. Here's what you'll need:

      01. Application Form

      A completed policy application form is essential

      This document provides SUD Life with crucial information about your financial situation and medical history

      Your answers help determine your premium and sum assured

      Be thorough and honest when filling out this form to ensure the most suitable coverage

      02. Income Proof

      Recent bank statements (typically for the last 3-6 months)

      Income Tax Returns (ITR) for the previous 1-3 years

      Salary slips for the last 3 months (for salaried individuals)

      Form 16 (if applicable)

      Profit and Loss statements (for self-employed individuals)

      03. Identity and Address Proof (KYC Documents)
      For Identity Proof (any one)

      Aadhaar Card, PAN Card, Passport, Voter ID Card, Driving License

      For Address Proof (any one)

      Aadhaar Card, Passport, Utility bills (electricity, water, or landline phone bill) not older than 3 months, Property tax receipt, Bank account or Post Office savings bank account statement

      Age Proof

      Birth certificate, 10th or 12th class certificate, PAN card, Passport

      Photograph

      A recent passport-sized photograph

      Medical Reports (if applicable)

      Depending on your age, sum assured, and answers in the application form, you may need to undergo a medical examination. If required, SUD Life will arrange for these tests at our partner diagnostic centers

      Nominee Details

      Provide the name, contact information, and relationship of your chosen nominee(s). If the nominee is a minor, details of an appointee will also be required

      NEFT Mandate Form

      This form allows for direct credit of payouts to your bank account. You'll need to provide your bank account details and attach a cancelled cheque

      Proposal Form

      This is a detailed form that includes all the information about the policy you're purchasing. Review this carefully before signing

      Additional Tips

      Ensure all documents are self-attested.

      Provide clear, legible copies of all documents.

      If any document is in a language other than English or Hindi, provide a notarized translation.

      Keep copies of all submitted documents for your records.

      Having these documents ready beforehand can significantly speed up your application process. If you have any questions about the required documents or need assistance with your application, our SUD Life advisors are always here to help.

      The Ultimate Guide to Term insurance plan in India

      Let's break it down and make it simple, shall we? We’ll skip what is life insurance since you may already know if you have reached this section somehow.
      • 1. How much cover do you really need?
      • 2. The Best Time to Buy? Yesterday!
      • 3. Online vs offline?
      • 4. Riders
      • 5. Taxes
      • 6. Medical Stats
      • 7. Claim Settlement Ratio
      • 8. The Final Print that matters
      • 9. The most important step

      1. How much cover do you really need?

      Now, this is where it gets personal. Your cover should be the one you think is apt. Here's a simple way to figure it out:
      1. Take your annual income and calculate how long you want your income to sustain your family in your absence. .
      2. Add any loans you have (home loan, car loan, you name it).
      3. Throw in future expenses like your kids' education or your daughter's wedding. Let's do the math: ● Say you earn ₹10 lakhs a year and want 10 years of runway in your absence for your family ● You've got a home loan of ₹50 lakhs ● You're planning to spend about ₹20 lakhs on your kid's education 10 lakhs x 10 = 1 crore Add 50 lakhs (loan) + 20 lakhs (education) Total: 1.7 crores That's your ballpark figure. Sounds like a lot? Remember, term insurance is surprisingly affordable.

      Inclusions & Exclusions of Term life insurance

      Inclusions & Exclusions of Term life insurance
      When you're considering a SUD Life term insurance plan, it's important to understand what's included. Let's take a closer look at the key features you can expect:
      Death Benefit
      The main feature of a term insurance plan is the death benefit. If you pass away during the policy term, your family receives a lump sum amount called the sum assured.
      Flexible Coverage
      Insurance companies know that everyone's needs are different. That's why they offer flexibility in choosing your sum assured (the amount of coverage) and policy term (how long you want to be covered).
      Premium Payment Options
      You can often choose how to pay for your policy. Options may include paying once a year, twice a year, or monthly. Some plans even let you pay for just a few years while staying covered for longer.
      Additional Riders
      Many term insurance plans allow you to add extra protection. These add-ons, called riders, can include things like coverage for critical illnesses, extra payout for accidental death, or benefits if you become disabled.
      Tax Benefits
      The premiums you pay for your term insurance plan may help you save on taxes. However, tax laws can be complex, so it's best to check with a tax expert to understand how this applies to your situation.
      Wide Age Range
      Term insurance is usually available to adults of various ages. Whether you're just starting your career or nearing retirement, there's likely a plan that fits your age group.
      High Coverage at Affordable Rates
      Term insurance typically offers a large coverage amount for relatively low premiums, especially if you're young and healthy when you buy the policy.
      Renewal and Conversion Options
      Some plans offer the option to renew your policy after the term ends or convert it to a different type of life insurance policy.
      Online purchase
      Many insurance companies now offer the option to buy term insurance online, making the process quicker and more convenient.
      No maturity Benefit
      It's important to know that term insurance doesn't pay anything if you outlive the policy term. Its primary purpose is to provide financial protection to your family in case something happens to you.
      Remember, these inclusions and exclusions can vary between different SUD Life term insurance plans. It's always a good idea to read the policy document carefully and ask questions if anything isn't clear. After all, this is an important financial decision, and you want to be sure you're choosing the plan that best fits your needs and circumstances.
      When you're considering a SUD Life term insurance plan, it's important to understand what's excluded.
      Suicide
      Most term insurance plans with SUD Life won't pay the full death benefit if the insured person dies by suicide within the first year or two of the policy. Instead, they might return a portion of the premiums paid or nothing at all.
      Incorrect Information
      If you provide false information on your application, the insurance company may refuse to pay the claim. It's crucial to be honest about your health, lifestyle, and other details when applying.
      Dangerous Activities
      Death due to participation in hazardous activities like skydiving or racing might not be covered unless you've informed the insurer and paid an extra premium.
      War and Civil Unrest
      Most policies don't cover death resulting from war or civil unrest.
      Alcohol or Drug Abuse
      Death related to excessive alcohol consumption or drug abuse is often excluded from coverage.
      Pre-existing Conditions
      Some policies may not cover death due to illnesses you had before buying the policy, especially if you didn't disclose them.
      Waiting Period
      There might be a short period (usually 30-90 days) at the start of the policy where death due to illness isn't covered. However, accidental death is typically covered from day one.
      Maturity Benefit
      Remember, term insurance doesn't pay anything if you outlive the policy term. It only provides a benefit if you pass away during the policy period.
      Overseas Death
      Some policies might have restrictions on claims if the death occurs outside the country. Check your policy details if you travel frequently.
      Criminal Activity
      Death while committing a crime or due to involvement in criminal activity is usually not covered.
      Remember, these inclusions and exclusions can vary between different SUD Life term insurance plans. It's always a good idea to read the policy document carefully and ask questions if anything isn't clear. After all, this is an important financial decision, and you want to be sure you're choosing the plan that best fits your needs and circumstances.

      How to File a Claim with SUD Life?

      When the unfortunate event of a policyholder's death occurs, filing a claim can seem daunting. This guide will walk you and your nominee through the process of filing a claim with SUD Life, ensuring you understand each step and what to expect.

      • Claim Intimation

        01.

      • Death Claim Processing

        02.

      • Claim Decision and Communication

        03.
      Claim Intimation

      The first step in the claim process is to inform SUD Life about the claim. This should be done as soon as possible after the event occurs.

      Online
      • Visit the SUD Life website
      • Click on the "Claim Intimation" or similar link (often labelled as "Click here")
      • Fill out the online form with the required details 
      Offline
      • Locate the nearest branch using the branch locator on the SUD Life website (look for a link labelled "Click here to locate the nearest branch") 

      • Visit the branch in person to submit your claim intimation 

         

      Phone
      • Call 1800-266-8833
      • Available from 9:00 AM to 7:00 PM, Monday to Saturday
      • Provide the necessary details to the customer service representative
      Email
      Courier

      Send your claim intimation and documents to 

      Star Union Dai-ichi Life Insurance Company Limited 11th Floor, Vishwaroop I.T Park, Plot No. 34, 35 & 38, Sector: 30A of IIP, Vashi, Navi Mumbai – 400 703