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SUD Life Group Term Insurance Plus

​SUD Life Group Term Insurance Plus is an annually renewable group term assurance plan that helps you to provide life cover to your group members in a cost-effective way and secure their peace of mind

Financial protection for the insured member at competitive rates

Unmatched Flexibility:

to customize suitable protection for the group
for new members to join in and existing ones to leave the group
to pay premiums in various modes

Simplified procedures for insurability – No medical tests up to Free Cover Limit

Income Tax Benefits*

*Premiums paid by the master policyholder are tax deductible as business expense (section 37 of Income Tax Act, 1961) and are not taxable as a perquisite in the hands of the member. Premiums paid by the insured members are eligible for tax rebates (section 80C of the Income Tax Act, 1961) and benefits are exempted from income-tax in the hands of beneficiaries (section 10(10D) of Income Tax Act, 1961). Tax benefits are subject to change in tax laws from time to time. Prevailing benefits would be applicable as per the prevailing laws. Please consult your tax advisor for details.

 

Policy term

One year renewable

Premium Payment Mode

Yearly/half-yearly/Quarterly/Monthly

Minimum Sum Assured

For Groups other than Group Term Insurance Scheme in lieu of Employee’s Deposit Linked Insurance: Rs. 5000 per member
For Group Term Insurance Scheme in lieu of Employee’s Deposit Linked Insurance: Rs. 362,000 per member

Maximum Sum Assured: Rs. 50 Crores per member*

Minimum Group Size

For Groups other than Group Term Insurance Scheme in lieu of Employee’s Deposit Linked Insurance:
For Compulsory Employer-Employee groups: 10 members
Otherwise: 50 members
For Group Term Insurance Scheme in lieu of Employee’s Deposit Linked Insurance: 10 members#

Death Benefit:

The Sum Assured as:
In employer-employee schemes, sum assured may be uniform for all members or in multiples of annual salary or graded depending on the category or salary of members
In non employer-employee schemes sum assured will be as stated in the Master Policy document/COI (Certificate of Insurance)

* subject to Board approved underwriting policy.

# Subject to provisions of the Employees’ Deposit Linked Insurance Scheme, 1976

Minimum Entry age:

18 years

Maximum Entry Age:

For Groups other than Group Term Insurance Scheme in lieu of Employee’s Deposit Linked Insurance:
Employer-Employee-Groups:- 79 years
Non Employer Employee Groups:- 64 years
For Group Term Insurance Scheme in lieu of Employee’s Deposit Linked Insurance:
As specified under the provisions of the Employees’ Deposit Linked Insurance Scheme, 1976

Maximum Maturity Age

For Groups other than Group Term Insurance Scheme in lieu of Employee’s Deposit Linked Insurance:
Employer-Employee-Groups:- 80 years
Non Employer Employee Groups:- 65 years
For Group Term Insurance Scheme in lieu of Employee’s Deposit Linked Insurance:
As specified under the provisions of the Employees’ Deposit Linked Insurance Scheme, 1976
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Registered with IRDAI as Life Insurance Company, Registration No. 142.

Registered Office : 11th Floor, Vishwaroop I.T . Park, Plot No. 34, 35 & 38, Sector: 30A of IIP, Vashi, Navi Mumbai – 400 703.

Telephone No.: 022-39546200, Fax No.: 39472811, CIN No: U66010MH2007PLC174472.

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