What is SUD Life Accidental Death Benefit Rider Plan?

The Accidental Death Benefit will be paid if the life assured dies due to an accident during the rider policy term, as long as both the base policy and rider are active at the time of the accident. The death benefit is paid as a lump sum, and the rider policy will end immediately. If there are any unpaid premiums for the rider in the year of death, they will be deducted from the death benefit. The Death benefit is calculated as the highest of the following: The Rider Sum Assured, 10 times the annualized rider premium, 105% of the total rider premiums paid up to the date of the Life Assured's death.

If the life assured dies due to any other reason other than an accident, no death benefit is paid.

If the insured dies while receiving disability payouts, the remaining instalments are paid as a lump sum to the nominee, and the rider coverage ceases

If the life assured completes the rider policy term, the total premiums paid are returned as a guaranteed maturity benefit, provided the ‘With Return of Premium’ option is selected.

Since this rider is tied to a unit-linked policy, there is a mandatory lock-in period of 5 years. During this time, no payouts will be made under the rider, except for the Accidental Death benefit. After the lock-in period, specific non-forfeiture events may result in a payout, either as a Surrender Value or Policy Cancellation Value, depending on the situation: Base Policy surrendered or premiums discontinued: The rider cover ends, and the surrender or cancellation value, if applicable, is paid. Only the Rider is surrendered: The applicable surrender or cancellation value is paid. Only Rider premiums discontinued: A value based on lapse or reduced paid-up status is paid. The rider's policy term will either match the base policy term or cover the remaining term if added later. If the base policy term exceeds the rider’s maximum allowed term, the rider policy term will be available till the maximum maturity age minus the life assured's entry age, but it cannot be less than 10 years. The rider's premium payment term will match with the base policy's premium payment term or the remaining term if added later. For limited premium payment, the minimum term is 5 years, and for regular premium payment, it is 10 years.