What is the maximum sum assured allowed under the SUD Life Family Income Benefit Rider – Traditional?
What are the premium payment modes for SUD Life Family Income Benefit Rider – Traditional?
What is the grace period for premium payments under the SUD Life Family Income Benefit Rider – Traditional?
What happens if I stop paying premiums under the SUD Life Family Income Benefit Rider – Traditional?
Can the SUD Life Family Income Benefit Rider – Traditional be surrendered?
Can the SUD Life Family Income Benefit Rider – Traditional be revived if it lapses?
When does the SUD Life Family Income Benefit Rider – Traditional get terminated?
The maximum sum assured is ₹50 lakh per policy, but it cannot exceed the sum assured of the base policy. Additionally, the total premiums for all non-health riders attached to the base policy must not exceed 30% of the base policy premium. The sum assured should also be in multiples of ₹1,000.
The premium for this rider can be paid annually, semi-annually, quarterly, or monthly. The premium amount is adjusted based on the payment frequency using these factors: Annual: 1, Semi-annual: 0.5125, Quarterly: 0.2625, Monthly: 0.0885. These adjustments ensure the premium aligns with the chosen payment mode.
The grace period is 30 days for annual, semi-annual, and quarterly payments and 15 days for monthly payments. If the life assured passes away during this period, the rider benefit will be paid after deducting the due premiums for the current and future policy years.
If you choose the limited premium option and have paid premiums for at least two full years, the policy will become a Reduced Paid-Up policy if further premiums are not paid. In this case, upon the life assured’s demise during the policy term, the nominee/legal heir will receive a monthly income for 10 years. The monthly income will be calculated as (10% of the Reduced Paid-Up Sum Assured)/12 and will be paid at the end of each policy month for the fixed period. The Paid-Up Sum Assured of the rider is calculated as below: (Total number of premiums paid / Total number of premiums payable) * Riders Sum Assured
Yes, the rider can be surrendered either alone or along with the base policy. For single premium policies, surrender is allowed anytime during the term, while for limited premium policies, surrender is allowed after two full years of premium payments. No surrender benefit is available for regular premium policies. Once surrendered, the rider cannot be re-added during the remaining term of the base policy. Surrender Value for single premium = 70% * (Single Premium excluding taxes) * [(Unexpired Rider Policy Term in days) / (Total Rider Policy Term in days)]. Surrender value for limited premium = 70% of Total Premium excluding taxes * [(Unexpired Rider Policy Term in days) / (Total Rider Policy Term in days)] * [(Number of premiums paid) / (Total number of premiums payable)].
If the rider lapses alone, it cannot be revived. However, if it lapses with the base policy, it can be revived along with the base policy by providing required medical evidence and meeting applicable conditions.
The rider terminates when any of the following occurs: Death of the Life Assured, Lapse or surrender of the base policy, Completion of the rider policy term, Cancellation or surrender of the rider policy.
