How is the Sum Assured on Death defined under the SUD Life Century Star Insurance Plan?
Is there a waiting period under the POS-P sourced policy, and what are the benefits during this time?
What is Reduced Paid-Up Status, and how does it impact benefits under SUD Life Century Star?
What happens if the life insured passes away due to suicide within the first 12 months of the policy?
What happens if I decide to surrender my policy before the end of its term?
The Sum Assured on Death is the higher of: 10 times the annua lized premium, or, 105% of the total amount of premiums paid until the date of death.
The death benefit will be adjusted by deducting any unpaid premiums due for the policy year in which the death occurs.
Yes, there is a waiting period of 90 days for the Death Benefit under POS-P sourced policies. During this period only accidental deaths are covered.
If death occurs due to non-accidental causes during the waiting period, 100% of the premiums paid (excluding any extra premium paid, taxes, and modal loading) is refunded, and the policy ends.
If you’ve paid premiums for at least the first full policy year but stop paying later, your policy acquires a Reduced Paid-Up status instead of lapse. Under this status: Paid-Up Guaranteed Maturity Benefit = (Number of premiums paid ÷ Total no of premiums payable) × Guaranteed Maturity Benefit.
Paid-Up Sum Assured on Death = (Number of premiums paid ÷ Total no. of premiums payable) × Sum Assured on Death. This ensures your policy provides proportional benefits based on the premiums already paid.
If the life insured dies by suicide within a period of 12 months from the risk commencement date of the policy, the nominee will receive the higher amount of the following: 80% of the total amount of the premiums paid until the date of death OR The total surrender value that is available on the date of death provided the policy is active at that time.
If you surrender your policy early, you'll receive the higher of the: GSV or the Guaranteed Surrender Value or The SSV or the Special Surrender Value.
SSV, i.e. the Special Surrender Value is obtained after paying premiums for one full policy year, and the GSV, i.e. the Guaranteed Surrender Value is available after paying premiums for two consecutive policy years. Here’s how they are calculated: SSV: SSV = [SSV_MB factor * (No. of premiums paid / No. of premiums payable) * Guaranteed Maturity Benefit] + [DB SSV factor * (No. of premiums paid / No. of premiums payable) * Sum Assured on Death] GSV: GSV = GSV Factor * Total premiums paid until surrender. Once you surrender the policy, it will terminate, and no further benefits will be provided.
