What is SUD Life Guarantee Royale Plan?

Guaranteed Maturity Benefit

On survival of the Life Assured to the end of the policy term, provided the policy is in-force, Guaranteed Maturity Benefit (GMB) will be paid and the contract ceases immediately. Guaranteed Maturity Benefit (GMB) is derived by adding Sum Assured on Maturity, Accrued Guaranteed Additions (GA) and Maturity Loyalty Addition. 

Sum Assured on maturity is based on age, Premium Payment Term, Policy Term & Annualized Premium as chosen by the policyholder at inception of the policy where the Sum Assured on Maturity (SAM) is calculated as SAM Factor multiplied by one Annualized Premium. 

Guaranteed Additions

Guaranteed Additions (GA) will accrue at the end of every policy year from the end of first policy year till the end of the policy term provided the policy is in-force. GA’s will be attached to policy provided risk has commenced on the policy. All the Guaranteed Additions accrued from policy commencement date till the risk commencement date will get attached to the policy on Risk Commencement Date. 

Maturity Loyalty Addition

Maturity Loyalty Additions (MLA) are calculated based on policy terms. It is a proportion of the Annualized premium. Maturity Loyalty Additions will be attached to the policy at maturity provided the policy is in force as on the date of maturity. Maturity Loyalty Addition will be attached in proportion of the number of premiums paid to total number of premium payable for the policies in Reduced Paid-up status. 

Death Benefit

In case of the death of the Life assured during the policy term provided the policy is in-force, the death benefit will be paid out as lump-sum, and the policy will terminate. Death Benefit is payable on death of the life assured during the policy term provided policy is in force as on date of death and the risk has commenced. Upon payment of death benefit the policy will get terminated immediately.
The death benefit will be reduced by the premium falling due and unpaid during the policy year in which death occurs. Death benefit in either of the case will not be less than 105% of the total premiums paid as on date of death of the Life Assured.

SUD Life Accidental Death and Total & Permanent Disability Benefit Rider – Traditional

Benefits payable under the rider:
a. On death due to Accident - On death of the Life Assured due to Accident, 100% of Rider Sum Assured will be paid provided the policy is in force as on the date of death of the Life Assured and the contract ceases thereafter.
b. On Accidental Total and Permanent disability - Rider Sum Assured will be paid in 10 equal half-yearly installments wherein each installment amount will be equal to Rider Sum Assured multiplied by 10%, provided the policy is in force (as on the date of occurrence of event) and the Rider contract will cease after payment of the last instalment. In case of death of the Life Assured while receiving Accidental Total and Permanent disability benefit, the remaining total of all outstanding installments under this Rider will be paid to the nominee/beneficiary and the contract ceases

Note: Once any policyholder is declared eligible to receive the benefits under Accidental Total and Permanent Disability, the Coverage under this rider will immediately cease 

SUD Life Family Income Benefit Rider – Traditional

Benefits payable under the rider:
Death Benefit: On death of the Life Assured, provided the rider benefit is In-force, the Nominee/Legal heir will be paid a Monthly Income Benefit for a fixed period of 10 Years. The Monthly Income Benefit is equal to (10% of Rider Sum
Assured)/12 and will be paid at the end of every policy month following the date of death of the Life Assured and will continue to be paid for fixed period of 10 Years.