SUD Life Century Income

UIN: 142N100V03

SUD Life Century Income is a non-linked, non-participating individual savings plan that provides protection for your loved ones while helping you with a steady flow of income during your tenure. SUD Life Century Income plan is a savings-focused life insurance policy that offers financial protection for your loved ones while helping you meet future goals with a guaranteed payout at the end of the term. It also provides an income flow that creates a supplementary source of income for your needs.

Build up savings in a 'Safe Box', giving you the flexibility to use them as needed.
Choose from 3 plan options with customizable income payouts
Pay the future premium from the accumulated income in the ‘Safe Box’
Buy online and enjoy additional benefits
Pay a higher premium and get more benefits

Buy SUD Life Century Income

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What is SUD Life Century Income?

SUD Life Century Income is a comprehensive financial solution that helps you plan for the future by offering a mix of insurance coverage and savings. It offers a guaranteed income1 inflow that can create a steady supplementary income and boost your savings. You can choose the income payout option by choosing from three plan options- Immediate Income, Deferred Income, or Twin Income. You can start receiving payouts as early as the first year or choose to defer them. The first two plans come with the added benefit of customizing the payout timing to significant personal dates like birthdays or anniversaries. The "Safe Box2" option lets you postpone receiving your survival benefit. You can use this surplus wealth in any financial emergency or to pay for future premiums, reducing your out-of-pocket costs. If you're looking for a flexible plan that combines steady financial support with life cover, SUD Life Century Income could be the ideal solution to secure your future goals.

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How Does SUD Life Century Income Work?

When you buy SUD Life Century Income, you decide on the following parameters – Plan option, Policy duration, Premium payment term, Premium amount. The death benefit, survival benefit, and maturity benefits would depend on the plan option, premium payment term and the premium amount that you have chosen. Plan option once chosen cannot be changed during the policy term. Death Benefit –In the event of death of the Life Assured during the policy term, provided the policy is inforce, the death benefit which is the highest of the following will be paid to the nominee and the policy terminates. Sum Assured on Death i.e. 10 times the annual premium; or. Surrender Value as on date of death; or 105% of the total premiums paid up until the date of death.

1.Maturity Benefit

If the life assured survives until the end of the policy term and the policy is active, a guaranteed maturity benefit will be paid, and the contract will end immediately. The amount is calculated using GMB factor which is dependent on choice of plan (Immediate Income & Deferred Income & Twin Income), age at entry, policy term and premium payment term.
GMB = Annualized Premium X GMB Factor X (1+High Premium Benefit, if any)

2.Survival Benefit

Differently for each plan options (Immediate Income & Deferred Income & Twin Income).
Plan Option Immediate Income - Guaranteed Income1 (GI) will start from the end of the first policy year, which will be 10% of the annualized premium for the entire policy term, as long as the policy is active. Additionally, from end of second policy year, Loyalty Income will be added, which increases over time if the policy remains in force.

3.Plan Option Deferred Income

Guaranteed Income1 (GI) begins one year after the Premium Payment Term (PPT) ends and is paid annually for the remainder of the policy term, as long as the policy is active, with the income amount based on a percentage of the annualized premium. The percentage value increases by 3% each year.

4.Plan Option Twin Income

Guaranteed Income1 equal to 105% of the Annualized Premium will be paid annually at the end of specific policy years. The payout years depend on the policy term and premium payment term.

5.Example

A man aged 35 years purchases the SUD Life Century Income policy for a period of 20 years. The policy details are as follows:
●    Annual premium - ₹1 lakh (exclusive of applicable taxes)
●    Sum assured - ₹10 lakhs
●    Premium payment term - 10 years
●    Premium payment frequency – Annual

Now, let’s compare the income payouts under the different plan options.

6.Option 1 - Immediate Income

● The Guaranteed Income1 (GI) payout of 10% of the premium, which is ₹10,000, will start from the end of the first year.
● From the end of the second year, a Loyalty Income (LI) will start to be paid. The income will start from ₹3000 and will increase by ₹3000 every year till the PPT and will stay level after that till PT subject to policy remaining in force.
● If he survives the policy duration, he will receive a lump sum maturity benefit of ₹10,89,060
● In case he dies during the 6th policy year, the nominee receives the Sum assured of Rs. 10,00,000 and total benefits of 10,80,000 including the income paid till the date of death.

7.Option 2 - Deferred Income

● The income payout will start after the end of the premium payment term of 10 years. The income will start from the 11th policy year and continue till the end of the term. The income amount will be ₹30,000, and it will increase by ₹3000 every year.
● On surviving the policy term, he will receive a guaranteed maturity benefit of ₹15,43,147.
● In the unfortunate event of his death during 6th policy year, his nominee receives sum assured of ₹10 lakhs and policy terminates.

8.Option 3 - Twin Income

● In this case, the income will be paid in the 8th and 9th year, the 13th and 14th year and the 18th and 19th year. The income payable each year will be ₹1,05,000
● On survival till maturity, a guaranteed maturity benefit of ₹11,38,249 will be paid.
● However, if he dies during 6th year of policy, the beneficiary receives the sum assured of ₹10 lakhs and policy ends.

SUD Life Century Income Insurance Plan Benefits

The plan covers the following major benefits:

Death Benefit

Maturity Benefit

Survival Benefit

Safe Box

Premium Offset

High Premium Benefit

Policy Loan Option

Why choose SUD Life Century Income?

Here are some reasons to consider the SUD Life Century Income Plan

The customizable payout options allow you to choose when to start receiving income based on your needs and financial goals.
Guaranteed additions and loyalty Income add to your benefits.
The plan gives you the ability to adjust future premiums using the Premium Offset3 feature, helping you manage your policy with ease.
You can avail yourself of tax advantages5 on both the premiums you pay and the benefits you receive from the plan.
The “Safe Box” feature is a unique advantage which helps you earn added returns on the income earned and use the income at any time.

Frequently asked questions (FAQs)

How is Guaranteed Maturity Benefit defined under each of the 3 plans (IMMEDIATE Income, DEFERRED Income & TWIN Income) of SUD Life Century Income?

How is Guaranteed Income1 calculated under each of the 3 plans (IMMEDIATE Income, DEFERRED Income & TWIN Income) of the SUD Life Century Income Insurance policy?

What is the advantage of giving High Premiums, and how is it calculated under the SUD Life Century Income Plan?

Can I discontinue my plan before the policy term ends?

What happens if the life assured passes away due to suicide within the first 12 months?

If the life assured survives the entire policy duration, the Guaranteed Maturity benefit is provided based on the following formula: Guaranteed Maturity Benefit = Annualized premium * GMB Factor * (1+ High Premium Benefit, if any) GMB Factor is calculated by taking various factors like entry age, PPT, PT and plan type (IMMEDIATE Income, DEFERRED Income & TWIN Income) into consideration.