A Top-up Premium is an extra investment you can make any time during the policy term, all due premiums under the base plan. It increases your fund value while offering additional life cover of 101% of the top-up amount. Withdrawals from top-up premiums are allowed only after two years, except in case of a full policy surrender. You can choose a different fund allocation for top-ups, If the fund allocation percentages are not specified at time of making the Top-up payment, the fund allocation percentage chosen for the base premium will be applied to the Top-up premium. The minimum top-up amount is USD 1,000, and total top-ups cannot exceed the total base plan premiums. This option provides flexibility to grow your investment with added life cover.
Partial withdrawals are allowed from the third policy year onwards, with a minimum of USD 1,000. A charge 0.5% of the value withdrawn, per withdrawal (in USD). The maximum withdrawal ensures at least atleast 105% of Single
Premium/Annualised premium remains in the fund. Withdrawals made two years before death will reduce the sum assured. Withdrawals that would terminate the policy are also not allowed. Fund switching is allowed during the policy term.
Switching is subject to the condition that the minimum allocation percentage per selected Fund is 10% or USD ($) 2,000, whichever is lower. six switches per year are free, with extra switches costing USD 9 each, deducted by cancelling units. unused switches do not carry forward to future years.
Currently, the following charges are included in the plan:
- Premium Allocation Charges: Nil.
- Policy Administration Charges: Nil.
- Fund Management Charges: 2% for all funds, 2.5 % for SUD Life Gift Commodities and SUD Life GIFT Global Flexi Asset Advantage Fund
- Surrender Charges : Varies with passing years- 15% of fund value is deducted if policy is discontinued in 1st year to 2% of fund value from 6th year onwards.
- Switching Charges: Six free switches per year, additional switches cost USD 9 per switch.
- Partial Withdrawal Charges: 0.5% of the total amount withdrawn per partial withdrawal is charged
- Mortality Charge: Deducted monthly, based on age and sum at risk.
- Medical Examination Expense: The policyholder is responsible for any medical expenses incurred during the policy revival process.
GST charges: Nil.
Yes, you can surrender your policy anytime. The surrender value is the fund value minus charges. If surrendered within 12 months of a partial withdrawal, the withdrawn amount is included, and additional Surrender Charges Shall Apply. Once surrendered, the policy terminates with no further benefits.
