SUD Life Sampoorna Loan Suraksha Plus

142N084V02- Non Linked Non Participating Group Credit Life Insurance Plan

SUD Life Sampoorna Loan Suraksha Plus is a Credit Life Insurance Plan, which is especially designed to cater to the needs of all loan borrowers of (employer-employee group or non employer- employee group) Banks, Financial Institutions, Non-Banking Financial Institutions such as home loan, education loan, vehicle loan, personal and other loans.

Choose between reducing cover or level cover
Joint life discount of 5%^
Single premium payment plan with 5 different benefit options
Entry age starts from 14-70 years*

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What is SUD Life Sampoorna Loan Suraksha Plus Plan?

Q: Does the plan offer maturity benefits?

The plan does not provide any maturity benefit since it is a protection-oriented insurance policy.

Q: Is there any discount on joint life cover under the plan?

Each borrower will be provided coverage for the entire loan amount if you are a joint borrower. A joint life discount of 5% on the specified premium rate is applicable. This discount is not applicable in the case where the borrower is insured up to his/her own share of the loan.

Q: Does the policy provide coverage during the moratorium period?

Yes, life cover is provided during the moratorium period under the Reducing Life Cover Option. The moratorium period is allowed from 3 months to 10 years.

Q: Is coverage allowed for suicidal deaths?

If the life insured dies due to suicide, whether sane or insane, within 12 months of inception of the coverage, the full death benefit will not be paid. In such cases, the higher of the following values will be paid as a death benefit – 80% of the total premium paid (excluding applicable taxes) till the date of death, Surrender value available as of the date of death. In the case of joint borrowers, if any borrower dies due to suicide, 80% of the total premium paid by the deceased borrower will be paid. However, the coverage will continue for the surviving borrower.

SUD Life Sampoorna Loan Suraksha Plus is a group insurance plan designed to repay outstanding debts in the case of the life insured’s premature demise. The policy, SUD Life Sampoorna Loan Suraksha Plus, can be taken by eligible groups and covers borrowers for up to 70 years of age. A single premium is payable to buy the policy, and you can customise the coverage to fit your needs. Firstly, you can choose level or reducing coverage depending on the protection you need. Secondly, there are five benefit options that include additional protection against critical illnesses, accidental deaths, and disablements. You can also choose joint life coverage, wherein the policy will cover you and your co-borrower. If either borrower passes away, the specified death benefit is paid, which can be used to repay the outstanding loan amount. The sum assured represents the outstanding loan amount that is paid if the insured member passes away. You can choose a policy term ranging in months depending on the loan’s repayment tenure.

Download Plan Related Documents

Product brochure (Prospectus)

Product Presentation

Policy Document

How Does SUD Life Sampoorna Loan Suraksha Plus Plan Work?

When the master policyholder purchases the SUD Life Sampoorna Loan Suraksha Plus plan, the following policy details must be chosen: Benefit option, Type of coverage – level or reducing, Policy term, Initial sum assured (ISA).

1.Plan Details

The plan is renewable annually and provides life cover to group members as long as premiums are paid regularly. Coverage begins when the policy is issued and remains active until the end of the policy term. Under the Sampoorna Loan Suraksha Plus Plan, the sum assured is paid to the beneficiary in case of the member's unfortunate demise during the policy term. There is no maturity or surrender benefit available under this plan for the master policyholder or group members. The plan benefits depend on the type of coverage and the benefit option selected.

2.Benefit Options

There are five benefit options available under the plan and the payout under each option:

Life Cover
Life Cover plus Accelerated Critical Illness Benefit
Life Cover plus Accelerated Accidental Total & Permanent Disability
Life Cover plus Accidental Death Benefit
Life Cover plus Accelerated Accidental Total & Permanent Disability plus Accidental Death Benefit

3.Life Cover

Reducing Cover: Sum Assured as specified in Cover Schedule of COI
Level Cover: Initial Sum Assured opted at inception of the policy

4.Life Cover plus Accelerated Critical Illness Benefit (Life Cover + ACI)

This benefit comes with the following terms – CI Benefit Term - 5 years, CI Benefit Term - 10 years, CI Benefit Term - Policy term.

5.Life Cover plus Accelerated Accidental Total & Permanent Disability (Life Cover + AATPD)

If the life insured suffers a total and permanent disability (TPD) due to an accident during the policy term then the benefit will be paid.

6.Life Cover plus Accidental Death Benefit (Life Cover + ADB)

If the life insured passes away in an accident the benefit will be paid.

7.Life Cover plus Accelerated Accidental Total & Permanent Disability plus Accidental Death Benefit (Life Cover + AATPD + ADB)

If the life insured suffers accidental death or faces total and permanent disability due to an accident, the benefit will be paid.

Why choose Sampoorna Loan Suraksha Plus Plan?

Sampoorna Loan Suraksha Plus Plan Benefits

Covers a wide range of loans, including home loans, personal loans, vehicle loans, and education loans under SUD Life Sampoorna Loan Suraksha Plus Plan.
Ensures that the outstanding loan amount is repaid in case of the borrower's death, protecting their family from financial burdens.
Offers reducing cover to match the outstanding loan balance or level cover for fixed loan amounts as part of the SUD Life Sampoorna Loan Suraksha Plus Plan.
Suitable for both individual borrowers and joint borrowers, ensuring shared liabilities are also covered.
Hassle-free process for adding new borrowers and removing repaid loans.

Testimonials

Know why customers buy life insurance from us

Supporting the Farming Community

SUD Life supported the farming community in Mohpuri in installing drip irrigation equipment in our fields. This has optimized our overall water use and helped farmers tremendously in our village. Using drip irrigation, I now grow 7–9 quintals of cotton per acre as compared to 5–6 quintals per acre earlier. Moreover, this technology ensures that soil retains moisture, improving the quality of the crop as well.

Narayan Sawant, Farmer, Mohpuri

Providing commuting options

I received a bicycle in 2016 from the SUD Life Foundation. Since then, I have been asserting my independence by commuting without anyone’s help. The bicycle has changed my life completely. Today, I can pursue my education without being a financial burden on my family as my cycling to college helps my family save ₹40 per day.

Jayashri Rajendra Ardad, Student, Bolegaon

Providing Income generating opportunities

In 2012, my life took a miserable turn, when after repeated crop failures—due to adverse climatic conditions—agricultural yield declined, and my husband lost his life to a prolonged illness. I was left to fend for my three kids under the age of 10. Around this time, I received a sewing machine from the SUD Life Foundation. Thereafter, I completed a tailoring course in Ambad. The sewing machine helps me provide for my children as well as allows me to work from home with such young kids to care for. Today, I earn ₹200-250 per day. I am truly grateful to SUD Life, as I am capable of raising my children on my own.

Radha Somdhane, Homemaker and Seamstress, Bolegaon

And Many More..

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Why Choose SUD Life

98.6%

Claim Settled as per 31.03.2024

19000+

19000+ Distribution Points across India for Life Insurance Purchase and Service

24,761 Cr

Assets Under Management

1,51,00,000+

Happy Customers

Hassle Free

Easy Payments

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Frequently asked questions (FAQs)

What are the coverage types under the plans?

Does the plan offer maturity benefits?

Is there any discount on joint life cover under the plan?

Does the policy provide coverage during the moratorium period?

Is coverage allowed for suicidal deaths?

The following coverage types are available under the plan: Level Cover: There is the same amount of coverage for the entire policy tenure, equal to the initial sum assured selected at the policy's inception. Reducing Cover: The benefit amount payable will be equal to the amount outstanding at the beginning of the month of the policy in which the insured event actually occurs. The outstanding amount will be as per the schedule of the coverage given along with the Certificate of Insurance, irrespective of the actual loan outstanding.

Our Other ULIP Plans

Explore our other plans

This is a simple term insurance plan that provides life cover for your family.

Life cover ranges from ₹5 lakhs to ₹25 lakhs
You can join between ages 18 to 65
Covers you up to age 70
Choose to pay premiums once, regularly, or for 5 or 10 years
Policy terms from 5 to 40 years
45-day waiting period at the start (only accidental death covered during this time)

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