SUD Life Saral Pension

UIN: 142N081V02 I A Non-Linked Non-Participating Single Premium Individual Immediate Annuity Plan

SUD Life Saral Pension an immediate annuity plan that creates a steady source of pension for retirement. SUD Life Saral Pension is a retirement-oriented immediate annuity plan that provides regular pension payouts, ensuring a secure and hassle-free retired life. The plan also gives financial security against certain critical illnesses. SUD Life Saral Pension is a retirement plan that offers a consistent income stream post-retirement, ensuring financial stability during your non-working years. With flexible annuity payment options and a simple application process, SUD Life Saral Pension Plan is designed to provide a secure and hassle-free retirement experience.

An immediate annuity plan securing pension income.
Two annuity options to choose from
One-time premium payment
No medical test is required
Option to avail a loan against the policy^
Surrender facility on diagnosis of covered critical illnesses

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What is SUD Life Saral Pension Plan?

Q: Can I return the policy while it is active?

Yes, you can return the policy within 30 days of receiving the policy document if you disagree with the terms. This is called free-look cancellation. In such cases, the policy will be terminated, and you will receive a refund of the Purchase Price minus any applicable charges like stamp duty and annuity payments. If the policy was purchased from another insurance company's deferred pension plan, the refund will be transferred to that company.

Q: What is the death benefit if the annuitant dies by suicide?

If the annuitant dies by suicide, the death benefit remains the same as for natural death.

Q: When will the policy be terminated?

The policy will terminate on the earliest of the following events: Death of both annuitants in Joint Life Annuity (Annuity Option 2), Death of the annuitant in Single Life Annuity (Annuity Option 1), Surrender of the policy after receiving the surrender benefit, Payment of free look cancellation proceeds.

Q: How are the annuity payments calculated for different payment modes?

The annuity payable is adjusted based on the payment mode selected. The modal factors for each mode are as follows: Yearly: 1.0400, Half-Yearly: 0.5090, Quarterly: 0.2518, Monthly: 0.0833.

SUD Life Saral Pension Plan is designed to provide you with a reliable income during your retirement years, offering a simple yet effective way to ensure financial security post-working life. SUD Life Saral Pension Plan is easy to understand, with straightforward terms and the benefit of a guaranteed pension to support you when you are no longer earning a regular income. It provides the option to make a lump sum payment, which then secures you with regular payouts for life, offering peace of mind in your retirement. The plan offers flexibility in terms of how you can receive your pension, allowing you to choose from different payout options based on your needs. The annuity amount depends on the premium paid. This ensures that you have a customized solution tailored to your financial requirements, with predictable income at regular intervals. Additionally, the SUD Life Saral Pension Plan provides an option for a 100% return on purchase price upon the annuitant's death, ensuring your beneficiaries are financially supported. The plan also gives you the flexibility to choose between various policy options, making it adaptable to your preferences. With easy access and minimal paperwork, SUD Life Saral Pension Plan allows you to focus on enjoying your retirement without financial concerns.

Download Plan Related Documents

Product brochure (Prospectus)

Policy Presentation

Policy Document

Product CIS

How Does SUD Life Saral Pension Plan Work?

At the time of purchasing the SUD Life Saral Pension Plan, you’ll need to decide on specific details right from the start, such as: Choice of Annuity Plan Option, Purchase price, Choose the mode for receiving Annuity instalments/ payments. Once the annuity plan option is chosen, it cannot be changed. You can change the annuity payment mode on the policy anniversary though. Under this plan, the death benefit depends on the Annuity Option selected.

1.Annuity Option 1

Life Annuity with Return of 100% of Purchase Price - On death of the Annuitant, the nominee will receive 100% of the Purchase Price (excluding taxes) in lump sum.

2.Annuity Option 2

Joint Life Last Survivor Annuity with Return of 100% of Purchase Price (ROP) on death of the last survivor - For the joint life option, the benefits extend to the spouse. If the primary annuitant passes away while the spouse is alive, the spouse will continue receiving the same regular payouts/ annuities for the rest of their life. After the spouse's death, 100% of the purchase price will be given to the nominee or legal heirs. In the event where the spouse predeceases the primary annuitant, then on death of the primary annuitant, the purchase price will be paid to the nominee or legal heirs.

3.Surrender Benefit

The policy can be surrendered any time after six months from the date of commencement of risk. It can be availed in the event where the Primary Annuitant or their spouse, or any of their children are diagnosed as suffering with any of 20 Critical Illnesses under this product. On approval of such surrender requests, 95% of the purchase price will be paid to the Annuitant after deducting any outstanding loan or loan interest, if taken. Once the surrender value is paid, the policy will terminate immediately. Please read the sales brochure for more information about the Critical Illness covered under this product, its definitions etc.

4.Maturity Benefit

No maturity benefit is available.

5.Example

A man (primary annuitant) aged 60 years has purchased the SUD Life Saral Pension plan for a purchase amount of ₹5 lakhs. He has chosen the annuity payment frequency as yearly. If he chooses Annuity Option 1, he will receive an assured yearly pension amount/ annuity instalment of ₹27,955 each year. On his death, the purchase price i.e. ₹5lakhs will be paid to his nominee/ legal heirs. If he chooses Annuity Option 2, he will receive an assured yearly pension amount/ annuity instalment of ₹27,955 each year. In the event of his death, his spouse continues to receive a yearly pension amount/ annuity instalment of ₹27,945 each year. After her death, the purchase price would be paid to the nominee/ legal heirs.

SUD Life Saral Pension Plan Benefits

Here are the benefits that you get from the plan

Steady Income Assurance

Flexible Payout Options

Return of Purchase Price

Why choose SUD Life Saral Pension?

SUD Life Saral Pension Plan is the ideal option for you because of the following points

A straightforward and reliable retirement plan with lifelong regular income options to secure your future.
Provides financial assurance with a 100% return of the purchase price in case of death
No medical examination is needed, ensuring a hassle-free and quick enrolment process
Allows surrender in case of diagnosis with specified critical illnesses, offering financial support
Allows policy loans after six months for financial emergencies, ensuring liquidity when needed

Frequently asked questions (FAQs)

Which 20 critical illnesses are covered under SUD Life Saral Pension Plan?

Can I return the policy while it is active?

What is the death benefit if the annuitant dies by suicide?

When will the policy be terminated?

How are the annuity payments calculated for different payment modes?

Following is the list of 20 critical illness covered: Severe cancer, First severe heart attack, Open-heart bypass surgery, Heart valve surgery, Severe coma, Kidney failure needing dialysis, Stroke with lasting symptoms, Major organ or bone marrow transplant, Permanent limb paralysis, Motor neuron disease with lasting effects, Multiple sclerosis with ongoing symptoms, Non-cancerous brain tumour, Complete loss of vision, Severe lung failure, Severe liver failure, Permanent loss of speech, Loss of one or more limbs, Major brain injury, Severe pulmonary hypertension, Third-degree burns.

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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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