What is SUD Life Smart Term Plan?
SUD Life Smart Term Plan is a term life insurance plan which is available to all individuals looking for financial protection at an attractive premium. This plan provides life cover to an individual and death benefit is payable in case of unfortunate death as per the option chosen i.e Lumpsum, Monthly Income, & Lumpsum plus Monthly Income. The policy duration i.e. the policy term and premium payment options in this product are flexible. The Policyholder will have to choose the base Sum Assured, Premium Payment term (PPT), Policy Term (PT), life stage upgrade option at the time of buying this product and the Premium will be calculated based on Age at entry, Gender, base sum assured, PT, PPT and, other factors such as source of income i.e. whether salaried or not, whether buying insurance for first time or existing policyholder of SUD Life etc.
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How Does SUD Life Smart Term Plan Work?
Once you buy the SUD Life Smart Term Plan, you must choose the following details: Sum assured, Policy Term.
1.Premium
The premium payment frequency of this plan is Yearly/ Half-Yearly/ Quarterly/ Monthly. The premium payment term options are 7/ 10, 15 Years or Regular Pay (where Premium Payment Term aligns with Policy Term chosen). The premium amount is decided based on the life insured’s age, policy term and the sum assured.
2.Death Benefit
On Death of Life Assured during the policy term, Death Benefit is payable provided the policy is inforce. The Death Benefit will be highest of:
a. 10 times of Annualized Premium* OR
b. 105% of Total Premium Paid** as on the date of death of Life Assured OR
c. Absolute amount assured to be paid on death {i.e. Base Sum Assured as selected by the policyholder at inception of the policy plus incremental Sum Assured approved under the Life Stage upgrade, if any}
3.Maturity Benefit
As this is a pure risk product, no maturity benefit will be payable on survival at policy maturity. The policy will terminate.
4.Example
A man aged 30 years purchased the SUD Life Smart Term Plan. The plan details are as follows: Sum assured - ₹1 Crore, Policy Term – 40 years, Premium payment term – 40 years, Premium frequency – Annual, Annual premium - ₹12,732 (excl. taxes). In case of unfortunate death of Life Assured at the end of 20th policy year, subject to policy being inforce, the nominee receives death benefit of ₹1 Crore.
SUD Life Smart Term Plan Benefits
Here are the benefits that you get from the plan
Death benefit
Life Stage Upgrade
Discounts
Why choose SUD Life Smart Term Plan?
SUD Life Smart Term Plan is the ideal option for you because of the following points
- It financially safeguards your family in case of your untimely demise.
- You get multiple discounts if you are a first time insurance buyer, plus if you are a salaried employee, and also for females. Existing policyholders get additional discount.
- You can avail of benefits on premiums under tax laws.
- Purchasing the plan online will give you further discounts.
Testimonials
Know why customers buy Life Insurance from us
Best Insurance Claim Support Team
Choosing SUD Life Insurance was one of the best decisions I've made for my family's future. Their attentive team made the entire process seamless, ensuring I found the perfect plan tailored to my needs.
Ramprakash Shivram Yadav
Companies in India for Life Insurance Policy with a Wide Reach
Choosing SUD Life Insurance was one of the best decisions I've made for my family's future. Their attentive team made the entire process seamless, ensuring I found the perfect plan tailored to my needs.
Suresh Gajanan Patil
PMJJBY Claim
I have visit at Nanded Branch for pmjjby death claim documents submitted i very thankful mr.. akash sir my uncle Pmjjby death payment received at 3dyas.
Yash Thakur
Why Choose SUD Life?
1.52+ Cr Lives Covered
3rd Largest Life Insurer for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
20,000+
Distribution Points across India
31,000+ Cr
Assests Under Management
98.84% Claims Settlement Ratio
Individual Claims Settlement Ratio as on 31.03.2025
₹8,260 Crore
Gross Premium till 31.03.2025
4,500 Cr EV* (Dec '24)
*Indian Embedded Value 4,000 Cr (Mar'24)
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Toll-Free Number
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Frequently asked questions (FAQs)
What happens in case of missed premium on premium due date?
What happens in case of missed premiums during the grace period?
Can you restore your Lapsed policy to original benefit levels?
Is there any Surrender benefit under SUD Life Smart Term Plan?
What if you realize this is not the right plan for you?
Are there any riders available with this plan?
A grace period of 15 days, where the Life Assured pays the premium on a monthly basis, and 30 days in all other cases will be allowed. If death occurs during the grace period, the Death Benefit under the policy will be paid after deductions of the premiums then due and all premiums falling due and unpaid during the policy year of death.