What happens if I miss a premium payment on the due date?

A grace period of 15 days applies for monthly payments and 30 days for all other modes. If death occurs during the grace period, the death benefit is paid after deducting unpaid premiums for the policy year.

What happens if premiums are not paid within the grace period?

If premiums are not paid within the grace period, the policy lapses for both Regular and Limited Premium Payment Term policies. Policy Cancellation Value is payable only if at least two consecutive policy years' full premiums have been paid.

Can I restore my lapsed policy to original benefit levels?

Yes, the policy can be revived within five years from the first unpaid premium due date by submitting a request, providing proof of insurability, paying outstanding premiums with applicable interest, and fulfilling medical or financial requirements, subject to underwriting approval.

What if I realise this is not the right plan for me?

You can return the policy within 30 days of receiving the policy document. The premium will be refunded after deducting proportionate risk premium, medical examination expenses, and stamp duty charges.

SUD Life Smart Term Plan

Get ₹2 Crore Life Cover at just ₹1,171/month*

UIN:142N096V01 | A Non-Linked Non-Participating Pure Risk Premium Individual Life Insurance Plan SUD Life Smart Term Plan is a new-age protection plan designed to meet your dynamic life needs and protect your family. This smart term solution offers affordable life cover, flexible benefit options, and the option to customize your protection based on your lifestyle, responsibilities, and long-term goals. With choices like increasing cover and multiple payout options, this term plan helps you build the right level of financial security for your family. It’s simple, transparent, and designed to fit different budgets, making long-term protection easier and more accessible.

99.01%

Claim settlement ratio

20,000+

Branches across India

1.52+

Crore lives covered

Know more about our Term Plans

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Note: The contact details provided in this form are collected solely for lead generation and customer outreach purposes. Submission of this form does not constitute a quote request, and the information provided is not used for insurance quote generation.

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 term 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.

This smart term plan is structured to provide flexibility and coverage based on individual requirements.

Download Plan Related Documents

Product brochure (Prospectus)

Policy Presentation

Policy Document

Customer Information Sheet

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

The Death Benefit will be payable as per the option chosen by the Policyholder at the inception of the Policy. The following options are available for payment of death benefit:

1. Lump Sum: Under this option, the Death Benefit will be paid in lump sum immediately.
2. Monthly Income: Under this option, Monthly Income Benefit of 1% of the Death Benefit will be paid every month for a fixed period of 125 months, starting from next policy month anniversary following the date of death of the Life Assured.
3. Lump Sum plus Monthly income: Under this option, 50% of the death benefit will be paid as lump sum immediately and Monthly Income Benefit of 0.50% of the Death Benefit will be paid every month for a fixed period of 125 months, starting from next policy month anniversary following the date of death of the Life Assured.

Life Stage Upgrade

There are certain events in Life where by Life Assured responsibility increases like Marriage, Birth of Child/ Children, Education loan for children, home loan etc.

Discounts

The plan offers multiple discounts in order to increase insurance uptake and increase insurance penetration. The various discounts offered are mentioned below:

a. First Time Insurance Buyers Discount: This product offers a 5% discount on the First Year Annualized Premium for first-time life insurance buyers to make insurance more accessible and encourages those who haven’t previously purchased coverage to get insured.
b. Salaried Discount: This product offers a 5% discount on the First Year Annualized Premium for Salaried customers.
c. Female Life Discount: This product offers a 10% discount on the Annualized premium for female lives.
d. Existing SUD Life Policy Holder: This product offers a 5% discount on the First Year Annualized Premium for existing policyholders of SUD Life. The policy should be in in-force status at the time of policy inception.

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

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

And Many More.

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Why Choose SUD Life?

1.55+ Cr Lives Covered

3rd Largest Life Insurer for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

23,900+

Distribution Points across India

₹37,575 Cr

Assests Under Management

99.01% Claims Settlement Ratio

Individual Claims Settlement Ratio as on 31.03.2026

₹9,592 crore

Gross Premium till 31.03.2026

₹4,932 crore EV* (Dec '24)

*Indian Embedded Value ₹4,932 crore (Mar'26)

Connect with us

WhatsApp (Drop a 'HI')

(+91) - 7208 867122

Email

customercare@sudlife.in

Toll-Free Number

1800 266 8833
Monday to Saturday
09:00 AM to 07:00 PM

Locate our Branches Check Policy Status

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.

If you have missed paying your premiums within the grace period, for Regular Premium Policies, policy will Lapse if due premiums are not paid within grace period. For Limited Premium Payment Term Policies, If the due premiums have not been paid within the grace period, the policy lapses. The Policy Cancellation Value, will be payable provided first two (2) consecutive Policy Years’ full Premium have been paid.

You can revive your Lapsed policy within five years from the due date of the first unpaid premium by following these simple steps:

• Giving a written request to the Company within 5 years from the due date of first unpaid premium and producing a proof of continued insurability

• Paying the outstanding premium amount with the applicable interest rate, currently 8.25% p.a. compounded on half yearly basis for FY 25-26

• Fulfilling all medical and financial requirements as required by the Company as per the Board approved underwriting policy (the cost of medical examination, if any, will be borne by you i.e. policyholder/ Life Assured).

No, there is no surrender benefit available under this plan.

If you disagree to any of those terms or conditions in the policy, you have an option to return the policy to us within 30 days from the date of the receipt of the policy document. In this case we will return your premium as follows – Premium paid less: i. Proportionate risk premium for the period on cover ii. Expenses incurred by us on medical examination, if any iii. Stamp duty charges.

No, there are no riders available under this plan.