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SUD Life Century Income

UIN: 142N100V02

SUD Life Century Income is a non-linked, non-participating individual savings plan that provides protection for your loved ones while helping you with a steady flow of income during your tenure.

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Income / Maturity in Years
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What is SUD Life Century Income Plan?

SUD Life Century Income is a comprehensive financial solution that helps you plan for the future by offering a mix of insurance coverage and savings. It offers a guaranteed income1 inflow that can create a steady supplementary income and boost your savings. You can choose the income payout option by choosing from three plan options- Immediate Income, Deferred Income, or Twin Income.

You can start receiving payouts as early as the first year or choose to defer them. The first two plans come with the added benefit of customizing the payout timing to significant personal dates like birthdays or anniversaries. The "Safe Box2" option lets you postpone receiving your survival benefit. You can use this surplus wealth in any financial emergency or to pay for future premiums, reducing your out-of-pocket costs.

If you're looking for a flexible plan that combines steady financial support with life cover, SUD Life Century Income could be the ideal solution to secure your future goals. 

Download Plan Related Documents

Detailed information available for download

Product Brochure (Prospectus)
Policy Document

How Does SUD Life Century Income Plan Work?

01.

When you buy SUD Life Century Income, you decide on the following parameters

  • Plan option
  • Policy duration
  • Premium payment term
  • Premium amount
02.

The death benefit, survival benefit, and maturity benefits would depend on the plan option, premium payment term and the premium amount that you have chosen. Plan option once chosen cannot be changed during the policy term.

03.

Death Benefit –In the event of death of the Life Assured during the policy term, provided the policy is inforce, the death benefit which is the highest of the following will be paid to the nominee and the policy terminates.

  • Sum Assured on Death i.e. 10 times the annual premium; or.
  • Surrender Value as on date of death; or
  • 105% of the total premiums paid up until the date of death.
04.

Maturity Benefit - If the life assured survives until the end of the policy term and the policy is active, a guaranteed maturity benefit will be paid, and the contract will end immediately. The amount is calculated using GMB factor which is dependent on choice of plan (Immediate Income & Deferred Income & Twin Income), age at entry, policy term and premium payment term.
GMB = Annualized Premium X GMB Factor X (1+High Premium Benefit, if any)

05.

Survival Benefit - differently for each plan options (Immediate Income & Deferred Income & Twin Income).

06.

Plan Option Immediate Income - Guaranteed Income 1 (GI) will start from the end of the first policy year, which will be 10% of the annualized premium for the entire policy term, as long as the policy is active. Additionally, from end of second policy year, Loyalty Income will be added, which increases over time if the policy remains in force.

07.

Plan Option Deferred Income - Guaranteed Income 1 (GI) begins one year after the Premium Payment Term (PPT) ends and is paid annually for the remainder of the policy term, as long as the policy is active, with the income amount based on a percentage of the annualized premium. The percentage value increases by 3% each year.

08.

Plan Option Twin Income - Guaranteed Income 1 equal to 105% of the Annualized Premium will be paid annually at the end of specific policy years. The payout years depend on the policy term and premium payment term.

Let’s get a clear picture with the help of an example:

Plan Option: Immediate Income

Mr. Prakash has opted SUD Life – Century Income (Plan Option – Immediate Income). The details are as below:
Life Assured Age 35 years
Premium Frequency Yearly
Policy Term 20 Years
Premium Paying Term 10 years
Sum Assured on Death ₹ 10,00,000
Annualized Premium ₹ 1,00,000 (exclusive of applicable taxes)
End of Policy Year Guaranteed Income (GI) Loyalty Income GI + Loyalty Income
1 10,000 0 10,000
2 10,000 3,000 13,000
3 10,000 6,000 16,000
4 10,000 9,000 19,000
5 10,000 12,000 22,000
6 10,000 15,000 25,000
7 10,000 18,000 28,000
8 10,000 21,000 31,000
9 10,000 24,000 34,000
10 to 20 10,000 27,000 37,000
Guaranteed Maturity benefit at the end of Policy Term 10,89,060

On unfortunate death of the Life Assured during the sixth Policy Year, nominee receives death benefit & policy terminates.

Plan Option: Deferred Income
Illustration

Mr. Prakash has opted SUD Life – Century Income (Plan Option – Deferred Income). The details are as below:
Life Assured Age 35 years
Premium Frequency Yearly
Policy Term 20 Years
Premium Paying Term 10 years
Sum Assured on Death ₹ 10,00,000
Annualized Premium ₹ 1,00,000 (exclusive of applicable taxes)
End of Policy Year Income in Rs
1 to 10 -
11 30,000
12 33,000
13 36,000
14 39,000
15 42,000
16 45,000
17 48,000
18 51,000
19 54,000
20 57,000
Maturity benefit at the end of Policy Term 15,43,147

On unfortunate death of the Life Assured during the sixth Policy Year, nominee receives death benefit & policy terminates.

Plan Option: Twin Income
Illustration

Mr. Prakash has opted SUD Life – Century Income (Plan Option – Twin Income). The details are as below:
Life Assured Age 35 years
Premium Frequency Yearly
Policy Term 20 Years
Premium Paying Term 10 years
Sum Assured on Death ₹ 10,00,000
Annualized Premium ₹ 1,00,000 (exclusive of applicable taxes)
Note: In the below illustrations the timeline starts with 0 as the premium payment starts from the beginning of the first year.
End of Policy Year Income in Rs
1 to 7 -
8 1,05,000
9 1,05,000
10 to 12 -
13 1,05,000
14 1,05,000
15 to 17 -
18 1,05,000
19 1,05,000
20 -
Maturity benefit at the end of Policy Term 11,38,249

On unfortunate death of the Life Assured during the sixth Policy Year, nominee receives death benefit & policy terminates.

Eligibility Criteria

Parameters Minimum Maximum
Entry Age 18 Years
Premium Payment Term (PPT) (Years) Age
7 50 Years
10 55 Years
12 60 Years
Maturity Age 33 Years 85 Years
Policy Term
PPT Years
PPT 7 years 15 and 20 years
PPT 10 years 20 and 25 years
PPT 12 years 25 years
Premium Payment Term 7 years, 10 years or 12 years
Annualized premium ₹50,000 As per Board Approved Underwriting Policy
Sum assured on death ₹5 lakhs As per Board Approved Underwriting Policy
Premium payment frequency Annual, Semi-annual, Quarterly and Monthly

Minimum 18 years
Maximum For PPT 7 years – 50 years
For PPT 10 years – 55 years
For PPT 12 years – 60 years

Minimum – 33 years Maximum – 85 years

For PPT 7 years – 15 and 20 years For PPT 10 years – 20 and 25 years For PPT 12 years – 25 years

7 years, 10 years or 12 years

Minimum: ₹50,000 Maximum - As per Board Approved Underwriting Policy

Minimum: ₹5 lakhs Maximum - As per Board Approved Underwriting Policy

Annual, Semi-annual, Quarterly and Monthly

*On survival till the end of policy term provided the policy is in force.

SUD Life Century Income Plan Benefits

The plan covers the following major benefits:

Death Benefit
View Details

In the event of the life assured's death, the nominee receives the higher of: 105% of the total premiums paid, or the sum assured on death (10 times of Annual Premium), or the surrender value as of the date of death.

Death Benefit

In the event of the life assured's death, the nominee receives the higher of: 105% of the total premiums paid, or the sum assured on death (10 times of Annual Premium), or the surrender value as of the date of death.

Maturity Benefit
View Details

If the life assured survives the policy term, the policyholder is entitled to a lump sum payment, called the Guaranteed Maturity Benefit

Maturity Benefit

If the life assured survives the policy term, the policyholder is entitled to a lump sum payment, called the Guaranteed Maturity Benefit

Survival Benefit
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Depending on the chosen plan option, the policyholder receives periodic payments during the policy term. This is called the survival benefit, which creates a liquid inflow of funds.

Survival Benefit

Depending on the chosen plan option, the policyholder receives periodic payments during the policy term. This is called the survival benefit, which creates a liquid inflow of funds.

Special Date4
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Make special days of life like birthdays and anniversaries memorable by receiving the survival benefit on that date. You can choose to defer the survival benefit and receive it on special dates.

Special Date4

Make special days of life like birthdays and anniversaries memorable by receiving the survival benefit on that date. You can choose to defer the survival benefit and receive it on special dates.

Safe Box1
View Details

If you do not need the survival benefits immediately, you can accumulate them in a "Safe Box2”. You will earn additional income on the accumulated amount. Plus, you can make withdrawals from the “Safe Box2” as and when needed.

Safe Box1

If you do not need the survival benefits immediately, you can accumulate them in a "Safe Box2”. You will earn additional income on the accumulated amount. Plus, you can make withdrawals from the “Safe Box2” as and when needed.

Premium Offset1
View Details

The income accumulated in the “Safe Box2” can also be used to offset future premiums. This helps you save on the premium outgo fully or partially.

Premium Offset1

The income accumulated in the “Safe Box2” can also be used to offset future premiums. This helps you save on the premium outgo fully or partially.

Enhanced Benefits
View Details

Investing a higher premium can give you higher income payouts under all the plan options.

Enhanced Benefits

Investing a higher premium can give you higher income payouts under all the plan options.

Policy Loan Option
View Details

If needed, you can take out a loan during the policy term, provided the policy has accumulated a surrender value. Loans of up to 70% of the surrender value are available under the plan.

Policy Loan Option

If needed, you can take out a loan during the policy term, provided the policy has accumulated a surrender value. Loans of up to 70% of the surrender value are available under the plan.

1 kindly refer to the sales brochure for more information pertaining to these features.

Why choose SUD Life Century Income?

Here are some reasons to consider the SUD Life Century Income Plan

The customizable payout options allow you to choose when to start receiving income based on your needs and financial goals.
Guaranteed additions and loyalty Income add to your benefits.
The plan gives you the ability to adjust future premiums using the Premium Offset 3 feature, helping you manage your policy with ease.
You can avail yourself of tax advantages5 on both the premiums you pay and the benefits you receive from the plan.
The “Safe Box2” feature is a unique advantage which helps you earn added returns on the income earned and use the income at any time.
TESTIMONIALS
Know why customers buy
life insurance from us
Best Insurance 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.

Ramesh Bhalchandra Patil
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
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

Why Choose SUD Life

98.84% Claim Settled as per 31.03.2024
20,000+ 19000+ Distribution Points across India for Life Insurance Purchase and Service
31,000+ Cr Assets Under Management
1,52+ Cr Happy Customers
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Frequently asked
questions (FAQs)

If the life assured survives the entire policy duration, the Guaranteed Maturity benefit is provided based on the following formula:

Guaranteed Maturity Benefit = Annualized premium * GMB Factor * (1+ High Premium Benefit, if any) GMB Factor is calculated by taking various factors like entry age, PPT, PT and plan type (IMMEDIATE Income, DEFERRED Income & TWIN Income) into consideration.

GI1 under each plan of SUD Life Century Income policy is calculated and paid differently. In case of Immediate Income plan, it starts at the end of 1st Year Policy Year and continues till the end of policy period. It is constant every year and calculated as 10% of annualized premium.

Under the Deferred Income plan, GI1 is accessible every year to the policyholder after the completion of the Premium payment term till the policy matures. Determined as a percentage of annualized premium, it starts with 30% of the annualized premium and gradually increases by 3% each year till the end of the policy. For example, in an insurance policy of PPT 7 years and policy duration of 15 years, it starts from the 8th year of the policy and reaches 51% of the yearly premium by the end of the 15th year.

In case of the Twin Income plan, each GI1 is calculated as 105% of the annualized premium. It is disbursed to the policyholder at the end of consecutive policy years as per below table:

PPT-PT 1st Twin Income
(end of) 		2nd Twin Income
(end of) 		3rd Twin Income
(end of) 		4th Twin Income
(end of)
7-15 5th and 6th year 10th and 11th year NA NA
7-20 5th and 6th year 10th and 11th year 15th and 16th year NA
10-20 8th and 9th year 13th and 14th year 18th and 19th year NA
10-25 8th and 9th year 13th and 14th year 18th and 19th year 23rd and 24th year
12-25 10th and 11th year 15th and 16th year 20th and 21st year NA

By opting for a higher premium, i.e. above ₹1 lakh, you’ll receive an added boost to your maturity benefit, which will increase by the percentages listed below:

Premium Bands/Option Immediate Income Deferred Income Twin Income
₹1 lakh to less than ₹2 lakhs 3.00% 2.25% 3.25%
₹2 lakhs and above 3.50% 3.00% 4.50%

Yes, if you need to end the plan due to an emergency, you can surrender your policy after it has gained a Surrender Value. This usually happens after the first full policy year premium has been paid. When you surrender, you’ll receive a higher value between the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV).

Special Surrender Value will be acquired after the receipt of one full Policy Year premiums, whereas the Guaranteed Surrender Value will be acquired after the receipt of first two consecutive full Policy Year premiums.

If the life assured dies by suicide within 12 months from the date of commencement of risk or its revival date, the nominee will receive either 80% of the premiums paid up to the date of death or the available surrender value as on the date of death—whichever is higher—as long as the policy remains active.

Disclaimers
  • Applicable if you have opted for Immediate Income Plan option
  • When this is opted, Survival benefit will be transferred to Safe box subject to your opting out before policy Anniversary
  • In order to opt in or opt-out of this option, you should submit a request to the company. Any time during the Policy Term, if the Policyholder has exercised the ‘Premium Offset’ option, the Company will consider such adjustment as survival benefit paid under the Policy and the premiums received under the Policy. The due premiums will be adjusted against the accumulated survival benefit. Please read the sales brochure for more details
  • The feature is available only for Plan options – Immediate income and Deferred Income. The Special Date can be any date that falls within 365 days after first income due date subject you’re opting out before policy Anniversary
  • Tax Benefits: as per prevailing norms under the Income Tax Act, 1961 as amended from time to time. | All benefits under the policy are subject to policy being inforce throughout the policy term

Star Union Dai-ichi Life Insurance Company Limited is the name of the Insurance Company and “SUD Life Century Income” is the name of the plan. Neither the name of the Insurance Company nor the name of the plan in anyway indicates the quality of the plan, its future prospects or returns.

SUD Life Century Income | UIN:142N100V02 | A Non-Linked Non-Participating Individual Savings Life Insurance plan

Star Union Dai-ichi Life Insurance Company Limited | IRDAI Regn. No: 142 | CIN: U66010MH2007PLC174472

Registered Office : Unit no. 1101, 11th Floor, Building No. 1 Raheja Mindspace Juinagar, Plot No. GEN 2/1/E, TTC Industrial Area, MIDC Juinagar, Navi Mumbai – 400706. | 1800 266 8833 (Toll Free) | Timing: 9:00 am - 7:00 pm (Mon - Sat) | Email ID: customercare@sudlife.in | Visit: www.sudlife.in

For more details on risk factors, terms and conditions, please refer to the sales brochure carefully, before concluding the sale. Tax benefits are as per prevailing tax laws and subject to change from time to time. Trade-logo displayed belongs to M/s Bank of India, M/s Union Bank of India and M/s Dai-ichi Life International Holdings LLC and are being used by Star Union Dai-ichi Life Insurance Co. Ltd. under license.

BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS/ FRADULENT OFFERS : IRDAI or its officials do not involve in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.