SUD Life Smart Income Plan is designed to help you create an alternate stream of income while ensuring long-term protection for your loved ones. Here’s how it works, step-by-step:

You begin by selecting one of the nine available plan options that determine when and how your guaranteed income will be paid.

You can choose between:

1. Plan Option 1 - Deferred: Fixed Income Only Receive a fixed guaranteed income each year starting from the end of the sixth policy year till the end of the policy term. No lumpsum benefit is payable at maturity.

2. Plan Option 2 - Deferred: Fixed Income with Lumpsum Receive a fixed guaranteed income every year starting from the end of the sixth policy year till the end of the policy term, along with a lumpsum amount payable at maturity.

3. Plan Option 3 - Immediate: Fixed Income with Insta Cash and Lumpsum Receive 15% of your Annualized Premium as Insta Cash within seven days of policy issuance. Thereafter, receive fixed guaranteed income each year starting from the end of the second policy year, and a lumpsum amount at maturity.

4. Plan Option 4 - Immediate: Increasing Income Only Receive guaranteed income starting from the end of the first policy year, with the income amount increasing at a rate of 10% compounded annually. No lumpsum benefit is payable at maturity.

5. Plan Option 5 - Immediate: Increasing Income with Lumpsum Receive guaranteed income starting from the end of the first policy year, increasing at a rate of 10% compounded annually. A lumpsum amount is also payable at maturity.

6. Plan Option 6 - Immediate: Increasing Income Only with Insta Cash Receive 15% of your Annualized Premium as Insta Cash within seven days of policy issuance. Thereafter, receive guaranteed income each year starting from the end of the second policy year, increasing at a rate of 10% compounded annually. No lumpsum benefit is payable at maturity.

7. Plan Option 7 - Immediate: Increasing Income with Insta Cash and Lumpsum Receive 15% of your Annualized Premium as Insta Cash within seven days of policy issuance. Thereafter, receive guaranteed income each year starting from the end of the second policy year, increasing at a rate of 10% compounded annually, along with a lumpsum amount at maturity.

8. Plan Option 8 - Deferred: Increasing Income Only Receive guaranteed income each year starting from the end of the sixth policy year, with income increasing at a rate of 10% compounded annually. No lumpsum benefit is payable at maturity.

9. Plan Option 9 - Deferred: Increasing Income with Lumpsum Receive guaranteed income each year starting from the end of the sixth policy year, with income increasing at a rate of 10% compounded annually, along with a lumpsum amount payable at maturity.

You can select a Premium Payment Term (PPT) of 7, 10, or 12 years, while your Policy Term (PT) can range from 25 to 40 years depending on your long-term financial goals.

This flexibility allows you to design a plan that matches your earning pattern and cash flow needs. For instance, you may choose to pay premiums for a shorter duration and enjoy income benefits for decades afterward.

You can pay premiums annually, half-yearly, quarterly, or monthly through your preferred payment mode.

Regular and timely premium payments ensure that your policy stays in force and all guaranteed income and life cover benefits remain active. If you pay a higher premium, you are also eligible for additional guaranteed income through the High Premium Benefit feature.

Once your premium payment begins and the policy is in force, your Guaranteed Income starts as per your chosen plan option.

• Under Immediate Income Option, you start receiving your guaranteed income from the end of the first policy year or soon after.
• Under Deferred Income Option, you start receiving income from a later year, such as the end of the sixth policy year, allowing your funds to accumulate longer.

Depending on your selection, the guaranteed income can either be a fixed annual payout or increasing each year by 10% compounding, ensuring your income keeps pace with your rising expenses.

If you select a plan option that includes the Insta Cash feature, you’ll receive 15% of your annualized premium within seven days of policy issuance.

This gives you instant liquidity right from the beginning, helping you meet immediate financial needs while your regular income benefits continue as scheduled.

The plan provides additional flexibility to ensure your income works in the best possible way for you:

• Safe Box Option: You can choose to accumulate your Guaranteed Income instead of taking it immediately. The accumulated income earns interest at the Reverse Repo Rate + 0.25%, compounded half-yearly. You can withdraw it partially or fully at any time during the policy term.
• Special Date Option: Instead of receiving income on your policy anniversary, you can select a date that’s personally meaningful — for example, a family member’s birthday or your wedding anniversary — as your payout date.
• Premium Offset Option: You can use your accumulated guaranteed income to pay future premiums. This helps you stay financially flexible without interrupting your policy benefits.

While you receive guaranteed income, your family also remains protected with life cover for the entire policy duration.

If the Life Assured passes away during the policy term, the nominee receives the Death Benefit, which is the higher of:

• 10.5 times the Annualized Premium, or
• 105% of the total premiums paid (excluding taxes and extras)

Any Guaranteed Income paid after the date of death will be deducted from the Death Benefit payable. This ensures your family’s financial security even in your absence.

For plan options that include a Lumpsum at Maturity, you receive the Sum Assured on Maturity, which equals Premium Paying Term × Annualized Premium, at the end of the policy term, provided all premiums have been paid.

This ensures that even after receiving regular income during the policy term, you still receive a guaranteed corpus at the end.