Star Union Dai-ichi Life Insurance (SUD Life) has launched the SUD Life Century Gold plan, which allows customers to decide their premium payment terms. The plan also provides a very attractive guaranteed maturity benefit.
In a statement, the insurer said that with the SUD Life Century Gold Plan, families and young parents with an annual household income of Rs 5-30 Lakh would be able to have greater benefits and savings.
SUD Life Century Gold Plan is targeting the rising middle class. According to a survey by economic research outfit PRICE (People Research on India’s Consumer Economy, 2021), the middle class in India has more than doubled from 14% in 2004-05 to 31% in 2021 and is projected to rise to 63% by 2047. The middle class has a greater opportunity to avail this product.
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What is SUD Life Century Gold?
SUD Life Century Gold is a non-linked, non-participating individual savings life insurance plan. It has been designed to safeguard future savings with accrued guaranteed returns and life cover protection.
Key features of SUD Life Century Gold
The plan has six distinct features:
- Flexibility to choose between two plan options: Goal Sure & Edu Sure.
- Guaranteed maturity benefit inclusive of accrued guaranteed additions payable at maturity.
- Freedom to choose premium, premium payment term, and policy term.
- Death Benefit paid in three parts – Sum assured on death, monthly income benefit, and lumpsum benefit.
- Tax benefit on premium paid and maturity.
- Provision of financial planning for key life stages – Child’s education, marriage, parenthood, etc.
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“SUDs Life Century Gold is a golden opportunity that helps to provide flexible and short premium payment terms and accrued guaranteed maturity benefits. Managing one’s premium can introduce a culture of happiness and peace among our customers allowing short premium payment terms but offering long-term life coverage,” said Abhay Tewari, Managing Director & CEO of SUD Life Insurance.