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SUD Life Term Insurance: Overview
Star Union Dai-ichi (SUD) Life is a term insurance option backed by Bank of India, Union Bank of India, and Japan's Dai-ichi Life. It's not the biggest name in the market, but it offers solid, no-frills protection at competitive premiums, with over 11,000 branches for easy servicing.
SUD Life offers three term plans: Saral Jeevan Bima, Life Protect Shield, and Life Protect Shield Plus. These plans range from basic life cover to return-of-premium and critical illness add-ons. Whether you want simple, affordable protection or a plan that returns your premiums if you outlive the term, there's an option here. Before buying, compare SUD's claim settlement ratio, solvency ratio, and premiums against other insurers, as covered below with real numbers.
Key Features of SUD Life Term Plans
- Stay protected with a life cover.
- Get back all your premiums at maturity (for specific plans).
- Protection against 40 critical illnesses (for specific plans).
- Tax benefits.
- High cover at affordable premiums.
- Multiple premium payment term options.
- Get an extra payout with additional riders.
Why Choose SUD Life Term Plans?
Claim Settlement Ratio
Star Union Dai-ichi Life Insurance holds an impressive claim settlement ratio of 99.01% for FY 2025-26. CSR is an important metric that shows the claims an insurer settled during a period.
Tax Advantage
With SUD term plans, you can maximize your tax savings under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
Good Solvency Ratio
The solvency ratio indicates the financial health of the insurance provider. In the latest report by IRDAI (2024-2025), SUD Life Insurance maintains an impressive solvency ratio of 2.30.
Ease of Purchase
You can easily purchase SUD term plans online from the comfort of your home via their official website or PolicyX.com.
Eligibility Criteria for SUD Term Insurance Plans
To purchase an SUD term insurance plan, certain eligibility criteria must be met. Let's understand the eligibility criteria:
- Age: A person between the ages of 18 and 65 is eligible to apply for a term life insurance plan. The policyholder's age is a key factor in the term insurance plan's premium.
- Health Condition: Since an SUD term insurance plan insures the policyholder's life, most insurers require a health examination to determine the current health condition and inherent risks for the insurer. Honest disclosure of health condition and medical history is crucial to avoid issues during claim settlement.
- Income: An SUD term insurance plan has no specified minimum income requirement. However, insurers might request bank statements and salary slips to determine the coverage on your term plan.
- Smoking Habits: If you smoke or have been a smoker in the past, you must disclose this information to the insurer. This is because smokers are exposed to severe health hazards like lung cancer.
- Citizenship: Indian citizens can buy an SUD term insurance plan in India in their name. NRIs or PIOs can also avail the benefits of a term plan in India.
Additional Benefits Offered by SUD Plans
Return of Premium
If the life assured outlives the policy term, the policyholder receives the survival benefit sum in the form of return of premiums.
Critical Illness Benefit
Upon diagnosis of a critical illness, the insurer pays a lump sum of 100% of the critical illness sum assured. Additionally, future premiums will be waived, and the policy continues until maturity or death, whichever is earlier.
Choice of Multiple Premium Payment Terms
SUD Life Insurance offers three premium payment term options for term insurance plans:
- Single Pay: Pay the entire premium in a single payment at policy inception.
- Regular Pay: Pay premiums throughout the policy term until maturity.
- Limited Pay: Pay premiums for a limited period.
Add-on Riders
SUD Life Insurance offers optional rider benefits with its term insurance plans. Riders can be added to a term insurance policy to enhance the base sum assured and provide protection against specific conditions.
Choice of Policy Term
SUD Term Plans allow policyholders to choose a policy term that best fits their requirements.
Types of SUD Term Plans
Basic Term Plan
Plan Name: SUD Life Saral Jeevan Bima or SUD Life Protect Shield Plus
These plans only provide a sum assured to the nominee in case of the death of the policyholder. No survival benefits are included.
Term Plan with Return of Premium
Plan Name: SUD Life Protect Shield
These plans give the premium amount back to the policyholders only if they survive the policy term.
Term Insurance with Critical Illness
Plan Name: SUD Life Protect Shield
These plans offer inbuilt coverage against critical illnesses.
Riders You Can Avail With SUD Term Insurance Plans
| Name of the Rider | Benefits |
|---|---|
| SUD Life Accidental Death and Total & Permanent Disability Benefit Rider | Get an extra payout on top of the base cover for up to 180 days upon death due to an accident or accidental total & permanent disability. |
Documents Required to Buy SUD Term Insurance Policy
Here are the documents required to buy a SUD Term Insurance Policy:
- Photo ID Proof: Passport, Aadhaar card, PAN card, Driving license.
- Age Proof: Passport, Aadhaar card, PAN card, Driving license.
- Address Proof: Utility bill, passport, voter ID, ration card.
- Medical Records: Medical records (if requested).
- Income Proof: Bank statement or last three months' salary slips (for salaried individuals).
How to Calculate Premiums
- Visit SUD Life Insurance's official website.
- Navigate to the 'Buy Now' section.
- From the dropdown menu, click on the term plan.
- Fill in the required details and click 'Proceed'.
- The premium will appear on your screen.
- Click on the payment section and select a payment option.
- You can pay via Net Banking, Debit, or Credit Card.
- Once the transaction is complete, you will receive a soft copy of the policy via email.
How to File a SUD Term Insurance Plan Claim
You can easily initiate the claim settlement process for SUD Life term plans either online or offline. Check out the explained process below to understand the claim process thoroughly:
Online Process
-
Claim Reporting
The nominee should inform the insurance company about the insured's death as soon as possible and submit the filled-out SUD term insurance claim form with all the required documents attached.
-
Claim Review
Once the request is submitted, the insurance company will verify the documents and contact the beneficiaries using the provided contact details for further processing.
-
Claim Approval and Settlement
Once documents are verified, the insurer will initiate the claim process. The insurer will credit the claim amount to the nominee's registered bank account. As per IRDAI regulations, claims are typically settled within 30 days of submission.
Offline Process
To initiate an offline SUD Life term plan claim settlement procedure, visit your nearest SUD Life Insurance branch office. Submit a duly filled claim form along with the required documents to the helpdesk. The Star Union Dai-ichi Life Insurance claims department processes the claim once documents are verified. You can easily locate the nearest branch office using the SUD branch locator.
How to Port Your Policy
- Fill out the form at the top of this page with the necessary details.
- Select your income and city, then click 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click 'Buy this plan'.
- Select the policy term, premium period, and riders (if required), then proceed to make the payment.
