The commission payable under this product is subject to limits set under IRDA (Non-Linked Inusrance Products) Regulations, 2013, which is as mentioned below

Policy Year Maximum Commission allowed as % of Premium
  Single Premium Policies Non-Single Premium deferred annuity Policies All other non-single premium policies
1st Year 2% 7.50% 35% (40% for insurers in 1st 10 years of business)
2nd & 3rd Years NA 2% 7.50%
4th Year onwards NA 2% 5%



Terms and Conditions

  1. Rate of Return Assumed in the Sales Illustration
    As this is a non linked non participating plan, where all benefits are guaranteed, rate of return is not applicable.
  2. Rider Benefit
    No riders are offered under this plan
  3. Surrender Benefit
    Surrender of the policy is allowed after 3 full year's premiums have been paid. Surrender Value payable will be higher of the Minimum Guaranteed Surrender Value and Special Surrender Value (calculated according to the basis and method in use from time to time).
    Guaranteed Surrender Value (GSV) = Guaranteed Surrender Value Factor x Total premiums paid (upto the date of surrender, excluding taxes and extra premiums if any).
  4. Tax Benefits
    Premiums payable and benefits receivable under this plan are eligible for tax benefits as per the prevailing tax laws. W.e.f. from April 01, 2012, to qualify for tax benefit on premium(s) paid under section 80 C & for tax benefit on maturity/survival proceeds under section 10 (10 D) of the IT Act, 1961, the sum assured should not be less than 10 times the annualised/single premium. Please consult your tax advisor for details
  5. Proposal Deposit
    The proposal deposit receipt given in respect of the consideration amount paid to the company does not bind the company to accept the risk on the life of the life proposed under the proposal for insurance.
    The above premium is for a healthy individual and would be subject to underwriting.
    Any extra premiums charged are subject to underwriting of proposal, and may change based on the board approved underwriting guidelines. The extra premium to be charged for Non Standard Age Proof cases (NSAP) is Rs. 1.5 per thousand Sum Assured.
  6. About Star Union Dai-ichi Life Insurance Company Limited
    Star Union Dai-ichi Life insurance is the name of the company and SUD Life Jeevan Ashray is only the name of the Plan and does in no way indicate the quality of the policy, its future prospects or returns.
  7. The Death Benefit is guaranteed during the term and is payable to nominee / legal heirs
  8. Goods and Services Tax will be charged on premiums as per prevailing tax laws. Currently the Goods and Services Tax applicable is 4.50% on the first year premium and 2.25% on renewal premium. This is subject to any change in the tax rate.
  9. For more details on risk factor, terms and conditions, please read the Sales brochure of the plan carefully before concluding a sale.In case you require any clarification, please consult your insurance advisor or call our office.


I .............................................. (Name), having received the information with respect to the above, have understood the above statement before entering into the contract.

Signature of the Specified Person / Agent / Other Sales Representative :


Company Seal:                                                         Policyholder's signature


Name of the Specified Person / Agent / Other Sales Representative :
Specified Person / Agent / Other Sales Representative Code :
Place:
Date: