SUD Life Group Employee Benefit Plan

142N080V01 - Non-Linked Non-Participating Group Saving Insurance Plan

SUD Life Group Employee Benefit Plan is a Non-Linked Non-Participating yearly renewable group savings insurance product, which is especially designed to cater to the needs of employers who want to fund group member’s retirement benefits (Defined Benefit Liabilities only) such as Group Gratuity, Leave Encashment, Superannuation, and Post-Retirement Medical Benefit.

Exits due to Retirement / Early retirement/ Termination/ Resignation and other events:

Gratuity, Leave Encashment: Benefit is payable in accordance with the scheme rules of the employer, subject to a maximum of the Policy Account Value.
Superannuation: Amount payable as per Scheme rules. Member (Employee) can purchase an annuity out of the available annuity options from SUD or any one of the insurer with whom the Master policyholder maintains superannuation funds, with or without commutation.

Post-Retirement Medical Benefit

On happening of the defined event as per scheme rules, benefits will be payable from the policy account of the master policyholder, subject to a maximum of the Policy Account Value.

Death:

Gratuity, Leave Encashment and Post-Retirement Medical Benefit: Benefit is payable in accordance with the scheme rules of the employer, subject to a maximum of the Policy Account Value. An additional benefit of Rs.5,000 is payable per member. The insurance cover is compulsory for Gratuity, Leave Encashment and Post-Retirement Medical Benefit.
Superannuation: Amount payable as per Scheme rules. Nominee can purchase an annuity out of the available annuity options from SUD or any one of the insurer with whom the Master Policyholder maintains superannuation funds, with or without commutation.

For Life Cover ; Life Cover + Accelerated Accidental Total & Permanent Disability (AATPD); Life Cover + Accidental Death Benefit (ADB) ; Life Cover + AATPD + ADB :

Minimum - 2 years and Maximum - 30 years

Life Cover with Accelerated Critical Illness (ACI ):

Minimum - 6 years and Maximum - 30 years (as per the critical illness (CI) benefit term chosen)

Sampoorna Loan Suraksha Plus – Sum Assured

Minimum Initial Sum Assured: Rs. 5,000 per member
Maximum Initial Sum Assured for Life Cover Benefit is 200 Cr

For Accelerated Critical Illness (ACI) is 1 Cr ;

For Accelerated Accidental Total & Permanent Disability (AATPD) is 2 Cr

For Accidental Death Benefit (ADB) is 2 Cr.

Disclaimer Bank of India is a registered Corporate Agent (IRDAI registration no. CA0035) for Star Union Dai-ichi Life Insurance Company (SUD Life) and does not underwrite the risk or act as an insurer. Participation by the Bank’s customer in the Insurance products is purely on a voluntary basis. The contract of Insurance is between SUD Life and the Insured and not between Bank of India and the Insured. This policy is underwritten by SUD Life Insurance Company. For more details on risk factors, associated terms and conditions and exclusions please read sales brochure carefully before concluding a sale.